Starting in 2012, BM&FBOVESPA began to recommend listed companies to indicate in the Reference Form in item 7.8 - "Description of relevant long-term relationships of the company not included elsewhere in this form", whether they published sustainability or integrated reports or similar reports; and where it was available. If not, the companies should explain why they did not publish it.
This initiative, entitled "Report or Explain for Sustainability or Integrated Reporting", was developed in partnership with the GRI - Global Reporting Initiative and in support of the IIRC – International Integrated Reporting Council, aimed at encouraging companies to gradually adhere to the practice of reporting to investors information and results related to the environmental, social and corporate governance (ESG) dimensions. Thus, it was a way of providing an easy platform for accessing this information to investors and stakeholders.
The year 2015 was the last of this initiative's original format – and for a great reason. In a review of the Reference Form, the Brazilian regulatory body, CVM, has made this form of disclosure mandatory for social and environmental information since 2016. Therefore, there is no longer any need for the Exchange to request such a report, and the Companies came to be with the regulator.
Bearing this Brazilian success case in mind, in 2017, B3 launched the "Report or Explain for the Sustainable Development Goals (SDGs) initiative", which aims to stimulate the transparency of the listed companies' strategies and actions in relation to the 17 UN-established SDGs.Through this initiative, the company recommends, from 2017, that listed companies annually state whether they publish a sustainability or integrated report taking the SDGs into account. Along similar lines with the previous initiative, if they do not, B3 requests they explain why by choosing one of the options supplied.