GOVERNANÇA E RISCO NA MINERAÇÃO: ANÁLISE DA DIVULGAÇÃO DE INFORMAÇÕES AMBIENTAIS DA VALE S.A
DOI:
https://doi.org/10.56238/revgeov16n5-103Palavras-chave:
Vale S.A, Sustentabilidade, Governança, IFRS S1, IFRS S2Resumo
A crescente preocupação global com os impactos ambientais das atividades empresariais tem impulsionado iniciativas voltadas à padronização e à transparência na divulgação de informações ambientais, sociais e de governança (ESG), especialmente em setores de alto risco, como a mineração. Nesse cenário, destaca-se a adoção das normas IFRS S1 e S2, emitidas pela International Financial Reporting Standards Foundation (IFRS), que visam aprimorar a divulgação de riscos e oportunidades relacionados à sustentabilidade. Este estudo analisa a divulgação de informações ambientais e de governança da Vale S.A. entre 2015 e 2023, com foco na transparência corporativa e na adequação da companhia às exigências estabelecidas pelas normas IFRS S1 e S2. A pesquisa, de caráter descritivo, qualitativo e documental, baseou-se na análise dos Formulários de Referência (FRE), Relatórios da Administração (RA) e notas explicativas da companhia, com o objetivo de compreender a evolução das práticas de divulgação de riscos socioambientais após os desastres de Mariana (2015) e Brumadinho (2019). Os resultados revelam que, antes desses eventos, a Vale S.A. não reconhecia formalmente os riscos operacionais críticos em seus relatórios corporativos, incorporando tais informações apenas posteriormente, demonstrando uma postura predominantemente reativa. Observou-se, contudo, que a empresa passou a adotar padrões internacionais de divulgação e aprimorou sua governança, com maior engajamento em iniciativas sustentáveis. Ainda assim, persistem lacunas na comunicação dos riscos operacionais, o que sugere que a transparência organizacional plena ainda não foi consolidada. A pesquisa conclui destacando a importância do fortalecimento da governança corporativa e da efetiva adoção das normas IFRS S1 e S2 como instrumentos essenciais para a promoção da clareza, responsabilidade e legitimidade na divulgação das informações ambientais e sociais por parte das organizações.
Downloads
Referências
Aglietta, M., & Rebérioux, A. (2005). Corporate Governance Adrift: A Critique of Shareholder Value. Edward Elgar Publishing. https://doi.org/10.4337/9781845425470
Alves, W., Ferreira, P., & Araújo, M. (2021). Challenges and pathways for Brazilian mining sustainability. Resources Policy, 74, 101648. https://doi.org/10.1016/j.resourpol.2020.101648
Carmo, F. F. D., Kamino, L. H. Y., Junior, R. T., Campos, I. C. D., Carmo, F. F. D., Silvino, G., Castro, K. J. D. S. X. D., Mauro, M. L., Rodrigues, N. U. A., Miranda, M. P. D. S., & Pinto, C. E. F. (2017). Fundão tailings dam failures: The environment tragedy of the largest technological disaster of Brazilian mining in global context. Perspectives in Ecology and Conservation, 15(3), 145–151. https://doi.org/10.1016/j.pecon.2017.06.002
Cezne, E. (2019). Forging transnational ties from below: Challenging the Brazilian mining giant Vale S.A. across the South Atlantic. The Extractive Industries and Society, 6(4), 1174–1183. https://doi.org/10.1016/j.exis.2019.10.007
Cheng, D., Cui, Y., Li, Z., & Iqbal, J. (2021). Watch Out for the Tailings Pond, a Sharp Edge Hanging over Our Heads: Lessons Learned and Perceptions from the Brumadinho Tailings Dam Failure Disaster. Remote Sensing, 13(9), 1775. https://doi.org/10.3390/rs13091775
Czajkowski, M., Meade, N., Seroa Da Motta, R., Ortiz, R. A., Welsh, M., & Blanc, G. C. (2023). Estimating environmental and cultural/heritage damages of a tailings dam failure: The case of the Fundão dam in Brazil. Journal of Environmental Economics and Management, 121, 102849. https://doi.org/10.1016/j.jeem.2023.102849
