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決壊したダムと開かれた財務諸表：ブルマジーニョのマテリアリティ・ショックとVale S.A.およびCSN MineraçãoにおけるESG開示の進展

BROKEN DAMS AND OPEN FINANCIAL STATEMENTS: THE BRUMADINHO MATERIALITY SHOCK AND THE EVOLUTION OF ESG DISCLOSURE AT VALE S.A. AND CSN MINERAÇÃO (原題)

Allice Eduarda Paixão Costa, Raimundo Lima Filho, José Alberto Gonçalves De Moura, Jéssica Ramos Gomes

Artefactum📚 査読済 / ジャーナル2026-09-14#ESGOrigin: Global経営インパクト: 資金調達対象セクター: mining
DOI: 10.23900/artefactum.v25i8.4170
原典: https://doi.org/10.23900/artefactum.v25i8.4170
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🤖 gxceed AI 要約

日本語

2019年ブルマジーニョ鉱山ダム決壊がブラジル最大手鉱業2社の社会環境開示と会計認識に与えた影響を分析。事故前は持続可能性ナラティブと環境負債の会計認識（CPC 25）に乖離があったが、事故後はCVMの規制強化と社会的監視により両者が収斂。開示量の増加だけでは経済実態の忠実な表現にはならず、ナラティブと強制開示の一致が必要と結論。

English

This study analyzes how the 2019 Brumadinho dam collapse reshaped socio-environmental disclosure and accounting recognition at Brazil's two largest mining firms. Before the disaster, sustainability narratives were largely symbolic and decoupled from environmental liability recognition under CPC 25; afterward, CVM pressure and public scrutiny narrowed the gap. It concludes that more disclosure volume alone does not ensure faithful representation—convergence between narratives and mandatory accounting is required.

Unofficial AI-generated summary based on the public title and abstract. Not an official translation.

📝 gxceed 編集解説 — Why this matters

日本のGX文脈において

日本ではSSBJ基準・有報のサステナビリティ開示が進む中、ナラティブと財務諸表の環境負債認識の乖離という論点は示唆に富む。事故・不祥事を契機に開示が実質化するダイナミクスは、日本企業の統合報告と投資家対応を考える上で参照価値がある。

In the global GX context

Amid ISSB/CSRD-driven convergence of sustainability and financial reporting, this paper offers empirical evidence that mandatory accounting recognition—not voluntary narrative—drives faithful representation. It speaks directly to global debates on greenwashing, materiality, and the limits of disclosure volume as a proxy for transparency.

👥 読者別の含意

🔬研究者:レジティマシー理論とSLOの枠組みで、開示ナラティブと会計認識の乖離を実証的に測定する手法を提供する。

🏢実務担当者:サステナビリティ報告と財務諸表の環境負債認識を整合させないと、事故・規制後に信頼を失うリスクを具体的に示す。

🏛政策担当者:強制開示規制が任意ナラティブの実質化を促す効果と、注記の複雑化が新たな情報非対称を生む副作用を考慮すべき。

📄 Abstract（原文）

This study examines how the 2019 Brumadinho dam collapse influenced the faithful representation of socio-environmental disclosure by the two highest-revenue mining companies in Brazil. The analysis is grounded in Legitimacy Theory and the concept of the Social License to Operate (SLO), investigating the gap between voluntary sustainability narratives and the accounting recognition of environmental liabilities required under CPC 25. Methodologically, the research is characterized as applied, qualitative, descriptive, documentary, and bibliographic, employing content analysis to examine sustainability reports, reference forms, standardized financial statements, and accompanying notes for the pre-Brumadinho period (2016–2018) and the post-Brumadinho period (2020–2025). The findings indicate that, prior to the dam failure, socio-environmental disclosure was predominantly symbolic, characterized by informational decoupling between corporate sustainability narratives and the effective accounting recognition of environmental risks and obligations. Following the disaster, this gap narrowed substantially, driven by heightened regulatory pressure, intensified public scrutiny, and stricter disclosure requirements imposed by the Brazilian Securities and Exchange Commission (CVM). These developments resulted in greater alignment between publicly disclosed socio-environmental commitments and the recognition of environmental provisions in the financial statements. The study concludes that an increase in the volume of socio-environmental information alone does not ensure the faithful representation of an organization's economic reality. Rather, faithful representation requires convergence between corporate sustainability narratives and mandatory accounting disclosures. Furthermore, the findings suggest that, although transparency has improved, the increasing technical complexity of the notes to the financial statements may itself constitute a new source of information asymmetry for non-specialist users.

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