Environmental and Tax Management Actions: Profile of the Largest Brazilian Construction Companies Based on Sustainability Reports

Ana Flávia Castilho; Maria Luiza Ribeiro

DOI: 10.22167/2675-6528-202602640

Article derived from a Course Conclusion Work (TCC), with content based on the student’s original work and adapted to the editorial format of the E&S Magazine with the support of the ResumeAI tool, an artificial intelligence solution developed by Instituto Pecege for textual synthesis and organization.

Summary

The profile of the largest Brazilian construction companies, ranked in the 2025 ranking, was analyzed for their environmental and tax management actions, based on the disclosed sustainability reports. The study was exploratory and used secondary data from public official documents. A systematic search was conducted for construction companies that published at least one sustainability report in the last five years, identifying 13 companies from a sample of 100. The results revealed low adherence to the disclosure of tax management actions, such as the Value Added Statement (46.15%), the GRI 207 approach (30.76%), special tax regimes (30.76%), governance and risk management (30.76%), tax compliance and ethics (30.76%), and audits (38.46%). Voluntary adherence to publishing sustainability reports was low, with only 13 out of 100 construction companies disclosing them. However, 100% of the 13 companies that published reports adopted environmental sustainability practices, including waste management (84.61%), energy efficiency (76.92%), water reuse (69.23%), CO2 emission control (61.53%), and biodiversity actions (53.84%). It was concluded that tax transparency is restricted and fragmented, with information often non-standardized or not disclosed by 46.15% of companies. A prioritization in disclosing environmental issues and restriction of tax data was observed, indicating high environmental maturity, moderate standardization of sustainability reports, and the existence of a tax-social connection.

Keywords: Civil Construction; Global Reporting Initiative; Sustainability Report.

1. Introduction

Sustainability reports are a fundamental tool for companies seeking to demonstrate their responsible performance in the market. These documents are published annually to highlight the economic, social, and environmental management of organizations. They present the positive results of corporate actions, including the practices adopted to mitigate the negative externalities arising from their economic activities. The standardization of this information can follow internationally recognized guidelines, such as those from the Global Reporting Initiative, or be presented in particular models.

The Global Reporting Initiative, or GRI, emerged in 1997, in Boston, United States, as a response to significant events, such as the Exxon Valdez environmental disaster in 1989. Its main objective is to establish global guidelines for business management through sustainability reports, guiding organizations to promote transparent and responsible management. The GRI (2021) emphasizes the importance of corporate action in sustainable development, encompassing economic and social aspects. Although other organizations exist, such as the Securities and Exchange Commission and the Financial Accounting Standards Board in the United States, which seek to improve financial accounting standards (Madalena, 2016), the GRI stands out for its worldwide reach and for being based on the concept of the Triple Bottom Line. This triple bottom line defines the relevance of care for the environment, social aspects, and the company’s financial health.

Environmental sustainability has been progressively incorporated into economic activities, integrating with concepts of business management and governance, such as Environmental, Social and Governance, known as ESG. This approach seeks an administration that contemplates environmental, social, and governance themes. In July 2000, the United Nations (UN) launched the Global Compact, an initiative that invites companies worldwide to align their operations with universal principles of human rights, labor, environment, and anti-corruption, contributing to addressing societal challenges (United Nations, 2025). For this research, the Global Reporting Initiative standardization was used to understand the structure of sustainability reports, focusing on the fiscal and environmental sustainability data disclosed by the largest Brazilian construction companies, regardless of whether the reports strictly followed GRI standards or particular models.

In this context, the disclosure of sustainability reports, especially with fiscal data, can generate significant economic benefits for companies, such as customer loyalty and investor attraction (Lima et al., 2025). Additionally, the disclosure of tax information on legal tax strategies sparks investor interest, which can boost economic growth. Efficient management of tax obligations, in turn, can positively impact working capital management and improve company cash flow (Berkenbrock and Lizote, 2009). Beyond economic benefits, transparency in environmental actions contributes to the protection and recovery of the environment, materializing the collective right to an ecologically balanced environment, as provided for in the Federal Constitution of 1988, article 225. Given the growing relevance of these themes, the question arises as to how companies in the civil construction sector, one of the most impactful on the environment and economy, address these aspects in their disclosures. Thus, the following research question was formulated: What is the profile of the largest Brazilian construction companies regarding compliance with environmental and tax management actions based on the data disclosed in their sustainability reports?

