Governança para a tomada de decisão | Jornada rumo à COP 30

Hello,
good morning everyone.
Well, I'd like to welcome all of
you who are here with us today for
the fourth workshop in the
training track of the "Road to COP 30" journey,
a joint initiative of CNEG, Febrab,
and Ambima. I am Luciana Dalanol, I am the
sustainability superintendent at
CNEG, and it is a pleasure to be here with you
today. I'll quickly explain the
dynamics of our workshop here, okay?
We're going to start with a
knowledge nugget, bringing a bit of the
technical perspective on the subject, right? Today, the topic
of our conversation will be governance
for decision-making. And for this
event, we will have the
participation of the UNEPFI team.
Next, we're going to present
a practical case study with a team from
Caixa Econômica Federal. And we would like to express
our gratitude for the participation
of the panelists. Today, at the end of the
workshop, we'll open it up for
questions. Here are a few rules to
keep you all informed. Well, the questions
should be asked via the
question and answer feature that you
'll find here in the app, and
they will be grouped and answered in
order of arrival. First, first. And
we would like to inform you all that
this workshop is being recorded.
And to begin our
conversation, I'll give the floor
to Luís Pires from ANBIMA, so he can share some of the
institution's perspective
on this topic, and then I'd
like to hear a little from
Cíntia, who is representing
Cebraban here, to speak briefly, and then
we'll begin the workshop. Come on
, Luí, with you.
Thank you, Luciana. Good morning everyone
. Well, I want to reiterate my
gratitude to the CAX team and the
UNEPFI team, who are here in a
very generous way, sharing
knowledge, you know, some of this
learning from a long time, a
lot of knowledge built up. I think it takes a
lot of ground to be
able to tell a
bit of that story, you know, in an environment
like the one we're presenting here. Yes,
when we talk about governance for
decision-making, we're talking about
that set of political rules,
procedures, and processes that ensure
an idea, a proposal, that has
been put forward as a topic.
So in this case, how do we
look at this agenda, right, of
climate risk? It's part of the
organization's decision-making process, is
n't it? And we know that when there isn't
an established flow, it
depends on people having the
will, or the desire, to have or
think about doing it. So, I think
that from the moment we
understand that it's a theme that's
part of our journey, right? So,
when we create a structure for
this to happen within the organization,
we perpetuate this process, we
perpetuate this knowledge in a
structured way, considering all
possible perspectives. So I think that's
a bit of the conversation
we're going to have today, right? I would like to reiterate my
gratitude to the UNEPFA and
Caixa teams for sharing a
bit of this history and this
learning experience with us. I wanted to pass this message
to Cíntia now to say hi on behalf of the
Febrabam team. Thank you, everyone.
Good morning everyone. Thank you, Luiz.
Thank you, Luciana. On behalf of FEBRAban,
I also want to thank our
speakers today, as well as all the
participants who are here. I think that
this theme, as Luiz rightly put it,
governance for decision-making, ends up
being a large umbrella for all the
other themes that we have been covering
during this course. It's great to see the
room full for discussion. I think
governance ends up being paramount for everything we
do. The role of
leadership, the perspective of the flow, the inclusion
of all of this in the strategy, right, of
all this agenda that we've been
discussing. I wish everyone a good event
and I'll now give the floor back to Luciana.
Good morning.
Thank you, Luís. Thank you, Cíntia. Well,
here in the insurance market, this
topic is becoming increasingly central, isn't it?
Yes, even for institutions that seek to
prepare for a future that
has been increasingly marked by
risks and uncertainties. And when we
seek to integrate climate and
biodiversity into this
governance context, it's not just a matter of
social and environmental responsibility, but
also a strategy that needs to be at
the heart of companies, right? It's how
we transform data,
risk analyses, and impacts into clear guidelines
to guide investments,
product creation, and also the internal policies
of companies. Well, we understand,
without a doubt, that this is a way to
strengthen the resilience of companies, the
long-term sustainability of companies
, and to increase the confidence of
regulators, investors, and
society as a whole. And obviously,
we shouldn't just focus on the
challenges this agenda brings, but
also be attentive to the
opportunities, and the
climate transition and this
biodiversity agenda undoubtedly bring
opportunities for our sectors as well.
Let's begin our
chat here, and it is with great pleasure that
I pass the word to Paula Perão from
Unetefi. Paulinha, with you.
Thank you, Luciana. Thank you, Cissegma
Febraban, it's a great pleasure to
be here with you today. Hey, one
question, do you guys check my screen just to
make sure I'm scrolling? It's
going very well.
Perfect. Perfect. So,
thank you all very much. Well, as
Luciana, Luís, and Cíntia themselves
anticipated, today's agenda for
today's workshop is a
very important one,
precisely because in order for
us to complete the
entire decarbonization journey in
financial institutions,
many of the decisions depend on
having governance over the
issue and including it in the
decision-making process. Because without it, exactly
as Luiz mentioned, sometimes we
have scattered processes and procedures, and
we need a whole
framework so that this journey can
be complete. So, the idea
here today, right, the technical knowledge pill
from UNAPFI, our idea
is really to go over the
context, the importance of this topic, and
go through some examples, and then
have a really
practical example of financial instruction. And to
begin, we've been talking about
this framework, the
climate journey, that UNPFI created since the
beginning of these webinars. And I think it
's important to emphasize, right, that this
cycle is really a
retroactive one; we can go back to it at
various points, but this
point, both in terms of governance and
decision-making, is a key point
for us to be able to move forward on the
agenda. Well, I'll start by
giving a little global context, then
move on to Brazil, and then I'll move on
to my colleague Fernando. Well, I did
n't introduce myself, but I'm
Paula Peirão, I coordinate the
UNEPFI network in Brazil, and my colleague Fernando
Salazar is the climate coordinator for the
UNEPFI region. And for those who don't
know UNPFI, it's the
financial initiative of the
United Nations Environment Programme, which has been around for
over 30 years, trying to
help the financial sector advance the
sustainable finance agenda. And
why is that so important, right? I
think that throughout all these
webinars we've already discussed the
importance of
climate and natural risks, and how we've seen their
connections; they've been appearing more and
more in our daily lives, and they've been
materializing into risks for
financial institutions more and more.
Along with this,
a
series of milestones, voluntary initiatives,
and new regulations are beginning to emerge as a direct consequence,
all aimed at addressing these
risks. So, what does that
mean? I really like this painting
because on the left side, you know, we have
the whole weather aspect, and on the right side,
a bit of the nature aspect, and how they
complement each other. We have some
major international milestones, such as the
Paris Agreement, which will be
10 years old now, at COP 30, which we are
all waiting for and eagerly anticipating, as it
brings
global frameworks so that countries and
nations can really begin to
move forward on the whole issue of climate change.
And his brother, let's say, who came
much later, in these last few years, is
the global biodiversity milestone.
After that, we start to break
this down into specific issues, right, for the
financial sector, right? Initially,

global frameworks began to emerge, such as the TCFD, which everyone is already
very familiar with, which is, you know, the task force on


climate financial disclosures. I always forget how to
pronounce the whole word in Portuguese. And
his brother, for nature, right, TNFD.
And as we already know, this has been
cascading, not only in
reporting standards,
but also in regulations. So we
see, right, now we already have FRS,
SSB, S1, S2 coming in, we'll talk
a little more about that later, but
so we're moving from having
global frameworks to even starting to see
regulations emerging. Why am I saying
all this? Everyone already knows a
little about this movement and this
context, right? But I'm only saying this because
the movement we've
seen over the last few years in the
global context, regarding everything from frameworks to
climate and nature regulations, is very important.
Therefore, it becomes necessary to have a whole
framework, a whole governance structure, and a whole

