Case study: How Monex promotes a culture of responsible banking among its employees

Stakeholder identification and consultation

Please describe which stakeholders (or groups/ types of stakeholders) you have identified, consulted, engaged, collaborated or partnered with for the purpose of implementing the Principles and improving your bank’s impacts. This should include a high-level overview of how your bank has identified relevant stakeholders, what issues were addressed/results achieved and how they fed into the action planning process.

Monex strives to create value for all its stakeholders and places great emphasis on maintaining strong relationships and encouraging active participation in the bank’s activities and decision-making processes. To support this commitment, Monex has conducted an internal analysis to identify and prioritize its stakeholders. In identifying these stakeholders, Monex has considered all individuals and entities that may be affected by its operations or influence its business. Additionally, a linkage plan has been established to determine the appropriate communication channels and frequency of contact, ensuring ongoing, effective dialogue with each stakeholder group. The value proposition, commitments, and main communication channels for each stakeholder group are outlined by Monex as follows:

– Employees

– Customers

– Shareholders, investors and other capital suppliers

– Authorities and regulatory bodies

– Suppliers

– Competitors and trade associations

– Community

Regarding the implementation of the PRB and the identification and enhancement of the bank’s impacts, Monex has maintained ongoing engagement with its stakeholders. In 2023, a collaborative exercise was conducted with a third-party consultant to align the material topics identified for the ESG Strategy, ensuring that each PRB is adequately addressed through the strategy and its initiatives.

Stakeholder consultation was essential in completing the materiality analysis and, consequently, in shaping the development of the ESG strategy.

For the materiality analysis, an initial set of priority topics was identified using sources such as the ABM Sustainability Protocol, GRI’s materiality guidelines, UNEP-FI’s Principles of Responsible Banking and Investment for sector-specific topics, as well as FAQs from investors and analysts.

Following the standards set by the Global Reporting Initiative (GRI), a comprehensive bibliographic review was conducted, involving surveys and interviews with collaborators, suppliers, major shareholders, trade organizations, and financial sector entities to explore these predefined topics. This process helped prioritize the topics accordingly. In addition, client perspectives were incorporated through feedback from those responsible for client engagement at Monex, while internal strategic insights were gathered through interviews with key Group directors. By integrating the views of key stakeholders with senior management’s perspectives, Monex was able to determine its material topics (impact materiality).

For financial materiality, topics outlined by the Sustainability Accounting Standards Board (SASB), supported by FTSE and S&P guidelines, were considered.

Similarly, to identify impact areas, various sections of the bank were consulted using UNEP-FI tools to gather the necessary information.

How does Monex promote a culture of responsible banking among its employees?

In its 2025 PRB Responsible Banking Progress Statement Monex reports that it took the following actions to promote a culture of responsible banking among its employees:

To foster a culture of responsible banking among its employees, Monex has integrated its business operations with the ESG Strategy and employs various communication channels to promote sustainability and share vital information about its implementation.

Monex has established a series of coordinated initiatives to disseminate information and raise awareness about ESG issues broadly, as well as specific sustainability topics across different departments and services. This includes sharing information through established corporate communication platforms such as the internal sustainability microsite, specialized training programs, ESG newsletters, and other digital materials. Additionally, Monex recognizes the importance of building capacity among all employees regarding responsible banking and broader sustainability challenges.

As part of its Sustainability strategy, Monex aims to enhance ESG awareness and knowledge among employees to strengthen their capabilities in these areas.

In 2025, senior management participated in training sessions on key aspects of Sustainable Finances, SARAS, and Taxonomies conducted by a consulting firm. These sessions aimed to familiarize them with the tools being developed at both national and international levels within the financial sector for sustainable finance.

In 2024, industry training programs organized by ABM focused on Gender Equality, Sustainable Finance, and ESG Criteria. Over 2,300 employees were trained to raise awareness of inclusive leadership with an emphasis on gender, support the transition to sustainable finance, and strengthen the sustainable credit portfolio.

Monex is currently evaluating the feasibility of adopting the Women’s Empowerment Principles (WEPs).

Monex also has a Compensation Committee responsible for implementing and maintaining the remuneration system. This committee proposes remuneration policies and procedures, recommends employees for inclusion in the remuneration system, and brings special cases and circumstances to the Board of Directors for approval. Currently, there are no specific remuneration practices linked to sustainability, but Monex plans to assess how to incorporate sustainability objectives into its remuneration practices in the future.

Additionally, as part of its Corporate Social Responsibility efforts, Monex actively participates in initiatives centred on social and environmental issues, guided by the following pillars:

• Community development
• Education
• Sports – Support for Cycling
• Mexican film industry
• Social research
• Volunteering
• Reforestation and marine life conservation efforts
• Carbon footprint measurement of operations

For further information, please refer to the Corporate Social Responsibility chapter in Monex’s Executive Annual Report 2024.

UN Principles for Responsible Banking: Accelerating a positive global transition for people and the planet

With over 300 signatory banks representing almost half of the global banking industry, the Principles for Responsible Banking are the world’s foremost sustainable banking framework. Through these Principles, the banking community takes action to align core strategies, decision-making, lending and investment with the UN Sustainable Development Goals and international agreements such as the Paris Climate Agreement.

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References:

This case study is based on published information by Monex, located at the link below. For the sake of readability, we did not use brackets or ellipses. However, we made sure that the extra or missing words did not change the report’s meaning. If you would like to quote these written sources from the original please revert to the following link:

https://www.monex.com.mx/portal/download/files/Monex 2025 PRB_Responsible-Banking-Progress-Report.pdf

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