CVM Resolution No. 244: sustainability disclosure is no longer mandatory

The Brazilian Securities and Exchange Commission (CVM) issued CVM Resolution No. 244, which established a voluntary regime to replace listed companies’ duty to disclose sustainability-related financial information based on the International Sustainability Standards Board (ISSB Report).

Published on May 29, 2026, CVM Resolution 244 amends CVM Resolution No. 193, replacing the mandatory regime with a “comply or explain” regime: listed companies that elect not to prepare or disclose such information must provide the rationale for that decision. This regime is already in place for ESG matters.

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