decision-making framework so that
financial institutions can effectively
implement this
decarbonization journey and address all
these potential risks. It's no coincidence
that all the
voluntary initiatives in the financial sector that have
emerged over the last few years—
the first being PR, the
principles of responsible
investment, and its siblings, which
are still under the umbrella of
UNPEFI, the principles of
responsible banking and the
principles of responsible
insurers—are also relevant.
The first principle of all these is
precisely alignment with governance and
decision-making, because that's where
we start from; we have to start
by achieving alignment with these
major global milestones, aligning
governance, truly understanding
these risks, and incorporating them into the
company's decision-making process. What
does this mean? Creating policies, creating
processes, creating teams, helping to
conduct a proper risk management analysis
, creating a line of defense,
generating opportunities and new services,
products, and consequently
also engagement with customers so
that we can truly make this
transition. So I'm bringing this
point up again because I think it
's not a new thing, but
often, in the rush of daily life,
now that this topic is very much part
of our discussion, we forget the
importance of starting here with the
first point, which is alignment and
governance for this decision-making process. So
here's just one interesting fact
that might help those of you who are with us
today. Yes, we do that, and at the end of
last year we released this study which is
more specific in nature. There's already
one for climate, and now we've launched one
for nature, a study by UNPEFI
in conjunction with Deloitte called "Nature
in the Boardroom," which is a very
interesting study because it
discusses in detail why
these topics are so important,
why they can have an
impact within your organization, from
regulatory issues, to issues
of obligations to
investors, to financial risks, and
from all the decisions that can be
made with clients to the "how." Okay, so I
understand that this is important, but
how do I incorporate this into
my governance? How do I incorporate
this into my decision-making?
At what level of governance, right? From the
board level all the way up to the CEO,
CFO, and CEO levels, and even all the levels
from management to operational staff, what
questions should I be
asking? What are the teams that I
need to be creating? And what
should I be questioning and creating
so that there is actually governance
for climate risks, and also in this
case, natural risks, so that it
is truly transversal within the
financial institution? So, for those who have
n't seen this study, I
highly recommend you take a look, because it
really provides a step-by-
step guide, especially for those who are
starting out and want to ask those
first questions.
And so here I am now landing in Brazil,
right? We are, we are in Brazil 2025,
2 months away from COP 30 with many,
many, many actions happening right
now. But the truth is that we see
that in recent years Brazil has made
several advances in public policies and
regulations and standards
regarding socio-environmental and
climate issues. So we see, right, both
the banking regulator, in the role of the
Central Bank of Brazil, and the CVM (Brazilian Securities and Exchange Commission),
on the investors' side. Yes, Zep,
on the insurance side, is moving
towards increasingly
detailed regulations, right? First with
socio-environmental issues, and then going into
detail, not only about climate risk, but
also about transparency and disclosure. I'm
not going to go into detail here about
all the regulations because that's not the
topic today, but I think the
important point is to say that we have been making
progress in the country with a series of
regulations, which also
brings us to, regardless of everything I've already
said, globally, we also have to
respond to this, right? So, also
responding by creating, you know, governance,
creating policies, creating responsible parties,
teams, and procedures for
decision-making. So, this is a process
that has been happening in Brazil over the
last few years, and it will be very
interesting to hear later, you know, a
practical example of how this
actually cascades into the day-to-day operations of
financial institutions.
And just one last example from
Brazil, because I think it's also
interesting to understand
how this results in changes in
decision-making within
financial institutions. I wanted to
draw attention to the
ecological transformation plan, launched
by the Ministry of Finance in 2023, which
is a public policy with several
pillars, precisely with the aim of
advancing sustainability, not only
environmental sustainability, but also social justice,
employment, and productivity. And I want to
draw attention specifically to the
sustainable finance axis, because
various programs,
policies, and products have been created there, precisely to
achieve, you know, to foster this
unfair low-carbon transition. And a
very specific point, right, of
this ecological transformation plan is
the Brazilian sustainable taxonomy, which
is a categorization of
sustainable activities, but it's much more
than just a categorization, right? I think it's
important to talk about the
Brazilian sustainable taxonomy because it comes
as a first step towards
categorizing activities so that

