Os emissores de títulos temáticos estão cumprindo suas promessas? Uma contribuição para a análise de greenwashing
DOI:
https://doi.org/10.5902/1983465993360Palavras-chave:
Títulos verdes, Greenwashing, Autorregulação, RelatoResumo
O artigo analisa o grau de transparência das empresas brasileiras emissoras de títulos verdes, sociais e de sustentabilidade (GSS, na sigla em inglês) por meio de uma análise de conteúdo de relatórios de pré e pós-emissão e escrituras de títulos GSS emitidos em 2021, ano com o maior volume de emissões. O Brasil foi selecionado por ser o maior mercado da América Latina em termos de capitalização de mercado e emissão de títulos GSS, bem como pelo papel que esses títulos podem desempenhar no financiamento de atividades que protegem o capital natural do país e contribuem para alcançar objetivos sociais. Observa-se baixo grau de relato: 26% dos emissores publicaram bond frameworks, 21% das operações divulgaram relatórios de alocação e 27% divulgaram relatórios de impacto. Também se constatou que as penalidades previstas nas escrituras dos títulos caso não publiquem relatórios de pós-emissão não estão sendo implementadas: embora 87% das transações estipulem sanções, a maioria dos emissores não publica relatórios de pós-emissão. Os resultados da pesquisa indicam que o custo de conformidade desincentiva a divulgação por parte dos emissores, que atribuem pouco valor ao aprimoramento de sua transparência, enquanto os investidores não estão exigindo maior divulgação, o que gera dúvidas sobre a materialidade dessas informações. Este artigo contribui para a literatura acadêmica sobre títulos rotulados e greenwashing ao analisar como as empresas se engajam em greenwashing ao omitirem informações materiais para avaliar o desempenho dos títulos (isto é, uma lacuna na promessa de relato) quando o custo-benefício da divulgação é desfavorável. Para os profissionais de mercado, os resultados ressaltam a necessidade de estabelecer documentação padronizada para as emissões de títulos do GSS, disponibilizando os dados em um banco de dados de acesso público.
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Copyright (c) 2026 Camila Yamahaki, Frederic de Mariz, Annelise Vendramini
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