20 23
Forward motion
integrated annual report
2023 Contents
MANAGEMENT REPORT
› 01 Introduction
02 Our Identity
04 Chairman’s Letter
09 2023 At a Glance
› 11 Strategy
11 FEMSA Forward
12 Value Creation Model
14 Fundación FEMSA
› 15 Operational Performance
16 Proximity & Health
19 Coca-Cola FEMSA
22 Digital@FEMSA
25 Other Operations
› 27 Sustainability Performance
31 Our People
39 Our Community
49 Our Planet
CORPORATE GOVERNANCE
› 59 Corporate Governance
60 Our Board of Directors
& Committees
› 70 Ethical & Socially Responsible
Behavior
› 73 Risk Management
FINANCIAL STATEMENTS
› 75 Financial Highlights
› 76 Financial Summary
› 79 Management Discussion & Analysis
APPENDIX
› 86 Supplemental Information
86 About this Report
88 Scope and boundaries of
non-financial information
89 Materiality
90 Sustainability Performance Data
102 GRI Content Index
117 SDGs & United Nations Global
Compact contribution
120 Sustainability Governance and
Climate-related risks and opportunities
127 Sustainability-Linked Bond
- Sustainability Performance
Targets (SPTs)
131 Independent Limited Assurance
Report – Non-Financial
Information
› 132 Contact
We are moving Forward on our journey to create a stronger
FEMSA—one that is purpose-led, agile, focused on our core
capabilities, and future-ready. We have a bold vision for how
the continued strong growth of our businesses will continue to
create value for our stakeholders while keeping sustainability
as an integral component of our business strategy. With this
momentum, our 2023 Integrated Annual Report is structured
around four primary presentations:
1. Management Report which outlines both financial and nonfinancial
performance against our strategies;
2. Corporate Governance;
3. Financial Statements; and
4. Appendix, which contains supplementary information,
including ESG performance data aligned with our sustainability
reporting frameworks.
Learn more in About this Report, page 86.
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Introduction
Strategy
Operational Performance
Sustainability Performance
Our Identity
At FEMSA, our enduring success is rooted in our essence. Today, as we face a new chapter of our story, we
strengthen our Identity while preserving what defines us. Our Identity’s evolution propels us towards the future,
enabling us to continue our deep and long-lasting impact on millions of lives.
Who We Are
Our Belief
Our Vision
We are a group of
companies with more than
130 years, evolving and
shaping a continuous and
enduring positive legacy
in society.
Our leading businesses in
retail, beverages and digital
services move forward
towards the future, driven
by our winning spirit and
commitment to excellence,
with a deep focus on
integrity and placing people
at the heart of everything
we do.
We believe that by generating economic and
social value every day, we leave a positive
footprint on the world.
Our Purpose
Our purpose is to enhance people's lives,
transforming the everyday into wellbeing
and growth:
We contribute to people’s wellbeing, staying close
and available, providing solutions and experiences
that allow them to enjoy each day to the fullest.
We foster growth, since our actions contribute
to the social and economic development of the
communities we take part in, our collaborators,
and our company, sustaining our commitment to
planet care.
With our companies together,
we aspire to be part of
everyone‘s life at every
opportunity, wherever we are,
being the best in each of our
businesses.
Our Strategy
FEMSA Forward: A focused
leader in Retail and
Beverages, leveraged and
connected by a Digital
customer-centric ecosystem
to maximize value creation.
Always guided by our strategic
priorities.
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Our Identity (continued)
Our Principles
This is our guide of behaviors and actions, allowing us to grow and adapt to the changes in the world
while keeping our essence.
Living our values
We act with integrity, humbleness and
accountability, being ambassadors of
our culture.
Playing to win
We act like a founder, we choose to
win, creating opportunities with a focus
on generating long-term value.
Moving forward together
We collaborate effectively with diverse
people and audiences, achieving re-
sults that exceed expectations.
Placing our customers
at the center
We turn the daily needs of our cus-
tomers and consumers into challenges
that motivate us to deliver exceptional
solutions that build trust.
Empowering our people
We are committed to the well-being
and professional development of our
talent, strengthening their abilities to
face challenges successfully and inspiring
by example.
Innovating with passion
We develop cutting-edge ideas to
strengthen our present through digital
solutions that anticipate the future in
an agile way.
Fostering a sustainable impact
We are committed to create inclusive
and sustainable solutions that gen-
erate a positive social impact in our
communities and our planet, keeping a
global perspective in our decision-mak-
ing process.
Our values are at the heart of our culture; they reflect our legacy and our way of being leaders.
Integrity
Humbleness
Accountability
We do the right thing
in any circumstance,
taking care of the impact
of our actions.
We recognize the value
of each person, we accept our
limitations, and we are willing
to learn and grow.
We work to keep our promises
and we take responsibility
for what we do.
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Sustainability Performance
Dear Stakeholders
strong growth together during the 13
years of our valued partnership. This
special investment was a transforma-
tive experience, which, in many ways,
helped prepare us for the next phase
of our transformation today. Our re-
lationship will always be an important
part of the FEMSA story, and we thank
our HEINEKEN colleagues for their
collaboration over these years.
2023 was an extraordinary year,
marking the close of one cycle in our
history and the beginning of another.
The year began with our announce-
ment that we would be refocusing our
strategy to concentrate on our core
business verticals that we believe have
the highest strategic relevance, growth
potential, and financial and competitive
strength. From there, we moved quickly
on the FEMSA Forward playbook to
begin executing our stated intentions,
completing several transactions before
the close of the year.
One of those was the sale of our re-
maining shares in HEINEKEN, marking
the first time in 133 years that we are
no longer connected in some direct
way with the beer business – admittedly
a significant change for us, given our
proud history.
The exchange in 2010 of the
Cuauhtémoc Moctezuma Brewery, or
FEMSA Cerveza, for a 20% ownership
stake in HEINEKEN, was a milestone
that brought us closer to our excellent
HEINEKEN colleagues, increased our
market share and global competitive
edge, and positioned us to achieve
Decisive and pragmatic actions like
the HEINEKEN sale – and others in the
pipeline – are materially simplifying
FEMSA’s corporate structure, providing
increased clarity and focus, allowing us
to return capital to our shareholders
over time, and paving the way for con-
tinued growth and success through
our ambitious long-range vision.
Some of the changes we experienced
during the year were exactly according
to plan, but others, sadly, were not.
We are missing a key voice from our
report this year. Daniel Rodríguez Cofré
joined FEMSA eight years ago and
served as CEO from January 1, 2022,
until just before his untimely death in
August 2023.
José Antonio
Fernández Carbajal
Chief Executive Officer &
Executive Chairman of the Board
The year began with our announcement that we would be refocusing our strategy to concentrate on our core business verticals that we believe have the highest strategic relevance, growth potential, and financial and competitive strength.femsa integrated annual report 2023
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Strategy
Strategy
Operational Performance
Operational Performance
Sustainability Performance
Sustainability Performance
In all his roles at FEMSA, Daniel radiated
unquestionable human warmth and
inspired trust and teamwork, making
sure there was room for everyone at
the table. His time was cut short, but
his achievements are even more valued
because of the leadership style that
characterized him while he was with us:
visionary, assertive, trustworthy, empa-
thetic, and resilient, among many other
qualities that we will miss. As we con-
tinue to drive FEMSA’s strategic vision
forward—one that he was responsible
for initiating and shaping—we will strive
to honor his memory and preserve his
legacy by emulating his unwavering and
down to earth attitude of collaboration
and dedication.
In that spirit, I would like to share
with you some of the most important
ways we gathered momentum along
our strategic priorities and enablers
during 2023.
Continued Strong Growth
We saw extremely strong operational
performance and excellent results for
the year, particularly from the Proximity
& Health Division and Coca-Cola FEMSA.
Proximity Americas grew its top line by
double digits, with outstanding same-
store sales that were up 14.2% for the
year, driven by an increase in the aver-
age customer ticket and strong growth
in traffic. Proximity Europe increased
revenues, reflecting traffic recovery and
positive pricing initiatives as well as the
growth of the Valora food service and
B2B business. Coca-Cola FEMSA deliv-
ered a remarkable set of results for the
year, with growth in volume, revenue,
and operating income driven by growth
across all its territories.
In 2023, FEMSA’s total revenues
increased 17.7% for the year as com-
pared to 2022 to Ps. 702.7 billion
(US$ 41.6 billion), reflecting growth
across our business units. Income
from operations decreased 7.6% and
consolidated net income increased to
76.7 billion (US$ 4.5 billion). Net ma-
jority income was Ps. 18.36 per FEMSA
unit1 and US$ 10.86 per FEMSA ADS.
Our consolidated net debt position2 at
year-end was Ps. 40.9 billion (US$ 2.4
billion), and our capital expenditures
amounted to Ps. 38.9 billion (US$ 2.3
billion). Our year-end cash position
was more than Ps. 191.8 billion
(US$ 11.4 billion).
Going Digital
Interactions through digital channels
are the new normal and it is where
our customers and consumers in-
creasingly expect to interact. With the
aim of driving prosperity through digi-
tal and financial inclusion, our Digital@
FEMSA division continued to harness
the power of data and technology
for our customers and consumers in
Mexico in 2023 through our powerful
omnichannel digital ecosystem. The
number of active users for Spin by
OXXO reached 6.9 million as of year-
end, and the active users of our Spin
Premia loyalty program reached 19.3
million, with more than 31% of OXXO
Mexico sales now associated with the
program.
During the year, Coca-Cola FEMSA also
expanded the capabilities of Juntos+,
its customer-centric omnichannel B2B
commercial platform, processing more
than 31.1 million orders on digital
channels and generating close to
US$ 2.4 billion in revenue—a triple digit
increase compared to 2022—and now
representing roughly 15% of Coca-Cola
FEMSA's total sales.
