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ESG Development in Non-Bank Financials

This week, we are coming back to our ESG Development Heatmap updates, this time focused on the Non-Bank Financials sector in Mexico. As usual, we only focused on (1) companies listed in the Mexican stock exchanges and (2) publicly disclosed materials.


Non-Bank Financials 

Source: Publicly available company materials.

* Unifin has disclosed that it has done a materiality analysis, but the results are not yet publicly available. 


What can we see from this heatmap?

In a sector where over half of the companies already have relatively mature ESG strategies, we did see some improvements over the past year on the margin.

  • Notably, Gentera became the first company in the sector to publish KPIs for all its material topics.
  • Having said that, no company has publicly disclosed goals for all their ESG KPIs.
  • Furthermore, the BMV and Gentera joined Qualitas in reporting an analysis under TCFD’s framework. This means that 50% of the sector now does this.
  • Qualitas was the first company in this sector to submit its Climate Change CDP questionnaire.
  • Unifin made multiple ESG policies publicly available on its webpage.
  • Finally, the BMV reported under GRI and SASB standards for the first time. 67% of the sector now reports under both standards.


Despite the progress made so far, there is still room for improvement in this sector. It will be important to see if companies refresh their materiality analyses next year, as some of them are still from the pre-pandemic era.

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