industry
All
Location
Brazil
Status
In effect
Overview
Through the issuance of Resolution No. 59 (RCVM 59), the Brazilian Securities Commission (CVM) now requires all registered, publicly traded companies to disclose environmental, social, and governance (ESG) information relevant to the company. Among the new disclosure requirements, Section 1.9 on the Reference Form (see rule text) now inquires whether the issuer has carried out a greenhouse gas emissions inventory and whether the issuer has published an annual report that demonstrates the recommendations of the Task Force on Climate-related Financial Disclosures and the United Nations Sustainable Development Goals. While RCVM 59 does not create obligations for companies to implement specific ESG practices, it significantly increases transparency among publicly traded companies in Brazil.
Requirements
Disclose climate-related risks
Affected Companies
Revenue thresholds
Not defined
Company size
Exemption for small-sized businesses and microbusinesses; small-sized business is defined as “a business company incorporated in Brazil, not registered as a securities issuer with the CVM, and with annual gross revenue, calculated in the fiscal year ended in the year prior to the offering, of up to BRL 40,000,000 (forty million reais).”
Company Type
Publicly listed and private
Geography
Brazil and international
industry
All
Status:
timeline for compliance
This rule went into effect in January 2023.
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