Balance Risk/Return Profile
As we look to consolidate our lead-
ership in core market operations,
we acted swiftly and decisively in
addressing a major portion of the
planned divestitures outlined in our
FEMSA Forward strategy. In May, we
announced our plans to sell our mi-
nority investment in Jetro Restaurant
Depot and related entities. In August,
we entered into a definitive agreement
to bring together Envoy Solutions
LLC and BradyIFS and create a new
platform within the facility care,
foodservice disposables, and pack-
aging distribution industries in the
United States.3
We also expanded the footprint of
our core business verticals in other
promising markets. In the Proximity
& Health Division, Grupo Nos contin-
ued its solid advance, with revenues
increasing more than 150% year-over-
year and with OXXO’s footprint in Bra-
zil more than doubling during the last
12 months. Our FEMSA Health busi-
ness continued its push to consolidate
its competitive position across several
markets, increasing its footprint by 9%
to reach a total of 4,247 locations as
of the end of 2023.
Rooted Sustainability
As you will see in this report, we have
continued to progress on our sus-
tainability strategy, designed to put
our people first, create social value
in our communities, and reduce our
own environmental footprint through
operational efficiencies. As a UN
Global Compact signatory, we support
and adhere to their ten principles to
protect human rights, uphold ethical
labor practices, preserve the environ-
ment, and combat corruption.
1 FEMSA Units consist of FEMSA BD Units and FEMSA B Units. Each FEMSA BD Unit is comprised of one Series B Share, two Series D-B Shares and two Series D-L Shares. Each FEMSA B Unit is comprised of five Series
B Shares. The number of FEMSA Units outstanding as of December 31, 2023, was 3,578,226,270, equivalent to the total number of FEMSA Shares outstanding as of the same date, divided by 5.
2
3 The transaction is subject to customary regulatory approvals.
Including leases.
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Introduction
Introduction
Strategy
Strategy
Operational Performance
Operational Performance
Sustainability Performance
Sustainability Performance
We continued to advance on our 2030
Sustainability Performance Targets
(SPTs), in alignment with the Sustain-
ability-Linked Bond Principles (SLBP).
In 2023, we diverted 73.4% of our total
operational waste from landfills and we
covered 62.4% of our total electricity
needs from renewable sources, moving
closer to our goal of 85% by 2030.
Coca-Cola FEMSA achieved a water use
ratio of 1.42 liters of water per liter of
beverage produced in 2023.
We also continued to support our
communities in important ways – such
as FEMSA Health donating more than
677,000 total units of medications
and other products to communities in
need and providing more than 6,500
free medical consultations during the
year. Our teams also sprang into action
with food, water and hygiene kits to aid
our colleagues and neighbors in and
around Acapulco who were affected
by Hurricane Otis. Fundación FEMSA
also continued to cultivate shared
prosperity in our communities in 2023,
investing more than US$ 16.6 million
to support early childhood, the arts &
culture, water security, and the circular
economy.
Enhance our Talent & Culture
We are proud of the culture we are
building at FEMSA, one that puts our
people first and focuses on their
wellbeing as our highest priority.
FEMSA is a place where we prioritize
justice, equity, diversity & inclusion
(now referred to internally as JEDI) as
an intrinsic part of our hiring practices,
including promoting the labor inclusion
of minority groups and those in vulner-
able situations. For example, we contin-
ued our refugee and migrant inclusion
program in collaboration with the UN
High Commissioner for Refugees, and
as of 2023, FEMSA had hired nearly
3,500 refugees and migrants in Mexico
(through OXXO’s work centers and Dis-
tribution Centers, as well as in OXXO
GAS), and in Brazil through Solistica.
We are also taking significant steps to
invest in our team in ways designed
to not only support talent attraction
and retention, but also to focus on our
collaborators’ personal development and
mental health. For example, to support
their integral wellbeing, we introduced a
new corporate goal that aims to provide a
psychosocial support system to 100% of
our collaborators, measured by whether
they have access to the tools and resourc-
es they need for their mental health, such
as support for severe traumatic events as
well as proper care and monitoring.
Proactive Engagement
with our Audiences
The third enabler of our strategy re-
cognizes the importance of proactive,
transparent and tailored dialogues
with you, our valued stakeholders. We
strive to use accessible tools and medi-
ums of engagement that can not only
help us better understand your expec-
tations and concerns, but inherently
strengthen your trust in us so that,
together, we can more easily navigate
challenges and identify new opportuni-
ties for engagement and partnership.
For example, to strengthen our supply
chain capabilities, raise awareness on
responsible sourcing and continuously
improve our operations, in 2023 we
again hosted our annual supplier event
for engaging with more than 100 Tier 1
suppliers, and relaunched our month-
ly virtual newsletter communication
series, expanding its dissemination on
relevant topics and best practices from
200 suppliers to more than 20,000.
In Closing
Finally, may I take one more opportunity
to say thank you and goodbye to my
dear friend, and the dear colleague of ev-
eryone here at FEMSA, Daniel Rodriguez.
He was the champion of many of the
value-generating initiatives and programs
you will read about in this year’s report.
Daniel encouraged us to move for-
ward in our journey as a company. To
embrace change and lead with it. To
simplify our mindset, focus on our core
strengths, and prioritize our agenda
to be ready for the future. That means
we are evolving as a company, and we
choose to do so in sustainable ways
that help address critical global sus-
tainable development challenges.
I look to the future we are creating
with great enthusiasm. A large part
of that comes from the promise I see
in our talented workforce. I thank all
our colleagues for their hard work and
commitment every day to FEMSA. And
to you, our stakeholders, thank you for
moving forward sustainably with us. We
cannot walk this path without you.
Please enjoy a glimpse of the inroads
we made in 2023 in this year’s Integrat-
ed Annual Report. We hope it will help
spark new conversations, new interests
or ideas, and maybe even new on-
ramps to opportunity.
Sincerely,
José Antonio Fernández Carbajal
Chief Executive Officer &
Executive Chairman of the Board
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In Memoriam
The members of the Board of Directors, executives, and
collaborators of FEMSA and its business units deeply mourn the
loss during 2023 of two extraordinary leaders of FEMSA.
Each contributed to our company in
different ways, in two different periods,
yet both made indelible marks in our
history, laying the groundwork for the
future of our Company. We will re-
member them with great affection and
admiration, and we will remain eternal-
ly grateful for their lasting legacies.
May they rest in peace.
Remembering
Daniel Alberto
Rodríguez Cofré
1965-2023
Daniel Rodríguez Cofré served as
FEMSA’s Chief Executive Officer from
January 1, 2022 until just before his
passing in August 2023. He joined
FEMSA in 2015 as Chief Financial and
Corporate Officer before being named
as CEO of FEMSA Comercio in 2016.
Daniel was an extraordinary colleague
and friend. He was a visionary man
who, with clarity of purpose, strategic
foresight, and consistent profession-
alism, made a profound impact on
the growth trajectory of FEMSA during
his eight years with the Company. His
contributions include OXXO’s expan-
sion to Chile, Peru and Brazil, the
consolidation of the FEMSA Health
Division, the acquisition of Valora
in Europe, as well as the successful
launch of the FEMSA Forward strategy
– a historic milestone for the Company
that defines our future.
He was passionate about sustainability
and taught us that the path of gener-
ating economic and social value is not
always easy, but that it is the right thing
to do. He left us too soon, but we are
determined to continue his work and
legacy by following his example.
We offer our deepest condolences and
prayers to the Rodríguez Cofré and
Rodríguez Scheel families.
Thank you, Daniel, for your leadership and dedication.
“I just want to reiterate how confident I am
that FEMSA is in the best position it has
ever been in to continue creating value for
all its stakeholders for a long, long time. I
know FEMSA will continue to achieve great
things for many years to come.”
Daniel Rodríguez Cofré
February 17, 2023,
FEMSA Forward
announcement presentation
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Remembering
Othón Ruiz
Montemayor
1943-2023
During his more than 50 years as a
businessman and public servant in
Mexico, Othón Ruiz Montemayor made
countless social and economic contri-
butions to his hometown of Monterrey,
the state of Nuevo León and beyond.
Othón began his career in 1965 as a
financial analyst with Valores Indus-
triales, S.A. (VISA, which would later
become FEMSA) and was appointed
as CFO in 1974 and as CEO in 1985, a
role he served in for ten years, until
January 1, 1995.
During his tenure, he navigated many
complex decisions that ultimately gen-
erated synergies solidifying FEMSA’s
competitiveness both domestically
and abroad. Among other achieve-
ments, he oversaw the merger of Cer-
vecería Cuauhtémoc and Cervecería
Moctezuma in 1985, adding renowned
brands to our portfolio, including
XX Lager, Superior, Sol, and Noche
Buena. He also initiated our partner-
ship with The Coca-Cola Company in
1993, accelerating the growth and
globalization of Coca-Cola FEMSA.
Othón went on to serve in a variety
of other leadership positions in the
private and public sectors, including
for the government of the State of
Nuevo León, where he worked to
reduce administrative barriers for
businesses and to support develop-
ing communities. He was often called
upon by government officials to
bolster local organizational and
cultural efforts.
We offer our deepest condolences and
prayers to the Ruiz Nájera family.
Thank you, Othón, for your loyalty and service.
“I thank God for the blessings he has
showered on me: the privilege of always
having the absolute trust of the people
with whom I worked; the opportunity to
meet and live with outstanding people of
the national and international financial
community; and for my friends who
continue to be an important part of my life.”
Othón Ruiz Montemayor
2016
Othón Ruiz Montemayor Memories
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Sustainability Performance
2023 at a Glance
CORPORATE STRUCTURE
Mexico
Guatemala
United States
Colombia
Venezuela*
Brazil
Uruguay
Argentina
We have more than
392,000 collaborators
in 18 different
countries across
the globe through our
business units at the
end of 2023.
Nicaragua
Costa Rica
Panama
Ecuador
Peru
Chile
100%
Proximity
& Health
47.2%
Coca-Cola
FEMSA
100%
Digital@FEMSA
Proximity
Americas
Proximity
Europe
Fuel
Health
Germany
Austria
Netherlands
Luxembourg
Switzerland
Proximity & Health
Coca-Cola FEMSA
Digital@FEMSA
For more information, please see FEMSA’s Form 20-F 2023.
* As of December 31, 2017, as a non-consolidated operation,
Venezuela is reported as an investment in shares.