financial institutions and the real economy can then
help make their
transitions.
And I think a very important point, which
many of you probably saw,
was
the signing, approved by the
Interinstitutional Committee two weeks
ago, of the first phase of the taxonomy. It
should be published this September,
with many steps to come, but which will
also have several consequences
in terms of decision-making for
financial institutions, including
banks, investors, and insurance companies,
from understanding the
portfolio and categorizing it to
making investment decisions
for the future. So, again, this is just
an example of how
we also have a series of drivers that
are highlighting the importance
of all these
tools, and the importance of
governance and decision-making, so
that this occurs in a truly
cross-cutting way within the financial institution.
So, this introductory pill, I'll
end here, I'll now pass it on
to my colleague Fernando, but just
finishing with the
important word, which is that we know the
agenda is moving forward, not only the
regulatory agenda, but also the
voluntary agenda, the business agenda. We
've seen a lot of progress in recent
years, and we know that
financial institutions are working hard to
achieve this alignment, whether through
regulation, commitments,
business deals, etc. And it's very important that from the
board to the
management, to all levels,
all these
policies, processes, and
decision-making processes are very clear so that this can happen in the
clearest and most transversal way
possible. So, with that, I'll end
my initial segment here
and pass it on to my colleague Fernando,
who will give a series of examples of
how this has been happening in different
financial institutions. Thanks. I
'll pass it on to you, Fe.
Thank you, Paula. Yes, it's always a
pleasure for me to be with
all the partners from Brazil. Well, and
I think that progressively, in these
different sessions, as I get to
know and share time with
you all, I hope you can see an
improvement in my Portuguese. Ah, I'm not
promising anything, but I'll put my best
attitude into it. So, uh, thank you,
Paula, for the context.
And if you'll allow me to pause for a minute on
this slide to recall a little bit about
why this climate journey was born,
I think it's very graphic, not very
visual, and how different
initiatives are presented in
climate institutions and on the
climate issue within those institutions. Yes, also
all the actors and all the patterns that
come from and form part of this
structure, not just the Climate Journey.
And ultimately, I think that
Climate Journey seeks to outline some
lines of action for
broader action and to respond to all
these fronts for the organization. It's
really about
creating
this change, a shift in the
management structure within these organizations. I think
the next slides, and it could be, uh, a
good, a good, uh,
a good framework that you
presented, but on the left
side it's a central city and
you have a series of tools,
processes,
decision-making that come into play,
I think it's more on the left side,
yes, the decision-making, uh, to do, uh,
operational, uh, uh, to go from
architectural design to action. So now I'm going to
emphasize this part of
decision-making more with some
examples in the next slides.
And those who already know me a little, or
are getting to know me, know that I like
to exemplify
and work in... well, I
feel that, yes, in this practical case,
the magic is lost a little. Yes. Uh, what we're
really looking for is to break down barriers and
see real, documented practices.
So, today I'm going to try to
share with you some cases
observed in the industry that may
eventually be of interest to
you.
Ah, or simply for reflection. Yes, but
it's for those institutions that
are now seeking some mechanisms,
or as I like to call them,
accelerators
of change,
I think these
conceptual decisions, the decision-making process, is
key. So I'm going to share some
examples that might be
useful to you on the next slide.
Well, I think I'll include a brief
disclaimer, just to reinforce the
nature of these example boxes. Ah,
uh, in that sense, um, I like to start
with appetite, risk, and
tolerance limits.
Yes, Fernando, can I interrupt you for just a
minute?
Ask me, because I think there's a
problem with the connection. I'm going to ask
my fellow panelists to turn off their
cameras because it might improve
Fernando's connection a bit, since
his speech is stuttering a little.
Thanks. Go for it, Fernando.
Thanks. Can you hear me?
Yes, I can hear you. Yes, yes, of
course.
Sorry, sorry for the
technical issue. Yes, and I'll try to make sure that if you have any
questions, anything at all, I'm always
available, both ways. Yes. H, but
going back to this practical case of
risk tolerance limits and
risk appetite, um, I think this
document, the risk tolerance framework, is the
most confidential and private document
that a
financial institution has per GT. Oh, and it's also a
document that reflects the entire
risk strategy; the credit strategy
goes through the highest level of approval
from the risk function, right?
Risk committee chaired by the CRO.
Many institutions have already included
climate risk as a result of its
materiality in this document, as is the
case with this Colombian institution.
Here they detail that this structure
includes definitions of the risk limit and
the stakeholders. They also have
some objectives, numerical metrics
for the different lines of business, and
types of risk. Yes, and this
also informs the overall business strategy.
So, I think
portfolio alignment exercises, scenarios,
stress tests, and other types of
risk modeling can help
inform this decision-making process
, as they can provide
important information, both
directional and numerical. In the
following slide, in the following case, which
will be for sectoral policy and
exclusion lists. Well
, this is a case of how
entities regulate, through policies,
excursion lists, or other
internal rules, the conditions for accessing
funding and the terms of some of
their operations. Here you can see that
all institutions can have
different types of approaches, such as
the creation of a
single multi-sectoral climate policy, as is the case with
this South African institution. Well, but
conversely, some institutions also
exclude
key aspects of financing and
activities sensitive to climate risk within their various sectoral policies,
regardless of the
chosen archetype. And in this
decision-making process, I think these policies
help to define the risk profile
for key sectors in the
climate transition. Okay, on the next
slide, the next case, uh, in terms of
organizational design, I think a
key initiative is the risk model that
is implemented throughout the organization, across
all its functions. Well, a
common model that is traditionally addressed in
risk generation models is the
so-called
three lines of defense model
.
I think that a is a case not only
for crime. Some are
financial and non-financial risks, such as
cyber risk, which is now in
vogue, and also uses this structure,
but I think that for the case of climate it is
interesting because institutions
divide the decision-making process into
risk management and
audit management. So this first
line is the business itself that
deals directly with the customer, such as
account executives or
business developers. Well, on a
second level, we have
risk managers, such as risk directors,
credit directors, market directors, as well as
legal and operations teams. And
on the last line is usually
located the audit function, which is
responsible for reviewing the processes and
exchanging information between lines one
and two. So you can see here the
example that a Turkish institution
does for its organization.
In the following slide, oops, uh,
controversy begins, uh, I don't know if there are any
uh board members in this call. Well, if
so, well, I think you should cover your
ears because, well, I'm just
kidding. Well, I'm not really
going to go into too much detail on this slide, because the
left side is somewhat about the
governance architecture that an institution can
have, yes. The different committees, such as
the decision-making process regarding how governance
unfolds, are involved in the
organizational structure. But what I find interesting
is the right side, which are the
executive incentives. Well, sometimes,
as is the case with this institution in
Singapore,
although, well, I've also seen it
in Brazil, but I won't mention the name because it's
not about making enemies in this
context, but in short, sometimes,
these incentives can be created to
accelerate or make things sweeter. Well, it
all depends on how you want to see it, but
this decision-making process is what
can help in business transformation.
Well, in any case, this mechanism
can balance the wallets—or the
pockets, as we say in Spanish—
of those at the top of the organization, but
also those who work in the
business lines. So, I leave that to the
culture and rhythm of each individual.
In this case, from the
Singaporean entity, you can see some KPIs,
KPIs uh, performance metrics related to
climate transition that feed into a
dashboard, a panel, which they
call, uh, an incentive.
Some institutions also include
performance ratings;
the KPI is something that
institutions can choose, but
usually the incentive is always
positive. Yes, always. Well, it's never about
penalizing, but about providing a
positive incentive to help make
this change, this new
business model, a win-win situation, right? The
institutions aim for the incentive to be
a win-win strategy. H, and finally I'm going to
finish with two
more cases. Hmm.
This initiative
seeks to support decision-making in
circumstances that require
specific reinforcement, such as
enhanced due diligence for certain
clients sensitive to the transition or who
may have other reputational risks
that could be subject to
additional screening. Again, this initiative is
a traditional risk measure that
applies in this case to climate risk,
but it can reinforce the implementation of a
transition plan in key
strategic sectors of the institution.
I think it's an
interesting decision-making initiative to
strengthen the feasibility study of
projects and the credibility of some
transition plans for
sensitive exposures, as is the case with this
Australian institution, which
applies this to its
hydrocarbon portfolio.
And finally, the last initiative in
terms of early
warning systems, not what some
institutions call certain
institutions. We have that some banks
create these
watchlists or observation lists where
certain
tolerance and limit metrics are defined for certain
exposures, as is the case with this
Spanish institution that defines a
maximum percentage of
consolidated revenue from its clients with
activities in the power generation industry
.
Well, and finally, on the last slide, I'll
conclude my speech, but
not least, I'll share the contact information
for my team in Brazil who support
our institutions throughout their
sustainable transition. They help every
day so that many of you have
solid leadership in this area, and you
find synergies and
competitive advantages in this
business transformation. Well, I invite you to get in
touch with us, to get to know our
network of members and allies, which I think
is like a Champions League of
sustainable finance. Ah, and we're going to
do, or try to do, everything
possible to make you, ah, like
an institution, a
legendary entity, like Real Madrid can be,
right? I'm from Spain, so you
Brazilians and the king of football know what
I'm talking about, but anyway, enough
joking around. Ah, as always, it's a pleasure to
collaborate with you. Well, thanks
again to our partners for the
space and the organization, and we hope
you found this
session useful. Thank you,
Fernando. Thank you very much for your
presentation. You're practically a Brazilian Mexican already
, right? He's already speaking Portuguese
perfectly well there. And that's it.
Thank you very much. It was super interesting,
Paula, too. Well, we see, right,
how trends over time,
how global frameworks have
ended up influencing
reporting standards and how this has
even impacted new sectoral regulations, as
we have already been noticing here in
our sectors, right, insurance,
finance, banking. That's the
importance of this alignment, right, between
company policies, processes,
risk management, and how that
impacts the generation of products,
services, and customer engagement.
This is super relevant.
Well, that's what we expect from all this,
right? I think it became very clear to us
that it's a safeguard for the stakeholders of
the companies involved, right, in the
companies, with regard to
climate risks and risks from nature, it's like that,
for better decision-making
for Brazil. Paulinha brought up the point
that there are already many
public policies and
sectoral regulations specifically focused on
socio-environmental and climate risks. So,
how does this, this type of
discussion that we're having in
this workshop today, directly impact
transparency and disclosure? Well,
the government's initiatives regarding the ecological
transformation plan
and taxonomy were mentioned here, in which not only
CSEG, but also Ambim and Febraban
participated closely, especially because there is
a great expectation regarding the
impact of the study on the sectors.
Well, I'm going to finish this first sentence,
this first part of our workshop,
by bringing up a point Paula made right at
the beginning of her speech:
the decarbonization journey
involves governance to support
decision-making. I think this
needs to be on our radar here, right? How will
this type of reporting,
this standardization, support
better decisions and
positively impact the
carbon reduction journey of the sectors and
companies? And this becomes very clear in the
examples Fernando brought up. And I'm
curious to learn a little more about the
case that the Caixa Econômica
Federal team will be presenting here for us, the
Caixa team. And I'm going to pass it on now
to Jean and Luís Felipe so they can
present the case to
you. Thank you very much.
Good morning. Thank you, Luciana. Thank you to the
entire team at UNIPFI, CNSeg,
Febraban, and Ambima. We are very
happy to be here representing Caixa
in this course, in this webinar, to
clarify things a bit, to talk, and we
are already learning a lot here at the beginning
of this class. This is super important because
, as Paula Perão said, it's
a long journey, and this journey
requires continuous and very firm action
so that we can evolve in what we
need to.
Well, I brought a presentation here to make

