For the second year in a row, Banorte has been included in the S&P 2023 Sustainability Yearbook and is one of only two Mexican banks recognized among 708 companies for its outstanding sustainability performance.
“The world is changing and so are its people,” said Banorte Chairman Carlos Hank González. “If we do not change along with it, we will be left behind and unable to make the ongoing impact to our communities that rely on us for support.”
This year’s Yearbook, based on S&P Global ESG Scores calculated from the 2022 Corporate Sustainability Assessment (CSA), assessed 7,800 companies and 145 thousand documents across 61 industries, gathering 14 million points for consideration.
As the biggest and most comprehensive databases on corporate sustainability around the world, S&P Global said that to be included in the Yearbook “companies must score within the top 15% of its industry and must achieve an S&P Global Sustainability Score within 30% of its industry’s top-performing company.”
Notably, Banorte acquired double the average industry score, receiving a 64/100, scoring highest in business ethics and financial inclusion, two priority areas for the company. Only 14 Mexican companies entered this year and only two were recognized in the banking category.
What makes S&P Global ESG criteria unique, is it that it takes into account documents beyond publicly available information, with a combination of verified company disclosures, media and stakeholder analysis and in-depth company engagement. The Yearbook analysts validate these documents for validity, discussing methodologies and measuring best-practices to provide ongoing feedback.
The report is based on in-depth data analysis and shows how companies are adapting to rapid environmental changes. In the banking sector, there has been an increasing number of regulatory initiatives across the globe to accelerate the management of climate risks and other ESG factors. This year’s participants, like Banorte, show extensive commitment to better climate action through transitioning to a low carbon economy, pledging to corporate diversity, investing in sustainable practices and partnering with climate advocates or groups.
Banorte is an industry leader within Mexico and is recognized around the world for its commitment to sustainability and responsible banking. Carlos Hank González was the only Mexican banker who was a founding signatory of the Principles for Responsible Banking and of the Net Zero Banking Alliance. Banorte was a pioneer in Mexico when implementing a Social and Environmental Risk Management System that evaluates risks and possible impacts on the environment and communities before financing any project.
“Sustainability is not a marketing tool. At Banorte, it is part of our DNA, at the heart of everything we do and is essential in our strategy and operations to generate value to our stakeholders,” said Carlos Hank González.