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ESG Development in Construction & Commercial Services Supplies update

This week, we are updating our ESG Development Heatmaps for two more sectors in Mexico: Construction and Commercial Services Supplies. As in the past, we only focused on (1) companies listed in the Mexican Stock Exchange (using the stock exchange sector classification) and (2) publicly disclosed materials.



Commercial Services














So, what can we read from these heatmaps?

  1. Construction

a. There was a 23% increase in SASB reporting in this sector. There were no companies reporting under this standard last year, and in 2020 three companies did (CADU, Vesta, Vinte).

b. Two more companies became UN Global Compact signatories (CADU, Vinte), representing a 15% increase year-on-year. This adds up to five companies in total.

c. Environmental program disclosure improved somewhat, with both Aleatica and Javer offering greater detail in their efforts in this area.

d. We saw some progress in materiality analyses and TCFD reporting, with Aleatica publicly disclosing its material topics and Vesta aligning with TCFD for the first time.

  1. Commercial Services

a. There was zero progress in this sector across all the things we look for.


Most progress within the Construction sector was done by the same four or five companies which have cared about ESG so far, roughly one third of the sector. We think the increase in SASB reporting reflects an effort to disclose information aligned with investors’ needs. Interestingly all 3 companies that fully disclose their SASB indicators have raised money (either through debt or equity) recently. On the other hand, the lack of progress in the Commercial Services sector may be due to less liquid stocks not yet feeling the pressure from institutional investors, which as of next year will increase given the regulatory push Afores will have. Overall, both sectors still have a lot of room for improvement in terms of ESG strategies and communication.

I hope you found this interesting. As usual, if there is anything we can help you with, or if there is an ESG topic you would like to know more about, please let us know.



CEO, Miranda ESG

Contacts at Miranda Partners

Damian Fraser
Miranda Partners

Marimar Torreblanca
Miranda ESG