our class and
our chat easier, you know? Let's talk more
in the chat because it's important
to demonstrate that the process has a
beginning, right? And we need to
recognize and value all the steps
we've taken to get where we are
, especially regarding this agenda. Okay
, I'm going to share this class
with Felipe. I'll start by talking
a little about how all of this was
structured here at Caixa,
including within governance, how it
also expanded to our
conglomerate, and then we'll
talk a little about the tools we
structured here to bring this issue
to governance and make it a
governance agenda item as well. And
later Felipe will talk a
little about our journey towards
climate neutrality as well, which is the
ultimate goal for all of us here
when we work on and address this issue, is
n't it? Well, regarding Caixa, I
believe it needs no
introduction, as we are a bank with
164 years of history in Brazil.
We say that Caixa was born with a
mission highly oriented towards
social and environmental responsibility, right?
Its origins lie in its creation right there
to facilitate microcredit,
solutions for women like Penhô, and a
savings bank for those who
wanted to buy their freedom, right?
So it's something that makes us very proud
of our origins, but it's a bank that has to
evolve, move forward, and modernize
more and more. That's why we
revisited our
strategic plan last year with the support of
important international consulting firms.
And our purpose is very much geared
towards this goal of transforming
people's lives. There's a very
strong emphasis among those watching on the
screen on caring for people and the planet.
A bank of our size with over 150
million customers, right, with
significant assets, including in
our loan portfolio, a
huge workforce of 80,000
employees, and our extensive reach, which is
a strong brand, we are present
practically throughout Brazil, in every
municipality, providing services,
products, and also
exercising our role as an
implementing agent of public policies. Many
public policies are implemented through
Caixa. This brings us much closer to the
territory from the perspective of
its development. And
here I'll tell you a little about how we've been
working on
sustainability. If we're here
exchanging ideas and discussing a case study, it's
important that we share how
this journey began, isn't it? And I
'll also highlight some
elements that we value in this regard. For
example, adherence to the green protocol, an
instrument that the government initially
created especially for public banks,
but it was crucial. Why? Because he
had very clear guidelines back in
1995
outlining what banks, in this case
only public banks, could
do to promote environmental management and
sustainable development, right? And
from there, other
business movements were also very
important for us to start
working on this agenda in a more
robust, more structured way within the
financial institution. The Global Compact
, this business movement,
was also crucial for us. Well, we
started from both the
green protocol and the Global Compact,
its guidelines, and its ambitions for
companies that were members of the Compact.
We structured two
important instruments here back in 2004:
a corporate social responsibility policy
and an environmental policy.
So, from there, also
guided by a strategy that already
signaled what we, as
banks, could do, we were
able to move forward within this
internal movement, right? This laid
the groundwork for us to create the first
structures dedicated to these topics
within the bank. Two
national management units were created, one focused on the
environment and the other on
corporate social responsibility.
This structure existed from 2007 to 2013,
when these two units were
unified, creating the national management unit
for socio-environmental responsibility. This
is important because governance
authorized the creation of these structures
to develop not only the agreements
we have adhered to, but also to develop
this within the company. In 2014, with the
Central Bank regulation, 4327, which
required financial institutions to
create their
social and environmental responsibility policies
initially, and later
21 to include climate change, right? Well, that
already gave it a different status within the
company, because a policy in
financial institutions, and I believe
also in insurance companies, is an
instrument that has to be approved
by the board of directors and then
monitored by them, right? So,
within the framework of governance, this raises the
question of how
this policy is being developed to another level.
And this, within Caixa,
also culminated in the advancement of this
national management structure. She is the structure
of an executive board. And this
executive board, with the
statutory director, which I've been responsible
for since 2023, what does that give us? The
right to voice, vote, and veto within the
committees, which are structures that decide the
company's direction and monitor its day-to-day operations,

culminated in a further, more progressive review in 2024 of
our
strategy and structure, leading to the creation
of a
vice-presidency. This
brings us into the discussion of other
structures, such as
our organizational structure, which
you can see on the screen.
Tom Hallicas.
Hi, there's an audio recording leaking out.
Well, within the structure, we come to
occupy, uh, a vice-presidency
among the 12 vice-presidencies, forming part of
the bank's board of directors and
also having influence in the subsidiaries, right,
in Caixa Seguridade, Caixa Cartões,
Caixa Loterias and in our own Asset.
So, we start to have interaction between
the vice-presidency and the
relationship unit, as well as with these various
subsidiary structures, so that
we can develop the mandate we
need in relation to the theme of
sustainability, which acts with
social, environmental, and
climate responsibility. This is important because

the vice-presidency came up in the discussion of the bank's strategy, being in
that decision-making space that governance
provides to rethink
strategic directions, right? And within the
strategic priority that was redefined back in
2024, sustainability with
citizenship, which is intrinsic to
sustainability, deserved
strategic priority, becoming a
pillar within the bank's strategy, and
this completely changes the level in the
way we develop this
agenda. So, the recommendation here
also concerns the structure of banks
and insurance companies that are here,
uh, regarding the importance of these structures
based on very clear guidelines, and
moving forward to bring this topic to life
so that it can do
exactly what is important within
a financial institution, or in this case,
an asset management or insurance company. And that
gave us the opportunity to be part of these
governance bodies. How is
sustainability shaping up in
Caixa's governance structure? First, the
board of directors, which
oversees the bank's policies and strategy
, now has an
advisory committee to the board of
directors, including the president, the
vice-president, the
directors, the director of
governance and strategy, and the
vice-president of risk. So,
this advisory committee
also includes an independent member, who is the one who
chairs it. Well, and with that, we
start discussing with this
advisory committee the matters that will be
taken to the board of
directors, as well as the matters
that we want the governance to
direct. Furthermore, we
participate weekly with our
vice-president, Paulo Rodrigo, on the
Board of Directors. Furthermore, the
vice president sits on the
risk and capital committee, which involves extremely
important discussions for the
financial institution, and I, as the executive director,
participate in the hiring and
sustainability committee, right? So, see how
this changes the game.
Moving forward,
we still have here the
tools that we have structured in order to
conduct this governance of the agenda
within the institution. So, we've
divided these
governance artifacts into four levels. The first and
most important level is the
strategic level. Then there's the
institutional and mobilization level. What
tools are used to
promote the agenda within
these two perspectives? The
enablers as well, and others that
everyone here should know, those who
are responsible for monitoring, reporting, and
verification.
The first one, which is strategic,
comes from the regulatory side, which is super
important, and that is the policy of
social, environmental and
climate responsibility itself. She also had
Caixa Asset and Caixa
Seguridade join, the latter having adopted its own

social, environmental, and climate responsibility policy. Yes,
politics is super important. I'll
show you a QR code on the next slide
for those interested in
downloading it, but it
also provides guidance and unfolds into
implementation plans and indicators that are
important for governance to act,
especially reaching the board of
directors. This also guides
our strategic planning, which, in addition
to our purpose, vision, and values,
has defined sustainability as one of its
pillars. And then we start to take this
to asset management and insurance as well,
in addition to working on it within the entire financial
institution. It's also important to consider
another artifact, the materiality matrix, which is

