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\setlength{\parsep}{2pt}% \def\makelabel##1{\upshape ##1}}% } {\end{list}\end{raggedright}} \newenvironment{specHead}[2]% {\vspace{20pt}\hrule\vspace{10pt}% \phantomsection\label{#1}\markright{#2}% \pdfbookmark[2]{#2}{#1}% \hspace{-0.75in}{\bfseries\fontsize{16pt}{18pt}\selectfont#2}% }{} \def\TheFullDate{2015-03-15 (revised: 15 March 2015)} \def\TheID{\makeatother } \def\TheDate{2015-03-15} \title{Level of Disclosure of Environmental Information in the Electricity Sector: An Empirical Study of Brazil and the Iberian Peninsula} \author{}\makeatletter \makeatletter \newcommand*{\cleartoleftpage}{% \clearpage \if@twoside \ifodd\c@page \hbox{}\newpage \if@twocolumn \hbox{}\newpage \fi \fi \fi } \makeatother \makeatletter \thispagestyle{empty} \markright{\@title}\markboth{\@title}{\@author} \renewcommand\small{\@setfontsize\small{9pt}{11pt}\abovedisplayskip 8.5\p@ plus3\p@ minus4\p@ \belowdisplayskip \abovedisplayskip \abovedisplayshortskip \z@ plus2\p@ \belowdisplayshortskip 4\p@ plus2\p@ 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\setlength{\parindent}{0pt}\raggedright \textcolor{GJMediumGrey}{\rule{\textwidth}{2pt}} \vskip16pt \textcolor{GJBlue}{\large\bfseries\abstractname\space} }{% \vskip8pt \textcolor{GJMediumGrey}{\rule{\textwidth}{2pt}} \vskip16pt } \usepackage[absolute,overlay]{textpos} \makeatother \usepackage{lineno} \linenumbers \begin{document} \author[1]{Braga, Celia} \author[2]{Silva, atricia P} \author[3]{Santos, Ariovaldo} \affil[1]{ University of CearA} \renewcommand\Authands{ and } \date{\small \em Received: 13 February 2015 Accepted: 28 February 2015 Published: 15 March 2015} \maketitle \begin{abstract} Electricity markets currently face shared global challenges in the search for sustainable energy: security of energy supply, protection of the environment and maintenance of competitiveness. Together these three factors help produce cleaner and more compatible energy with sustainable development. One way of assessing the environmental performance and disclosure level of a company is the use of metrics. The Global Reporting Initiative (GRI) indicators are the most accepted ones in previously published literature. In the first decade of this century there was an increase in social and environmental disclosure in the electricity sector in Brazil, following trends set elsewhere in the world. The stakeholders? request for both environmental information and accountability resulted in the dissemination of sustainability reports, especially in the more environmentally sensitive industries. During the privatization of the Brazilian electricity sector, some of Iberia?s largest energy firms began to invest more in Brazil as a result of the European liberalization process that was already under way. This paper aims to identify the Environmental Information Disclosure Level (EIDL) of Brazilian companies and Iberian companies, which published sustainability reports using the GRI indicators. The main conclusions show that Brazilian companies are in the process of improving their disclosure level while Iberian companies have remained constant at a higher level. An analysis of the level of disclosure of different firms and their different locations suggests that Iberian companies have better performance than their Brazilian counterparts when it comes to environmental issues. \end{abstract} \keywords{disclosure, GRI, environment, electricity, power generation.} \begin{textblock*}{18cm}(1cm,1cm) % {block width} (coords) \textcolor{GJBlue}{\LARGE Global Journals \LaTeX\ JournalKaleidoscope\texttrademark} \end{textblock*} \begin{textblock*}{18cm}(1.4cm,1.5cm) % {block width} (coords) \textcolor{GJBlue}{\footnotesize \\ Artificial Intelligence formulated this projection for compatibility purposes from the original article published at Global Journals. However, this technology is currently in beta. \emph{Therefore, kindly ignore odd layouts, missed formulae, text, tables, or figures.}} \end{textblock*} \let\tabcellsep& \section[{Introduction}]{Introduction}\par orld statistics and global trends continue to indicate that the generation of electricity will remain the main source of growth in CO 2 emissions in the XXI century . Therefore , challenges in global markets for electricity remain, including security of energy supply, protection of the environment and competitiveness in the search for sustainable energy {\ref (IEA, 2012)}.\par In order to monitor and evaluate this, it is essential to analyze the environmental information disclosure of firms using important metric systems such as those indicators included in the framework Global Reporting Initiative (GRI), G3. These indicators are used worldwide in all economic sectors, and are disseminated in the form of a report, which consents to the monitoring of a company's performance in the economic, social and environmental dimensions {\ref (Ethos, 2010)}.\par After the privatization of the electricity sector in Brazil, which attracted both domestic and foreign investors and led to the creation of the regulatory agency, the National Electric Energy Agency, ANEEL, companies began to show higher levels of information disclosure related to financial, economic, social and environmental data. An increasing number of Brazilian Electricity companies also started to publish GRI reports.