The justification for this study lies in the need to understand the maturity and transparency of environmental and tax practices in the construction sector, a segment of great economic and social relevance. The general objective of this research was to analyze the sustainability reports disclosed by construction companies listed in the 2025 ranking as the 100 largest construction companies in Brazil. To this end, we sought to qualitatively analyze which environmental sustainability and tax management actions are adopted by these companies and to quantify the percentage of companies that published their results, evidencing the profile of the largest Brazilian construction companies regarding the two areas studied through their reports.

2. Material and Methods

This research was characterized as exploratory regarding its objectives, seeking an initial understanding of the phenomenon studied. The methodological approach adopted was the systematic mapping of secondary data, which consisted of collecting and analyzing existing information. The data were obtained exclusively from public official documents, ensuring the accessibility and transparency of the sources used for the study.

The unit of empirical analysis was the annual sustainability reports, specifically those disclosed by companies in the real estate sector. The object of study focused on the largest Brazilian construction companies, as classified in the 2025 ranking. The initial population comprised the one hundred largest construction companies in Brazil, from which we sought to identify those that published sustainability reports.

The data collection covered a five-year period prior to the year 2025. A systematic search was conducted online for the sustainability reports of these one hundred construction companies. As a selection criterion, only companies that published at least one sustainability report on their official websites within the established period were included. The classified companies and the ranking disclosing entity were not identified in the work, in accordance with the guidelines of the Manual of Instructions and Norms for Course Conclusion Works of the University of São Paulo (2025).

For the collection, sustainability reports were considered the primary data instruments. The collection procedure consisted of scanning the official websites of construction companies, searching for documents detailing their sustainability actions. The focus of the collection was directed towards information related to tax management and environmental sustainability, according to the study’s objectives.

In the data analysis process, the guidelines of the Global Reporting Initiative (GRI) were used as a reference for prior knowledge of sustainability reporting standards. The GRI standards address environmental, social, and economic themes, with GRI 207 specifically dedicated to tax management. The analysis compared the information contained in the companies’ reports with the recommendations of GRI 207, even for those reports that did not strictly follow the GRI framework.

The collected data were categorized into quantitative and qualitative aspects. Regarding quantitative data, the aim was to determine the number of companies that published sustainability reports in the last five years. Additionally, it was verified how many of these companies used the GRI 207 standard to address tax issues and how many reports included both environmental and tax issues.

Regarding qualitative data, specific actions for the environment disclosed in sustainability reports were analyzed. Tax strategies presented by companies were also investigated. Finally, the location of construction companies, their ranking classification, and the voluntary adoption of report disclosure by region were observed, without presenting the results of these observations.

After the collection stage, the research information of interest was organized into tables to facilitate visualization and discussion. This organization allowed for a clear structuring of data on the relevance of the disclosure of tax management and environmental sustainability actions by construction companies, preparing the ground for the presentation of findings.

3. Results and Discussion

This study analyzed the profile of the largest Brazilian construction companies, ranked in the 2025 ranking, regarding their environmental and tax management actions, based on sustainability reports. Of the 100 companies initially considered, only 13 published sustainability reports in the last five years on their official websites. This low voluntary adherence to the disclosure of such documents indicates a gap in corporate transparency in the sector, as there is no legal obligation for publication. The absence of reports for the remaining 87 companies does not necessarily imply their non-existence, but rather a lack of accessible publicity, which limits the capacity for external evaluation of their sustainability practices.

The analysis of report standardization revealed that, of the 13 construction companies that disclosed their documents, seven (53.84%) adopted the Global Reporting Initiative (GRI) standards, in whole or in part. Four of these companies (30.76%) used the GRI standards completely, while three (23.07%) presented incomplete reports with the GRI standards. The remaining six companies (46.15%) chose not to follow the GRI guidelines, using their own disclosure models. This diversity in standardization, as pointed out by Lima et al. (2025), represents a challenge for the effective incorporation of ESG principles in Brazil, hindering the comparability and evaluation of the maturity of sustainability practices in the sector.

