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[null,"Prepared By:","Contributors:"]
[null,"Basham, Ringe Y Correa, S.C.","Gerson Vaca Avendaño"]
[null,null,"Daniela Sofia Garza Aguirre"]
[null,null,"Catalina Flores Garza"]
[null,null,"Pablo Nosti"]
["ESG Latin America & the Caribbean Guide 2024 | Charting Sustainable Futures",null,"Fernando Osante Kretchmar"]
[null,null,"Victor Barajas"]
["Report Generated: 5/2/2025",null,"Manuel Zarate"]
[null,null,"Ian Montes"]
["View your report results on next tab",null,"Juan C. Serra"]
[null,null,"Luisa Fernanda Torres Hernández"]
[null,null,"Luis Antonio Alvarez Cervantes"]
[null,null,"Jimena Irais Olivera Palazuelos"]
[null,null,"Gustavo Baron Poblete"]
[null,null,"Moises Flores Gomez"]
[null,null,"Pedro Said Nader"]
[null,null,"Valeria Couttolenc"]
[null,null,"Diana Cristina Rangel León"]
[null,null,"Pablo Chevez"]
[null,null,"Renata Denisse Bueron"]
[null,null,"Cesar Eduardo Castañeda Montiel"]

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["Question","Mexico"]
["Social"]
["ESG Regulation related to stakeholder well-being and social impact."," Laws/regulations concerning stakeholder well-being and social impact include: \n \n Mexican Constitution Both, the Mexican Constitution and the Federal Labor Law , expressly prohibit to carrying out of any conduct/practice that may be considered as \"discriminatory\" based on ethnic or national origin, gender, age, disabilities, social status, health conditions, religion, opinions, sexual preferences, marital status or any other that violates human dignity and has the purpose of nullifying or impairing the rights and freedoms of individuals, including to determine any kind of conditions that imply discrimination among employees, such as refusing to accept candidates based on any of the aforementioned characteristics and/or any other criteria that may give rise to a discriminatory act. \n Federal Labor Law Both, the Mexican Constitution and the Federal Labor Law , expressly prohibit to carrying out of any conduct/practice that may be considered as \"discriminatory\" based on ethnic or national origin, gender, age, disabilities, social status, health conditions, religion, opinions, sexual preferences, marital status or any other that violates human dignity and has the purpose of nullifying or impairing the rights and freedoms of individuals, including to determine any kind of conditions that imply discrimination among employees, such as refusing to accept candidates based on any of the aforementioned characteristics and/or any other criteria that may give rise to a discriminatory act. \n Federal Law to Prevent and Eliminate Discrimination The Federal Law to Prevent and Eliminate Discrimination provides a clear definition of “Discrimination”, which is considered discriminatory practices and the participation of the Mexican Federal Government to prevent and eliminate any kind of discrimination in all its forms. \n \n The scope of the application is Federal. "]
["ESG Regulation concerning non-discrimination."," Laws/regulations concerning non-discrimination include: \n \n Mexican Constitution \n Federal Labor Law \n Convention on the Rights of Persons with Disabilities \n Equal Remuneration Convention \n Federal Law to Prevent and Eliminate Discrimination \n General Law for the Inclusion of Individuals with Disability \n General Law for Equality between Women and Men \n Law on the Rights of Elderly Individuals \n Mexican Standard (NMX-R-025-SCFI-2015) for Labor Equality and non-discrimination in the workplace \n Mexican Standard (NMX-R-025-SCFI-2012) for Labor Equality between Women and Men \n \n Each of the legal laws and regulations listed above includes specific provisions related but not limited to, the rights of people with disabilities, senior citizens, gender equity, and discrimination, among others, primarily aimed to promote diversity, inclusion and equity in all its forms, as well as eliminating any practice that violates fundamental rights of these sectors. \n The scope of the application is Federal. "]
["ESG Regulation pertaining to the prevention of modern slavery."," Laws/regulations concerning non-discrimination include: \n \n Mexican Constitution \n Federal Labor Law \n Convention on the Rights of Persons with Disabilities \n Equal Remuneration Convention \n Federal Law to Prevent and Eliminate Discrimination \n General Law for the Inclusion of Individuals with Disability \n General Law for Equality between Women and Men \n Law on the Rights of Elderly Individuals \n Mexican Standard (NMX-R-025-SCFI-2015) for Labor Equality and non-discrimination in the workplace \n Mexican Standard (NMX-R-025-SCFI-2012) for Labor Equality between Women and Men \n \n Each of the legal laws and regulations listed above includes specific provisions related but not limited to, the rights of people with disabilities, senior citizens, gender equity, and discrimination, among others, primarily aimed to promote diversity, inclusion and equity in all its forms, as well as eliminating any practice that violates fundamental rights of these sectors. \n The scope of the application is Federal. "]