\par At the same time, Europe was increasing its Internal Electricity Market, which required the use of an unbundling process in Portugal and Spain, two Member-States that had not at that time completed their liberalization processes. Accordingly, the largest players in the Iberian Peninsula energy sector made larger investments in Brazil. These companies were already experienced in environmental regulation due to the European regulatory system. \hyperref[b18]{(Eugénio, 2010)}.\par This article aims to analyze the relationship between the Environmental Information Disclosure Level (EIDL) and the location of companies, considering their regulatory systems, their different market structures, and their diverse economic, social and geographical dimensions.\par To the best of our knowledge the study here in provided is the first one to present a database relying on environmental variables concerning Brazilian and Iberian electric utilities.\par Thus, we are able to build and EIDL that allows us to concluide on the main drivers and challenges that the electricity sector has to deal with.\par The Environmental Information Disclosure Level of 21 Brazilian companies and of 10 Iberian companies was used in this study. This represents all the firms that the GRI publishes on its website and accounts for the specific G3 indicators during the period 2006 to 2009 {\ref (GRI, 2010)}.\par Furthermore, this study proposes to answer the following four questions: i). How has environmental disclosure evolved on an individual basis? ii). What was the EIDL of Brazilian, Portuguese and Spanish electricity companies from the 2006 to 2009, considering the set of different characteristics of each country?, iii). Who are the main stakeholders of the companies under study? And, finally, iv). Which communication channels are used by the companies for announcing their sustainability reports?\par This study is divided into five sections. The next section describes the importance of environmental information disclosure in reports using the GRI indicators while considering the concepts of energy sustainability and cleaner production. The third section explains the methodology used and identifies the samples; the fourth section states the results of the analysis; and, finally, conclusions are made in the fifth section. \section[{II.}]{II.}\par Environmental Information Disclosure -Literature Review a) Brazil and The Iberian Peninsula: the energy context and environmental disclosure With the transnationalization of the companies in the global market, the capital of a business is often centred in one country and the company in another. The privatization of the electric power market in Brazil produced companies with different corporate structures and with foreign capital. In this context, a synergy among the Brazilian, Portuguese and Spanish capital, and the companies located in these countries in different economic, social and geographical contexts emerged. \section[{i. The Brazilian energy market context}]{i. The Brazilian energy market context}\par According to ANEEL (2010), in 2010, there were 2,238 enterprises in operation in Brazil, 134 under construction and 435 granted between 1998 and 2010. From the 1,339 power plants in Brazil, 76\% use fossil fuels; 20\% use biomass and 4\% use other types. The most commonly used types of fuels are: diesel (596 plants), sugarcane bagasse (252) and natural gas (85). Brazil shows a historical framework of hydroelectric generation. However the government has invested in the diversification of energy sources to solve the problem of the rain shortage and the serious environmental and social impacts caused by the construction of Hydroelectric Energy Plant (HEP).\par The energy model in Brazil is private and public. The private companies with public services concession contracts according to article 175 of the Federal Constitution/1988. This model has two structures, and the second one is headed by ANEEL, the agency responsible for regulating and inspecting the electric sector and that was created in by Decree N° 2.335/97. ANEEL's work is directly linked to the National Power System Operator (ONS) and to the Chamber of Commercialization of Electric Power (CCEE). In 2010, the Brazilian energy market had 2,238 companies (ANEEL, 2010). The production and power frequency conversion of the Brazilian energy market is shared with countries from the Southern Common Market (MERCOSUR).\par ii \section[{. The Iberian Peninsula energy market context}]{. The Iberian Peninsula energy market context}\par The Iberian Market of Electricity (MIBEL) was created in The Iberian Peninsula to integrate the Portuguese and Spanish energy markets. The main achievement in MIBEL in 2008 was the growth of energy production using renewable energy sources and the combined cycle aimed at meeting the goals of reducing CO 2 emissions and increasing independence from fossils fuels (ERSE, 2010).\par The Spanish energy market experienced a decrease in energy demand in 2008, registering a slight increase of only 0.8\%. However, between 2002 and 2006 there was an increase of 4\% and another of 3.2\% in 2007. Energy demand is strongly related to the growth of the Gross Domestic Product (GDP) in each country {\ref (Red Elétrica, 2009)}.