super important for defining the
material topics for the bank and how
we're going to report them. We also do this by
listening to customers, all
stakeholders who interact with Caixa, and
we build a more tangible
agenda for the institution. What is
our sustainability agenda, right?
which has an ambition, uh, which has
target audiences, which has the areas that
we are going to develop, the themes that
are important for us to
prioritize the management of this agenda at the
bank. So, these are the four
main artifacts of governance at
the strategic level, which is what
we take and report to our
governance. In this sequence, we have
here our policy, which was
guided and distributed
across the five pillars of the
2030 Agenda. It's available for anyone who wants to learn more and
give us feedback on this policy.
Next, we considered the
institutional and
mobilization artifacts. First, there's what Paula and
Fernando said about the importance of
voluntary agreements and commitments, right?
So, we've brought here some
examples of what we've already adopted and how
this guides our institutions well, such as
the PR (presumably referring to a specific program or initiative), the PSI (presumably referring to a specific program or initiative)
for social security, as well as the PRB (presumably referring to a specific program or initiative) and
all the others like the Global Compact,
the Equator Principles, which guide
our actions here as a
financial institution, especially in
credit, internal processes, and
our governance decisions. So
that was an important factor for us in
guiding the agenda here. Beyond
the agenda, as I mentioned, which is an
important mobilization tool, there's the
unfolding of the strategy in the
integrated business plan, right? Because
, based on that, we
defined goals for each line of
business, for each vertical, regarding how
we understand that
socio-environmental and climate issues need to
be addressed in their products as well,
with indicators that are
measured for the directorates and
vice-presidencies, right? And also a
tool for guiding
counselors. This is very important
because in a conglomerate operation,
all the votes of the board members on
important decisions that they will take
there, because they represent the financial institution,
within the subsidiary and
investee companies, they bring the agendas
and any sustainability agenda that is
of interest to us, we instruct the
board member to take that to the
subsidiary. So, in
his participation, for example, if in our
monitoring of the
socio-environmental responsibility policy we
identify that there is no progress
on the part of the subsidiary in the policy, in the
implementation of the policy, this
advisor is instructed to put
this on the agenda or to make this
point so that it is highlighted in the minutes
that it leads to some action of advancement
or improvement or correction of the course
that we here at IF and in the area of
sustainability that we monitor.
We identified and
pointed out the policy. So it's also an important tool
for this mobilization within
the subsidiaries.
Following that, we
also have some partnerships and agreements
that we call enablers, right?
And NepFI has also spoken about the importance
of taxonomy. And the taxonomy here at
Caixa was crucial for a movement
to identify, within
our product portfolio and our
financing portfolio, what is
sustainable and what is not. And in our taxonomy,
we used one of the
Sustainable Development Goals, the SDGs.
So the products had to meet at
least two SDGs and not have a
negative impact on any of the others. So,
within those goals, we
classified and provided
all the product identification within a dashboard,
and with that, we established
targets and commitments until 2030, outlining where
we want to be with this portfolio, in
this case, billions more that we want to
increase this portfolio by. Today, 64% of
Caixa's portfolio is classified within
the taxonomy. Furthermore, we are
developing another,
more specific taxonomy for us to work with
five different levels of
product evolution within a
sustainable taxonomy, to serve as input
for this one-on-one conversation with the
managers of each vertical here at the bank,
right? What opportunities does he have to
improve, and how can he
identify how he can bring
his product towards
strong sustainability, which is what guides us in the
sustainable finance framework, which
many institutions here already know and have
. This is super important to
guide fundraising, especially
international fundraising, right? The fundraising that
we're going to do, that we've already been
doing, and that banks have been doing, and the
application of this funding, whether
directly or in an equivalent amount
within the categories and guided by
international requirements that these
premiums need to meet, right? Well, another
important element is the
ESG classification methodology for financial assets used in
the composition of the funds that our
Caixa Asset uses to qualify these
assets, right, to see if they are meeting
these ESG classification criteria,
even meeting recommendations from
ANBIMA itself. This is super important because it allows
us to identify and guide
what type of asset we want to
expand further. And if the fund has an
ESG (Environmental, Social, and Governance) characteristic, it has
even greater rigor regarding these levels. For
those who don't have this, we recommend it and
make our ACT team available
for any kind of exchange.
This is the enabler. And finally,
here we have our framework, the
monitoring, reporting, and verification artifacts,
which many already have, right? First, there's the
performance evaluation system for
managers and units. If the
sustainability and climate guidelines are not
reflected in the performance evaluation system
of the managers' units, in
which we establish goals and
monitor whether performance is moving in the
direction that the integrated strategy and
business plan intends the
bank to achieve, this must be
reflected, whether in the variable compensation
of the managers, or also in the
unit scores for them to have access to
bonuses, profit sharing, and
also the scores on the unit's overall performance
in meeting
its goals. It's a super
important tool for monitoring and also
for reporting progress,
which is essential for the entire
company organization. The
sustainability report and the report on
social, environmental and climate risks and opportunities
from RSAC are extremely important
for understanding the bank's status regarding
advertising methodologies,
especially for a public bank. This is
super important. Regarding
social, environmental, and climate risks,
we need this type of
guidance to be able to verify the
level of exposure the bank is using. This
statement of social,
environmental, and climate risks is also
part of a strategic tool,
our RAS, which is our
risk appetite matrix, where all
the bank's directors respond,
receive, and it defines, within
our risk appetite, how our
performance was in social, environmental,
and climate risk. This is reported
to the board of directors, and if it has
any kind of impact, we have to
work on it. The
greenhouse gas inventory covers emissions
across all scopes, and it
triggers a series of initiatives, including
co-efficiency actions, actions
geared
towards
showing governance the opportunities
we have to reduce emissions and
even what we need to offset. For
example, Caixa currently has 164 units
powered by solar energy. Well, so we've
significantly reduced our footprint by generating our
own energy and also acquiring solar energy
from the market through solar farms.
We've reduced our energy footprint in
terms of purchasing
energy, but not everything we
can get can be from
renewable sources, so we compensate, for
example, by buying from IREC. So this gives
governance the means to decide. We're going to
make an investment in exchange for
our energy matrix, the way we
buy energy, or we're going to invest in our
own acquisitions, put it on our
rooftops, or we're going to mitigate more where there are
higher emissions. Therefore, without
information, governance cannot
track, monitor, and make decisions. So,
these are instruments, these are artifacts that are
also extremely important for this decision. And
in addition to reporting the memberships, the
voluntary and public commitments that
the institution has publicly undertaken,
this
generates value in terms of the reputation of the
bank's shares, for clients,
for shareholders, whoever has them. And with that,
we can also demonstrate the
progress and commit the governance and
the entire bank to those commitments
that the institutions have made to
evolve within this agenda, right? For
example, if I want to be net zero by
2050, what is the path I've built and
am following, and what does governance
need to monitor and provide the conditions
for so that this path isn't
interrupted? There needs to be
investment, there need to be changes. Yeah,
and there's the three-person office there where the choices
need to be decided with the governance.
Okay, and Felipe is now going to talk a little
about this journey towards
climate neutrality, and how we've been conducting it.
Good morning guys. Good
morning, Felipe.
It cost. So, I'm going to tell
you about some of the steps we're
taking now to move
towards the climate neutrality agenda
, which obviously includes the
discussion you've been following
on this journey of mitigation and adaptation.
And Paula showed a chart right at the
beginning of her speech that
clearly indicates something that, although we
have explicitly given attention to the
climate perspective here, we have movements, and I will
comment here on each of these items
related to nature, because climate and
nature are inseparable in this
transition agenda. So this is quite
important because we talk about the
climate journey and sometimes end up
ignoring, forgetting, or
marginalizing the fact that the entire
nature agenda underpins all of this, right? Climate,
in fact, is a component of nature.
So, this movement that we are
building seeks to look at and
align ourselves with the entire commitment and
global movement that Paula showed,
from the TSFD, which is now
incorporated into the financial system itself
, right, through IFRS2, to
the TNFD, which we are part of the
pilot group for, evaluating our
portfolio, exposure, dependence, and
impacts on nature. So, the
first move we're
building is the development, the
formulation of a
climate transition strategy. Therefore, it's interesting to
think of climate transition as a
projection of a scenario and a provocation
for a strategic choice by the
organization regarding who it wants to be in a
low-greenhouse-gas-emission society
. So, in a society
whose economy operates on a
low-carbon basis, what does the box want
to be? This means not only the clients
we want to engage with,
the sectors we want to
engage with, but also, given our
history and our role as a
public bank, we will enable the
transition of these sectors and the creation of
fair and democratic opportunities for
all people who, in this
transition process, may end up being left behind
, which is exactly the motto of the
SDGs: to leave no one behind.
behind. So, our
climate transition strategy is looking
both at the perspective of the sectors
we will operate in, the markets, and the
conditions under which we will work,
as well as the journey to generate
opportunities, and this also enhances
our business. So, how
can I, by financing a particular
sector's transition,
enable opportunities for employment,
income, decent work, and income for
many people, and especially for
those who
are historically marginalized or much more
vulnerable to the climate transition?
We know, right? Many of you may
have already seen this on this journey. The
Climate Observatory has, and I say,
very beautiful studies, despite the
messages being very horrible, but the
studies are very beautiful because they are
very well done, showing how
vulnerable women and young people are
in this transition process. Therefore,
attention needs to be paid to incorporating this
into the construction of the climate transition strategy
. This perspective isn't the only one, and
that's a point that's very important to us here at
Caixa. We don't
view the socio-environmental agenda solely as
a risk agenda. It is a
vocational agenda for our existence. It is, and
should be in my opinion, a
contextual priority for all
companies everywhere. And it
is also an agenda that brings with it
risks and opportunities within that
process. So it's important to have this kind of
ontological clarity, you know? Who
am I in this discussion about
climate transition? Who am I in this movement
to build a new world, a
new way of producing, consuming and living
that emits little, or no,
greenhouse gases?
Well, the other move we're
making involves adjustments, and this point
is quite challenging, but very
exciting because IFRS, right? IFRS,
which Paula also
mentioned at the beginning of
her presentation, is the guardian of integrated reporting.
So, she is a guardian, a
thoughtful gaze. So what's so great about the
integrated reporting framework? By
design, it contextualizes organizations,
whether they are from the financial system or the
real economy. You
contextualize an organization by saying
that it doesn't exist in a vacuum, it doesn't
occur through linear consumption, right?
Well, resources come in and resources are thrown out,
which is the linear economy model that
we've all been trying to make
circular, right? Well, it shows that
every organization depends on six
types of resources, categorized
as six capitals, and that these capitals
are transformed by these organizations
based on their intentional choices,
their strategy, kept in the
decision-making and monitoring process by their
governance, and within a panorama of
what the organizations are thinking of doing
and achieving. And that's where the transformation of
resources comes from, right? So there's the input,
right, the entry of these resources or
capital, as we
call it in R, and it comes out as outputs, or
impact. So, let's look at the
organization's ability to create, maintain, or erode
value in the short, medium, and long
term, either directly or structurally, in
everything it does. So IFRS has been
signaling the standards, right? S1 and S2 will
be mandatory starting next year
, right? So by 2027 everyone will have something
from the financial system, at least, right?
You'll have to report 26. And they've already
indicated that by the end, by November, they
'll probably add
at least two more. So, the goal is to
guide organizations towards
a more holistic and
integrated approach to their performance. And the
challenge here is to understand the
intentionality of the movements and their
relationship to the
financial materiality of those movements. And an
interesting point is that
financial materiality doesn't mean that everything needs to be
monetized. This is an important perspective
because, given how the standard addresses and guides
accounting practices, not everything
needs to be converted into cash. Furthermore,
we know that many things cannot
be monetized, because
their non-existence would mean the collapse of the
conditions for our continued existence
here. Well, can you highlight
these issues that can be valued in
non-monetary ways, such as how they
impact your ability to maintain and
sustain cash flow, access
markets, and nurture
investor relationships? These are
fundamental components of
financial materiality. And that's a good exercise,
I imagine, that throughout this journey they've been
encouraged, urged, and
inspired to understand the
sustainability agenda in its entirety; it
's a financially and materially relevant issue.
So, because it will affect these
three components, even though the
explicit components of
sustainability don't
necessarily all have to be
monetized. So this is a challenge that we've
been tackling here in partnership
with various other areas of the bank. Well,
the third Jean already brought up some points about that
. Paula also explicitly stated that
making public commitments is
an important move to
incorporate into the company's governance process
, both in deciding to make the
commitment and then monitoring
its implementation, right? The entire journey
to achieve climate neutrality
within the financial system is a
model where we can be
positive for nature, which is
another agenda that UNEPFA has
promoted. So, looking
at nature positively, the goal is to be
regenerative in fact, thus improving the
capacities that sustain our lives and
all other forms of life on the
planet. You know, I imagine
everyone must have seen it, if not here in
some other uh uh announcement, the
Resilience Institute, the
Stockholm Resilience Center, uh periodically calculates

