ANALYSIS OF DISCLOSURE LEVEL OF RECOMMENDED AND VOLUNTARY INFORMATION ABOUT HUMAN RESOURCES IN MANAGEMENT REPORTS OF LISTED COMPANIES IN BM&FBOVESPA

Abstract

Human resources are immensely important when developing organizations. Therefore, investing in the companies’ staff has been seen as an advantage for the investor. To exhibit that investment to its investors, the companies have used the information disclosure process, especially in a non-financial way. Consequently, this study aimed to analyze in a qualitative and quantitative way, the level of information disseminated on human resources, recommended by the CVM, through its Guidance Opinion No. 15/87, as well as the level of disclosure voluntarily made in the management reports of the companies listed on BM & FBOVESPA. To develop this study we analyzed descriptively the contents related to human resources, exhibited in the management reports. As a result of this research, we concluded that the companies do not demonstrate a high level of information disclosure, recommended and voluntary, on human resources and that the divulgation levels fluctuate over the years, which is motivated because there is no obligation nature for exposure that kind of information. However, most companies execute some type of disclosure related to their human resources