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ESG Development in Fibras update

This week we are publishing our updated ESG Development Heatmap for FIBRAs. As some of you may remember, last year we published a series of heatmaps per industry covering all the Mexican market with the idea of showing how advanced publicly listed companies were in two fronts: ESG strategy development and ESG communication. In the end we compiled all heatmaps into an in-depth ESG report of the Mexican equities market (which you can read here).

As by now most companies have published their annual integrated or sustainability reports, we think it’s a good idea to start to refresh our heatmaps and see how much progress each industry is doing. As last year, we start with FIBRAs.

A brief reminder first. Our sector heatmaps are based exclusively on information that is publicly available. In them, we look at:

  • ESG Strategy: we will measure if there is a formal ESG strategy developed (or in the process of being developed) and whether this strategy is aligned to global initiatives (such as the UN’s SDGs, TCFD, etc.).
  • ESG Communication: we will measure how transparent is the communication regarding ESG and whether the company is reporting under recognized standards.


So, how are FIBRAs doing this time?

* Note: we are excluding Fibra SOMA from this table since its IPO was this past February and there is no annual report yet.

A few things to note:

  1. Bottom line: there is a massive improvement vs. last year on this heatmap.
  2. 60% of the sector has a recent materiality analysis. This compares to 27% as of last year.
  3. 87% of the FIBRAs produced an annual sustainability or integrated report this year. This compares to 27% as of last year.
  4. There are 2 FIBRAs which now publicly disclose KPIs for all their material topics (Fibra HD, Terrafina), and 5 more who partially disclose KPIs for some material topics. Last year we only had 3 FIBRAs partially disclosing some KPIs.
  5. 60% of the sector now has an ESG Committee or dedicated team. Last year it was only 27%.
  6. 73% of the FIBRAs have mapped their contributions to SDGs by now. Last year it was only 27%.
  7. 47% of the FIBRAs report their climate strategy under TCFD’s framework. Last year only 1 (7%) did.
  8. There are now 4 signatories of the UN’s Global Compact as of this year (vs. 1 last year).
  9. 53% of the FIBRAs are reporting SASB’s indicators by now (vs. 13% last year).
  10. External verification is still not that frequent (only 4 FIBRAs go through this process).


Overall, the trend in this sector seems very promising. Not only are FIBRAs disclosing more things, but they seem to be following a formal path towards maturing their ESG efforts (we say this because we are seeing many materiality analyses and many more KPIs involved in the process). They have also seem to have listened to investors when they publicly asked Mexican issuers to follow SASB and TCFD. We look forward to see what the sector achieves next.

I hope you found this interesting. As usual, if there is anything we can help you with, please let us know.



CEO, Miranda ESG

Contacts at Miranda Partners

Damian Fraser
Miranda Partners

Marimar Torreblanca
Miranda ESG