UNDERSTANDING ESG SCORES BASED IN FINANCIAL GROUPS QUOTED IN THE MEXICAN STOCK MARKETS

Abstract

This research evaluates the ESG performance of six leading financial groups listed on the Mexican Stock Exchange (BMV): Grupo Financiero Banorte (GFNORTE), Regional SAB de CV (RA), Grupo Profuturo (GPROFUT), Value Grupo Financiero (VALUEGF), Grupo Financiero Multiva (GFMULTI), and Grupo Financiero Inbursa (GFINBUR). Utilizing the LSEG ESG Scores Plus methodology, the study analyzes 2023–2024 performance data across a standardized framework of 12 key themes and 220 indicators. The primary objective is to determine how these intermediaries manage material ESG risks and the extent to which their disclosures serve as a proxy for long-term management quality. The findings reveal a starkly bifurcated landscape within the Mexican financial infrastructure. Sector leaders, such as GFNORTE and RA, demonstrate high levels of transparency, with GFNORTE achieving an "A-" rating and ranking 1st out of 9 in the Mexico Banking Services category. Conversely, laggard firms like GFINBUR and GFMULTI receive "D" ratings, primarily driven by the "Transparency Penalty", a methodological mechanism that assigns scores of zero for non-disclosure. The analysis identifies that for the Banking Services industry, the social pillar carries the highest materiality weight at 49.6%, followed by Governance at 36% and Environmental at 14.4%. Furthermore, the study incorporates "Controversy Scores" to evaluate external perception risk, noting that while some laggards maintain high controversy scores due to a lack of public visibility, others—such as GFINBUR—are impacted by specific events, including an anti-competition investigation reported. By synthesizing these diverse data points, the research provides stakeholders with a comprehensive tool for risk-adjusted investment decision-making, emphasizing that a lack of disclosure represents a significant systemic risk in the current regulatory environment. The study concludes that while sector leaders are competitive on a global scale, the broader Mexican financial sector remains in a state of ESG immaturity, requiring accelerated adoption of standardized reporting to maintain market liquidity.