ESG Development in Mexican Metals & Mining / Non Bank Financials update

This week, we come back to our ESG Development Heatmaps updates, focusing this time on the Mexican Metals & Mining, and the Non-Bank Financials sectors. 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: Companies’ publicly available materials

Non-Bank Financials

Source: Companies’ publicly available materials

What can we read from these heatmaps?

• The Metals & Mining sector saw no change this year.
• Bolsa Mexicana de Valores is aligned with Science Based Targets for the first time.
• Qualitas now clearly identifies KPIs for each material topic.
• Qualitas is no longer aligned with the CDP.

In sum, both sectors remain relatively small, with a clear gap between companies that have long embedded sustainability into their strategies and those that have not. Although some companies strengthened their governance and reporting, there is still room for companies to deepen their ESG commitments, and we hope to see more this year.

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