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ESG Heatmaps Leaders and Laggards

Hope you are doing well and a happy new year! Welcome back to our brief thoughts on ESG.

As in previous years, following the completion of our ESG Development Heatmaps update, we aim to provide an overview of the leading and lagging companies by sector for the 2022 reporting season.

Before delving into the details, a brief reminder about our ESG Development Heatmaps… Assessing and comparing ESG performance across companies in diverse industries, or even within the same industry but with distinct business models, presents significant challenges. It’s essential for companies to prioritize their material topics, i.e., the sustainability issues most pertinent to their stakeholder groups within their respective sectors. Consequently, certain industries will be more mature in specific ESG areas compared to others. Therefore, when evaluating companies based on specific ESG criteria, there’s an inherent bias toward industries more closely associated with those criteria. In our heatmaps, we strive to mitigate this bias by emphasizing the process of developing an ESG strategy alongside the communication efforts regarding ESG initiatives.

Acknowledging this, it’s important to note that merely fulfilling numerous ESG development criteria doesn’t necessarily translate to effective implementation of ESG principles in day-to-day operations. Conversely, companies that may not fulfill all these criteria might still excel in their ESG endeavors while potentially lacking in communication efforts.

Without further delay, we extend our congratulations to all the companies listed as leaders in the tables below!

Mexico – ESG Strategy Development Leaders and Laggards by Industry

How does this compare to last year?

While the line-up remained unchanged for many sectors, there were some notable exceptions in ESG Development:

  • FIBRA Hotel caught up with FIBRA Uno as a leader within the FIBRAs sector.
  • Peñoles joined Grupo México at the top of the Metals & Mining sector.
  • Televisa joined América Móvil as a leader in the Telcos & Media sector.


Mexico – ESG Communication Leaders and Laggards by Industry

How does this compare to last year?

Communication efforts have improved across numerous sectors, leading to several instances where multiple companies are neck and neck at the forefront.

  • Liverpool joined Elektra and City Express at the top of the Consumer Discretionary sector.
  • Chedraui joined fellow leaders in Consumer Staples.
  • Fibra Monterrey and Fibra Inn caught up with the other leaders in FIBRAs.
  • Cuervo and Arca Continental caught up with FEMSA as leaders in the Food & Beverages sector.
  • GAP joined G. México Transportes and Traxión as a leader in the Transportation sector.


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