Da Silva, J. F., Da Rocha, A., & Carneiro, J. (2009). The International Expansion of Firms from Emerging Markets: Toward a Typology of Brazilian MNEs. Latin American Business Review, 10(2), 95–115. https://doi.org/10.1080/10978520903303638
DAVIS, G. (2009). Managed by the markets: How finance reshaped America. Choice Reviews Online, 47(02), 47-0969-47–0969. https://doi.org/10.5860/CHOICE.47-0969
De Lima, R. E., De Lima Picanço, J., Da Silva, A. F., & Acordes, F. A. (2020). An anthropogenic flow type gravitational mass movement: The Córrego do Feijão tailings dam disaster, Brumadinho, Brazil. Landslides, 17(12), 2895–2906. https://doi.org/10.1007/s10346-020-01450-2
Dobbin, F., & Jung, J. (2010). The misapplication of Mr. Michael Jensen: How agency theory brought down the economy and why it might again. Em M. Lounsbury & P. M. Hirsch (Orgs.), Research in the Sociology of Organizations (p. 29–64). Emerald Group Publishing Limited. https://doi.org/10.1108/S0733-558X(2010)000030B006
Douglas, M., & Wildavsky, A. (1984). Choice and Risk in Environmental Control - Mary Douglas and Aaron Wildavsky: Risk and Culture: An Essay on the Selection of Technical and Environmental Dangers. (Berkeley: University of California Press, 1982. Pp. 221. $14.95.). The Review of Politics, 46(4), 613–616. https://doi.org/10.1017/S0034670500049366
Elzahar, H., & Hussainey, K. (2012). Determinants of narrative risk disclosures in UK interim reports. The Journal of Risk Finance, 13(2), 133–147. https://doi.org/10.1108/15265941211203189
Giacomini, M. K. (2001). The rocky road: Qualitative research as evidence. Evidence-Based Medicine, 6(1), 4–6. https://doi.org/10.1136/ebm.6.1.4
Gil, A. C. (2022). Como Elaborar Projetos De Pesquisa (7o ed). Editora Atlas Ltda.
Gokhberg, L., Kuzminov, I., Khabirova, E., & Thurner, T. (2019). Advanced text-mining for trend analysis of Russia’s Extractive Industries. Futures, 115, 102476. https://doi.org/10.1016/j.futures.2019.102476
KAHNEMAN, D. (1982). KAHNEMAN, D., SLOVIC, P. & TVERSKY, A. (Eds.) 1982. Judgment Under Uncertainty: Heuristics and Biases. Cambridge, MA: Cambridge University Press (C. F. Graumann, K. Holzkamp, & M. Irle, Orgs.; p. 73–73). De Gruyter. https://doi.org/10.1515/9783112469187-009
Kampanje, B. P. (2023, outubro 1). Assessing the readiness of the Malawian public companies in the adoption of the IFRS S1 and IFRS S2—Sustainability Disclosure Standards. INTL Sustainability Journal. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4618876
Kütter, V. T., Martins, G. S., Brandini, N., Cordeiro, R. C., Almeida, J. P. A., & Marques, E. D. (2023). Impacts of a tailings dam failure on water quality in the Doce river: The largest environmental disaster in Brazil. Journal of Trace Elements and Minerals, 5, 100084. https://doi.org/10.1016/j.jtemin.2023.100084
Lazonick, W. (2014, abril). LAZONICK_William_Profits-without-Prosperity-20140406.pdf. University of Massachusetts Lowell.
Lazonick, W., & O’Sullivan, M. (2000). Maximizing shareholder value: A new ideology for corporate governance. Economy and Society, 29(1), 13–35. https://doi.org/10.1080/030851400360541
Mancini, S. D., De Medeiros, G. A., Paes, M. X., De Oliveira, B. O. S., Antunes, M. L. P., De Souza, R. G., Ferraz, J. L., Bortoleto, A. P., & De Oliveira, J. A. P. (2021). Circular Economy and Solid Waste Management: Challenges and Opportunities in Brazil. Circular Economy and Sustainability, 1(1), 261–282. https://doi.org/10.1007/s43615-021-00031-2
Marnet, O. (2007). History repeats itself: The failure of rational choice models in corporate governance. Critical Perspectives on Accounting, 18(2), 191–210. https://doi.org/10.1016/j.cpa.2005.11.010
Martins, G. de A., & Theóphilo, C. R. (2017). Metodologia da investigação científica para ciências sociais aplicadas (3o). Editora Atlas Ltda.
