President Jesús de la Fuente Rodíguez
Mexico National Banking and Securities Commission
Insurgentes Sur 1971
Col. Guadalupe Inn
C.P. 01020
México D.F.
24th October 2024
Dear President de la Fuente Rodíguez,
Subject: General provisions applicable to securities issuers and other participants of the securities market
The International Corporate Governance Network (ICGN) appreciates the opportunity to comment on the Mexico National Banking and Securities Commission (CNBV) proposed amendments to the “General provisions applicable to securities issuers and other participants of the securities market”. Led by investors responsible for assets under management of $77 trillion, ICGN is an authority on global standards of corporate governance and investor stewardship. Headquartered in London, our membership is based in more than 40 countries.
We welcome the CNBV’s efforts to mandate that companies listed in Mexico disclose sustainability-related financial information according to the International Sustainability Standards Board’s (ISSB) Standards. ICGN supports the ISSB’s mission to develop a global baseline of sustainability-related corporate disclosures.1 Investors have been calling for comparable, reliable, and verifiable corporate sustainability disclosures, grounded in financial materiality, to make informed investment and stewardship decisions, and for their own reporting to beneficiaries. Global adoption of the ISSB Standards is key to achieve this.
We believe the adoption of the ISSB standards will contribute to greater transparency on companies’ exposure to and management of sustainability risks and opportunities. This is an important step for efficient capital markets and sustainable economies. In May 2024, ICGN, alongside 121 investors, companies, industry associations and stock exchanges have signed on to a call for commitment from relevant authorities across jurisdictions to adopt the ISSB standards.2 So far, jurisdictions representing over half the global economy by GDP announced steps to adopt or use the ISSB Standards.3
Investors need to be able to draw comparisons – across companies, markets, sectors and over time – for their analyses. To ensure comparability of information, we encourage the CNBV to adopt the ISSB Standards without substantial modifications, to the greatest extent possible.
Thank you again for the opportunity to share our perspective. We would be delighted to discuss this further you, should you be interested in a meeting.
Yours faithfully,
Jen Sisson
Chief Executive Officer, ICGN