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Operational Performance
Sustainability Performance
Sustainability Performance
Sustainable Operations Highlights
Financial Highlights
+15,300 sites
with renewable
energy in 2023
62.4% of total electricity
consumption coming from
renewable sources
2,003 GWh of renewable electric energy in 2023
+10,200 GWh of renewable electric energy
since 2015
73.4% of total operational waste diverted
from landfills
1.42 liters of water per liter of beverage
produced by Coca-Cola FEMSA
TOTAL REVENUES
EBITDA*
0.2%
10.7%
8.3%
6.2%
Ps. 702,692
34.9%
-8.6%
8.4%
3.8%
6.5%
39.6%
Ps. 95,864
INCOME FROM OPERATIONS
TOTAL ASSETS
-14.7%
5.6%
4.2%
2.4%
57.9%
27.8%
Ps. 58,985
Ps. 805,856
8.1%
3.1%
4.9%
44.5%
48.4%
41.4%
33.9%
21.9%
Coca-Cola FEMSA
Proximity Americas
Proximity Europe
Fuel
Health
Others
* EBITDA=EBIT+Depreciation+Amortizations. EBITDA calculated under IFRS16 standards
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Introduction
Introduction
Strategy
Strategy
Operational Performance
Operational Performance
Sustainability Performance
Sustainability Performance
Strategy
In 2023, we announced FEMSA
Forward, our new long-range plan
to maximize value creation, which
resulted from a thorough strategic
review of our business platform.
We have identified seven strategic
priorities and enablers that will
guide What and How we focus our
resources to execute on our vision.
At the center of everything we do are
our customers and consumers.
FEMSA Forward
WHATs
HOWs
Continued
Strong Growth
Continue undisputed
track record of value
creation by fueling top
and bottom-line growth
Going
Digital
Capitalize on digital and data to
enhance our products / services
and operations, aiming to better
serve our customers’ needs
Balance Risk/
Return Profile
Reach a desired balanced
risk / return profile by
expanding our geographical
exposure to key markets
CUSTOMERS
AND CONSUMERS
At the center of
everything we
do: simplifying
their lives through
seamless, relevant
and personalized
experiences
Rooted
Sustainability
Become the most sustainable,
equitable, diverse and inclusive
organization, leading the way in the
communities where we operate
Enhance our Talent
& Culture
Serve as the growth platform for our
people by developing our talent and
strengthening our culture to excel in a
more global, digital and purposeful world
Proactive Engagement
with our Audiences
Continue communicating effectively
who we are, and what we do, while
being more proactive in our approach
femsa integrated annual report 2023 2. Business Activities: WHATs & HOWs
3. Outputs
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Business Model for Value Creation
1. Inputs
Human Capital
We develop the competencies of our diverse team
members, empowering them to drive the Company’s
collective success while supporting their own
wellbeing and professional growth.
Social & Relationship Capital
Our social license to operate depends on a
foundation of trust with our stakeholders, including
clients/consumers, business partners, suppliers,
investors, NGOs, regulators, and our communities.
Natural Capital
We seek the most efficient and sustainable ways
of sourcing and using natural resources for our
products and packaging, including water, energy,
and agricultural commodities.
Intellectual Capital
With an emphasis on innovation and digitalization
across our culture, we leverage our intellectual
property and multi-format expertise to continually
strengthen our customer-centric ecosystem.
Manufacturing Capital
We rely on our physical infrastructure, including
owned and leased properties, tools, technology,
machinery, and equipment, to produce goods and
provide services to the market.
Financial Capital
Our three business verticals complement one another to unlock unique value
creation synergies in alignment with our FEMSA Forward strategic priorities:
Continued Strong Growth, Going Digital, Balance Risk/Return Profile
Proximity
& Health
Reaching and serving our
clients and customers
through frequent
interactions and high
levels of capillarity
FEMSA
Forward
Coca-Cola
FEMSA
Produces, markets,
sells and distributes
multi-category
beverages in ways that
generate economic
value and social
and environmental
wellbeing
Digital@
FEMSA
Building a financial and ditigal
ecosystem based on data
and analytics that delivers
added value for customers
while maximizing revenue
management
We utilize capital from equity and debt markets, as
well as cash flows derived from our businesses, to
produce goods and services for the market.
With customers and consumers at the center of everything we do, we execute on our
FEMSA Forward strategy through three strategic enablers: Rooted Sustainability,
Enhance our Talent & Culture, Proactive Engagement with our Audiences
+15 million consumers per
day served at
+32,000 points of sale
Learn more on page 16.
4 Bn unit cases sold by
Coca-Cola FEMSA through
2.1 million points of sale
Learn more on page 19.
6.9 million active Spin
by OXXO users4 and
19.3 million active Spin
Premia loyalty users5
Learn more on page 22.
US$ 41.5 billion
total revenues and US$ 3.5 Bn
income from operations
Learn more on page 79.
4 Any user with a balance or that has
transacted within the last 56 days.
5 User that has transacted at least once
with Spin Premia within the last 90 days.
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Strategy
Strategy
Operational Performance
Operational Performance
Sustainability Performance
Sustainability Performance
Business Model for Value Creation (continued)
4. Outcomes
5. Value Created
6. Impact
Rooted Sustainability
One of the key enablers of the FEMSA Forward strategy is
Rooted Sustainability. This is deployed through our FEMSA
Sustainability Framework, which is focused on nine priority topics
across three pillars, underscored by a strong foundation of
corporate governance.
Our People
The wellbeing, dignified work
and professional growth of
our workforce
Learn more on page 31.
Our Community
Development and wellbeing
within the communities
where we operate
Learn more on page 39.
Our Planet
Harmony with the
environment and sustainable
use of natural resources
Learn more on page 49.
Governance
The use of corporate
governance best practices
Learn more on page 59.
UN SDG Alignment
FEMSA’s Sustainability Strategy
aims to contribute to all 17 of the
United Nations’ SDGs, but we have
identified the following subset
where we believe we can have the
greatest positive impact. Learn
more about our actions in these
areas throughout this 2023 Report.
For more information, please see SDG & United
Nations Global Compact Appendix, page 117.
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Strategy
Strategy
Operational Performance
Operational Performance
Sustainability Performance
Sustainability Performance
Fundación FEMSA
As a further complement to FEMSA Forward and FEMSA’s
Sustainability Framework, our strategic philanthropic
arm, Fundación FEMSA6, proactively invests in projects
with a long-term positive impact. Founded in 2008,
the mission of Fundación FEMSA is to promote
systemic and sustainable solutions to complex social
and environmental challenges by cultivating shared
prosperity for both the current and future generations.
To learn more, watch this video.
Promoting people-
focused initiatives that
empower community
members while
acknowledging their
needs, challenges and
aspirations.
5
Engage &
empower
communities
Analyzing root
causes of challenges
and designing
comprehensive
solutions that tackle
underlying factors.
1
Adopt a
systemic
approach
Strategic
Principles for
Success
To secure the future we envision, we focus
Fundación FEMSA's strategy on four causes
that we believe are key levers for change.
2023 INVESTMENT
4.3%
2.7%
4.9%
4.1%
US$ 16,667,490
84.0%
2
Maintain a
long-term
perspective
Looking beyond
immediate gains
and considering the
future consequences
of our actions.
Vector7
Early Childhood
Water Security
Circular Economy
Arts & Culture
Strategic Donations
Directing resources
and efforts towards
evidence-based
interventions that
have been proven to
be effective.
4
Ensure
science-based
solutions
3
Foster
collective
action
Driving collaboration,
dialogue and
partnerships to pool
resources, expertise
and influence toward
common goals.
Connect with us:
twitter.com/FundacionFEMSA
www.facebook.com/FundacionFEMSA
www.instagram.com/fundacionfemsa/
www.linkedin.com/company/fundación-femsa/
6 Fundación FEMSA is made up of two organizations that share the same purpose: Fundación FEMSA A.C. and Difusión y Fomento Cultural, A.C.
7 Fundación FEMSA's investments in the Water Security, Circular Economy and Early Childhood vectors come from Fundación FEMSA A.C., and investments
in the Arts & Culture vector comes from the Difusión y Fomento Cultural, A.C. budget.
Learn more about Early Childhood page 43.
Learn more about Arts & Culture
page 44.
Learn more about Water Security
page 55.
Learn more about Circular Economy page 58.
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Operational Performance
Operational Performance
Sustainability Performance
Sustainability Performance
Operational Performance
Consistent with our FEMSA Forward strategy, our three core business verticals – Proximity & Health, Coca-Cola FEMSA
and Digital@FEMSA – represent our best path to maximizing long-term value creation. In 2023, our non-core busi-
nesses comprised Other Operations, for which we are exploring strategic alternatives for the future.
› 19% increase in Proximity Americas
total revenues, driven by high-double-
digit comparable OXXO sales and
accelerated store expansion.
› Strong operating results for
Valora with substantial growth in a
challenging macro environment.
› 379 net new FEMSA Health locations
in the last twelve months.
› +1.1 million monthly active users
reached through the Juntos+
B2B platform with more than
US$ 2.4 billion digital sales for the year.
› Surpassed the milestone of 4 billion
unit cases for the first time in our
history.
› Invested a record CapEx of 8.7% of
revenues, to add capacity in support
of our growth ambition.
› 19.3 million active users for our Spin
Premia loyalty program, with 31% of
all OXXO Mexico sales associated with
the program.
› 6.9 million active users of our digital
wallet, Spin by OXXO.
› Juan Carlos Guillermety was
appointed as CEO to shape the future
of FEMSA’s digital ecosystem.
› Divested our minority stake
in Jetro Restaurant Depot and
successfully closed the Envoy-BradyIFS
transaction.
› Solistica expanded to new sites in
Colombia, Brazil, and Mexico to better
serve the needs of its clients.
› +180,000 reused refrigeration
equipment parts upcycled by Imbera,
avoiding the landfill.
Learn more about our Retail business,
page 16.
Learn more about our Coca-Cola FEMSA
business, page 19.
Learn more about our Digital@FEMSA
business, page 22.
Learn more about our Other Operations,
page 25.
