The Brazilian Pension Funds Authority (PREVIC) opened Public Consultation 01/2025 on a second revision of its consolidated rulebook for closed supplementary pension entities (EFPC), updating Resolution PREVIC 23 to strengthen governance, participant engagement and investment standards. The draft also aims to keep the framework aligned with recent higher-level rules from the National Council for Complementary Pension and the National Monetary Council, while adding new supervisory transparency measures. Proposals include recommending an ombudsman function for segment S1 EFPC and applying diversity, equity and inclusion programmes in policies and actions for S1 and S2 entities, alongside a formal communication and service policy with a designated director responsible for implementation. On investments, the text reinforces principles such as transparency, good faith and diligence, and gives greater prominence to environmental, social and governance considerations as inputs for investment analysis, management and disclosure. EFPC would be expected to assess ESG risks and impacts across key portfolios using up to three implementation levels for credit, equities and alternative assets, and to measure and disclose ESG impacts by 31 December 2026 for S1 entities, by 31 December 2027 for S2 and S3, and by 31 December 2028 for S4. International-alignment elements include requiring consistency with the Brazilian Sustainable Taxonomy and prohibiting EFPC participation in investment committees of private equity investment funds (FIP). A further change would require publication of an annual report on execution of the Annual Inspection and Monitoring Programme (PAF) starting in 2026. Comments on specific articles can be submitted via Sisconp and Participa+Brasil from 23 September to 6 November. PREVIC will technically assess substantiated contributions and publish the final text with broad disclosure.

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