The Brazilian Pension Funds Authority (PREVIC) has continued its “active listening” meetings with industry stakeholders to shape how environmental, social and governance (ESG) concepts will be incorporated into pension fund investment policies, as it prepares to draft an updated rule. PREVIC met with Anapar on 7 July and Apep on 11 July, with both associations indicating openness to developing an ESG framework that is workable across different pension fund realities and has practical portfolio impact. The work is positioned as an implementation step following National Monetary Council Resolution 5202/2025, and PREVIC has signalled it wants the approach to reflect fund segmentation and be operational rather than purely promotional. Anapar urged particular emphasis on social and governance criteria, alongside training for managers, participant awareness, and clearer parameters for accountability and proportionality in any enforcement outcomes. Apep highlighted the need to calibrate expectations to each entity’s maturity, consider alignment with sponsor ESG criteria, and keep implementation costs under control. PREVIC plans to consolidate the contributions into an update of PREVIC Resolution 23/2023, which it expects to pursue by the end of the year, with changes to be developed through a participatory and transparent public consultation. The listening programme has been running since June and has already included meetings with different closed pension entity segments (EFPC S1, S2 and S3) and technical and investment committees from Abrapp and Ancep.

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