Proximity & Health
Coca-Cola FEMSA
Digital@FEMSA
Other Operations
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Sustainability Performance
Sustainability Performance
Proximity
& Health
In 2023, Jose Antonio Fernández
Garza-Lagüera was appointed as
CEO of FEMSA Proximity & Health
business vertical (Retail). This division
is comprised of Proximity Americas,
Proximity Europe, Fuel and Health.
andatti, with presence in
Colombia, Chile, and México,
serves coffee to more than
1 million consumers per day
in Mexico alone.
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Executing on Proximity’s Long-Range
Development Plan
KEY PRIORITY
HOW WE MOVED FORWARD
1,408 net new stores in the Americas
(with +14.2% same store sales
growth) and 42 net new Valora stores
in Europe.
Advanced the OXXO SMART business
model, focused on hyper-convenience,
the addition of payment for services,
telephone airtime and fast food.
Bara, our discount business for the
home pantry, grew revenues by 39.4%
across 359 stores through geographic
expansion, new supply chain efficiencies,
and a new partnership for own brand
products.
Grupo Nos increased revenues by
more than 150% year-over-year and
OXXO’s footprint in Brazil more than
doubled from the prior year.
1
Strengthening
the Core
2
3
Developing
New Growth
Avenues
Developing
Multiple
Successful
Formats
4
Growing the
Footprint
Beyond Mexico
Proximity Americas
In 2023, OXXO celebrated 45 years of
business in the Mexican market. The
brand's history began in the 1970s to
meet the needs of consumers who
needed a greater variety of items and
longer opening hours. Today, with
the consistent aim of being closer
to consumers to simplify their lives,
the Proximity Division continues to
execute on our long-range devel-
opment plan, including across four
key priorities (see figure). In 2023, we
saw excellent performance, driven
by strong, post-pandemic consumer
demand, solid commercial income
dynamics, better segmentation at the
store level and the rapid adoption
of Spin Premia, our coalition loyalty
program.
In Mexico, for example, we continued
to exceed the 1,000 net new OXXO
store threshold. Additionally, in 2023,
sales per store have been outstanding
across the country.
Expanding into other retail formats, we
opened the first set of andatti coffee
shops, offering personalized hot and
cold drinks and a menu of freshly
prepared foods.
Growing beyond Mexico OXXO stores,
we accelerated our expansion in
Brazil, Colombia, Chile and Peru while
continuously improving our value
propositions based on the needs of each
country’s clients. We added 544 units
during the year to reach 1,336 net new
stores, putting us ahead of target and
underscoring not just the momentum we
achieved in Mexico, but also the strong
pace we now have in Latin America as
well, particularly in Colombia and Brazil.
OXXO same store sales were
up 14.2% for the year, driven by
an increase of 8.0% in average
customer ticket and a very strong
5.8% growth in traffic. We saw
healthy commercial income
dynamics, better segmentation
efforts and the growing impact of
the Premier loyalty program, all
of this against the backdrop of a
robust consumer environment.
Gross margin expanded by a 0.3
percentage point(s) to reach 42.0%,
reflecting strong commercial activity
and promotional programs with key
suppliers as well as an undemanding
comparison base from last year.
Income from operations increased
11.7%, while operating margin
decreased 0.7 percentage points
compared to the same period of
2022 to reach 9.4%, reflecting an
increase in labor expenses stemming
from the labor reforms in Mexico.
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Sustainability Performance
Proximity Europe
In 2023, Valora achieved strong
operating results with substantial
growth compared to the prior year
in a challenging macroeconomic
environment. This positive
development was strongly driven
by higher sales in the food category
across all units.
Proximity Europe increased revenues
reflecting traffic recovery and positive
pricing initiatives as well as the growth
of Valora food service and B2B
business. As of the end of the period,
Proximity Europe has 2,808 points
of sale.
Fuel
Our Fuel business again delivered
a stable performance in 2023 with
the corporate wholesale business
continuing to grow in all markets where
we operate, including three new self-
built service stations in Mexico. As part
of this growth, we focused on evolving
our value proposition in 2023 to deliver
a service experience with a digital focus.
This included streamlining the point
of sale to generate quick service and
easy transactions, as well as launching
a digital fuel voucher to easily purchase
gasoline at any OXXO GAS station.
We grew our Fuel B2B sales by 28%
versus 2022 through our digital fleet
card, and our commercial customer
base grew to more than 6,500,
through which we serve more than
70,000 trucks and vehicles in our
service stations daily. This year we
also added more than 200 affiliated
service stations outside the OXXO GAS
network to our fleet card to provide
better service.
As of 2023, more than 34% of all OXXO
GAS sales were made in association
with our loyalty program, from more
than 1 million clients. In addition to
exchanging earned loyalty points for
fuel, we also offered special rewards and
promotions for our most loyal clients
to redeem, such as concert tickets or
football game tickets and experiences
with players, among others.
Health
Our Health business responds to the
pharmacy, health and wellness needs
of our communities through a large
and growing network, representing
the third largest pharmacy chain
in Latin America in terms of sales.
In 2023, despite a challenging
comparison base in Chile and
competitive environment in Mexico, as
well as significant currency headwinds
in several Latin American markets,
Health revenues were stable during
the year and even saw positive trends
in Colombia and Mexico.
Proximity & Health Points of Sale 2023
Proximity Americas
Mexico
Brazil8
Colombia
Chile
Peru
Subtotal
Proximity Europe
Germany
Switzerland
Luxembourg
Netherlands
Austria
Subtotal
Fuel
Mexico (OXXO GAS)
Subtotal
Health
Mexico
Chile
Ecuador
Colombia
Subtotal
Total Retail
21,970
1,716
411
343
142
24,582
1,405
1,243
74
55
31
2,808
571
571
1,759
950
950
815
4,474
32,435
8 Through our joint-venture with Raízen, Grupo Nós, includes 440 OXXO stores, 33 Shell Select locations in Brazil, and 1,243 Shell Select stores operated by independent franchisees.
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Coca-Cola
FEMSA
As the largest Coca-Cola franchise
bottler in the world by sales volume,
Coca-Cola FEMSA produces, markets,
sells and distributes leading brands
of Coca-Cola trademark beverages in
nine Latin American countries.
Producing 4.0 B unit cases per year
Serving +2.1 million points of sale
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2023 was an outstanding year for
Coca-Cola FEMSA. We not only
achieved positive results, but also laid
the foundation for our sustainable
long-term growth model, as captured
through six strategic priorities
(see figure).
Backed by the continued strength of
our Enhanced Cooperation Framework
with The Coca-Cola Company, we saw
solid growth in our volume, revenue,
and operating income during the year,
which signaled to us that we remain
on the right path with our strategic
priorities.
Grow the core
Foster a
sustainable
future
GROWTH
Be the
preferred
commercial
platform
STRATEGIC
PRIORITIES
Strengthen
our
customer
centric
culture
ENABLERS
Strategic M&A
De-bottleneck
our infrastructure
& digitize the
enterprise
1.1 MM
+800K
Juntos+ Journey
This year, we set the foundations towards
becoming the preferred omnichannel
commercial platform with Juntos+, by
completely revising its IT architecture and
successfully rolling out our version 4.0 in
Brazil which significantly improves
customer experience.
+260K
2016
2021
2022
2023
2021
2022
2023
MONTHLY ACTIVE USERS 2021-2023
Growing the Core
By focusing on our core strengths, we
aim to deliver sustainable growth, al-
ways focusing on the business. In 2023,
we moved forward on this ambition by
activating new opportunities to grow
the Coca-Cola portfolio. For example,
Coca-Cola Zero Sugar continues to be
an important growth driver, offering
consumers a sugar- and calorie-free
alternative for one of the world’s most
beloved brands. The new formula and
visual identity of Coca-Cola Zero Sugar
continued to outperform the sparkling
beverage category across our territo-
ries, growing volumes double-digit year
over year.
Additionally, we continue growing across
emerging still beverage categories —
from hydration to energy, tea, and sport
drinks— aiming to achieve the full po-
tential of our profitable non-carbonated
beverage categories.
Becoming Our Customer’s
Preferred Omnichannel
Commercial Platform
We continued to take bold steps to
become our customers’ preferred busi-
ness-to-business (B2B) platform and
partner for growth.
During the year, we further expanded
the capabilities of Juntos+, our cus-
tomer-centric omnichannel B2B com-
mercial platform that provides a differ-
entiated customer experience across
our product offerings. Specifically, we
launched and rolled out version 4.0 of
Juntos+, which includes exciting new
features, such as a loyalty program,
suggested orders, order tracking and
an improved user experience.
In 2023, we processed more than
31.1 million orders on digital channels, a
71% increase, generating close to
US$ 2.4 billion in revenue —a triple digit
increase— that represents roughly 15%
of Coca-Cola FEMSA’s total sales in or-
ders and revenue as compared to 2022.
The largest Coca-Cola franchise bottler
in the world by sales volume
+272 million people served
+2.1 million points of sale
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1.1 million monthly
active users, +35%
vs 2022.
31.1 million orders
processed on digital
channels, 15% of total
sales, +71% vs 2022.
US$ 2.4 billion in
digital revenue.
To support these results, we invested
a record CAPEX of Ps. $21.4 billion,
representing 8.7% of revenues. These
investments enable us to continue
adding the necessary capacity to sup-
port our growth ambitions.
For more information, please see
Coca-Cola FEMSA’s Integrated Report 2023
and Form 20-F 2023.
Strengthen our
Customer-Centric Culture
Our consumers and clients are at the
center of everything we do. As part
of our obsessive focus on enhancing
customer centricity, in 2023 we further
standardized the way we measure cus-
tomer satisfaction by tracking consis-
tent KPIs across the organization that
reveal gaps and areas of opportunity.
For example, we achieved a notable
positive trend in order fulfillment
during 2023 by reducing shortages and
enhancing customer service metrics,
such as enhanced customer claims
handling. We have also expanded our
use of artificial intelligence capabilities
to measure sentiment through expand-
ed sets of data.
Financial Results Summary
Our focus on driving sustainable long-
term growth enabled us to deliver 7.8%
year-over-year volume growth to reach
4,047.8 million unit cases. Our solid
volumes and revenue growth manage-
ment capabilities drove 8.1% growth
in sales reaching Ps. 245.1 billion.
