The CMVM agenda for Sustainability
As of 2019, the CMVM made integrating sustainability factors (ESG) in its performance, a strategic priority. On the one hand, it placed the theme for public debate and, on the other, via the weighted inclusion of environmental, social and governance factors in market practices and supervisory models.
On this page, we disclose the regulatory initiatives and measures that have been adopted.
The CMVM has been placing the integration of sustainability factors in economies and markets on public debate, be it in public speeches and opinion articles by the members of the Management Board, carrying out initiatives on sustainable finance and dislosing relevant information, such as:
REGULATION AND SUPERVISION
Regarding the weighted inclusion of environmental, social and governance aspects in market practices and supervisory models, the CMVM has direct responsibilities in these matters, namely through its supervisory duties regarding the fulfilment of the duties associated with some regulatory measures.
We are, therefore, regularly monitoring aspects and their compliance regarding the entities under our supervision:
In terms of the disclosure of non-financial information, requiring entities to provide sufficient information for an accurate understanding by the community on the evolution, performance, position and impact of their activities:;
- Decree-Law No. 89/2017, of 28 July - Disclosure of non-financial information and diversity information on diversity by large undertakings and groups, transposing Directive 2014/95/EU.
disclosure of the diversity policy, requiring that in its annual report on corporate governance, the company to provides a description of the diversity policy applied concerning its management and supervisory bodies, namely in terms of age, gender, qualifications and professional background, the objectives of this policy, the way it was applied and the results in the reference period;
Decree-Law No. 89/2017, of 28 July - Disclosure of non-financial information and diversity information on diversity by large undertakings and groups, transposing Directive 2014/95/EU.
In terms of the
envisaged quota regime that require governing bodies of companies issuing shares admitted to trading on a regulated market, to progressively present a balanced gender composition in accordance with a quota system: for each management and supervisory body whose elective general meeting takes place after 1 January 2018, requires a proportion of people of the underrepresented gender of not less than 20%. This threshold will increase to 33.3% in elective general meetings after 1 January 2020:
- Law No. 62/2017 of 1 August - Regime of balanced gender in the management and supervisory bodies of public sector entities and publicly traded companies)
As to the
quality of the information provided, requiring entities to provide complete, true, current, clear, objective and lawful information to the market, avoiding greenwashing.
Securities Code - requiring compliance with Article 7, among others.
At European level, incorporating sustainability factors in the management of companies, namely financial, in their activity and relationship with stakeholders and the respective impacts and quality of related information, have dominated public discussion and have already resulted in legislative acts from the European Commission for taxonomy, institutional investors and asset managers and creation of benchmarks. Get to know these and other European regulatory proposals here.