ESG Development in Metals & Mining and Other Financials 2023 update

This week, we come back to our ESG Development Heatmaps updates, focusing this time on Mexican Metals & Mining and Other Financials. As we have always done, we focused only on (1) companies listed on the Mexican stock exchanges and (2) the materials publicly disclosed by those companies.

Metals & Mining  Source: Publicly available company materials 

Other Financials

 Source: Publicly available company materials 

What can we learn from these heatmaps?

• There was little change overall in both sectors.
• External verification of sustainability information is still not a common practice in either sector.

• Fresnillo, Grupo Mexico, and Peñoles updated their materiality analyses.
• Fresnillo now has KPIs clearly identified for all of its material topics.
• Bolsa Mexicana de Valores has not updated their materiality analysis since 2020. Gentera and Quálitas both updated theirs in 2023.
• Gentera is now aligned with Science Based Targets.

Both sectors are relatively small and with a clear differentiation between companies that work on sustainability strategies and companies that don’t (which has been the case for some time now). While some companies enhanced their governance and reporting practices, improvements were thus relatively minimal. We still see opportunities to strengthen ESG commitments in most of these companies. Hopefully next year there will be more movement.

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.

Best,

Marimar

CEO, Miranda ESG