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ESG Development in Construction update

This week, we are coming back to our ESG Development Heatmaps updates, focusing on the Mexican Construction sector. As we have always done, we focused only on (1) companies listed on the Mexican stock exchanges (BMV and BIVA) and (2) the materials publicly disclosed by those companies.



Source: Publicly available company materials

What can we read from this heatmap?

  1. Three companies (Aleatica, IDEAL, and Vesta) updated their materiality analyses this year. ARA published one for the first time.
  2. Vesta published formal goals for all the KPIs they identified last year for each material topic. It is now the first and only company in this sector to have a complete set of KPIs and KPI goals.
  3. Javer improved its TCFD disclosures.
  4. PINFRA made an overall effort to improve its ESG disclosures directly on its webpage and aligned some of its initiatives to the United Nation’s SDGs. It still has not carried out a formal materiality analysis and/or published a sustainability report.
  5. IDEAL published SASB indicators for the first time.


There were improvements in the amount and quality of the information disclosed by some of this sector’s players, as well as on the use of materiality analyses. Having said that, we still see significant room for improvement in the space with a few companies making no progress yet.

We congratulate Vesta on publishing a complete set of KPIs and KPI targets for its material topics, and we will be on the look for further advancements during the 2023 annual reporting season.

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