Análise do impacto da resolução CVM nº59/2021 na remuneração executiva de empresas selecionadas por fundos de investimentos ASG

Abstract

This study analyzes the effects of CVM Resolution No. 59/2021 on executive compensation in Brazilian listed companies selected by equity investment funds with ESG strategies, covering the period from 2021 to 2024. The main objective is to examine whether the requirement for greater transparency in sustainability criteria influenced incentive mechanisms. The research uses an unbalanced panel of 199 firms, estimated through fixed-effects models with controls for firm size, profitability, capital structure, presence of institutional investors, and the level of ESG disclosure. The results indicate that the explicit inclusion of ESG targets in compensation contracts is associated with a significant increase in the variable component paid to executives, suggesting that the regulation produced tangible effects on governance arrangements. In contrast, the mere disclosure of ESG practices, without contractual linkage, showed no statistically significant effect. Thus, the study demonstrates that CVM Resolution No. 59 acted as a driver of institutional change, reinforcing the integration between corporate governance and sustainability in the Brazilian capital market.