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ESG Development in Mexican Telcos & Media

This week, we are sharing our ESG Development Heatmap for one new sector in Mexico: Telcos & media. As in the past, we only focused on (1) companies listed in the Mexican Stock Exchange and (2) publicly disclosed materials.

Telcos & Media


What can we read from this heatmap?

  1. Only 4 (or 44%) of these companies have done a materiality analysis.
  2. None of these companies publicly discloses KPIs for all their material topics.
  3. All the companies that have materiality analyses have a dedicated team or committee for ESG and they are aligned with UN’s SDGs and are signatories of the UN Global Compact.
  4. No company in this sector is aligned with TCFD.
  5. Only 1 company in the sector is aligned with Science Based Targets.
  6. Only 3 companies (33%) are aligned with CDP.
  7. All 4 companies with materiality analyses published an integrated or sustainability report in 2019; none of the other companies did.
  8. Only 2 of these reports had external verification.
  9. All 4 reports were done under GRI’s methodology and only 2 included SASB’s indicators.


The Telcos & Media sector is dichotomized. There are four companies which have relatively good (or very good) progress in both ESG Strategy and ESG Communication, and then there are five companies who have done very little (or nothing). Obviously, this is closely correlated to how visible or liquid the stocks are (or how long they have been around). We believe ESG is a great tool not only for big and visible public companies, but also for smaller companies who can benefit from recognizing additional risks and opportunities in their business plans (and we honestly think all companies can benefit from this).

I hope you found this interesting. As usual, if there is anything we can help you with, please reach out.



Partner, Miranda ESG

Contacts in Miranda Partners

Damian Fraser
Miranda Partners

Marimar Torreblanca
Miranda ESG