planetary boundaries. And out of the nine, we are
well beyond the safe level for six of
them. six of them, including climate and
biodiversity. So, there are two uh,
two borders or two
planetary anchor services for the
stability of the conditions we
have here. So, the
public commitments that we are building,
they dialogue both with this more
clearly environmental agenda of
climate neutrality, of positivity in relation to the
use and regeneration of
environmental capacities, right, of nature, and
also a social agenda, because an
important point, which Jean showed
here at the conference and something that is worthwhile,
uh, I invite everyone to always keep
this in mind, and certainly this climate conference
that everyone is participating in, when it
has brought the sustainability agenda,
is a socio-environmental agenda, it is not just socio-
environmental, it is both.
So, if we're talking about how there can
be no progress or quality of
life for humans in a collapsing natural environment, just
as it's impossible to think about protecting and
regenerating nature while
humanity lives in absurd,
abject misery, then we need to ensure a
socio-environmental perspective at all times.
So, we're going to make a transition,
great. We need to do this as quickly as
possible, because we are in a
climate emergency. How will this be done? In
order to avoid penalizing those who have made
little or no contribution to
getting us to the state we are in now
. How are we going to make
genuine, honest, and legitimate access to
a dignified life possible for all people,
including discussing what that dignified life actually means
? So, these agendas
help us, I imagine everyone
must have already done their environmental footprint,
right, at WWF. If you haven't done it yet, it's worth
Googling the link and doing it to
see how many planets are needed
to sustain the lifestyle
we have. So, discussing what that
dignified life entails also involves seeing. So,
what do we consider a dignified life to be acceptable on
Earth? There's room on Earth for everyone.
So, these discussions are very
important, and making
public commitments also puts us in arenas and
spaces to bring up these issues, to
bring up these agendas. So, this
opportunity to speak with you is also
an opportunity to bring these
reflections, these thought-provoking ideas that are
incorporated into our daily
work here at Caixa.
Well, PECAF, PCEAF is a partnership, right
, quite robust for us to work
on financed issuances. Well, it's
work that we've been doing and
developing here. Well, it's the most
important one, not that the other two
scopes aren't important, but for the
impact on the financial system, what's
really relevant for trying to
work on mitigation and this
transition to a low-
carbon economy are the emissions financed, right?
So it's because it's very comfortable for
service companies,
financial companies, ah, my scope 1, 2 is
small, of course it is. You finance the
real economy through scope three, so that's what's
going to generate a lot of tons of emissions
. So, making this
calculation as granular and
contextual as possible is a challenge that
we've been facing in partnership with
PCAF in other projects
we're undertaking. I'll
talk about another one in a moment, because it's the
climate perspective, and although it's extremely challenging, it's
a global perspective, right? The climate has
targets set by science, by the
Paris Agreement, by a series of other
movements, with the number of
emissions you have to reduce, right?
How many might you have when thinking about
organizations' carbon budgets?
When we look at these emissions
financed by
production chains or individual human practices
, spread across various
Brazilian biomes and realities, it's no
longer possible to just add
everything up in this consolidated account. You
need to start looking at these
realities. And this challenge of
contextualizing the emission within the chains,
within the practices of each place, is
something that we have been working on
and also contributing to an advancement of the
PECAP approach itself. Well,
along those same lines, speaking of the
climate issue, we have a project
underway with the University
of São Paulo to define
a baseline for
civil construction, understanding the materials and
methods that are actually used in the
Brazilian context. So, based on
this understanding, you then have an
emissions calculator for
ventures, projects, and the construction industry
. From there, the
discussions begin, okay? Now that I have the
information, as a bank, what am I going to do
with this to move towards a
climate transition? And that's where
we come in with the possibility
of building solutions and
financial arrangements to finance
Net Zero constructions, encompassing
the entire life cycle of the project
and not just its construction.
So, it's an important perspective. And in
this perspective of considering
life cycle emissions, looking at projects
from a life cycle viewpoint, that's where
social strata also come in; these
houses, these buildings, these
projects that will be built, will house,
in a way that is easier or
more difficult in terms of intervention,
families that are aging,
decreasing in size or increasing in size.
How can these interventions in this
construction be carried out in a way that is
fair from this perspective? Human
adaptation to life and the
composition of families, their
dynamics, but also the safeguarding of
emissions through, you know, the
interventions that are made. Well, the
other movement we're
making—here I
only explicitly mentioned the carbon aspect—but
we're working on building
the internal carbon budget and price
, something that's already more commonplace
in most of the financial system.
It's quite important because it
subsidizes the governance process.
Based on the definition of the budget and the
internal carbon price, we
can define
business performance, process performance, and
establish clearer
performance targets for these lines of business and for the
institution's overall actions, considering the
climate agenda. But we're on the
same journey, which I didn't end up putting
here, but Paula encouraged me to make
the perspective of nature in the
process clear. We are also working on
constructing the price and budget for
biodiversity, which is much more
difficult than climate, because it
depends on the biomes, on the capacity of
each region, of each place where
we are. Well, the 14
recommendations from the TNFD are starting to bring
some of these discussions to the agenda,
but we don't have them yet. And this is where the
discussion of being positive
towards nature versus being regenerative comes in. In other
words, in the same way that you
establish a volume, a limit on
greenhouse gas emissions, which is
the carbon budget, how
can we define, establish how
much capacity nature
can provide us in the biomes where we
operate? a quota, a portion, a piece of what
we can, through
our financing, through our
actions as a public financial institution
, consume or generate in terms
of dependency and effect. Even better,
knowing what this budget is, given
that nature works on the logic of
stocks and flows, how can I
increase these stocks, right? And that's when I
actually start creating a portfolio of
financial solutions and an agenda
intentionally focused on
regeneration based on the capabilities of the
biomes that are there.
And finally, we present the
opportunities table. I mentioned, you know, that the
agenda we're working on, and I
invite everyone to consider that the agenda
being worked on in this
climate and biodiversity discussion, isn't
just an agenda of risks. There's
work we're doing to make

