Scope
Brazilian listed companies (Formulário de Referência filers)
Brazil · rule
CVM Resolution 59/2021 (amended by Res 193/2023; Res 244)
CVM Resolução 59/2021; 193/2023; 219/2024; 227/2025; 244/2026
Penalties
CVM supervision and disclosure enforcement
Last verified
2026-08-25
In plain language
What this law does
ESG disclosure in the reference form (risk factors, key indicators, Dictionary termMaterialityA judgement about which sustainability matters are significant enough to influence decisions or represent an organisation's most consequential impacts.Read the full definition , framework use, Dictionary termAssuranceAn independent engagement designed to increase intended users' confidence in defined sustainability information by evaluating it against suitable criteria and reporting a conclusion.Read the full definition status, GHG scopes). Resolução CVM 244 of 29 May 2026 revoked the mandatory ISSB-based reporting phase: Dictionary termIFRS S1IFRS S1 is a sustainability-related financial disclosure standard focused on general requirements for reporting sustainability-related risks and opportunities.Read the full definition /S2-aligned reporting is voluntary for fiscal years from 1 January 2026; from 2027, companies that do not report must publish an explain-notice.
Formal requirements
What the law requires
Reviewed provisions grouped by practical purpose. Use the official text for the full legal context.
Disclosure requirements
Amends Formulário de Referência (Annex C to Res. 80/2022) — issuers must disclose on a comply-or-explain basis across three axes: E (environmental), S (social), G (governance).
CVM Resolution 59/2021 (Formulário de Referência ESG disclosures) · instrument-level citationKey items — whether the issuer discloses GHG emissions (and scopes); whether climate factors are integrated into risk management; whether the entity has diversity targets (board/management — incl. gender and race breakdowns); whether TCFD recommendations are followed; whether an independent Dictionary termAuditA systematic, independent and documented process for obtaining objective evidence and evaluating it against defined criteria to determine the extent to which requirements are fulfilled.Read the full definition /Dictionary termAssuranceAn independent engagement designed to increase intended users' confidence in defined sustainability information by evaluating it against suitable criteria and reporting a conclusion.Read the full definition of Dictionary termSustainability informationinformation on sustainability mattersRead the full definition exists; which ESG indexes/ratings the company is included in.
CVM Resolution 59/2021 (Formulário de Referência ESG disclosures) · instrument-level citation
Metrics and KPIs
Specific datapoints — GHG inventory (Scopes 1/2/3 where applicable), energy consumption, water use, waste; social: employee headcount by gender/race/hierarchy, salary ratios; governance: Dictionary termBoard diversityThe presence of directors with varied gender, ethnicity, age, skills, experience and background on a corporate board — measured, reported and increasingly regulated as a governance quality indicator.Read the full definition %, related-party policies.
CVM Resolution 59/2021 (Formulário de Referência ESG disclosures) · instrument-level citation