The third edition of Reporting Matters Brazil analyzed documents from 82 companies and reveals progress in integrating ESG and business strategy.
Launched this Tuesday, the 3rd, the third edition of Reporting Matters Brazil, A study developed by the Brazilian Business Council for Sustainable Development (CEBDS) reveals that 84% of the reports from member companies underwent external audit (at least partially). The study, which analyzed the sustainability reports of 82 companies, identified that 97% of the documents used the GRI standard, Global Reporting Initiative, an international reference for sustainability reporting, and 75% adopted dual materiality, a process that considers both financial impacts and impacts on the environment and society to prioritize their areas of focus.
The third edition of Reporting Matters The study analyzed 82 reports, published in 2025 with data from 2024, totaling 9,986 pages evaluated based on 16 criteria and 76 sub-criteria organized into four dimensions: Principles, Content, Effectiveness, and Sustainable Development Goals (SDGs), a global agenda established by the United Nations (UN). The work involved 11 consultants and totaled 350 hours of technical analysis.
“What we are seeing is a clear movement by Brazilian companies towards more structured, comparable, and decision-oriented reporting. Reporting Matters is part of this collective maturation process, supporting the consolidation of sustainability as a strategic pillar of the business,” pointed out Daniela Mignani, Corporate Executive Director of CEBDS.
Prepared by CEBDS, an organization representing approximately 120 large companies operating in the country, using the methodology of... World Business Council for Sustainable Development (WBCSD) and technical support from the Report Group, the Reporting Matters This report offers a structured and comparable view of how Brazilian companies organize, prioritize, and communicate ESG information in an increasingly demanding regulatory and market environment. For the first time, this edition combined specialized technical assessment with artificial intelligence tools.
“In this third edition, we raised the bar for technical analysis by combining the perspective of specialized consultants with artificial intelligence tools to examine nearly 10,000 pages of reports. What the data shows us is a consistent and accelerated maturation: the transition from limited to reasonable assurance and the consolidation of dual materiality indicate that Brazilian companies are not only reporting, but integrating the socio-environmental impact into the financial value of the business with the same rigor dedicated to accounting statements,” stated Gilberto Longo, director of business and communication at Report.
Enhanced credibility
Submitting information for independent verification is an action by companies that demonstrates maturity in the management and communication of non-financial results. The number of sustainability reports without any type of external audit fell from 26% in 2023 to 16% in 2025. In other words, 84% of companies submit, at least partially, their data for external analysis. This evolution highlights the increased scope of assurance, which strengthens the reliability of the information.
Another point that demonstrates the maturity level of the Brazilian business sector is the adoption of reporting standards and frameworks capable of ensuring comparability and transparency in information. Data from Reporting Matters Brazil 2025 shows that 99% of companies use at least one global tool. The group of companies that do not follow any standard was 9% in 2023 and reached the level of 1% in 2025.
The GRI standard remains the primary one used in Brazil, but combining standards has become the majority practice among Brazilian companies, demonstrating that the business sector is committed to convergence between global markets and perspectives. In this edition, 17% of the reports use only the GRI without combining it with other tools. In 2023, the percentage of these companies reached 35%.
Key Brazilian highlights
The average performance of the analyzed reports maintained a growth trajectory throughout the three-year period. The observed evolution from 2024 to 2025 was mainly driven by the pillars of Strategy, Easy Access and Implementation, and Control, reflecting more structured goals, more interactive reports, and improvements in monitoring and auditing processes. Although the increase in the number of participants and methodological adjustments also influenced the averages, the study points to a consistent movement of maturation in the way companies organize, present, and monitor their sustainability information.
Among 82 reports, the Reporting Matters Brazil 2025 The report listed, in alphabetical order, the fifteen most outstanding reports among the analyzed group: Ambipar, Axia Energia (formerly Eletrobras), Banco do Brasil, Bracell, Cemig, Eneva, Engie, Itaú, Marfrig, Motiva, Nexa, Petrobras, Suzano, Telefônica Vivo, and Votorantim Cimentos. These are mature business reports from companies in different sectors and structural configurations, which obtained the highest overall scores across the 16 criteria and 76 sub-criteria adopted.
Access the full document: https://cebds.org/reporting-matters-brasil-2025/
