The first edition of the study “Effectiveness and Structure of Boards of Directors of State-Owned Enterprises in Latin America and the Caribbean” was published in 2017 with the aim of establishing itself as a first step toward understanding how the governance models of boards of directors of state-owned enterprises (SOEs) in Latin America and the Caribbean work. This update highlights the need to strengthen corporate governance in SOEs in the region, with a crucial focus on their boards of directors, whose management is challenged by potential political intervention and high member turnover. The study, based on a survey of 111 SOEs, acknowledges progress in the selection and evaluation of directors, but concludes that it is essential for the state to take on a more active and committed role as owner, promoting a clear ownership policy and the formation of more technical and independent boards of directors to ensure long-term interests. Finally, it recommends that SOEs develop their own internal mechanisms to ensure the professionalization and stability of senior management, thereby minimizing the impact of political changes and maximizing their sustainable value.