\par The Portuguese energy policy is focused on the implementation of clean energy, especially wind, photovoltaic micro-generation and small hydroelectricity plants. The aim here is to offset the cost of installing wind farms with the savings made by reduced imports of the oil and gas needed for thermal generation.\par One of the biggest challenges facing the energy sector of the Peninsula arises from the complexity of the system, which now has to operate in inter-regional transportation (Super Grids) and local distribution (Smart Grids) systems. It is necessary to deal with the instability of the generation of alternative energy sources (i.e.: Wind Power), with the energy consumption complexity and with the electrical mobility program to supply power to electric cars. It is also necessary to deal with the difficulties of storing energy, the efficiency of public transport, the costs and the technological challenges involved in the installation of offshore wind farms and the search for an intelligent digital distribution system that would allow one to buy and to sell the energy (bidirectional) and provide real time information. The Iberian electricity supply industry comprises only privately owned companies. The disclosure of environmental information in an annual report is defined as a subset of the Corporate Social Responsibility (CSR), which includes information on waste management, recycling programs and environmental control \hyperref[b1]{(Ahmad et al, 2003)}. The environmental issues disclosed in the reports, including the GRI model, highlight the commitment of a company to a system of cleaner production and environmental sustainability.\par This publication usually includes both mandatory and voluntary environmental information provided to the broad group of stakeholders that has a relationship with the company \hyperref[b7]{(Brammer and Pavelin, 2006;}\hyperref[b26]{Holland and Foo, 2003;} {\ref Hosssain and Hammami, 2009)}. In Brazil environmental disclosure is not mandatory.\par There are nevertheless several recommendations for its dissemination given by entities information through groups such as the Securities and Exchange Commission, the Institute of Independent Auditors of Brazil and the Federal Accounting Council. Furthermore, there is extensive environmental legislation at all levels of government \hyperref[b42]{(Rover et al, 2005)}.\par In Brazil the corporate legislation in use adopts the accounting, economic and financial concept, and only the financial statements are considered mandatory for publication. These aspects favour the disclosure of environmental information by the entities, which may happen in either a voluntary or mandatory way \hyperref[b46]{(Simnett et al, 2009)}. {\ref Gibson} In Spain, the disclosure of environmental information in annual reports has been mandatory since 1998, with the sectoral adaptation of the Charts of Accounts of the electricity companies. In addition, Resolution No 6389 dated {\ref March 25, 2002}, of the Institute of Accounting and Auditing (IAA) approved standards of recognition, evaluation and information for the environmental aspects included in annual statements \hyperref[b18]{(Eugénio, 2010)}.\par In Portugal, Accountant Financial Reporting Standard No. 26 -Environmental Matters (IAS 26) has been in force since January 1, 2008. This guideline applies to environmental information disclosed in both individual and consolidated accounts.\par In addition to their mandatory disclosures, the Portuguese and Spanish electricity companies have published their own environmental information voluntarily in sustainability reports using the GRI indicators. The adhesion to the GRI methodology began in 2000 with Energias de Portugal (EDP) and Endesa, two Portuguese and Spanish companies respectively, who are the pioneers in this field. In Brazil, the pioneering company was CPFL Energy, which released its first report in 2002. \section[{b) The reporting and disclosure of environmental indicators}]{b) The reporting and disclosure of environmental indicators}\par In Portugal, Spain and Brazil, the context of corporate disclosure is based on financial disclosure, which is regulated by law, and regulated by agencies such as Comissão de Mercado de Valores Mobiliários (CMVM), Commissión Nacional del Mercado de Valores (CNMV) and the Comissão de Valores Mobiliários (CVM), which follow the book publishing of listed companies. \section[{The companies'}]{The companies'}\par adaptation to the environmental practices required by the stakeholders has been reflected in their management strategy and in the manner by which companies disclose their effect on the environment. Thus, final information disclosure comprises both mandatory and voluntary issues, which are related to the competitiveness of the business \hyperref[b0]{(Aerts and Cormier, 2009;}\hyperref[b4]{Berns et al, 2009)}.\par In this sense, it has been noticed that a constant demand for further disclosure, accountability, good corporate governance practices and ethical behaviour by companies referring to environmental information is necessary \hyperref[b41]{(Rover et al, 2009)}.