Brazil / Listing rule
B3 Anexo ASG
B3 Regulamento para Listagem de Emissores — Anexo ASG (pratique ou explique)
In force2023-08-19Modified
Topic : Governance · Level : Stock exchange
Today
Comply-or-explain ESG annex in force since 19 Aug 2023; 1st diverse member reported 2025, 2nd in 2026 (Formulario de Referencia).
Summary
B3 requires listed companies to adopt or explain ESG governance practices, including board and executive diversity. The annex applies from 2025, with a second diversity measure due in 2026.
Who is concerned
- Turnover
- non précisé
- Employees
- non précisé
- Listed company
- cotées seulement
- Sectors
- All sectors
- Triggering activities
- Shares listed on B3
- Extraterritorial reach
- No
non précisé
- Examples
- B3-listed retailer
- B3-listed meat processor
- B3-listed industrial group
What the law requires
- Report or explain at least one woman on board or statutory executive board
- Report or explain one member from an underrepresented group
- State if ESG criteria apply to nominations and variable pay
- Disclose in the annual Formulário de Referência
Penalties
Fines up to BRL 1,125,731 per breach, incl. Anexo B ASG measures (art. 65 II); lower caps for other articles; warnings, censure, delisting.
SUPPLIER INTELLIGENCE
What this changes for a supplier in China
Little direct impact; governance-focused. Brazilian listed buyers' supplier ESG asks come from their own policies.
Expected evidence
- Supplier code of conduct
- Buyer ESG questionnaire if requested
- Basic governance information
Tiers : Tier 1
Consulting