["ESG Regulation regarding Diversity, Equity, and Inclusion - DEI."," Laws/regulations concerning non-discrimination include: \n \n Mexican Constitution \n Federal Labor Law \n Convention on the Rights of Persons with Disabilities \n Equal Remuneration Convention \n Federal Law to Prevent and Eliminate Discrimination \n General Law for the Inclusion of Individuals with Disability \n General Law for Equality between Women and Men \n Law on the Rights of Elderly Individuals \n Mexican Standard (NMX-R-025-SCFI-2015) for Labor Equality and non-discrimination in the workplace \n Mexican Standard (NMX-R-025-SCFI-2012) for Labor Equality between Women and Men \n \n Each of the legal laws and regulations listed above includes specific provisions related but not limited to, the rights of people with disabilities, senior citizens, gender equity, and discrimination, among others, primarily aimed to promote diversity, inclusion and equity in all its forms, as well as eliminating any practice that violates fundamental rights of these sectors. \n The scope of the application is Federal. "]
["Regulation on ESG-linked compensation.","Not applicable.\n"]
["ESG Regulation for the protection of vulnerable or minority communities."," Laws/regulations concerning non-discrimination include: \n \n Mexican Constitution \n Federal Labor Law \n Convention on the Rights of Persons with Disabilities \n Equal Remuneration Convention \n Federal Law to Prevent and Eliminate Discrimination \n General Law for the Inclusion of Individuals with Disability \n General Law for Equality between Women and Men \n Law on the Rights of Elderly Individuals \n Mexican Standard (NMX-R-025-SCFI-2015) for Labor Equality and non-discrimination in the workplace \n Mexican Standard (NMX-R-025-SCFI-2012) for Labor Equality between Women and Men \n \n Each of the legal laws and regulations listed above includes specific provisions related but not limited to, the rights of people with disabilities, senior citizens, gender equity, and discrimination, among others, primarily aimed to promote diversity, inclusion and equity in all its forms, as well as eliminating any practice that violates fundamental rights of these sectors. \n The scope of the application is Federal. "]
["ESG Regulation for economic development of vulnerable or minority communities or groups.","Laws/regulations concerning the economic development of vulnerable or minority communities or groups include:\nElectric Industry Law (Ley de la Industria Eléctrica)\nSocial impact assessment, and consultations to take into account the interests and rights of communities and indigenous groups where electricity industry projects are developed.\nRegulations of the Electric Industry Law (Reglamento de la Ley de la Industria Eléctrica)\nConsultation with communities and indigenous groups, through their representative institutions and through appropriate procedures, in order to reach an agreement or obtain free and informed consent.\nMining Law (Ley de Minería)Regulations of the Hydrocarbons Law (Reglamento de la Ley de Hidrocarburos)\nPrior, free, informed, culturally appropriate and good faith consultation to obtain the consent of indigenous and/or Afro-Mexican communities.\nThe scope of the application is Federal.\n"]
["Regulation on Personal Data Protection, concerning data usage transparency, limits on data usage to prevent discrimination issues, and corporate digital responsibility."," Laws/regulations concerning Personal Data Protection include: \n \n Federal Law for the Protection of Personal Data Held by Private Parties (\"LFPDPPP\") Regulations to the Federal Law for the Protection of Personal Data Held by Private Parties (\"RLFPDPPP\") \n \n Any processing of personal data from natural persons must comply with the general principles and duties in this subject matter. For example, transparency requires providing a comprehensive document \"Privacy Notice\" where all usages of personal data must be clearly and specifically informed. and those purposes must be also, lawful (which prevents discrimination possibilities). Privacy and Data protection regulations may have strong obligations and consequences however, it will depend on a high percentage on the ethical responsibility and commitment of the organization to duly implement policies and train their personnel. \n The scope of the application is Federal. "]
["Environmental"]