\par Companies are used to publishing their environmental information in a specific environmental report, one that covers social and environmental sustainability, together with financial statements \hyperref[b46]{(Simnett et al, 2009}; Jose and Lee, 2007).\par Companies shape their reports voluntarily for many reasons. One of them is to provide information to stakeholders and to reduce the symmetry between the information content of the company and of the market. The report also reveals the organizational commitment, the management of risks and the desire to build a corporative reputation. Reliability is an important factor in this process \hyperref[b27]{(Hossain and Hammami, 2009;}\hyperref[b46]{Simnett et al, 2009)}.\par The disclosure of CSR and financial information can be motivated by countless factors, such as: legal provision, origin of stock control (Monteiro and Aibar-Guzmán, 2010); stakeholders' pressure \hyperref[b32]{(Liu and Anbumozhi, 2009)}; ethical aspects \hyperref[b2]{(Almeida, 2007)}; cultural considerations \hyperref[b46]{(Simnett et al, 2009)}; the need to gain legitimacy (Jose and Lee, 2007) and media exposure \hyperref[b40]{(Reverte, 2009)}.\par It has been noted that, despite the importance of the environmental information provided there is a lack of structural order in the disclosure when it is made voluntarily \hyperref[b5]{(Bolívar, 2009}).\par NGO's and technological advances offer innovative solutions to the problems arising from the lack of content standardization in the environmental reports, as well as the uniformity at an international level (Jose and Lee, 2007). Internationally, Global Reporting Initiative orientations are used \hyperref[b8]{(Brown et al, 2009;}\hyperref[b47]{Skouloudis et al, 2010)}. In this piece of research the publications using the GRI G3 indicators are analysed. The indicators include responses with both qualitative and quantitative aspects (i.e. monetary and nonmonetary). The way these indicators are published in the report structure should be according to the GRI orientations and be compatible with the perception of its stakeholders.\par As for the frequency of disclosure reports, entities should define a consistent cycle and establish a date to produce their report. This is most commonly done annually.\par Another important aspect of disclosure is the definition of material support and dissemination. According to \hyperref[b30]{Jose and Lee (2007)}, the Internet has emerged as low cost, quick and easy-to-access tool. In addition to disclosures made on websites, companies offer print versions of complete reports and/or summaries and also give information on CD-ROM \hyperref[b5]{(Bolívar, 2009} \section[{c) Cleaner production in the electric sector}]{c) Cleaner production in the electric sector}\par The process of industrialization, large-scale production and technological advances has led the consumer market to the age of disposable products. These products have an ever shorter life cycle, which results in a rise in the level of environmental impact: increased use of products results in a rise in the use of raw materials and in the need for waste disposal.\par This creates new industries, resulting in an increase in energy consumption, including electricity. The great challenge nowadays is to manage these issues while preserving human life and the environment. Part of the solution could be to introduce a model of corporate management for cleaner production, which is the integrated environmental strategy applied to processes, products and services in order to increase eco-efficiency and reduce risks to human life and damage to the environment. This concept was presented by the United Nations Environmental Program (UNEP), in1989 (WBCSD and UNEP, 1997).\par In the electricity sector, the largest amount of waste and the most severe environmental impacts arise from the production of energy. Some energy sources cause further damage, such as those generated from nuclear energy, from coal and oil.\par Beyond the serious health risks caused by air, soil and water pollution, energy production generates greenhouse gases, noise, ash, slag, toxic waste and the spillage of hazardous products.\par The transport of workers prominently employed in transportation and the distribution of energy also generates emission of substances that destroy the ozone layer. Companies must disclose the amount of fines paid and the amount of non-monetary sanctions taken for noncompliance with environmental laws and regulations. It is also important that they publish the total investment made in environmental protection.\par An analysis of the GRIs is important for monitoring the environmental management of these organizations and for ensuring cleaner production in industries classified as sensitive because of their negative environmental impact. \section[{III.}]{III.} \section[{Methodology and Sample Identification}]{Methodology and Sample Identification}\par This section describes the sample identification method and data analysis techniques used in the research: content analysis and Correspondence Analysis (CA). The chosen methods proved to be the most appropriate ones, considering the sample characteristics and the aim of the study.