Assessment of ESG Reports with a Focus on Governance – a comparison of two companies in the electricity sector

Authors

Abstract

This article comparatively analyzes the quality of corporate governance disclosure in the ESG reports of two Brazilian electricity companies, based on the GRI 100 Series indicators and alignment with the Sustainable Development Goals (SDGs). This qualitative and document-based research examined governance structures, integrity mechanisms, whistleblowing channels, ethics policies, diversity, and compliance processes, assessing transparency and consistency between discourse and practice. The results show marked differences in governance maturity: while one company presents a robust and externally assured report with clear oversight mechanisms, the other adopts a declaratory and low-detail approach. The analysis indicates that disclosure quality depends on the institutionalization of ESG and on the board’s ability to integrate risks and strategies in accordance with ISSB and IFRS S1/S2 standards. The study concludes that governance underpins the credibility of ESG reporting and influences the extent to which companies align with the 2030 Agenda.

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Author Biographies

Carine Capitani, State University of Rio Grande do Sul

Carine holds a bachelor's degree in Law from Centro Universitário Univates (2005) and a bachelor's degree in Administration from the Rio Grande do Sul State University (Uergs), Encantado campus (2024). She works as a lawyer.

Sandro Benelli, Fundação Getúlio Vargas - EAESP - SP

He holds a Professional Master’s degree in Competitiveness Management from Fundação Getulio Vargas (FGV-SP, 2020). He has experience in the field of Administration, with an emphasis on strategy, governance, and family businesses. He is currently a PhD candidate in Strategy at Fundação Getulio Vargas. He serves as Academic Coordinator of the Family Business Board Member Training Program at FGV/EAESP and Academic Coordinator of the MBA in Business Management at FGV/IDE. He teaches Strategy and ESG in the MBA programs at FGV/IDE, Corporate Governance and Family Business Governance at FGV/EAESP, and ESG Compliance Tools in the MBA at USP/Esalq.

Marc François RICHTER, Uergs - Universidade Estadual do Rio Grande do Sul

He holds a bachelor’s degree in Chemistry from Albert-Ludwigs-Universität Freiburg, Germany (1990) and a PhD in Biochemistry (1995) from the same university. After completing his first postdoctoral fellowship at the Institut Pasteur in France (1995–1997), he moved to Brazil, where he worked for two years as a CNPq Visiting Researcher at the Biotechnology Center of the Federal University of Rio Grande do Sul (UFRGS). From 2000 to 2003, he worked at the Integrated Cancer Center (ULBRA) and at the South American Foundation for the Development of Anti-Cancer Drugs (SOAD Foundation). He also served as a Master’s Advisor in the Graduate Program in Genetics and Applied Toxicology (PPGGTA/ULBRA) (2006–2010). He has been an Adjunct Professor at the Rio Grande do Sul State University (Uergs) since 2003. He served as Advisor to the Uergs Dean for Research and Graduate Studies (2003–2010) and later as Dean for Research and Graduate Studies (2010–2014). He was the institutional representative at FORTEC (National Forum of Innovation and Technology Transfer Managers) and at the Rio Grande do Sul Intellectual Property Network (2010–2014). He was also a member of the Science and Technology Council of the State Secretariat for Science, Innovation and Technological Development of Rio Grande do Sul (SCIT-RS) (2010–2015). He served as Executive Director and later as President of the State Foundation for Science and Technology (CIENTEC) (2015–2016; 2018). Since April 2018, he has been teaching and developing research and extension projects in Environmental Management, Sustainability, and ESG. He was a member of the Innovation Center Council (NIT-Uergs) from 2018 to 2023. Since 2019, he has been an advisor in the Professional Master’s Program in Environment and Sustainability (PPGAS–Uergs). He was also Editor-in-Chief of the REPENSE Blog (2020–2023), dedicated to outreach and awareness on sustainability and environmental protection.

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Published

2026-05-26

Issue

Vol. 25 No. 2 (2025)

Section

Artigos

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