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On the relation between sustainability report and assurance standards in Brazilian financial institutions

Author

Listed:
  • Giovanna Facury Aigner

    (University of São Paulo, Brazil)

  • Joshua Onome Imoniana

    (University of São Paulo, Brazil)

  • Washington Lopes Silva

    (University of São Paulo, Brazil)

Abstract

This study investigates the adherence to standards for assuring Sustainability Reports of financial Institutions listed on B3 stock market between 2016 and 2018. Drawing on 34 Brazilian institutions, we performed the content analysis of the criteria for sustainability assurance in relation to corporate governance by answering the question of how are the sustainability reports prepared by the financial institutions based on the corporate governance classification standards? We posit and find that among institutions investigated, 60.6% disclosed some type of Sustainability Report and only 50% (10 Institutions) performed sustainability assessment of the released reports. The assurance standards of the audited institutions follow 77.7% of the criteria identified as essential to integrity of such reports. This lens of reporting presents the constructs of probable choices aimed by the approaches among the financial institutions to show credibility and transparency. As a result, present a pattern of behaviours of these organisations towards a sustainability reporting. Overall, findings yield important insights on the criteria of sustainability assurance thus signaling a need for better monitoring scheme for voluntary disclosures.

Suggested Citation

  • Giovanna Facury Aigner & Joshua Onome Imoniana & Washington Lopes Silva, 2022. "On the relation between sustainability report and assurance standards in Brazilian financial institutions," Entrepreneurship and Sustainability Issues, VsI Entrepreneurship and Sustainability Center, vol. 9(3), pages 298-316, March.
    • Handle: RePEc:ssi:jouesi:v:9:y:2022:i:3:p:298-316
    DOI: 10.9770/jesi.2022.9.3(18)
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    References listed on IDEAS

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    1. Giacomo Manetti & Lucia Becatti, 2009. "Assurance Services for Sustainability Reports: Standards and Empirical Evidence," Journal of Business Ethics, Springer, vol. 87(1), pages 289-298, April.
    2. Amanpreet Kaur & Sumit Lodhia, 2018. "Stakeholder engagement in sustainability accounting and reporting," Accounting, Auditing & Accountability Journal, Emerald Group Publishing Limited, vol. 31(1), pages 338-368, January.
    3. Brown, Judy & Dillard, Jesse, 2013. "Critical accounting and communicative action: On the limits of consensual deliberation," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 24(3), pages 176-190.
    4. Bebbington, Jan & Kirk, Elizabeth A. & Larrinaga, Carlos, 2012. "The production of normativity: A comparison of reporting regimes in Spain and the UK," Accounting, Organizations and Society, Elsevier, vol. 37(2), pages 78-94.
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    More about this item

    Keywords

    sustainability report; Global Reporting Initiative (GRI); assurance standards; corporate governance; financial market; financial institutions; Brazil;
    All these keywords.

    JEL classification:

    • M40 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - General
    • M42 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Auditing

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