["ESG Regulation related to climate change prevention or mitigation, specifically concerning carbon footprint or pollution measurement, decarbonization strategies, and/or mandates and strategies to achieve local carbon neutrality commitments"," Laws/regulations concerning climate change prevention or mitigation include: \n \n General Law on Climate Change, and its Regulation on the National Emissions Registry Its main objectives are to regulate the emissions of greenhouse gases and compounds, as well as actions for the mitigation and adaptation to climate change, and to promote the transition to a sustainable and low-carbon economy. The goal is to attain a 30% reduction in emissions by 2030 and a 50% reduction by 2050, compared to the emissions levels documented in the year 2000. These targets are in harmony with Mexico's obligations as per the Paris Agreement , demonstrating its dedication to global initiatives aimed at curbing greenhouse gas emissions. \n Carbon Neutrality Guide, published by the Mexican Stock Exchange The Carbon Neutrality Guide aims to develop a framework for analysis, implementation and disclosure of a carbon neutrality process for companies listed on the Mexican Stock Exchange, as well as companies interested in reducing and/or offsetting greenhouse gas emissions. \n \n The scope of the application of these laws is Federal. "]
["ESG Regulation regarding energy transition (requirements or promotion and use of new second-generation renewable energy sources such as solar, wind, tidal, H2, geothermal, among others).\n","Laws/regulations concerning energy transition include:\nEnergy Transition Law and its Regulations\nThe purpose of the \nEnergy Transition Law is to regulate the sustainable use of energy, as well as the obligations regarding Clean Energies and the reduction of polluting emissions of the Electricity Industry. The establishment of minimum benchmarks for the involvement of clean energy sources, including a mandatory threshold of 35% clean energy in electricity generation by 2024. Furthermore, the introduction of a \nTransition Strategy aimed at encouraging the adoption of cleaner technologies and fuels (\nEstrategia de Transición para Promover el Uso de Tecnologías y Combustibles más Limpios).\nBioenergy Promotion and Development Law (Ley de Promoción y Desarrollo de los Bioenergéticos)\nThe primary aim of this legislation is to foster the generation of bioenergy and advance the production, trade, and effective utilization of bioenergy to support the revitalization of rural areas, while simultaneously striving to reduce emissions of atmospheric pollutants and greenhouse gases.\nAgreement approving and publishing the National Program for the Sustainable Use of Energy 2020-2024 (Acuerdo por el que se aprueba y publica el Programa Nacional para el Aprovechamiento Sustentable de la Energía 2020-2024)\nThis instrument serves as a means by which the Federal Executive can initiate energy efficiency measures, projects, and activities aimed at encouraging the Public Administration to use energy more efficiently. It also promotes strategies to lower energy consumption in transportation, enhances institutional capabilities, and facilitates the development of energy efficiency initiatives at the state and municipal levels. Furthermore, it advocates for the adoption of best practices and the utilization of efficient technologies to enhance energy productivity and encourages energy-saving actions and the adoption of efficient technologies.\nThe scope of the application is Federal. \n"]
["ESG Regulation concerning electricity markets, carbon markets, or similar.\n"," Laws/regulations concerning electricity markets, carbon markets, or similar include: \n \n Electricity Industry Law and its Regulations. The purpose of the Electric Industry Law is to regulate the activities of the electric industry in order to promote its sustainable development. The core objective is to encourage sustainable growth within the electricity sector, ensuring its continued, efficient, and secure operation to benefit consumers. We are committed to upholding public service obligations, advancing clean energy initiatives, and mitigating harmful emissions. The infrastructure projects are firmly grounded in sustainability principles, with a strong emphasis on safeguarding human rights within the communities and regions where they are planned for development. Mexico is actively working on implementing mechanisms that facilitate the diversification of energy sources, enhance energy security, and promote the utilization of clean energy resources. The Ministry of Energy will define the obligations related to procuring Clean Energy Certificates and will put in place the necessary measures to align with our clean energy policy. \n Hydrocarbons Law and its Regulations The purpose of the Hydrocarbons Law and its Regulations is to regulate the activities of the hydrocarbons sector. Effective planning and control of oil and other hydrocarbon exploration and extraction processes with a focus on sustainability. \n Law of the National Agency for Industrial Safety and Environmental Protection of the Hydrocarbons Sector The Law of the National Agency for Industrial Safety and Environmental Protection of the Hydrocarbons Sector seeks to create such a decentralized body, which issues provisions that regulate activities in the hydrocarbons sector.  \n Securities Market Law Through a reform project currently under discussion in the Chamber of Deputies, it is proposed to introduce Article 9 Bis , which establishes the obligation of the Ministry of Finance and Public Credit to issue general provisions in the areas of sustainable and responsible development applicable to participants in the securities market, as well as green credits within the securities market. \n Mining Law (Ley de Minería) and its regulations The exploration, utilization, and extraction of minerals or resources are aimed at promoting equitable distribution of public wealth, ensuring environmental preservation, fostering balanced and sustainable national development, and enhancing the quality of life for the population. The issuance of mining concessions and assignments is contingent upon adherence to environmental regulations. \n \n The scope of the application is Federal. "]
