CVM 193
Resolução CVM nº 193/2023, amended by Resolução CVM nº 244/2026 — IFRS S1/S2 sustainability reporting
Topic : ESG disclosure · Level : National
Today
Reporting made voluntary by CVM 244 (29 May 2026). Non-reporters must explain from 2027; reporters commit 3 years.
Summary
CVM 193 adopted ISSB-based sustainability reporting in Brazil and was to become mandatory from 2026. In May 2026 CVM 244 made it voluntary. From 2027, companies that do not report must explain why.
Who is concerned
- Turnover
- non précisé
- Employees
- non précisé
- Listed company
- cotées seulement
- Sectors
- All sectors
- Triggering activities
- Publicly-held company registered with CVM
- Extraterritorial reach
- No
No direct supplier duty; voluntary IFRS S2 reporters may ask for Scope 3 data.
- Examples
- B3-listed pulp and paper group
- B3-listed meat processor
- B3-listed mining company
What the law requires
- Explain in annual filings why no sustainability report is published (from 2027)
- If reporting, follow CBPS standards based on IFRS S1 and S2
- If reporting, keep reporting at least 3 years; announce exit a year ahead
- If reporting, obtain independent auditor assurance (reasonable from FY2026)
Penalties
CVM fines (Law 6.385, as amended 2017): up to the greatest of BRL 50m, 2x the operation, 3x the gain, or 2x investor losses.
What this changes for a supplier in China
Lower pressure: few Brazilian issuers are now required to report. Voluntary IFRS S2 reporters may still ask for product carbon data.
Expected evidence
- Scope 1 and 2 emissions data
- Product carbon footprint
- Energy consumption records
Tiers : Tier 1