Operating income improved by 10.8% to
Ps. 34.2 billion. Adjusted EBITDA in-
creased by 7.9% to Ps. 46.4 billion.
Remarkably, our return on invested
capital improved for the sixth consec-
utive year. Furthermore, we ended the
year with a net debt-to-EBITDA ratio of
0.8 times, while our cash position was
more than Ps. 31 billion.
These achievements reflect our robust
financial position and underscore our
readiness for continued growth.
2023 Financial Highlights
+4.0 billion9 volume
+US$ 14.5 billion revenues
+US$ 2.5 billion adjusted EBITDA10
18.9% adjusted EBITDA margin10
9 Unit cases
10 EBITDA defined as operating income plus depreciation, amortization and other non-cash items.
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Digital@FEMSA
With double-digit growth backed
by solid economic fundamentals,
we continued to strengthen the
reach and capabilities of our digital
ecosystem at a rapid pace during the
year, with Spin by OXXO active users
increasing by 86.1% year-over-year.
19.3 million Spin Premia active loyalty
users11 with a tender of 31% in OXXO, and
34% in OXXO GAS12
6.9 million Spin by OXXO active users13
51% of total users are women
11 User that has transacted at least once with Spin Premia within
the last 90 days.
12 OXXO Mexico MXN and OXXO GAS sales with Spin Premia redemption or
accrual divided by Total OXXO Mexico MXN and OXXO GAS sales, during
the period.
13 Any user with a balance or that has transacted within the last 56 days.
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Our vision for Digital@FEMSA is to drive
prosperity through digital and financial
inclusion by building the most powerful
financial omnichannel digital ecosystem,
thereby boosting the productivity of
communities, creating economic and
social value, and generating positive
and transformative impact. Always
keeping the consumer at the center
of what we do, we seek to close gaps
in the market and to evolve the rela-
tionship of Mexicans with their money
through digitalization and convenience.
Juan Carlos Guillermety was appointed
as CEO of Digital@FEMSA during 2023,
bringing with him significant fintech and
multinational payment card services
experience. He will lead the growing
talent pool that is shaping the future of
FEMSA’s digital ecosystem.
As we move forward on our roadmap
for building a more integrated and
cohesive digital offering for consumers
in Mexico, we are more seamlessly
connecting consumers and businesses.
We continue to make progress fine-tuning the use cases,
value propositions, unit economics, and monetization
strategies for each part of our digital ecosystem.
Consumer services
› Spin Premia: In 2023, we
successfully evolved and migrated
the OXXO PREMIA program into
Spin Premia as the next step in our
evolution toward a winning digital
ecosystem. Through this loyalty
program, our customers can do
more with their money, earning
reward points which they can later
redeem for products and services.
They can also access an array of
attractive and exclusive benefits
from all the allied brands of the
program, such as OXXO, OXXO GAS,
Volaris, Doña Tota, and ViX Premium,
as well as added benefits for using
Spin by OXXO as their payment
method. As of 2023, approximately
31% of OXXO Mexico sales were
made in association with our loyalty
program, and more than 34% in
OXXO GAS.
Delivering data-driven insights
During the year, our Spin Premia loyalty program
reinforced our relationship with OXXO consumers,
allowing us to better understand their needs, as
well as identify opportunities to benefit their daily
lives. In addition, we aligned with new and powerful
allies beyond FEMSA to expand our offerings of
rewards and benefits.
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Looking ahead, we will continue
to expand our payments
platform to cover more of
consumers' daily lives and translate
it into more and better solutions.
› Spin by OXXO: Our digital wallet
strengthened its customer base
in Mexico and continued to focus
on improving and innovating its
customer experience. We evolved
our product with new solutions for
our customers, such as remittances,
a virtual card, gift cards, and a
new card for contactless public
transportation payments in
Monterrey.
Through analysis and observation
in areas with low financial access,
we confirmed that Spin by OXXO
has had a transformational impact
in driving digital financial inclusion,
leveraging OXXO stores to be the
connection point between the
physical and digital financial world.
of micro-, small- and medium-
sized enterprises (MSMEs) served
by FEMSA and expanding our
ecosystem.
Merchant services
› Payments: The acquisition and
consolidation of Netpay in 2023
gave rise to a winning platform that
further increases the acceptance of
electronic payments in businesses,
thus reinforcing the digitization
and coverage of our omnichannel
ecosystem. Through Netpay, we
have been enhancing the value
Looking ahead, we will continue to
expand our payments platform to
cover more of consumers' daily lives
and translate it into more and better
solutions. In this way, we will be able
to connect with both our consumer
– who is at the heart of everything
we build – as well as the businesses
through which we can generate
even greater benefits and services
for Mexicans.
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Other
Operations
FEMSA operates several businesses
that are leaders in their industries
or sectors and provide solutions to
FEMSA’s core business segments and
other companies, including Solistica,
which comprises our Logistics &
Distribution operations, as well as
AlPunto, which comprises our Food
Service Solutions.
Solistica’s reach in 2023:
+1.5 million trips, reaching +4,000 of
clients in Latin America, representing
+39 million tonnes transported on behalf
of our customers in the pharmaceuticals,
automotive, technology and consumer
goods industries.
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In line with our FEMSA Forward strate-
gy, we are currently exploring the most
advantageous strategic alternatives
for our non-core business units, posi-
tioning all parties to deliver maximum
value to customers and suppliers. In
the successful first move toward these
divestiture plans, we announced in
2023 the combination of Envoy Solu-
tions LLC with BradyIFS – creating a new
platform in the facility care, foodservice
disposables, and packaging distribution
industries in the United States.
Logistics & Distribution
Solistica is FEMSA's leading third-party
logistics (3PL) provider. Guided by its
purpose to deliver wellbeing to people
through reliable logistics solutions,
while always ensuring a focus on cus-
tomer-centricity, Solistica offers end-
to-end solutions across its customers’
supply chain.
To better serve the needs of its clients,
Solistica extended its high standards of
quality and safety to new sites in Colom-
bia, Brazil, and Mexico during 2023. A
key priority of the year was continuing
to strengthen Solistica’s value proposi-
tion through digital transformation. For
example, through the launch of Solis-
tica ONE, a digitalization platform for
transportation management, Solistica
can better integrate the capabilities of
transport partners with the particular
needs of customers, such as shipment
tracking, evidence generation and route
optimization by reducing “empty” routes
through real-time information.
Food Service Solutions
AlPunto is a group of companies
focused on providing solutions in food
service equipment, commercial refrig-
eration, materials handling and integral
services at the point of sale. Within
AlPunto, Imbera is our refrigeration
business that manufactures commer-
cial refrigerators for clients in the soft
drink, beer and food industries. Torrey
and the Cooking Depot are food
service solutions businesses manufac-
turing food processing, storage and
weighing equipment.
In 2023, Imbera made significant prog-
ress in the walk-in coolers segment,
developing new efficiencies in commer-
cial refrigeration equipment technology
for convenience stores.
Imbera-Torrey’s circular economy
and digitalization strategies were also
consolidated to improve performance
while reducing the carbon footprint of
strategic cooler models by up to 50%.
More than 180,000 reused refrigera-
tion equipment parts were also upcy-
cled, which otherwise may have been
sent to landfill.
AlPunto also includes Plásticos Técni-
cos Mexicanos (PTM), which designs
and manufactures plastic transforma-
tion projects for materials handling,
food, beverages and automotive.
In 2023, PTM continued expanding
the use of recycled material and the
development of new technologies to
improve efficiencies.
Sustainable Logistics in
the Supply Chain
In 2023, Solistica and Coca-Cola FEMSA took
steps to reduce packaging material that would
otherwise be sent to landfill and replace Styro-
foam packaging with reusable ecological options.
A semi-automated co-packing solution as a value
added service was developed at Coca-Cola FEMSA’s
Tocancipá, Colombia bottling plant, drastically re-
ducing waste and increasing productivity by elimi-
nating the need for outsourcing prior to distribution.
This innovation not only saved Coca-Cola FEMSA
nearly a million dollars in packaging materials the
first year, but also increased production capacity
by 55% for the bottle line and 300% for the Tetra
packaging line, recovering in eight months the
investment made and changing packaging tech-
nology with 100% recoverable materials.
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femsa integrated annual report 2023
Introduction
Introduction
Strategy
Strategy
Operational Performance
Operational Performance
Sustainability Performance
Sustainability Performance
Sustainability Performance
The three pillars of our Sustainability
Strategy are consistent with the UN
Sustainable Development Goals (SDGs)
and cover nine priority topics. We have
ambitious goals associated with each
pillar, including measurable targets to
track our progress over time, remain
accountable to our stakeholders,
and inspire our collaborators to
keep working toward our collective
aspirations.
› +9.7 million cumulative
hours of collaborator training
(25 hours per collaborator)
› +6,000 senior collaborators and 2,994
people with disabilities employed14
› 30% of women in executive positions
and 44% of women in the total
workforce
› 2,861,280 direct beneficiaries of
community programs
› Ps. +103.5 million raised through
the Redondeo and Dona tu Vuelto
programs
› 2,531 volunteering activities
› 73.4% of operational waste diverted
from landfills or 217,821 tonnes
› 62.4% of FEMSA’s total electricity
consumption from renewable sources
› 37% of raw materials used in
products and packaging of recycled
origin
Learn more about Our People,
page 31.
Learn more about Our Community,
page 39.
Learn more about Our Planet,
page 49.
Our People
Our Community
Our Planet
14 Internal collaborators
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Operational Performance
Sustainability Performance
Sustainability Goals & Targets Progress
2030 Corporate Goals
e
l
p
o
e
P
r
u
O
y
t
i
n
u
m
m
o
C
r
u
O
t
e
n
a
l
P
r
u
O
Priority Topic
2030 Goal
2023 status
2022 status
2021 status
Baseline
Human and Labor Rights
Over 90% of our collaborators engaged15
Integral Wellbeing
100% collaborators with access to a Psychosocial Support
System17
Diversity Equity and Inclusion
To have a 40% women participation in executive positions
88%16
81%
30%
87%
60%
88%
88% (2023)
N/A
81% (2023)
27.0%
24.0%
20.0% (2020)
Community Wellbeing
20 million beneficiaries by community wellbeing initiatives
9.5 million
6.7 million
2.9 million
(2021)
Sustainable Sourcing
90% of procurement purchases in all business units from
local suppliers
69%
67.0%
64.0%
(2021)
Climate Action
85.0% renewable electric energy use across all our operations
62.4%
58.0%
60.9%
22.0% (2017)
Water Management
Achieve a neutral water balance in all our operations
81%
81.0%
81.0%
(2021)
Circular Economy
Zero waste from operations to sanitary landfills
73.4%
68.7%
53.0%
52.0% (2019)
15 New goal introduced in 2023.
16 Overall 2023 results (OXXO, OXXO GAS and Digital@FEMSA not included).
17 New goal introduced in 2023, measured by the consolidation of a set of weighted indicators to obtain an overall percentage. Learn more on page 37.
