Conflitos de interesse no processo de implementação e gestão dos Riscos Sociais, Ambientais e Climáticos nas Instituições Financeiras: Um estudo à luz da Teoria da Agência

Abstract

The global interest in the ESG (Environmental, Social and Governance) theme is increasingly growing and urgent, so much so that companies cannot escape the pressure from their main stakeholders by demanding actions that contribute to the sustainable development of society. In Financial Institutions in Brazil, good ESG practices are also fulfilled through Social, Environmental and Climate Responsibility. This theoretical essay sought to reflect on the conflicts of interest that exist in three proposed relationships. These conflicts can influence the management of Social, Environmental and Climate Responsibility in Financial Institutions in Brazil, specifically with regard to the credit analysis and granting process. The Agency Theory was taken as a basis, with the form of the Principal – Agent relationship. The work sought to conceptualize Social, Environmental and Climate Risk and Agency Theory, also achieving the objective of presenting theoretical foundations that justify the proposed conflict relationships through analysis of current and applicable regulations, as well as academic work related to the topic. . Based on the reflections carried out, it was possible to affirm that the conflicts arising from the proposed relationships can make the management of Social, Environmental and Climate Risks difficult and that, therefore, it is necessary for the Principal to dedicate effort to mitigate conflicts and reduce agency costs. The work also presented, albeit briefly, Corporate Governance as a tool that contributes to the management of Social, Environmental and Climate Risks in Financial Institutions.