Between 2012 and 2014 the regulator issued a Norm requiring issuers to answer a questionnaire related with corporate governance practices in a "comply or explain" mode. This article studies the answers given by 97 issuers for those years. This article first verifies whether the practices included in the questionnaire are considered "useful", this is, if they were adopted and/or whether the answers evolved through time. Then, the article analyzes whether the answers were explicit and informative. Although there are differences between categories, on average 65% of the practices evaluated were adopted, of which 59% were adopted before the Norm. In addition, the information contained in the answers seems to be standardized and scarce, suggesting formal and not necessarily actual compliance. Questionnaire answers also indicate few reported changes in governance practices as a consequence of this Norm.