\par They are also widely accepted in the most upto-date literature. For content analysis, see, for instance, The criteria used to select the sample were: a) companies of the electric energy sector located in Brazil, Portugal, and Spain, and b) companies that disclosed the report in the GRI website in the period between 2006-2009. The sample totals 31 companies (GRI, 2010). The companies that make up the Brazilian sample are presented in Table \hyperref[tab_3]{1}, the Portuguese sample in Figure \hyperref[fig_3]{1}, and the Spanish sample in Figure {\ref 2}. Table \hyperref[tab_4]{2} puts together information concerning not only firms belonging to the four segments of the value chain of the electricity supply industry (ESI), i.e.: generation, transportation, distribution and supply, but also the major holding firms. Column 'GRI' shows the number of reports by country, while the 'Electric sector' column gives the same information but exclusively for companies in the ESI. Source: Own computations based on GRI October 2010 data.\par Brazilian \hyperref[b18]{(21)} and Iberian \hyperref[b8]{(10)} companies in the sample show contexts with both similar and different characteristics, as shown in Table \hyperref[tab_5]{3}. The electricity sector has oligopolistic characteristics. It consists of a small number of companies controlled direct, or indirectly, by large private or state economic groups. Given the characteristics of high value fixed assets/intangible and specific assets used in operating activities, it is an industry made up of huge companies. Several approaches are possible when developing a scoring scheme to determine the level of disclosure in annual reports, and traditionally both a weighted disclosure index and an non-weighted disclosure index have been used by researchers. Those, such as Hossain and Hammami, 2009 and Cho and Patten, 2007, adopted dichotomous procedures in which an item scores one if disclosed, and zero if not disclosed, and this approach is conventionally termed the non-weighted approach. This study followed such dichotomous procedures.\par The EIDL index of each company was calculated by adding individual scores and then dividing the result by the total maximum score that could be obtained in each case i.e. 34 points.\par The method of calculating the disclosure score of each company can be expressed according to equation 1. \hyperref[b27]{(Hossain and Hammami, 2009)}. Equation {\ref 1}where: EIDL: the aggregate disclosure score; d j : 1 if the jth item is disclosed or 0 if it is not disclosed; and; n: the maximum score each company can obtain. In this case, the key factor is whether or not a company discloses an item of information in the annual report.\par The binary encoding technique was used for the content analysis. The technique of content analysis not only analyses the text, but also the details of context and inferences regarding the communication process with the aim of understanding the causes and background of the message, as well as its effects and consequences. The research is exploratory and uses the method of content analysis (Milne and Adler, 1999), together with the technique of documentary research for the analysis of sustainability reports published on websites of the companies in order to calculate the Environmental Information Disclosure Level.\par Data analysis was performed with correspondence analysis. CA is an exploratory multivariate technique that converts frequency tables into graphical displays in which rows and columns are depicted as points \hyperref[b25]{(Greenacre 1984}\hyperref[b24]{(Greenacre , 1989))}. Thus, CA is a method of visually representing the associations between different categorical variables, and it is most often employed as it is used here: a method for portraying data for visual inspection and analysis, rather than a method for testing statistical significance.\par The analysis of the relationship between EIDL variables and country of location of a company used an interdependence technique called Correspondence Analysis (CA) in panel data, with a sample of 31 companies and 124 pieces of information regarding the period from 2006 to 2009.\par Although the sample be characterized as small, it represents the entire universe of companies that published the report according to the GRI model and reported on the GRI website, except for a Brazilian company.The number of companies researched is compatible to other studies on the subject of voluntary environmental disclosure {\ref (} A reliability test of the methodology was then performed. It is the Cronbach's alpha reliability coefficient that assesses the consistency of the entire range. This is the most widely used measure in exploratory studies such as these (Churchill Jr., 1986). The result shows that the metric of the study shows considerable consistency, considering that the values of Cronbach's alpha were always above 0.966 in the four periods.\par The analysis of the organization profile was based on the year 2008 and GRI indicators were checked for the organizational profile. The analysis of the results is divided in two parts. The first one addresses the descriptive statistics and the second one focuses on the CA. \section[{a) Descriptive analysis}]{a) Descriptive analysis}\par The analysis reveals that the companies in Portugal showed improvement in disclosure, see Figure \hyperref[fig_3]{1}. This is most notable with Energias de Portugal (EDP), which in addition to pioneering publication is also a reference on the quality of the report and the identification of indicators, Figure \hyperref[fig_3]{1}.