Brazilian Pension Funds Authority signals DEI governance recommendation for large closed pension funds

The Brazilian Pension Funds Authority (PREVIC) held an in-person event on “Diversity and Inclusion at Work”, broadcast to its regional offices, and used the session to flag an upcoming policy recommendation for supervised entities. PREVIC’s director-superintendent indicated that, in its planned update to PREVIC Resolution 23/2023, the authority will recommend that closed complementary pension entities incorporate diversity, equity and inclusion (DEI) into their governance, control and decision-making structures, particularly for larger entities classified as S1 and S2. Senior management framed DEI as a board-level topic rather than solely a human resources issue, while the administration director linked the discussion to organisational culture. The debate was led by the head of Social Participation and Diversity at the Ministry of Social Security, who argued that exclusion carries fiscal costs and can restrict affected groups’ access to formal employment and, in turn, supplementary pension coverage and the General Social Security Regime; she also urged PREVIC staff to act as internal and external multipliers of respect for diversity and warned that homophobic or transphobic conduct disguised as humour can constitute both a crime and harassment. Next steps referenced in the event were limited to the forthcoming update to Resolution 23/2023, in which PREVIC intends to include the stated DEI governance recommendation.