The geographical distribution of the 13 construction companies that published sustainability reports revealed a concentration in the most economically developed regions of the country. Six companies are located in the state of São Paulo and two in Minas Gerais, both in the Southeast region. The South region concentrates three companies, two in Paraná and one in Santa Catarina. Additionally, one construction company is located in the Northeast region, in the state of Pernambuco. This concentration in regions such as the Southeast and South, according to data from the Brazilian Institute of Geography and Statistics (IBGE, 2023), may be associated with the success of real estate ventures and greater visibility for the adoption of sustainability practices.

Regarding environmental sustainability, a notable research finding was the unanimity among the 13 construction companies that published reports: 100% of them addressed the topic and implemented some practice aimed at environmental preservation. This data underscores a high level of environmental maturity in the sector, indicating that companies recognize the importance of mitigating the impacts of their operations. The disclosed actions cover various fronts, from waste management to emissions control, reflecting a commitment to sustainable development and the principles of the ESG agenda and the Triple Bottom Line, as discussed by Souza and Ribeiro (2013) and Lima et al. (2025).

Solid waste management emerged as the main environmental action adopted, being practiced by 11 out of 13 construction companies, which corresponds to 84.61% of the sample. Measures include reducing generation, reusing, recycling, and repurposing materials such as wood and metal waste. Notable examples include a leading company in the ranking that reduced waste generation by 85% by using reusable aluminum forms. Another construction company recycled 51.43% of its solid waste, while a third repurposed 2500 tons of wood and 35 tons of metal waste. These practices demonstrate alignment with CONAMA Resolution nº 307/2002, which classifies construction and demolition waste.

Energy efficiency was the second most common practice, adopted by 10 companies (76.92%), focusing on the use of renewable sources. Water reuse in operations, such as in washing tools and machinery, was implemented by nine construction companies (69.23%). CO2 emission control, with constant measurements, was disclosed by eight companies (61.53%). Finally, seven construction companies (53.84%) took actions for biodiversity preservation and maintenance of green areas. The scope of these initiatives reinforces the sector’s commitment to minimizing environmental damage and the depletion of natural resources, according to the perspective of Souza and Ribeiro (2013).

In contrast to the high adherence to environmental practices, tax management presented a less explored approach with lower transparency in the analyzed reports. Only seven of the 13 companies that published sustainability reports disclosed information about their tax management practices. This disparity suggests that, although environmental issues are consolidated in companies’ action plans, tax management still faces significant challenges to be fully integrated as a pillar of social responsibility and corporate integrity. The low adherence to the disclosure of specific tax data indicates an area that needs further development and standardization in the sector.

The Value Added Statement (VAS), an accounting report that details the wealth generated and distributed by the company, was disclosed by six construction companies (46.15%). The disclosure of the VAS, which includes taxes paid to public entities, is relevant to demonstrate the company’s social performance and its contribution to the financing of public policies. This transparency can strengthen investor confidence by highlighting the company’s positive role in creating value for the community, as highlighted by Cosenza (2003) and the Accounting Pronouncements Committee (2024). The VAS offers a direct exposure of profit and fiscal contribution.

Four companies (30.76%) used the tax management approach according to GRI 207 parameters, indicating an effort to standardize the disclosure of their fiscal actions. The same percentage of companies (30.76%) adopted special tax regimes, such as the Special Regime for Taxation (RET) of Asset Securitization, which, according to Law No. 10.931/2004, reduces the tax burden and enables affordable housing. Additionally, four construction companies (30.76%) demonstrated fiscal and risk management governance, monitoring risks and creating structures such as fiscal intelligence teams. Fiscal and ethical compliance, with a commitment against evasion, was also mentioned by four companies (30.76%).