\par EDP Renováveis and Pinto \& Bentes started their publications in 2009, and are, therefore, in the process of structuring data for the first period of evaluation of three years, where consistency and materiality reinforce one another.\par In Spain, reports from Iberdrola, Red Eléctrica and Gás Natural Fenosa stand out at the level of both disclosure and presentation of the indicators. And, consequently, they had the greatest disclosure levels in 2009, as shown in Figure {\ref 2}. The environmental information disclosure level with the GRI model in Brazil showed a positive evolution in both quality and quantity, as shown in Table \hyperref[tab_3]{1}.\par The disclosure report with the GRI indicators carried out by the companies of the sample is consistent. In 2006, only eight (8) Brazilian companies had done the disclosure. However, seven \hyperref[b5]{(7)} companies maintained consistency of disclosure in the period from 2006 to 2009, as shown in Figure {\ref 3}.\par The Portuguese and Spanish companies also maintained consistency publishing in the four years. The disclosure was done by five (5) and two (2) companies, respectively.\par With three (3) publications, there was also a consistency of one (1) Spanish company and five (5) Brazilian. This fact practically repeats the number of companies with two (2) report publications, which includes one (1) Spanish company and six(6) Brazilian. Portugal has two (2) companies that started to publish in 2009 and because of this they have only one publication.\par In the Brazilian group, three (3) of them published a report only once \hyperref[b0]{(1)} and show discontinuity of dissemination in the GRI.\par Various companies have published the indicators' index, and its equivalent with the principles of the Global Compact. Some companies identify the indicator in the text of the page indicated in the index. However, there are still inconsistencies in this type of information in the reports surveyed.\par The reports of the companies with more experience in disclosure show specific identification of the indicator in the report text and in the index. It is worth mentioning here the reports of Endesa (in Brazil and in Spain) and Iberdrola (in Brazil and in Spain) and the following companies: Companhia Energética de Minas Gerais (CEMIG), Energias do Brasil, Companhia de Transmissão de Energia Elétrica Paulista (CTEEP), AES Eletropaulo e Companhia Paulista de Força e Luz (CPFL) located in Brazil.\par As for the identification of stakeholders for companies, there is a striking similarity between what is regarded as disclosure in Brazil and in the Iberian Peninsula. The analysis was conducted in 2008, considering a sample of 18 Brazilian companies and 8 Iberian companies. The shareholders/investors, consumers/clients, employees and community/society in general are the priority stakeholders. But it is not told how these stakeholders communicate their business interests.\par The report lists the group of stakeholders, which is identified as being priorities for the sustainable management of the company. However, it is not known how these stakeholders communicate their interests to the companies.\par It is important to mention that Brazil adopts a non-mandatory model of environmental disclosure whereas Portugal and Spain use a mandatory model. However, the structure of the GRI report, and its voluntary publication, show some similarly in all three countries.\par This suggests that the use of GRI indicators favours a process of uniformity in the disclosure of environmental information. \section[{b) Correspondence analysis}]{b) Correspondence analysis}\par To examine whether there is a relationship between the country where a company is located (variable country) and the environmental information disclosure level (variable EIDL) the CA and the division in quartiles were used. The content analysis reveals that the maximum EIDL value of the sample is one, and the minimum is zero. A value of zero shows that the company has failed to publish a particular indicator.\par The results given in Table \hyperref[tab_7]{5} highlight a balance between the bad and regular, and good and very good categories. It is clear, in Table \hyperref[tab_7]{5}, that there is an even distribution of results between the two pairs of categories. This means that the sum of 'bad' and 'regular' categories in percentage terms (52,42\%) is almost the same as the sum of 'good' and 'very good' categories in the same percentage terms (47.58\%). The high number apparent in the bad category \hyperref[b30]{(33)} is explained by the number of non-published reports by the companies involved during the period of study. This has no individual qualitative representation because the first time the organizations published their GRI reports they were consistent in the publications and in the disclosure of their indicators and advanced in materiality. As 14 Brazilian companies did not publish any sustainability reports during the period under study, the "bad" category shows a result of 78.79\%.