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A report-or-explain regime is to be introduced by the Brazilian stock exchange to kick-start CSR in the run-up to the UN’s Rio+20 sustainable development conference this summer.
Companies on the BM&FBovespa bourse will have to publish and make easily available a regular CSR report, or explain why they have not done so.
The exchange, which opened a limited sustainability index that stopped short of excluding weapons in 2005, is the latest in a number of emerging markets to require non-financial reporting or an explanation.
Similar measures have already been taken in India and South Africa, where integrated reports are now demanded.
The exchange last month teamed up with the Global Reporting Initiative to provide non-financial reporting workshops for companies.
In a statement, the exchange said it was trying to bring Brazilian reporting into line with global developments in both emerging markets and Europe.
The goal is to make the database of companies, reporting or otherwise, publicly available at the UN conference. It also appears that the results at Rio+20 may be prove a legacy as well as a showcase.
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