the issue of opportunities more evident, more explicit—
the opportunities that arise in this
transition process. And that also includes
an agenda that, for us, by our very
nature, becomes an opportunity,
albeit a very challenging one:
the fight against inequalities. So,
the climate and environmental transition agenda
needs to be
intertwined with an agenda to combat
inequality, right? Climate justice and the
fight against environmental racism are key issues
in combating inequality. So, these
are opportunities for a public bank
created to combat inequality, right?
Created to hack the
existing system so that we can build
alternatives that truly include, that
truly create the capacity and conditions for
people to, in what we
call here full citizenship,
inspired by the work of Marte Aem,
create, sustain, and choose the life they
value having, right? So,
ultimately, this is what we see as
transforming people's lives and
freeing them to create, sustain, and
choose their own lives. to create, choose, and
sustain, you know, the life they value having.
So, to wrap up our part here,
we're going to share a
one-minute video with you, showing this
perspective that explains a little better
about our role in this process of
climate change.
Guys, thank you very much. And we are
available here at the Caixa's vice-presidency of
sustainability and citizenship,
should anyone have any questions or wish to
exchange information. Thank you very much.
Thank you, Jean. Thank you, Felipe. Well, I
think it was inspiring to learn a
little about Caixa's journey. That's one of the
points you brought up, Jean,
when you showed me the
advisory committees and how sustainability is
part of that. Well, there's no way an
action like this, bringing this
issue to the core business, to the
decision-making process, wouldn't have a very
positive impact on the visibility of this topic, on the
importance of this topic, and also on
leveraging this agenda, right? And
Luís Felipe's speech was also very
inspiring when he shared
your journey towards climate neutrality. And I
think that this triad, right, of
vocational agenda, using
Luiz Felipe's own words, right, uh,
vocational agenda versus urgency and
versus this agenda of risks and
opportunities. This undoubtedly has a
very positive impact on your agenda
. Congratulations and thank you so much for
sharing with us. I
was just checking out the
participants of this workshop today. I
was very pleased to see the massive participation from the

insurance team here on the CSEG committees,
from the insurance companies. I couldn't help but
mention two people. The first one
is Laurindo dos Anjos, who is the
president of the risk management committee
of CISEG, which is also part of Caixa
Residencial. and also to
Fátima, who is the president of the
SG Integration Commission of MAFR. So, these are
two leaders who are advocating for this, on this
journey of advancing this
agenda and really bringing this
issue into the strategic
decision-making processes of companies.
So, thank you all in advance
for your participation, and just a reminder that
the
satisfaction survey for our
workshop is available here in the chat. Don't miss out! Well,
through this research we'll be able to
constantly improve the workshops that
we bring to you. Paulinha,
uh, Fernando, I'm going to ask you a question

to start our chat,
even though it's going to be quick, because
we have a few more minutes of the
workshop.
I'm going to ask you two questions in one
. I'd like to hear
your perspective on this topic, especially
since you are an international organization.

What are the biggest gaps that
still prevent climate and
biodiversity from being incorporated across the
board into
corporate governance? And within this
scope, in your view, what
role should regulators and
multilateral organizations
play in accelerating the convergence
between governance and sustainability? Do
you want me to start there and you can
complete my thought process? Wonder. Well, that's the
trillion-dollar question, isn't it?
But I think, as I
said at the beginning, I think the
indicators are there, they're given, and they're
very clear, right? You have
market drivers, you have drivers, right,
through regulations, you have drivers,
right, through society.
Yes, so the drivers
are there, some coming on
stronger than others, at
different times, we see waves
of greater or lesser strength, but they
are the key drivers for
us to understand and
move forward on this agenda. Well, I think that,
as I mentioned in my
presentation, regulation helps a
lot, and voluntary commitments are
very helpful, as Jan and
Felipe themselves pointed out, the commitments
they made help to organize
things internally, to get things moving
from governance to the more
operational aspects. Well, of course, there's always a
lot missing, isn't there? There's always a lack of education, isn't there?
If we think about it, you know, in terms of a
long-term agenda, the
changes that have already occurred between
generations... There's a lack of data, there's always a
significant lack of data. We still have a lot of
data that wasn't
necessarily created for our reality,
right? Brazil is very big. It's
almost like a continent that's incredibly rich in
biodiversity.
In other words, when we
try to gather data, we have to look at
climate data to make the transition,
and as Felipe himself said, and I
also said, it's

