This research aims to contribute to the literature on corporate governance and its relationship with innovation, focusing on multilatinas during the period 2010-2020. The study explores how certain board characteristics influence innovation, corporate reputation, and financial performance. Special attention is given to a broad concept of board diversity, extending beyond demographic aspects. Data from publicly listed multilatinas, many of which are controlled by family groups or the state, were analyzed. The results show that despite regulatory changes in the region, board diversity has experienced little variation during the studied period. Director independence and innovation decisions are positively associated with company value. However, CEO duality—where the CEO also chairs the board—and female participation on boards seem to have a negative impact on the financial performance o...