NCG 461 of Chile's CMF (integrated annual report)

General Rule No. 461 (NCG 461) is the instruction with which Chile's Financial Market Commission (Comisión para el Mercado Financiero, CMF) rewrote the annual report of securities issuers. It was issued on 12 November 2021, replaced the content of section 2.1.C.2 of General Rule No. 30 and repealed NCG 385 of 2015. The result is what Chile calls the integrated annual report: a single document where financial information sits alongside corporate governance, people, suppliers and sustainability.

NCG 461 is not a voluntary reporting standard. It is binding regulation for entities supervised by the CMF, and non-compliance is a supervisory matter.

Who it applies to, and when

The rule covers issuers registered in the Securities Registry kept by the CMF. It came into force in stages according to entity size, measured by consolidated total assets at the start of the reported financial year and expressed in unidades de fomento (UF).

The third group was originally set at 31 December 2024, and NCG 519 pushed it back by one year to 31 December 2025.

How and when it is filed

The report is prepared and submitted as a PDF through the CMF's SEIL module. Certain metrics are filed separately, in the form the Commission provides within that same module.

• Publicly held corporations: the report must be available no later than the date of the first notice convening the ordinary shareholders' meeting, and made available to shareholders at that same time.
• Other entities: the report is filed and made publicly available within four months of the financial year end.

The report must also be published on the entity's website where it has such means.

What it requires

The minimum content is organised into numbered sections. The ones that generate most data work are these:

• Entity profile and corporate governance, including the composition and functioning of the board.
• Risk management: the rule requires a description of the risk management framework and, explicitly, of physical and transition risks related to climate change over the short, medium and long term, along with the opportunities, their impact on operating costs, revenue, use of capital and access to financing, and the scenarios used, if any.
• Strategy, people, business model and supplier management.
• Legal and regulatory compliance indicators, with an environmental section requiring disclosure of environmental compliance models or programmes, the number of final sanctions in the Public Sanctions Registry of the Superintendency of the Environment, total fines, and the status of compliance programmes and environmental damage repair plans.
• Industry-specific sustainability indicators, based on SASB metrics and the SICS industry classification.
• Material events, shareholder and directors' committee comments, and financial reports.

How it relates to SASB and to IFRS S1 and S2

This is the most important change of recent years. NCG 519, issued on 28 October 2024, amended NCG 461 in two stages.

In force since 2024: a dedicated sustainability section

NCG 519 created a specific sustainability section within the report, with two blocks:

• SASB metrics: entities must report the metrics that are material for their industry, in line with the SASB standard in force on 1 January of the reported year, using the SICS classification the board deems most appropriate. Each metric is identified with its SASB code and, for monetary values, expressed in millions of the same currency as the financial statements. Where a metric cannot be estimated, the reasons must be stated.
• Independent verification: entities must disclose whether a third party verified their sustainability information, which set of information was verified, and which standard was used.

From 31 December 2026: IFRS S1 and IFRS S2

NCG 519 introduced, with deferred effect, the obligation to report in accordance with IFRS S1, general requirements for sustainability-related financial disclosures, and IFRS S2, climate-related disclosures, both issued by the ISSB and covering the same annual period as the report.

That obligation enters into force on 31 December 2026 and applies to reports covering the 2026 financial year, meaning those prepared during 2027. Entities may adopt it early on a voluntary basis, stating so explicitly in the report. In the first period of application, the transition regime provided by the standards themselves applies, and the entity must describe it.

A frequently confused point: IFRS S1 and S2 do not replace SASB metrics in the Chilean report. NCG 519 adds the IFRS standards as a new block and moves SASB and independent verification down. They coexist.

And TCFD

The original text of NCG 461 explicitly named the TCFD as a reference for climate risk management. NCG 519 replaces that list with COSO, COBIT and ISO, consistent with the fact that the TCFD task force was disbanded in 2023 and its recommendations were absorbed into IFRS S2. If your report still describes the TCFD as an independent framework the entity adheres to, that wording needs updating.

Frequently asked questions

What exactly is the integrated annual report?

It is the annual report of securities issuers with the minimum content set by NCG 461, combining financial, corporate governance, people, supplier and sustainability information in a single document.

When does IFRS S1 and S2 reporting start in Chile?

From 31 December 2026, applying to reports covering the 2026 financial year. Early adoption is voluntary and must be stated explicitly.

Are SASB metrics still mandatory?

Yes. Material SASB metrics by sector, using the SICS classification, remain a distinct block within the sustainability section of the report.

Does NCG 461 require external assurance of sustainability information?

It does not impose mandatory verification, but it does require disclosure of whether verification took place, over what information and against which standard. In practice that pushes entities to keep documentary traceability for every reported figure.

For the operational walkthrough, read our practical NCG 461 compliance guide. At Manglai we help gather and trace the environmental data the report requires. Start with our carbon footprint solution.