The Quality of ESG Practices in B3: A Comparative Analysis Based on GRI Standards

Abstract

This article analyzes the quality and compliance of ESG reports published by companies listed on the B3 stock exchange, using the Global Reporting Initiative (GRI) guidelines as a benchmark. It seeks to identify sectoral differences and examine the relationship between the institutional maturity of ESG practices and financial performance. The study proposes a replicable diagnostic model for evaluating informational quality, addressing existing gaps in comparative research within the Brazilian context by integrating disclosure, performance, and coherence between corporate narrative and actual practices. A quantitative methodology was adopted, based on documentary analysis of 50 GRI-compliant reports. An ESG Adherence Index was developed, incorporating both essential and sector-specific indicators, and the resulting scores were correlated with key financial metrics (ROE, ROA, and EBITDA). The findings show that companies included in the ISE B3 index demonstrate higher alignment with GRI standards (average score of 12.2) compared to non-ISE firms (average score of 8.4), indicating that inclusion in sustainability indices is linked to more robust ESG practices. The financial and energy sectors exhibited higher levels of maturity, with average scores above 12, highlighting the influence of regulatory frameworks and stakeholder expectations. A moderate positive correlation was also found between the informational quality of ESG disclosures and financial performance, suggesting that consistent reporting practices are associated with operational efficiency and value generation. This study contributes to the academic discourse on ESG reporting by reinforcing the importance of standardization and assurance practices. It also offers practical insights for managers aiming to strengthen corporate governance, improve transparency, and enhance stakeholder engagement.