ブラジル、ISSB準拠のサステナビリティ報告を任意に
専門家の視点
ブラジル証券取引委員会（CVM）は、ISSB準拠のサステナビリティ報告について、2026年から計画していた義務化を撤回し、自主的な制度に変更しました。実体としては、報告を選択した企業には基準遵守と正式提出が求められ、2027年からは「適用するか説明する」方式が導入されます。物語としては、CVMは「任意採用の洗練」と柔軟性の向上を強調していますが、実際には義務化から後退したとも読めます。期待とのズレとしては、国際的なサステナビリティ報告の推進文脈では後退と映る一方で、企業側のコスト負担軽減には寄与する可能性があります。この変化には、目的（透明性・比較可能性）と手段（報告義務）の倒置や、主語が「市場全体」から「個別企業の判断」に委ねられた点で、責任が拡散されるリスクも指摘できます。また、投資家の情報ニーズという利害関係者がやや省略されているとも言えます。日本企業にとっては、規制環境が後退する地域でも自主的に開示を続けることで国際的な信頼を獲得できる一方、規制に依存しない本質的な脱炭素経営の強靭性が問われる局面と言えるでしょう。
LinkedIn X Facebook Share Brazil Makes ISSB-aligned Sustainability Reporting Voluntary Brazil has removed the planned mandatory phase for ISSB-aligned sustainability reporting by public companies, leaving the regime voluntary but subject to formal filing, standards compliance and explanation requirements. Brazil’s securities regulator, the Securities and Exchange Commission of Brazil (CVM), has amended its sustainability reporting rule, CVM Resolution 193, through CVM Resolution 244, which was published in Brazil’s Official Gazette on 1 June 2026. The amendment removes the planned mandatory phase for sustainability-related financial reporting by Brazilian public companies for financial years beginning on or after 1 January 2026, while retaining the framework based on standards issued by the Brazilian Sustainability Pronouncements Committee (CBPS) and the International Sustainability Standards Board (ISSB) for entities that choose to report. The change shifts the regime from compulsory adoption by public companies to voluntary filing, with a “pratique ou explique” market communication requirement from 2027. Before the amendment, voluntary reporting had been available to public companies, investment funds and securitisation companies for financial years beginning on or after 1 January 2024, while public companies were expected to move into mandatory reporting from 2026. CVM Resolution 244 removes that mandatory phase and keeps sustainability-related financial reporting voluntary for the entities covered by CVM Resolution 193. CVM describes the change as a refinement of voluntary adoption. The regulator says the aim is to provide greater flexibility within the CBPS- and ISSB-based reporting regime while preserving transparency and comparability. It also refers to the ability of entities to assess expected costs and benefits when deciding how to allocate investor resources. Voluntary reporting remains subject to conditions. Entities that publish sustainability-related f
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