\par The very good category of 29 companies makes up 23.4\% of the total of the sample. Brazil is highlighted in this category with 15 reports, Spain with 12 and Portugal with 2. Considering each individual sample, Spain holds the leading position with 50\%, followed by Brazil with 17.9\% and Portugal with 12.5\% of the published reports.\par The graphical representation of the EIDL variables and country of the companies' location is presented in the perceptual map, Figure \hyperref[fig_4]{4}. Based on this graph, it is possible to see that the companies' disclosure level regarding the electric power sector in Brazil comes between regular and bad. While in Portugal it is between 'good' and 'bad', Spain shows results close to 'very good'.\par The performance of the Spanish companies is more balanced, focusing on good and very good. Spain has a law that enforces environmental disclosure. A large number of companies publish in accordance with the guidelines of the GRI and the energy sector is less concentrated in Spain than in Portugal.\par Brazilian companies produced 58 publications in the period, but already show a trend in the disclosures with very good disclosure level. In 2006 and 2007, there was a publication each year considered to be very good; in 2008 there were five (5) and in 2009, eight \hyperref[b6]{(8)}.\par Despite correspondence analysis not being able to explain a cause and effect relationship between variables, the historical context of the electricity sector in Brazil suggests that the use of environmental information for shareholders and investors, the performance of the regulatory agency (ANEEL) and government regulation in respect environment may be contributing to improve the performance of environmental disclosure in the sector in Brazil. The stakeholder analysis shows that the Brazilian market and the Iberian Peninsula have a focus on the shareholder/ investor. The participation of companies on the stock exchange contributes to an increase in the level of both social and environmental disclosure \hyperref[b8]{(Brown et al., 2009)}.\par V. \section[{Conclusion}]{Conclusion}\par Entities started to incorporate the philosophical concept of sustainable development into their strategies and to use the GRI indicators as a methodological approach to follow the environmental performance. The results obtained show that the Spanish companies' reports have a very good disclosure level, the Portuguese companies have level of disclosure that is regular and the Brazilian companies show values between regular and bad.\par Analysing the individual results over a period of time, it seems that Brazilian companies are in the process of improving their disclosure level, while the Iberian companies are maintaining theirs. This is because the number of Brazilian companies is higher than in relation to the Iberian Market, due to the diversity in its geography and the number of its consumers.\par The identification of priority stakeholders to the companies is similar in all three countries. As for companies' communication processes with these stakeholders some similarities have been noted. The main communication channels in use are the telephone, e-mail and/or the use of websites. The conclusions are limited to the sample and the period under study and to the methodology used. It is important to note that the results obtained are site-and industry-specific, and therefore should not be generalized. Nevertheless, they have the merit of serving as the grounds for future research into environmental disclosure in other sensitive industries and might also influence the regulatory policy in the electricity sector VI. \section[{Global Journal of}]{Global Journal of}\begin{figure}[htbp] \noindent\textbf{}\includegraphics[]{image-2.png} \caption{\label{fig_0}}\end{figure} \begin{figure}[htbp] \noindent\textbf{12}\includegraphics[]{image-3.png} \caption{\label{fig_1}Figure 1 :Figure 2 :}\end{figure} \begin{figure}[htbp] \noindent\textbf{}\includegraphics[]{image-4.png} \caption{\label{fig_2}}\end{figure} \begin{figure}[htbp] \noindent\textbf{1}\includegraphics[]{image-5.png} \caption{\label{fig_3}1 Global}\end{figure} \begin{figure}[htbp] \noindent\textbf{4}\includegraphics[]{image-6.png} \caption{\label{fig_4}Figure 4 :}\end{figure} \begin{figure}[htbp] \noindent\textbf{} \par \begin{longtable}{} \end{longtable} \par \caption{\label{tab_1}}\end{figure} \begin{figure}[htbp] \noindent\textbf{} \par \begin{longtable}{} \end{longtable} \par \caption{\label{tab_2}}\end{figure} \begin{figure}[htbp] \noindent\textbf{1} \par \begin{longtable}{P{0.2125\textwidth}P{0.2125\textwidth}P{0.2125\textwidth}P{0.2125\textwidth}} 2006\tabcellsep 2007\tabcellsep 2008\tabcellsep 2009\end{longtable} \par {\small\itshape [Note: Source: Own computations.]