Abstract: Brazil is a main exemplar of contemporary pursuit of state capitalism by a Western economy. Major state-owned enterprises (SOEs) have survived the prior wave of privatizations, but they are by no means the only avenue for state influence over corporate governance in Brazil. As scholars have recently highlighted, the state increasingly acts as a minority, rather than majority, investor in Brazil as elsewhere. The particular variety of state capitalism prevailing in Brazil today reflects a combination of governmental control of traditional SOEs with the conspicuous exercise of shareholder activism by state-controlled institutional investors (SCIIs).