The performance of independent audits to validate tax obligations and statements was reported by five construction companies (38.46%). These audits, often conducted by large auditing firms, are crucial for the company’s tax health, acting preventatively and correctively in all sectors or projects. Tax risk management, as highlighted by Santos and Silva (2014), is fundamental to avoid surprises from legislative changes, fines, or losses resulting from the absence of tax planning. The transparency and integrity demonstrated through these audits contribute to the construction company’s reputation and long-term sustainability.

The analysis of the results highlights the relevance of environmental management as an integral component of the ESG agenda and the Triple Bottom Line (TBL) in construction companies. The adherence of 100% of companies that published reports to some environmental preservation action demonstrates an alignment with the “Planet” pillar of the TBL and the “Environmental” criterion of ESG. This stance not only contributes to the protection and recovery of the environment but also reduces environmental liabilities and improves operational efficiency, increasing competitiveness and attracting investors, as pointed out by Lima et al. (2025). ABNT PR 2030 (ABNT, 2022) reinforces the importance of these criteria for assessing sustainable risks and opportunities.

Within the scope of tax management, adherence to GRI 207 guidelines and transparency via DVA enable the company to prove its social function, contributing to the financing of public policies. The strategic use of regimes such as the RET, by reducing the tax burden and enabling access to social housing, aligns with the “Profit” and “People” pillars of the TBL, ensuring financial health and competitiveness. Corporate governance, a relevant differentiator in ESG, demands ethics and transparency in accountability, conflict management, and the fight against corruption, aspects that transparent tax management can strengthen, according to Colepicolo’s analysis (2023).

The profile of the analyzed construction companies reveals a high environmental maturity, evidenced by the broad adoption of environmental sustainability actions by all companies that disclosed reports. However, the standardization of these reports is moderate, with almost half of the companies not fully adopting GRI standards, which may hinder comparability and accurate assessment of practices. The research also identified a tax-social connection, where transparency in tax management, through the VDA and the RET, demonstrates the company’s integrity and its contribution to the viability of affordable housing.

In summary, the results indicate that the largest Brazilian construction companies that disclose sustainability reports prioritize the disclosure of environmental issues over tax transparency. Although there is growing recognition of the importance of environmental sustainability, tax management still lacks greater standardization and publicity. Expanding the disclosure of sustainability reports, especially those aligned with GRI 207 standards, can strengthen the confidence of investors and society, as well as reinforce fiscal ethics and corporate governance. The standardization of reports is essential for the civil construction sector to consolidate a full ESG agenda, mitigating reputational risks and promoting long-term sustainability.

4. Conclusion

This research sought to analyze the profile of the largest Brazilian construction companies regarding their environmental and tax management actions, based on their sustainability reports. It was found that, of the one hundred companies considered, only thirteen published such documents in the last five years, indicating low voluntary adherence to transparency. However, a high environmental maturity was observed among the construction companies that disclosed their reports, with 100% of them adopting environmental sustainability practices. Among the most frequent actions, solid waste management (84.61%), energy efficiency (76.92%), water reuse (69.23%), CO2 emission control (61.53%), and actions for biodiversity preservation (53.84%) stood out.

In contrast, tax management showed less transparency. It was identified that only seven out of thirteen companies disclosed information about their fiscal practices. The Value Added Statement was published by 46.15% of the construction companies, while the GRI 207 approach, special taxation regimes, governance and fiscal risk management, and fiscal and ethical compliance were mentioned by 30.76% of them. The performance of independent audits was reported by 38.46% of the companies. This disparity suggests a prioritization of the disclosure of environmental issues over tax transparency, with fiscal information often being fragmented or outside of standardization. The profile of the studied construction companies revealed a high environmental maturity, evidenced by the wide adoption of sustainability actions, contrasting with the restricted and fragmented transparency in tax management. A tax-social connection was identified, where the publicity of the Value Added Statement and the strategic use of the Special Taxation Regime demonstrate business integrity and contribution to the viability of affordable housing. A limitation of the study lies in the dependence on information voluntarily disclosed by the construction companies, which may not reflect the entirety of the sector’s practices. For future studies, it is recommended to expand the sample and compare with other economic sectors in order to deepen the analysis of environmental and tax transparency in Brazil.

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Article originating from the Final Course Work of the Specialization in Tax Management of the MBA USP/Esalq

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