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Strategy
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Sustainability Performance
Sustainability Performance Targets
FEMSA Sustainability-Linked Bond
FEMSA's Sustainability-Linked Bond Framework –
prepared in accordance with the Sustainability-Linked Bond
Principles 2020 (“SLBP”), as administered by the International
Capital Market Association – includes two SLBP-aligned 2030
Sustainability Performance Targets (SPTs):
› SPT 1: Zero Operational Waste to Landfill: Increase the
percentage of waste diverted from landfills to 65% by 2025
and 100% by 2030;
› SPT 2: Renewable Energy: Increase the annual sourcing
of renewable electricity to 65% by 2025 and 85% by 2030.
FEMSA SPT Performance
KPI18
2021
2022
2023
SPT 2025
SPT 2030
Percentage of total operational waste
diverted from landfills (measured as tonnes
of waste recycled or reused / tonnes of total
operational waste)
53.0% or
152,391
tonnes
68.7% or
192,949
tonnes
73.4% or
217,821
tonnes
65.0%
100.0%
Percentage of total electricity consumption
coming from renewable sources
60.9% or
1,672,711
MWh
58.0% or
1,738,633
MWh
62.4% or
2,002,607
MWh
65.0%
85.0%
18 If these targets are not satisfied by the specified dates, as verified by an accredited external party, there will be an interest rate step up of 25 basis points. Our 2022 progress toward these SPTs is summarized below.
62.4% total electricity
consumption coming from
renewable sources.
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Operational Performance
Sustainability Performance
KPI19
2020
2021
2022
2023
Water use ratio (WUR) as the water usage to a liter
of beverage production (L/L)
1.49
(baseline)
1.47
1.4620
1.42
Coca-Cola FEMSA Sustainability-Linked Bonds
In September 2021, Coca-Cola FEMSA issued the first-ever
sustainability-linked bonds the Mexican market for a total
of Ps. 9,400 million in accordance with our SLBP-aligned
Sustainability-Linked Bonds Framework. In alignment with
our commitment to water stewardship, we are focusing this
first issuance on the sustainable and efficient use of water,
as measured through an SPT to achieve a water use ratio of
1.36 liters by 2024 and 1.26 liters by 2026. Specifically, the
KPI measures the total volume of water consumed across all
bottling plants expressed per the total volume of beverages
produced.21
To move toward this target, we continue to work with
our operations teams in alignment with our Water Risk
Assessment tool.
Coca-Cola FEMSA Social-Linked Bond
In October 2022, we issued social and sustainability bonds in
the Mexican market for a total of Ps. 6 billion —becoming the
first non-financial corporation in the Americas and the first
company in the Coca-Cola System to issue social bonds. We
also became the first company in Mexico’s consumer sector
to issue sustainability bonds.
This transaction was completed in two tranches: The first social
tranche was priced at a fixed rate of 9.95% (Mbono+0.30%) for
an amount of Ps. 5,500 million due in seven years; and the sec-
ond sustainability tranche was priced at a variable rate of TIIE +
0.05% for an amount of Ps. 500 million due in four years.
This initiative enabled us to finance important social projects
in alignment with our MARRCO model.
Learn more on page 53.
Learn more on page 41.
Green Bond Progress Update:
Coca-Cola FEMSA issued its first green bond
in the international capital markets in Sep-
tember 2020, which, at the time, was the
largest for a Latin American corporation
and a first for the Coca-Cola System. As of
December 31, 2023, Coca-Cola FEMSA
had successfully allocated 100% of the
proceeds of both the Green Bond and
Sustainability-Linked Bond to finance or
refinance eligible green projects in three
main categories: climate action, water
stewardship and the circular economy.
19 If the targets are not met by the specified dates, as verified by an accredited external party, the interest rate of the bonds will increase by 25 basis points.
20 For purposes of these metrics, Coca-Cola FEMSA considered owned and third-party distribution centers managed by the Company. Plants acquired during 2022 will report on these metrics in the 2023 Integrated Report.
21 For example, a WUR of 1.20 indicates that, for every liter of beverage produced, an additional 0.2 liters of water is used to produce it. The measured water is from any source, including municipal water, water wells, surface water or tank water.
The description of water sources is aligned with the GRI Standard on reporting total water usage.
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Introduction
Introduction
Strategy
Strategy
Operational Performance
Operational Performance
Sustainability Performance
Sustainability Performance
Our People
IN THIS CHAPTER:
› Human Rights
› Justice, Equity, Diversity & Inclusion (JEDI)
› Integral Wellbeing
INVESTMENT
Ps. 3,397 million
invested in Our People pillar
“For me, the family of collaborators at
FEMSA is the center of everything we
do in this organization. If we take care
of them – if they are protected and
in balance, in terms of all the facets
of their personal and professional
wellbeing – then they become the
most powerful asset we have to best
serve our clients, our consumers, our
communities, and, in turn, to serve as
a key input to FEMSA’s model of value
creation for years to come.”
– Raymundo Yutani,
Vice-President of Human Resources
For detailed 2023 data related to Our People,
please see Sustainability Performance Data
in the Appendix.
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Sustainability Performance
At FEMSA, we are committed to the comprehensive develop-
ment of our more than 392,000 collaborators in 18 coun-
tries. We are grounded in our foundational commitment to
human and labor rights, and strive to generate respectful,
inclusive, collaborative and dignified work environments
that constitute the essential support system for the integral
wellbeing of our talented people to grow and thrive to their
maximum potential.
We believe it is the right of all people to
perform a job without discrimination,
to receive fair remuneration and to
preserve their human dignity through
social protections.
2023 Highlights
3,490 refugees and migrants hired
since 2019
88% on FEMSA’s Organizational
Climate Diagnostic
3rd and 5th consecutive year on the
Bloomberg Gender Equality Index
for FEMSA and Coca-Cola FEMSA,
respectively
Headcount by Country
Argentina
Austria
Bolivia
Brazil
Chile
Colombia
Costa Rica
Dominican Republic
Ecuador
Germany
Guatemala
Luxembourg
Mexico
Netherlands
Nicaragua
Panama
Paraguay
Peru
Switzerland
United States of America
Uruguay
Venezuela
Total
4,365
91
20
41,890
14,450
24,734
2,284
2
4,512
4,097
4,184
45
284,066
151
1,621
1,711
2
1,105
1,663
221
1,718
36
392,968
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Human Rights
FEMSA has always been committed to
promoting and respecting human rights
as well as preventing potential nega-
tive impacts towards our collaborators,
business partners, suppliers, con-
sumers, and different stakeholders;
within our work environments and the
communities where we operate. We
believe that all people have the right
to be treated with dignity. For this
reason, we strive to understand and
preventively act on impacts that our
businesses could potentially have on
human rights.
Due Diligence Model
Our Human Rights strategy and
management approach is guided by
the five stages of our Due Diligence
Model (see figure), which was redefined
in 2023 in accordance with the UN
Guiding Principles on Business and
Human Rights.
A fundamental part of implementing
the Model has been to generate a
strategic and effective synergy of all
the mechanisms, policies, programs,
and strategies that over the years have
safeguarded the respect and promo-
tion of Human Rights at FEMSA.
Objective
To uphold our commitment and
responsibility to Human Rights
by transforming challenges into
opportunities, creating business
value, and generating a positive
social impact.
Prevention
Implementation of
initiatives, processes,
and policies to prevent
future Human Rights
violations (see page 70).
Repair and avoid the
repetition of said
negative impacts.
Remediation
Identification
Analysis of the Company's
activities and Human
Rights that could
potentially be impacted.
Evaluation
Classification and
prioritization of Human
Rights due to our
operations and acting on
the findings.
Grievance
Effective and agile attention
to complaints about negative
Human Rights impacts detected
through formal institutional
mechanisms, such as the FEMSA
Ethics Line (see page 71).
In July 2023, FEMSA was among the
first generation of companies in Latin
America to complete the UN Global
Compact (UNGC) Business & Human
Rights Accelerator.
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We take an active role and proactive
responsibility within the community,
aiming to prevent and respond to both
present and future challenges. Among
other mitigation actions, we have
taken steps forward to the reduction
of greenhouse gas GHG emissions,
sustainable waste management, and
the prevention of potential harm in the
communities where we operate.
Part of our due diligence on human
rights has led us to focus our efforts
with regards to living wages that guaran-
tee an adequate standard of living in the
different geographies where we oper-
ate. This includes providing decent, opti-
mal and safe working conditions, as well
as decent working hours. We prohibit
any type of child or forced labor and we
always strive to promote respective and
collaborative work environments.
Looking forward to the following years,
we aim to build up our assessments,
continue to strengthen the strategies
and policies that we currently have in
place to prevent and mitigate, as well
as adding the necessary measures to
comply with the Due Diligence process.
Contributing to our commitment of
generating social value, we commit to
develop a continuous monitoring and
improvement plan in 2024 and the years
to come. For this reason, we strive to
understand and preventatively act on
the direct and indirect impacts that our
businesses could potentially have on
human rights.
Organizational Climate Survey
We are committed to fosteringing open
and transparent communication as well
as creating respectful, collaborative and
inclusive work environments where our
culture, purpose and values drive the
development of our people. To that
end, listening and comprehending our
employes is a crucial component of our
business and sustainability strategy.