} \caption{\label{tab_3}Table 1 :}\end{figure} \begin{figure}[htbp] \noindent\textbf{2} \par \begin{longtable}{P{0.14887005649717514\textwidth}P{0.07683615819209039\textwidth}P{0.09124293785310734\textwidth}P{0.08163841807909604\textwidth}P{0.096045197740113\textwidth}P{0.08163841807909604\textwidth}P{0.096045197740113\textwidth}P{0.08163841807909604\textwidth}P{0.096045197740113\textwidth}} \tabcellsep 2006\tabcellsep \tabcellsep 2007\tabcellsep \tabcellsep 2008\tabcellsep \tabcellsep 2009\tabcellsep \\ Country\tabcellsep GRI\tabcellsep Electric\tabcellsep GRI\tabcellsep Electric\tabcellsep GRI\tabcellsep Electric\tabcellsep GRI\tabcellsep Electric\\ \tabcellsep \tabcellsep Sector\tabcellsep \tabcellsep Sector\tabcellsep \tabcellsep Sector\tabcellsep \tabcellsep Sector\\ Brazil\tabcellsep 18\tabcellsep 8\tabcellsep 32\tabcellsep 21\tabcellsep 71\tabcellsep 20\tabcellsep 67\tabcellsep 15\\ Portugal\tabcellsep 6\tabcellsep 2\tabcellsep 18\tabcellsep 2\tabcellsep 25\tabcellsep 2\tabcellsep 28\tabcellsep 4\\ Spain\tabcellsep 120\tabcellsep 6\tabcellsep 128\tabcellsep 7\tabcellsep 138\tabcellsep 6\tabcellsep 118\tabcellsep 6\\ Total\tabcellsep 144\tabcellsep 16\tabcellsep 178\tabcellsep 30\tabcellsep 234\tabcellsep 28\tabcellsep 213\tabcellsep 25\end{longtable} \par \caption{\label{tab_4}Table 2 :}\end{figure} \begin{figure}[htbp] \noindent\textbf{3} \par \begin{longtable}{P{0.31430868167202575\textwidth}P{0.18038585209003213\textwidth}P{0.3553054662379421\textwidth}} Aspect\tabcellsep Brazil\tabcellsep Iberian Peninsula\\ Geographic area of the\tabcellsep Huge territorial extension. Brazil\tabcellsep Small territorial extension.\\ country of origin.\tabcellsep 8.511.965 Km².\tabcellsep Portugal: 92.389 Km² and Spain\\ \tabcellsep \tabcellsep 504.782 Km².\\ Number of consumers (*) in\tabcellsep 63.892.929\tabcellsep Portugal: 6.316.180 and Spain:\\ the country.\tabcellsep \tabcellsep 23.759.685.\\ Quantity of companies listed in\tabcellsep 23\tabcellsep 10\end{longtable} \par \caption{\label{tab_5}Table 3 :}\end{figure} \begin{figure}[htbp] \noindent\textbf{4} \par \begin{longtable}{P{0.021266614542611414\textwidth}P{0.03854573885848318\textwidth}P{0.7283815480844409\textwidth}P{0.06180609851446442\textwidth}} \tabcellsep \tabcellsep \tabcellsep Year 2015\\ \tabcellsep \tabcellsep Environmental Performance Indicators\tabcellsep \\ \tabcellsep \tabcellsep Aspect: Materials\tabcellsep \\ Core Core\tabcellsep EN1 EN2 EN3 EN4 EN5\tabcellsep Materials used by weight or volume Percentage of materials used that are recycled input materials Aspect: Energy Direct energy consumption by primary energy source Indirect energy consumption by primary source Energy saved due to conservation and efficiency improvements\tabcellsep Volume XV Issue IX Version I\\ Add Core Add Core SU\tabcellsep EN8 EN9 EN10 EN11 EN12 EU13 EN7\tabcellsep Aspect: Water Total water withdrawal by source Water sources significantly affected by withdrawal of water Percentage and total volume of water recycled and reused Aspect: Biodiversity Location and size of land owned, leased, managed in, or adjacent to, protected areas and areas of high biodiversity value outside protected areas Description of significant impacts of activities, products, and services on biodiversity in protected areas and areas of high biodiversity value outside protected areas affected areas Biodiversity of replacement habitats compared to the biodiversity of the achieved Initiatives to reduce indirect energy consumption and reductions\tabcellsep Global Journal of Management and Business Research ( B )\\ \tabcellsep EN13\tabcellsep Habitats protected or restored\tabcellsep \\ Add\tabcellsep EN14\tabcellsep Strategies, current actions, and future plans for managing impacts on biodiversity\tabcellsep \end{longtable} \par \caption{\label{tab_6}Table 4 :}\end{figure} \begin{figure}[htbp] \noindent\textbf{5} \par \begin{longtable}{P{0.3005524861878453\textwidth}P{0.21132596685082872\textwidth}P{0.11740331491712708\textwidth}P{0.05165745856353591\textwidth}P{0.07044198895027624\textwidth}P{0.09861878453038674\textwidth}} \tabcellsep \multicolumn{4}{l}{Environmental Information Disclosure}\tabcellsep Active\\ \tabcellsep \tabcellsep \multicolumn{2}{l}{Level (EIDL)}\tabcellsep \tabcellsep Margin\\ Country\tabcellsep Bad\tabcellsep Regular\tabcellsep Good\tabcellsep Very\tabcellsep \\ \tabcellsep \tabcellsep \tabcellsep \tabcellsep Good\tabcellsep \\ Brazil\tabcellsep 26\tabcellsep 29\tabcellsep 14\tabcellsep 15\tabcellsep 84\\ Portugal\tabcellsep 6\tabcellsep 3\tabcellsep 5\tabcellsep 2\tabcellsep 16\\ Spain\tabcellsep 1\tabcellsep 0\tabcellsep 11\tabcellsep 12\tabcellsep 24\\ Active Margin\tabcellsep 33\tabcellsep 32\tabcellsep 30\tabcellsep 29\tabcellsep 124\\ Source: Own computations.\tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep \end{longtable} \par \caption{\label{tab_7}Table 5 :}\end{figure} \begin{figure}[htbp] \noindent\textbf{} \par \begin{longtable}{P{0.2644444444444444\textwidth}P{0.5855555555555555\textwidth}} IAA\tabcellsep Institute of Accounting and Auditing\\ \multicolumn{2}{l}{MERCOSUR Mercado Comum do Sul}\\ MIBEL\tabcellsep Iberian Market of Electricity\\ OMEL\tabcellsep Operador de Mercado Elétrico\\ OMIP\tabcellsep Operador de Mercado Elétrico-Pólo Português\\ ONS\tabcellsep National Power System Operator\\ OR\tabcellsep Ordinary Regime\\ UNEP\tabcellsep United Nations Environmental Program\\ Year 2015\tabcellsep \\ 50\tabcellsep \\ Volume XV Issue IX Version I\tabcellsep \\ ( B )\tabcellsep \end{longtable} \par \caption{\label{tab_8}}\end{figure} \footnote{© 2015 Global Journals Inc. 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