Brazil's securities regulator, the CVM, has opened a public consultation on whether sustainability and climate reporting by listed companies should be mandatory or voluntary. In May 2026 the CVM had changed the rules to a voluntary, "comply-or-explain" system. Investor, accounting and governance groups criticised that move.
Companies that do report must use ISSB-based standards (CBPS) for at least three years in a row. The CVM is now weighing options including a phase-in by company size, a future start date, or making only climate reporting mandatory, with Scope 3 on a comply-or-explain basis. The consultation closes on 28 February 2027.
Why it matters
Brazil's U-turn shows how much investors value mandatory, comparable ESG data. India's mandatory BRSR and BRSR Core regime looks increasingly in line with where global markets are heading.
Source: ESG Today · 2026-11-02