During 2023, we assessed key drivers
of engagement like job satisfaction,
company pride, and employee happi-
ness, as well as, factors that include
working conditions, potential obsta-
cles to success, and emotional well-
being, among others (see page 93). By
becoming more resourceful with our
Organizational Climate Survey, we gain
a deeper insight into our employees'
needs and aspirations.
The findings from our 2023 Organiza-
tional Climate Survey reveal a positive
improvement, with a rate of 88% em-
ployee engagement. This serves as a
strong incentive for us to step up our
initiatives in creating work environ-
ments that foster a sense of recogni-
tion and value for our collaborators. At
FEMSA, we focus our ongoing efforts
to identify and implement essential
improvements to boost the empower-
ment and enablement of our people.
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Justice, Equity, Diversity & Inclusion (JEDI)
At FEMSA, we recognize and embrace
the uniqueness of all people, regard-
less of gender, religion, nationality,
sexual orientation, physical condition,
or age. FEMSA’s Justice, Equity, Diver-
sity and Inclusion (JEDI) Pillar has been
in place since 2018. We added an
emphasis to equity in 2021, and we
added a focus on justice in 2023 to
highlight the importance of offering an
organizational environment of fairness
where barriers to achieving success
are removed (see figure). This evolution
reflects the fact that even if injustices
have been unconsciously normalized,
we still have a role to play in consider-
ing the tone of our organizational voice
and using our influence to continuously
improve, refine, redesign and rebuild.
We believe that by implementing this
new and expanded JEDI Model, we
not only empower a committed and
diverse team to develop to their full
potential, but we also drive innovation
and new ideas, becoming a stronger
organization in the process.
Our JEDI strategy is designed to
guarantee that we work every day to
recognize and address gaps that can
become barriers for everyone to be
able to come to work and keep growing
at FEMSA. We strongly believe that peo-
ple have the right to be who they are
and because of that, to bring their best
to work. The strategy considers differ-
ent priorities and affirmative actions
for continuous improvement, such as
reviewing existing systems, policies and
procedures, so that we can unlock op-
portunities and create an environment
where everybody feels welcome.
Regarding our Gender Parity Strate-
gy, our corporate goal is to increase
female representation in executive
management positions by 20 per-
centage points from the 2020 level
(or to reach 40%) by 2030. By the end
of December 2023, we had reached
30% – up ten percentage points in just
three years since the baseline was set
and meeting our internal target for the
year early.
We guarantee a level
playing field according to
each person's context
Objective
To offer a positive
and enriching work
environment for all
people who are part of
FEMSA companies
We appreciate and
celebrate our differences
and uniqueness
We ensure that our
systems offer fair
opportunities for all
We create a space in
which everyone feels
valued and welcome
Equity
Diversity
Justice
FEMSA
JEDI Model
Inclusion
Among the insights from this additional
level of inquiry, we learned that 2% of
our workforce is of foreign origin;
3% identify with a non-listed gender
identity; and 1% identify as 'non-binary'.
Priority Groups
Aligned with our Human Rights and
JEDI Strategy, FEMSA strives to promote
labor inclusion of minorities and those
that might find themselves in a situa-
tion of structural vulnerability, including
people with disabilities, all ethnic and
age groups, refugees and migrants,
among other priority groups.
With the aim of better focusing our
efforts and programs, we included for
the first time in 2023 two demograph-
ic-related dimensions on our Organi-
zational Climate Diagnostic Survey
that allowed us to further recognize
the individuality of our collaborators.
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In support of workforce balance across
ages and abilities, in 2023 FEMSA hired
more than 1,480 older adults and
more than 450 people with disabili-
ties. Additionally, since 2019, FEMSA
has implemented a refugee inclusion
program in collaboration with the UN
Refugee Agency (UNHCR). As of 2023,
FEMSA hired more than 3,490 refu-
gees and migrants in Mexico (through
OXXO’s work centers and Distribution
Centers, as well as in OXXO GAS), and
in Brazil through Solistica. We also
have the aspiration to continue build-
ing sustainable futures for refugees in
communities across Latin America, as
announced in December 2023 during
our participation in UNHCR’s Global
Refugee Forum.
Learn more about this work on page 46.
Among the insights from
this additional level of
inquiry, we learned that
2% of our workforce
is of foreign origin; 3%
identify with a non-listed
gender identity; and 1%
identify as 'non-binary'.
2023 GENDER DIVERSITY
(internal collaborators)
2023 ETHNIC DIVERSITY
(internal collaborators)
2023 AGE DIVERSITY
(internal collaborators)
1%
43%
Gender
Male
Female
Non-binary
Non-listed
20%
1%
3%
14%
3%
53%
53%
43%
1%
3%
Ethnic
53%
8%
18%
31%
Age
Mix of different ethnicities 40%
14%
Indigenous or native
3%
Afro descendant
1%
Asian
20%
Other
< 30 years
30-39 years
40-49 years
50-59 years
60+ years
2%
41%
41%
31%
18%
8%
2%
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Integral Wellbeing
Ensuring the integral wellbeing and
quality of life of Our People and their
families is a central cornerstone of the
FEMSA’s culture – one that is character-
ized by co-creation and co-responsibili-
ty for the benefit of all. We are commit-
ted to creating a positive impact for Our
People through meaningful actions that
allow them to flourish in a holistic way.
In 2023, we updated and re-launched
our Integral Wellbeing Model seeking
to have a greater focus on the indi-
vidual, and the elements that foster
growth across five key dimensions.
Among other updates, the Model now
emphasizes psychological wellbeing
as an independent dimension; pro-
motes habits that contribute to health;
highlights the importance of a diverse,
inclusive, healthy, and safe working
environment; and helps facilitate new
social connections and citizen partici-
pation opportunities to drive positive
social impact.
To track our effectiveness in supporting
collaborators across dimensions, we
introduced a new corresponding 2030
corporate goal that aims to provide
a psychosocial support system to
100% of our collaborators, mea-
sured by whether they have access to:
› psychosocial risk diagnostic tool
› Severe Traumatic Events
experience tool
› psychologist sessions (in-person or
virtual) within the Company
Growing Wellbeing for the Future
More than 65,000 FEMSA employees
participated in an Integral Wellbeing
survey during 2023 that sought to un-
derstand employee sentiment around
our Integral Wellbeing dimensions and
its objectives, as well as to identify im-
provements, work plans and new initia-
tives for 2024 and beyond. As a result
of this survey, we have so far found a
strong correlation between psycho-
logical wellbeing and meaningful work
and organizational resources. Looking
ahead, we will enhance our capabili-
ties, competencies and collaboration
opportunities by strengthening com-
munication with our business units, as
well as establishing new partnerships
with external experts and organizations
specializing in wellbeing aspects.
Healthy
Body
› enablers focused on promoting
psychological wellbeing
Social
Connections
Psychological
Wellbeing
› protocols and procedures for
psychosocial care and monitoring
Financial
Wellbeing
Work
Life
Based on a weighted compilation of
these five indicators, as of 2023, approxi-
mately 81% of FEMSA collaborators have
access to a psychosocial support system.
Genoma FEMSA
In 2023, we launched Genoma
FEMSA, a collaborative new
platform to help us digitize and
improve our occupational health
system. Among other advantages,
the system will allow us to:
› Analyze data in real time from any location,
allowing us to identify key trends, patterns and
opportunities for improvement;
› Increase the precision of our Health Indicators; and
› Facilitate and upgrade decision-making.
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Career Development &
Continuous Learning
At FEMSA, we promote a culture of
continuous learning and develop-
ment among our team members and
their families by offering training to
improve or acquire knowledge and
skills. In 2023, more than 9.7 million
hours of training were completed
by collaborators on topics including
human rights, sustainability, health &
safety, culture & leadership, ethics &
compliance and technical knowledge.
Taking advantage of individual evalu-
ation systems, we recognize areas of
opportunity and promote our team
members’ professional development
within the organization.
Healthy Body: Expanding a Regional Health System
The program is expected to locally
benefit more than 3,000 FEMSA col-
laborators and their immediate fam-
ily members, allowing for improved
medical access and higher levels of
specialization. It will also serve as an
example for future programs at the
intersection of medicine, academia
and research.
For more than 100 years, Sociedad
Cuauhtémoc y Famosa (SCyF) in
Monterrey, Nuevo León, Mexico has
offered a wellbeing system for the
collaborators of its sponsoring com-
panies, including FEMSA, through
programming that promotes col-
laborator stability, work-life balance
and strong family ties through
nutritional, medical, recreational and
financial services.
In 2023, SCyF signed a collaboration
agreement with the Tecnológico de
Monterrey Health System (TecSalud)
to raise the quality of the local pri-
vate health system by adding highly
specialized medical care. TecSalud
will provide comprehensive cover-
age that includes external services
(such as imaging and laboratory
needs), as well access to Primary
Care Clinics, serving as a health
system in the state.
The collaboration agreement
between SCyF and TecSalud is
expected to locally benefit more
than 3,000 FEMSA collaborators
and their immediate family
members, allowing for improved
medical access and higher levels
of specialization.
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Strategy
Strategy
Operational Performance
Operational Performance
Sustainability Performance
Sustainability Performance
Our Community
IN THIS CHAPTER:
› Community Wellbeing
› Economic Development
› Sustainable Sourcing
INVESTMENT
Ps. 1,223 million
invested in Our Community pillar
“Investing in people from our
communities and their potential
today is the best chance we have of
building fairer and more prosperous
societies. With the combined size,
scope and reach of FEMSA, our
business units, our Foundation, and
our many strategic partners and
suppliers, we are a collective force
uniquely positioned to create lasting
social value through multi-sector
collaboration, innovation platforms,
and a shared vision for solutions.”
– Eva Fernández Garza,
Director of Social Impact
For detailed 2023 data related to Our Community,
please see Sustainability Performance Data
in the Appendix.
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2023 Highlights
1,039 community wellbeing initiatives
+356,000 corporate volunteering hours
677,000 units of medications and health products donated
to communities in need, equivalent to Ps. +374.8 million
69% procurement purchases in all business units from
local suppliers
+20,000 suppliers receiving the FEMSA Share Newsletter
monthly to raise awareness on responsible sourcing
Community Wellbeing
FEMSA is focused on driving the well-
being of the communities where we
operate, including supporting clean
neighborhoods and engaging local-
ly. Our corporate goal is to reach
20 million beneficiaries of our commu-
nity wellbeing initiatives by 2030. As
of 2023, 1,039 community wellbeing
initiatives were completed benefiting
more than +2.8 million beneficiaries.
