Resolution on Socio-environmental Responsibility Policy, 2012.

South America Current 2012

Issued by the Central Bank of Brazil in hearing no. 041/12 (2012). In addition to regulating internal procedures for environmental impact assessment and management, the norm stipulates that financial institutions disclose their Socio-environmental Responsibility Policy (PRSA). The norm applies initially to multi-purpose banks, commercial banks, development banks and agencies, investment banks, savings banks and the state-owned Brazilian Economic and Social Development Bank (BNDES), and later for other financial institutions regulated by the Central Bank of Brazil. Moreover, the resolution announced in this same hearing establishes a mandatory reporting framework related to organizations’ Socio-environmental Responsibility Policy (PRSA), as well as independent verification of such a report. Further regulatory developments shall detail reporting and disclosure procedures.

Scope

Environmental & Social

Industry sectors covered by the instrument

Specific sector/s

Organizations covered by the instrument

Banks and financial institutions

Issuer type

Financial Regulators

Type of instrument

Legislation

Mandatory or voluntary

Mandatory

The geographical scope

National/federal

Project Partners