Summary
Details
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Issuers of publicly offered securities and other entities supervised by CMF to which the rule applies.
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What’s Required
1) Sustainability disclosures inside the Memoria Anual
NCG 461 requires specific sustainability-related content to be incorporated within the Annual Report structure, rather than treated as a separate voluntary document. The rule aims to improve the comparability and accessibility of sustainability information for the market.
2) Governance and oversight narrative with traceable responsibilities
Entities must disclose the structure and functioning of corporate governance, including how governance is evaluated and how sustainability is integrated into the business. This creates an implicit control expectation: named bodies, defined processes, board or committee oversight, and evidence that oversight is active.
3) Standardised disclosure expectations aligned with recognised frameworks
CMF materials describe alignment with international standards such as TCFD, GRI, and SASB, and legal commentary notes that SASB sector standards became required for issuers under the CMF scope. Practically, this means firms should be prepared to publish sector-relevant metrics and explain methodology, boundary, and calculation choices.
4) Data governance, internal controls, and audit-readiness
Because the content is within a regulated filing, firms should treat sustainability figures like financial-reporting-grade information: controlled data sources, change logs, approvals, sign-off, and evidence retention.
Important Deadlines
Date of adoption: 12 Nov 2021 (NCG 461 issuance date on CMF document).
Effective reporting cycle: applies to annual reporting processes following issuance, with phased adoption in practice as referenced by CMF and practitioner guidance.
Current Status
In force. It is the baseline sustainability disclosure rule for CMF-supervised entities and is the foundation later updated by NCG 519.
Penalties for Non-Compliance
CMF supervisory actions for incomplete, misleading, late, or non-compliant filings.
potential market consequences (investor action, disclosure-based covenants, listing scrutiny).
reputational harm where inconsistencies are detected across filings and sustainability claims.
Examples of Known Violations
publishing ESG metrics without a methodology or with inconsistent boundaries year-to-year.
stating board oversight exists, but lacking evidence of decision processes.
SASB-type metrics disclosed without traceable source data or with material errors.
inconsistencies between the sustainability report andthe regulated Annual Report.
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