Miranda ESG: The development of sustainability in the Mexican equities market


New report from Miranda ESG on the development of sustainability in the Mexican stock market


  • The mining-metallurgical, energy and non-discretionary consumer sectors, the most mature in implementing ESG strategies; suppliers of commercial services and FIBRAS, the least mature


Mexico City, January 6th, 2021.- In a new report on ESG in Mexico, Miranda ESG has identified the Mexican companies listed on the stock exchange that are most advanced  in ESG (Environmental, Social and Corporate Governance) issues, as well as those that still have a lot to do.

Because we believe that all publicly traded companies will eventually need to demonstrate at least minimal ESG effort, in this report we present our ESG Development Heatmaps to analyze where these companies currently stand in this area and how they compare against each other.

We understand that there are companies that check many ESG boxes but are not necessarily integrating ESG strategies into their day-to-day operations. At the same time, there are companies that do not check these boxes, but in practice are doing great things on ESG and are not communicating it. However, we think that analyzing how formal the process of developing an ESG strategy is in companies, which global ESG initiatives they are aligned to, as well as how transparent they are on these issues, yields interesting conclusions.

We see a lot of room for improvement in ESG development in the Mexican market. We believe that eventually most companies will have to catch up as AFOREs get more serious about ESG integration and global funds increase pressure on this front.

Main findings:

  • Banorte, Orbia, Vesta, Citi Express, Sports World, Walmex, IENOVA, Fibra Uno, Bimbo, Genomma Lab, Cemex, Fresnillo, Crédito Real, América Móvil and Aeroméxico are the companies that lead ESG strategies in the Mexican market.
  • The most ESG-mature sectors in Mexico are mining-metallurgy, followed by energy and non-discretionary consumption; the least ESG-mature sectors in Mexico are commercial service suppliers, followed by FIBRAs.
  • No company in the market has made its KPIs (key indicators) public for all its material topics, as well as its objectives or goals.


Miranda Newswire – Read the full report here: Download PDF


For more information or to request an interview with Marimar Torreblanca, CEO of Miranda ESG, please contact:


Ana Gabriela Jiménez Cubría

Sr. Analyst

Phone: +

E-mail: gabriela.jimenez@miranda-partners.com


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