["ESG Regulation in the realm of green or sustainable financing, including taxonomies, provisions for mandatory reporting of material financial information on environmental or social matters, as prerequisites for issuing thematic bonds (green, sustainable, social, etc.), mechanisms to promote sustainable financial products and services, etc.\n"," Laws/regulations concerning the realm of green or sustainable financing include: \n \n Sustainable Taxonomy, published by the Ministry of Finance and Public Credit in March 2023 The Sustainable Taxonomy seeks to generate a classification system to define the economic activities that can be considered sustainable, as well as to facilitate access to information to encourage the mobilization of capital towards these activities and reduce the risk of greenwashing. \n MX Green Bond Principles, published by the Advisory Council on Finance The MX Green Bond Principles are intended to generate common standards to guide the structuring process for Green Bond issuers in the Mexican market. \n \n The scope of the application is Federal. "]
["ESG Regulation for preventing greenwashing."," Laws/regulations concerning the prevention of greenwashing include: \n \n Sustainable Taxonomy, published by the Ministry of Finance and Public Credit in March 2023 The Taxonomy serves as a non-binding instrument (also known as prudential regulation) of great utility for companies interested in developing an ESG strategy, defining objectives and initiatives, as well as designing measurement systems and disclosure processes related to these issues. It is a classification system that allows for the identification and definition of activities, assets, or investment projects with positive environmental and social impacts, based on established goals and criteria. The objective is to provide certainty and transparency to financial markets, promote investment in sustainable activities, and better track financing flows directed towards sustainability, offering greater clarity, certainty, and security to markets through precise and consistent definitions. In doing so, the aim is to increase investment in projects and economic activities that promote the achievement of the country's environmental and social objectives, as well as Mexico's international commitments in sustainability matters. The Taxonomy will also facilitate access to timely and reliable information to encourage the mobilization of capital towards sustainable activities and reduce the risk of greenwashing. \n Consumer Protection Law, Article 32 For now, taxonomy is the only legal tool in Mexico to indirectly combat greenwashing, however, the Federal Consumer Protection Law prohibits misleading advertising. The Federal Agency of Consumer Affairs oversees that product advertising is appropriate and that unverifiable qualifications are not used. Article 32 of the Federal Consumer Protection Law stipulates that information or advertising related to goods, products, or services disseminated through any means or form must be truthful, verifiable, and free from descriptions that could induce error or confusion. Based on this provision, when a company promotes products with qualifications such as \"environmentally friendly,\" \"natural,\" \"biodegradable,\" \"climate-neutral,\" or \"eco,\" without compelling evidence to support such claims, can result in fines for companies ranging from $672.11 to $2,150,758.71 Mexican pesos (USD $40 to USD$120,000). \n \n The scope of the application is Federal. "]
["Regulation on ESG Due Diligence applicable to value chains (MRV protocols to ensure the environmental integrity of products and services, etc.).\n"," Laws/regulations concerning ESG Due Diligence applicable to value chains include: \n \n General Law of Ecological Balance and Environmental Protection The purpose of the General Law of Ecological Balance and Environmental Protection is the preservation and restoration of the ecological balance, as well as environmental protection. It also offers companies the possibility of developing voluntary environmental self-regulation processes through which they can improve their environmental performance. \n \n The scope of the application is Federal. "]
