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ESG Development in Telcos & Media / Metals & Mining update

This week, we are continuing with the updates we’ve been making to our ESG Development Heatmaps, analyzing the progress for two sectors: Telcos and Media and Metals and Mining. As we have done before, we only focused on (1) companies listed in the Mexican Stock Exchange (BMV) and (2) publicly disclosed materials.


Telcos & Media


Metals & Mining


















What can we read from these heatmaps?

  1. América Móvil was the only company in the Telcos & Media sector to update its materiality (which dated back to 2017), along with Fresnillo in the Metals & Mining sector (which had an analysis from 2018).
  2. Although progress in the publishing of material topic KPIs was visible in both sectors, there are yet to be any companies with a complete set of performance indicators for all their material topics.
  3. In terms of global standards and initiatives (SDGs, TCFD, SBTi, CDP, and UNGC), the only change was that Grupo México carried out its TCFD assessment in 2020. This means that 40% of the Metals & Mining sector has now undergone this process.
  4. Megacable incorporated an ESG section to its Annual Report, which slightly improved the overall disclosure of ESG topics in the Telcos & Media sector.
  5. Grupo México and Peñoles started reporting under SASB standards, representing 40% of the Metals & Mining sector. No companies in this sector had done so last year.


As we have seen in other sectors, there are a few companies in these sectors with rather illiquid stocks, and potentially less pressure from external stakeholders and investors to push their ESG strategies forward. That being said, it was good to see that the adoption of both SASB standards and TCFD assessments is growing in the Metals & Mining sector, which is a carbon-heavy industry.

We believe it is likely the Telcos & Media sector will continue to see little progress in the companies that are not so market oriented, and continue to have sustainability leaders in the companies that are more present (such as AMX and Televisa).

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