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ESG Development in Materials update

This week, we return to our ESG Development Heatmaps updates, focusing this time on the Mexican Materials sector. As we have done previously, we have focused only on (1) companies listed on the Mexican stock exchanges and (2) the materials publicly disclosed by those companies.



Source: Publicly available company materials.


What can we see in this heatmap?

  • Grupo Cementos de Chihuahua (GCC), Moctezuma, and Pochteca updated their materiality analyses. Furthermore, Lamosa did its first materiality analysis, and Tenaris publicly shared its results for the first time (although the analysis had been carried out in 2020).
  • GCC joined Tenaris in publishing KPIs for all its material topics.
  • Collado published a 2021-2022 progress report on the UN Global Compact, providing more detail than it had previously on its sustainable initiatives.
  • No company in this sector has published goals for all their ESG KPIs.
  • More than half of the sector now has an ESG committee or dedicated team (53%). This was a 20% increase vs. last year.
  • An additional third of all companies aligned their reporting and strategies to CDP.
  • Cydsa, GCC, and Tenaris externally verified their reports. This makes a total of 5 companies following this best practice (vs. 2 companies last year).
  • 47% of the sector now reports at least some SASB metrics (Cydsa, GCC, Moctezuma, and Pochteca did this for the first time), vs. 20% last year.


It is positive to see progress in this sector again, especially since it is a relatively mature sector for ESG purposes already. Thus, for this to happen, companies with strong ESG strategies and communication upheld their efforts, while others that still had some room for growth continued to take steps towards greater alignment to international best practices.

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