["Regulation in the field of circular economy.\n"," Laws/regulations concerning the field of circular economy include: \n \n Mexico City's Circular Economy Law, published on February 14, 2023 by the Plenary of the Congress of Mexico City The Circular Economy Law of Mexico City introduces instruments for individuals and companies to reconvert, validate and promote their products, activities or services, and contribute to restorative and regenerative development, generating economic growth and green jobs while reducing negative impacts on the environment. Its purpose is to promote the reduction of the ecological footprint, increase efficiency to produce more with fewer resources, encourage the generation of green jobs and promote a model of responsible and sustainable consumption, among others. The scope of the application is State. \n \n \n Ecological taxes to discourage environmental damage - General Law on Ecological Balance and Environmental Protection The individuals or entities accountable for sources of pollution are obligated to furnish the essential information, data, and documentation required for the compilation of the emissions registry and the tracking of pollutants into the atmosphere, water bodies, soil, subsoil, materials, and waste. The scope of the application is Federal. \n Ecological taxes to discourage environmental damage \n State Treasury Law: \n \n Zacatecas \n Baja California \n Campeche \n Coahuila \n Durango \n Estado de México \n Guanajuato \n Guerrero \n Nayarit \n Nuevo León \n Oaxaca \n Querétaro \n Quintana Roo \n Yucatán \n \n \n \n Individuals or entities with established operations within the states, involving activities that contribute to the emission of atmospheric gases, soil and subsoil pollution, water contamination, waste disposal, or material extraction resulting in environmental pollutants within the jurisdiction of each state, are required to: \n \n Register in the state taxpayers' registry. Calculate the quantities of pollutants associated with each activity. Fulfill the obligation of paying the relevant environmental tax. \n \n The scope of the application is State. "]
["Governance"]
["ESG Regulation regarding the integration of the board of directors, board of trustees, or management body of the company (minimum participation/representation of women or minority groups, guidelines on the composition of board members with expertise in ESG matters, etc.).\n"," Laws/regulations concerning the integration of the board of directors, trustees, or management body of the company include: \n \n Securities Market Law Through a reform project currently under discussion in the Chamber of Deputies, it is proposed to establish the commitment of the Ministry of Finance and Public Credit, in terms of sustainability and gender equality; to issue general provisions applicable to the members of the board of directors of participants in the securities market   Bill for the amendment of various provisions of the General Corporations Law, the General Cooperative Societies Law, the Securities Market Law and the Foreign Investment Law The bill for the amendment of various provisions of the General Corporations Law, the General Cooperative Societies Law, the Securities Market Law and the Foreign Investment Law regarding the integration of the board in matters of competitiveness and gender diversity on boards of directors. \n Bill for the addition of a last paragraph to Article 143 of the General Corporations Law and the first paragraph of Article 24 of the Securities Market Law is amended. The purpose of this amendment to the General Corporations Law and the Securities Market Law is to achieve the participation of women on boards of directors, preventing the loss of talent, in favor of a fairer and more inclusive society. \n \n The scope of the application is Federal. "]
["Regulation on fiduciary responsibility and administrators' roles in environmental and social risk management (standards or interpretations regarding the scope of fiduciary responsibility or administrator's duty concerning the company's social purpose, based on its typology).\n"," Laws/regulations concerning fiduciary responsibility and administrators' roles in environmental and social risk management include: \n \n General Provisions on Financial Matters of Retirement Savings Systems: Title IV: Sound Practices The National Commission of the Retirement Savings System (\" CONSAR \") issued mandatory regulations, effective in 2022, requiring financial institutions that manage retirement savings accounts on behalf of workers (\" AFORES \") to disclose information regarding the consideration of ESG (Environmental, Social, and Governance) principles in investments, risks, transparency, and the use of corporate rights. This chapter aims to establish guidelines for a policy on the appointment of independent directors for the funded companies, as well as the development of a code of good practices by the governing body, with the purpose of mitigating potential conflicts of interest. \n \n The scope of the application of the law is Federal. "]
["ESG Regulation concerning corporate purpose.\n"," Laws/regulations concerning corporate purpose include: \n \n Bill for the addition of section XIV and a second paragraph to article 6 of the General Corporations Law The bill for the amendment to the General Corporations Law proposes to Mexican companies of all sectors and regions, regardless of their corporate purpose and whether or not they are listed on a stock market, a framework of best practices and risk management in anti-corruption matters, establishing the need to incorporate a Code of Ethics. \n \n The scope of the application is Federal. "]