Mendes, R. G., Do Valle Junior, R. F., De Melo Silva, M. M. A. P., De Morais Fernandes, G. H., Fernandes, L. F. S., Pissarra, T. C. T., De Melo, M. C., Valera, C. A., & Pacheco, F. A. L. (2023). Scenarios of environmental deterioration in the Paraopeba River, in the three years after the breach of B1 tailings dam in Brumadinho (Minas Gerais, Brazil). Science of The Total Environment, 891, 164426. https://doi.org/10.1016/j.scitotenv.2023.164426
Metaxas, T., & Tsavdaridou, M. (2013). CSR in metallurgy sector in Greece: A content analysis. Resources Policy, 38(3), 295–309. https://doi.org/10.1016/j.resourpol.2013.03.010
Minayo, M. C. D. S. (2012). Análise qualitativa: Teoria, passos e fidedignidade. Ciência & Saúde Coletiva, 17(3), 621–626. https://doi.org/10.1590/S1413-81232012000300007
Pratama, A., Dewi, N., Sofia, P., Muhammad, K., & Megawati, L. R. (2024). Sustainability Reporting Ecosystem and IFRS S1 and S2: How Accounting Research can assist its Implementation. Journal of Ecohumanism, 3(4), 3101–3129. https://doi.org/10.62754/joe.v3i4.3830
Roche, C., Thygesen, K., Baker, E., UNEP, & GRID-Arendal (Orgs.). (2017). Mine tailings storage: Safety is no accident: a rapid response assessment. GRID-Arendal.
Saes, B. M., & Muradian, R. (2021). What misguides environmental risk perceptions in corporations? Explaining the failure of Vale to prevent the two largest mining disasters in Brazil. Resources Policy, 72, 102022. https://doi.org/10.1016/j.resourpol.2021.102022
Sánchez, L. E., Alger, K., Alonso, L., Francisco, B., Brito, M. C., Laureano, F., May, P., Roeser, H., & Kakabadse, Y. (2018). Impacts of the Fundão Dam failure: A pathway to sustainable and resilient mitigation (1o ed). IUCN, International Union for Conservation of Nature. https://doi.org/10.2305/IUCN.CH.2018.18.en
Schrempf-Stirling, J. (2013). The Shareholder Value Myth: How Putting Shareholders First HarmsInvestors, Corporations, and the Public, by Lynn A. Stout (San Francisco: Berrett-Koehler Publishers, Inc., 2012). Paperback, 120 pp., $16.95. ISBN: 978-1-6050-9813-5. Business Ethics Quarterly, 23(3), 486–489. https://doi.org/10.5840/beq201323332
Silva Rotta, L. H., Alcântara, E., Park, E., Negri, R. G., Lin, Y. N., Bernardo, N., Mendes, T. S. G., & Souza Filho, C. R. (2020). The 2019 Brumadinho tailings dam collapse: Possible cause and impacts of the worst human and environmental disaster in Brazil. International Journal of Applied Earth Observation and Geoinformation, 90, 102119. https://doi.org/10.1016/j.jag.2020.102119
Simon, H. A. (1955). A Behavioral Model of Rational Choice. The Quarterly Journal of Economics, 69(1), 99. https://doi.org/10.2307/1884852
Stockhammer, E. (2004). Financialisation and the slowdown of accumulation. Cambridge Journal of Economics, 28(5), 719–741. https://doi.org/10.1093/cje/beh032
Temitayo Oluwaseun Jejeniwa, Noluthando Zamanjomane Mhlongo, & Titilola Olaide Jejeniwa. (2024). THE ROLE OF ETHICAL PRACTICES IN ACCOUNTING: A REVIEW OF CORPORATE GOVERNANCE AND COMPLIANCE TRENDS. Finance & Accounting Research Journal, 6(4), 707–720. https://doi.org/10.51594/farj.v6i4.1070
Tversky, A., & Kahneman, D. (1974). Judgment under Uncertainty: Heuristics and Biases: Biases in judgments reveal some heuristics of thinking under uncertainty. Science, 185(4157), 1124–1131. https://doi.org/10.1126/science.185.4157.1124
Useem, M. (2015). Investor Capitalism. Em C. L. Cooper (Org.), Wiley Encyclopedia of Management (1o ed, p. 1–2). Wiley. https://doi.org/10.1002/9781118785317.weom110175
Vale. (2018). Annual Report Pursuant To Section 13 or 15(D) of The Securities Exchange Act of 1934. (http://www.vale.com/EN/investors/informationmarket/annual-reports/20f/20FDocs/Vale_20F_2017_i.PDF.).
Vale. (2024). Annual Report Pursuant To Section 13 or 15(D) of The Securities Exchange Act of 1934. (https://ri-vale.mz-sites.com/informacoes-para-o-mercado/relatorios-anuais/relatorio-20-f/).
Vázquez, M. S. (2012). The paradox of our outcomes, and the use of qualitative methodology as a way to understand the realities of emerging countries. Open Journal of Nursing, 02(03), 222–225. https://doi.org/10.4236/ojn.2012.23034