impossible to separate Brazil's nature from its climate. So, the data
we need are local data,
data by biome, and
even data by microbiome and
subregion. We need a lot of
information to be able to, you know,
demonstrate and achieve this transition. And
more and more we're seeing it, right? I really
liked Felipe's closing remarks
where he talked about opportunities;
we have to demonstrate them more and
more.
All the opportunities we have,
right, especially combining
biodiversity with climate, uh, to
also create this business
case for those who are not yet
convinced, right, by the
regulatory drivers, to create the business case as well, for
those who are not yet convinced,
right, by the duty,
as Felipe himself put it. Yes
, we can certainly
do this through the business case because there are
many opportunities. But anyway, I've
raised a few points, and I think we're making a
lot of progress. We always have to
move forward more, but I hope we can continue with several of these points
I've raised,
together, supporting each other
to keep moving forward.
Well, I'm just going to add to my
answer and talk about the three
lines of defense model to try to give a
structured response. But I think it's
interesting, and what I learned at UNPFI
is how adapting the conversation to
different forums within an organization can
greatly help in organizing the strategy within
that governance. And
when I talk about the three lines
of defense model and adapting
the conversation, it's when you talk to the
first line of defense, the business, I think that's
when they see the
technological opportunities, they see the value pools,
they see the emerging credit that can
arise from this transition, I think adapting
the language, the conversation to them, to
their concerns. This can help
a lot. I'm not just talking about UNPFI.
Well, I think you in your organizations are
also facing the same challenge,
right? when discussing the transition in
different sectors. For the second group,
which is the people who work in
operational risk and legal matters, I think
they should be aware of initiatives that
can create signals, such as
process optimization, and some initiatives that
were created for climate risk, and how
they can be reused for
environmental risk and nature, biodiversity. I
think if they can see this business
case that Paula was talking about, it will also allow them to make

more grounded, more
visible, and more transparent decisions. I think it
could be an
interesting approach, and also for the
third line, and I think they'll
clearly see what the role and
responsibility of each of the two
lines is. I think it also helps a lot
in this conversation for them to understand well
how information flows in the
organization. I apologize if my answer
was too focused on risk management, but I tried to

explain how this adaptation and
personalization of the conversation can work for
the different actors within an
organization.
Thank you, Fernanda. Thank you, Paula.
Now, direct a question to the
Caixa team, specifically to Jean and
Felipe. Feel free to ask as well. If you'd
like to offer your congratulations, it was this:
often the decisions made by the
boards of financial institutions
end up becoming detached from the day-
to-day work of the leaders who are on the
front lines, right? Superintendence,
management, and other leadership roles. From
your perspective and your experience at
Caixa, how can we reduce this
gap and ensure that decisions
are aligned with the
practical capabilities of the teams involved?
Yes, that's a great challenge, Luciana. It
's not simple, but that's why we've
brought a division in the form of
artifacts, because we increasingly need to
work on them to equip
governance and senior management,
especially at a level where this
distance ends up being greater, uh, from the
information, from the materialization of what
we've been talking about, from that
strategic guideline, how it's
unfolding in practice or if it's not
unfolding and needs to
unfold, and we need the support of the
governance council.
Well, ensuring the means for that to
happen. So, for me, good
indicators,
information,
reports that we have to try to include on the
agenda, whether in a regular or
extra agenda, bring to governance, uh, generate
some discomfort, but never just to
cause trouble, but rather to guide, so that there is
decision-making about it, okay? It's
not about showing the world as if
it were all wonderful, but
also showing the challenges of the
journey, that it's not simple,
trying to translate
information that is often not
common sense, not knowledge,
not merely doing literacy,
but trying to translate so that they
know and understand the implications of that
in the business, in the strategy, in the
positioning. I think that only in
this way can we reduce this
distance, right, and bring governance
to the forefront of the challenge for leaders who
need to be increasingly mobilized and
engaged in this effort so
that this agenda doesn't become an
accessory or something that only exists
for our reports, right? Yes, she is
part of the business, as Felipe
rightly pointed out, and we all work to ensure that
this isn't just a
regulatory perspective, okay? It's important that we
also work on the issue of
business opportunities, for this
new construction of this transition that
we need to help build,
obviously associated with the risks
we run due to inaction, but not
letting ourselves be driven solely by
regulation, because that's a level of
compliance that, within a scale of
organizational maturity, we
need to overcome, right? to move from the complicated
to evolve to the strategic level. That's what
I understand. If Felipe wants to
add something, it's
not just me, I would reinforce a point that is
an important challenge for the perspective of
sustainability incorporated through
governance to reach everyone. Well,
besides trying, we also joke around in other
events we participate in with other
groups about breaking out of the bubble, right? So,
sustainability issues are
difficult. So, we need to use the
same approach that we use to talk about
simple language for various reasons; we need to use
simple language for sustainability
as well. But there's a challenge in
simplifying this language, because
our sustainability issues
are really very complicated,
right? They are very intricate, but given
that talking about sustainability is talking about
life, somehow we will
manage to move forward, right? So,
improving this perception of the
challenge presented through
various artifacts, as Jean already stated,
has an important power, in
my view, to
genuinely incorporate sustainability as a
value within the organization by fostering
intentionality in
people's actions. So, it's
necessary for everyone to understand what's being
discussed when the
challenges and themes of sustainability are brought up,
even if not necessarily with all the
technical sophistication associated with those who are
actually dedicated to it, so that
when goals, indicators,
performance evaluations, bonuses, guidance for
board members, and the qualification of
voting agendas that go through
governance bodies arise with
sustainability issues, it's not an
alien paragraph that's there and needs
someone to come and translate. So, that
's our challenge. That's what
we've been trying to do in various ways
, because
we already use almost all the available tools
. Now, the challenge is to ensure
that these interpretations resonate with
the professionals who will encounter them or
be influenced by them, leading them to
understand that sustainability is the
same discussion or has the same
relevance. Well, when
discussing Harok, one is talking about
default rates and related topics. So, it's
a new language that needs to be
incorporated into the organizational dialect,
and it brings an extremely
robust agenda that has impacts that qualify
everything that's being built so that it's
not, and here I reinforce to
conclude what Jean said, it's not just
compliance agendas, right? So
, it's because the rule, the area in question
mandated it, now it has to be done or
else it will be punished. This is perhaps the
worst, albeit necessary,
strategy for promoting
sustainability. Because if we have
a civilizational emergency, we're not going to

solve it through decrees. So,
there's this whole challenge of giving

people an understanding, providing context, and highlighting the relevance so they realize that no matter
where you are or what you're
doing, the sustainability agenda will
affect you. It will affect you, because it's
a matter of civilization, it will
affect you. So, the sooner we
know about this and can take steps
to create a more favorable situation, the
better. So, we've been
working on that, but it's just a complement to
what Jean said.
Well, everyone, thank you very much. Thank you,
Jean. Thank you, Felipe. Thank you, Paula and
Fernando. Your participation was
incredible, and I also want to thank the
audience who stayed with us until the
end. We're here, and
we already have 255 people, so
we realize how
relevant and important this topic is, right?
This is the fourth workshop in the "
Journey Towards COP 30" series, a
joint initiative of ANBIMA, CNSEG, and
FEBRAB. The dates for the
next meetings are
October 1st, with the theme of
climate finance, and October 28th, with the
theme of transition plans. We're counting
on you, don't forget to participate, and let's
continue together towards COP 30. Thank you
everyone. Good afternoon everyone.