["Regulation on types of Benefit and Collective Interest Companies (certifications like B Corps, specific regulations for BIC companies).\n","Not applicable.\n"]
["ESG Regulation regarding supply chains from the perspective of ESG risk governance.\n"," Laws/regulations concerning supply chains from the perspective of ESG risk governance include: \n \n Bill for the General Corporate Accountability and Corporate Due Diligence Law. A bill proposing the enactment of the General Corporations Law Responsibility and Due Diligence , which aims to regulate the accountable conduct of companies, in order for them to avoid and, where appropriate, mitigate the negative impacts that could be associated with their activities, supply chains and business relationships in terms of workers' conditions, the fight against corruption, the protection of consumer rights and the enforceability of corporate governance and control and compliance programs. The scope of the application is Federal. \n "]
["ESG Regulation in the context of M&A (ESG due diligence).\n"," Laws/regulations concerning M&A (ESG due diligence) include: \n \n Bill for the General Corporate Accountability and Corporate Due Diligence Law. A bill proposing the enactment of the General Corporations Law Responsibility and Due Diligence , which aims to regulate the accountable conduct of companies, in order for them to avoid and, where appropriate, mitigate the negative impacts that could be associated with their activities, supply chains and business relationships in terms of workers' conditions, the fight against corruption, the protection of consumer rights and the enforceability of corporate governance and control and compliance programs. The scope of the application is Federal. \n "]
["ESG Regulation related to Corporate Digital Responsibility.\n"," Laws/regulations concerning Corporate Digital Responsibility include: \n \n Federal Law for the Protection of Personal Data Held by Private Parties (\"LFPDPPP\") Regulations to the Federal Law for the Protection of Personal Data Held by Private Parties (\"RLFPDPPP\") According to the data protection subject matter, it is important to consider that data protection is considered a fundamental right from the Mexican perspective. Private entities, must comply with the general data protection principles, and duties (including security measures) and guarantee data rights. It could be understood that depending on the intensity of the personal data processing the obligations and documents to be implemented may be more complex. However, any entity must comply with the basic data protection obligations. Data protection has globally acquired an important distinction for those entities that proactively implement compliance and improve their level of data protection. In general when they privilege \"ethics\" in the data processing they carry out, both physically and, mainly, electronically. \n Federal Fiscal Code: articles 32-B Ter, 32-B Quáter, 32-B Quinquies Legal entities as well as contracting parties or members, in the case of trusts or other similar legal figures, are required to obtain and keep, as part of their accounting records, the information of their controlling beneficiaries (individuals) and provide it to the tax authorities when so required. The tax obligation is not limited to a certain corporate level or to a certain jurisdiction, so the entire chain of ownership must be followed to obtain the information from the controlling beneficiaries. \n \n The scope of the application is Federal. "]
["Disclosure"]
["Specific mandates related to national alignment with specific reporting standards."," Specific mandates related to national alignment with specific reporting standards include: \n \n Income Tax Law Taxpayers referred to in Articles 32-A, second paragraph (taxpayers that issue financial statements) and 32-H, sections I, II, III, IV and VI of the Federal Fiscal Code that enter into transactions with related parties must provide the tax authorities with annual informative returns of related parties. For such purposes, it is necessary to provide information on the business group (e.g. organizational structure). The scope of the application is Federal. \n "]
["Standards regarding the scope and frequency of such reports."," Standards regarding the scope and frequency of such reports include: \n \n Income Tax Law Taxpayers referred to in Articles 32-A, second paragraph (taxpayers that issue financial statements) and 32-H, sections I, II, III, IV and VI of the Federal Fiscal Code that enter into transactions with related parties must provide the tax authorities with annual informative returns of related parties. For such purposes, it is necessary to provide information on the business group (e.g. organizational structure). The scope of the application is Federal. \n "]