3.1.3.1 Integrated reporting

Integrated reporting in Brazil is in an early stage. The integrated reporting concept is growing in popularity amongst Brazilian listed companies. The growing discussion and interest about integrated thinking have contributed to the development of the Brazilian Committee for Integrated Reporting in Brazil (Comissão Brasileira de Acompanhamento do Relato Integrado – CBARI) led by the Brazilian Development Bank (BNDES).1 The CBARI aims at informing the Brazilian market of the International Integrated Reporting Council’s latest initiatives, to promote integrated thinking and to avoid anticipated rejection.2 The development of CBARI benefitted from the support of Prof. Nelson Carvalho3 (part of the International Integrated Reporting Council) who incentivized BNDES to facilitate and organize this Committee and the support of Ms. Vânia Borgeth (BNDES).4 More than 200 members, representing more than 90 different organizations, compose the CBARI. Among others, academia, corporate sector, consultancies and institutions as the Brazilian Association of Public Companies Abrasca,5 the Brazilian Banks Federation (FEBRABAN) and the National Association of Executives in Finance, Administration and Accounting (Anefac).67Twelve Brazilian companies have participated in the International Integrated Reporting Council Pilot Programme Business Network as of 2013: AES Brazil, BNDES, BRF S.A, CCR S.A, CPFL Energia, Fibria Cellulose S.A, Grupo Segurador Banco Do Brasil E Mapfre, Itau Unibanco, Natura, Petrobras S.A, Via Gutenberg and Votorantim Industrial.8

Similarly to the introduction and dissemination of corporate governance best practices in Brazil, given the innovative integrated thinking and the novelty of the concept, integrated reporting has been much questioned. However, Brazilian companies seem more welcoming of the concept of integrated reporting then when corporate governance was introduced (Sandra Guerra, Brazilian Institute for Corporate Governance – IBGC).9 In the last decade, the Brazilian corporate sector has shown a growing concern about environmental and social practices, which opened the way to the introduction of the new integrated thinking. The initial resistance to corporate governance is allegedly associated to the often connection of corporate governance with organizational power (Sandra Guerra, Brazilian Institute for Corporate Governance – IBGC).10