Brazil’s securities regulator, the Comissão de Valores Mobiliários (CVM), has scrapped a landmark move to make ISSB‑aligned sustainability reporting mandatory for listed companies from 2026, opting instead for a softer “comply‑or‑explain” approach.
The CVM had previously set out plans for phased, mandatory climate and broader ESG disclosures based on ISSB and local CBPS standards, covering 2026 financial year data.
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