Through our workforce, we touch
more than 1,000,000 people in some
way – when we consider our 392,000
collaborators plus their family mem-
bers. Our total consumers and clients
are more than 270 million and we
serve approximately 30 million of them
on any given day. With this kind of
reach, we know we have a tremendous
capacity and opportunity to utilize
our own spheres of influence for the
positive – to innovate, to transform, to
do the right thing and to move forward
together in progress.
With a clear direction, through a variety
of activities vetted by a cost/benefit
perspective, we strive to contribute to
the economic and social development
of Our Community – from promoting
healthy lifestyles and safe surround-
ings, to fostering community engage-
ment and responsible business practic-
es with our suppliers.
We are committed to
contributing to the economic
and social development of
the communities in which we
operate, seeking to create
value by generating
prosperity and wellbeing.
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MARRCO
An important part of our social license
to operate is based on the relationships
we build with our neighbors. Comprised
of five steps for managing risks and
community engagement, our MARRCO22
model guides our value-generating
engagement activities by revealing
unique insights about how our
operations impact the community,
and vice versa.
In 2023, we continued to expand MAR-
RCO to new geographies across our
business units. For example, Coca-Cola
FEMSA expanded the implementation
of MARRCO to Colombia, taking the op-
portunity to identify additional criteria
customized to local business activities
and social contexts.
In our Proximity Division, MARRCO
has been implemented throughout all
businesses in Mexico, Chile, Colombia
and Peru, helping our local teams by
building stronger relationships with
our communities. Through this meth-
odology, OXXO Mexico, for example,
planned and implemented more than
400 local community actions in 2023,
such as rehabilitating public spaces
and schools, donating groceries for
vulnerable groups, launching health
campaigns, leading reforestation ef-
forts, and more.
FEMSA Health is deploying the MARR-
CO model in all its territories of oper-
ation (Mexico, Ecuador, Colombia and
Chile) to help guide its approach for be-
ing a community ally that provides con-
venient access to health and personal
hygiene products and services. In Chile,
MARRCO was used in 2023 to develop
and launch a “Good Neighbor Manual”
as a guide for pharmacies to provide
information and tools for supporting
clients in more personalized ways, such
as guidance on the adequate use of
medicines, healthier habits, and vacci-
nation processes, among others.
Other MARRCO-aligned community
initiatives during the year included:
› Retail. Donate Your Change:
As part of the “Redondeo” and
“Dona tu Vuelto” programs, OXXO
channeled Ps. 95.17 million to
378 local institutions, Farmacias
YZA channeled Ps. 4.04 million to
13 local institutions; and Maicao
and Farmacias Cruz Verde in Chile
collected Ps. 1.62 million CLP for 2
organizations.
› Coca-Cola FEMSA. Escuelas de
lluvia: Through this program,
Coca-Cola FEMSA provides clean
water to Mexico schools affected by
water scarcity through the installation
of a rainwater harvesting system
and the implementation of an
environmental education program.
In 2023, eight rainwater harvesting
systems were installed across four
Mexican states and supported the
hygiene of 2,400 students.
› Retail. Food Bank Donations:
OXXO donated more than 25,000
kg of food to different food banks
in 2023. For example, in Tapachula,
Chiapas, MX, to support migrants
passing through that Municipality,
more than 9,000 kg of food were
donated benefiting more than
14,000 migrants directly.
› Retail. Product Donations:
More than 677,000 total units of
medications and other products –
an amount equivalent to more than
Ps. 58 million – were recovered and
donated to communities in need by
Farmacias YZA, Socofar, Cruz Verde,
Corporación GPF.
› Retail. Free Medical
Consultations: More than 6,500
free medical consultations were
provided to community members
by Farmacias YZA healthcare
professionals for the prevention
and treatment of illnesses and/or
the early detection of certain
health conditions.
22 Metodología de Atención a Riesgos y Relacionamiento Comunitario (Risk Attention and Community Relations Methodology).
Identify & understand
mutual abilities,
resources, objectives,
needs, and priorities
1
COMMITM
E
N
T
=
C
O
L
L
A
MARRCO
B
O
R
A
T
I
O
N =
TRUST = DIALOGUE
5
Learn & improve
capabilities through
best practices and
knowledge exchange
2
4
Analyze & plan
the risks and
opportunities to build
community programs
3
Agree & act
on programs of
common interest
after listening, build
commitments and
implement
Evaluate &
measure the impact
of community
engagement activities
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Emergency Relief: Hurricane Otis
An important part of our focus
on community wellbeing includes
contributing to safe surroundings and
supporting clean neighborhoods. At
the end of October 2023, residents of
Guerrero, Mexico suffered catastrophic
damage from category 5 Hurricane
Otis, including life-threatening storm
surges, destruction of buildings, severe
flooding, loss of power, and more than
100 people dead or missing.
In the immediate days that followed,
multiple FEMSA teams sprang into
action to help, including Coca-Cola
FEMSA, OXXO, OXXO GAS, Farmacias
Yza, Spin by OXXO, Fundación FEMSA,
and Solistica.
Two “Ven por Agua” water purification
vehicles filled nearly 6,000 20-liter jugs of
drinking water for residents, in coordina-
tion with municipal authorities and the
National Guard. 150 Coca-Cola FEMSA
collaborators distributed 126,000 liters
of bottled water, 3,000 hygiene kits,
and 3,000 grocery packages to affected
community members. OXXO delivered
7,600 sets of food pantry supplies,
6,000 hydration packages, and more
than 5,500 bottles of water.
In coordination with Fundación FEMSA,
Spin by OXXO, Spin Premia, and our
strategic partner, VISA, we donated
more than US$ 200,000 to World
Vision México, an amount that rep-
resents 1% of purchases made with
our Spin by OXXO card in a certain
timeframe during the contingency, as
well as the generosity of more than
10,000 customers who contributed
through their Spin Premia points,
which were then doubled by the loyal-
ty program.
We are also committed to helping
rebuild what was lost. Coca-Cola
FEMSA will invest US$ 33.4 million to
help rebuild its facilities’ infrastructure,
including the manufacturing plant and
distribution centers. OXXO will also
invest more than US$ 46 million to
rehabilitate shops and provide funds
for community support.
In response to Hurricane Otis
disaster, two “Ven Por Agua” water
treatment vehicles were activated,
each of which can process up to
48,000 liters of water per day.
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Community Wellbeing Spotlight:
Fundación FEMSA’s Vision for Early Childhood
Nurturing Public Spaces
Fundación FEMSA is also committed to
promoting safe spaces where children
can spend quality family time. In 2023,
we inaugurated 53 public spaces in
nine countries in Latin America, serving
more than 118,700 children and their
families. Each space is built with the
community at the center of its design,
incorporating elements of sustainability
and permanence so as to become a
special part of many lives for years
to come.
Learn more about
the importance of our public spaces
Fundación FEMSA is committed to improving the
development of children in Latin America from gestation
to age six by enhancing interactions with their caregivers,
improving public spaces and supporting policies that
promote their wellbeing.
To ensure that early childhood is
a priority within the regional agen-
da, it is important that we have the
information that can challenge the
assumptions of the status quo. For
this reason, in 2023, Fundación FEMSA
partnered with the Tecnológico de
Monterrey to inaugurate a first-of-its-
kind academic center in Monterrey,
Mexico, focused on boys and girls in
the first five years of their life. The
Early Childhood Center aims to be a
bridge connecting sectors, disciplines
and regions who face aspects of the
same challenge, thus creating com-
mon ground from which new ideas
and solutions can flourish, and where
the youngest members of our society
can be empowered from their first
years of life.
The Center works along four axes:
› Research, to promote
transdisciplinary science with
regional impact;
› Education, to train key actors in the
Early Childhood ecosystem;
› Linkages, to create new
connections and relationships
between different actors of the
ecosystem (i.e., organizations, civil
associations, foundations and
governments); and
› Scientific Communication &
Dissemination, to translate
knowledge and evidence about early
childhood.
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Community Wellbeing Spotlight: Catalyzing Change
through Arts & Culture with Fundación FEMSA
Through its Arts & Culture program, Fundación FEMSA
is passionate about engaging the arts as a catalyst for
thought-provoking dialogue and social change for the
wellbeing of all people and the betterment of society.
The program has two clear focus areas:
1. Demonstrating how the arts can
make a positive social impact by
uniting people in our communities
and creating empathy; and
2. By promoting and preserving the
unique appreciation of the arts
in Latin America through multiple
cultural activities during the year.
We seek to bring art to communities by
creating spaces for self-reflection that
increase engagement opportunities.
For example, for more than 45 years,
the FEMSA Collection has sought to
promote the cultural and artistic ap-
preciation of modern and contempo-
rary artistic production in Latin America
during the twentieth and twenty-first
centuries. The Collection comprises
1,320 works from 786 artists, which we
are proud to share with our diverse
communities through special exhibi-
tions and loan programs.
51st International
Cervantino Festival
In 2023, as part of the Festival Interna-
cional Cervantino – the largest cultural
festival in Latin America – the FEMSA
Collection presented an exhibition cu-
rated at the Casa Diego Rivera Museum
in Guanajuato, Mexico, celebrating the
power of food as an element of social
cohesion and human development.
Titled, “Knowing the world with your
mouth, without being stung by thorns,”
the exhibition invited visitors on a jour-
ney of culinary heritage, exploring foods
characteristic of Mexican and Latin
American cuisine while also examining
their close relationship with the care of
their bodies. Fittingly, the inauguration
coincided with the celebration of World
Food Day on October 16th.
Comprised of 41 works, the exhibition
included both masterpieces from the
FEMSA Collection, as well as more con-
temporary works from diverse artists
and groups. The curatorial exercise
was designed with the objective of pre-
senting FEMSA Collection works in dia-
logue with works by artists of different
generations and backgrounds, many of
them emerging creators.
OXXO and Coca-Cola FEMSA joined
Fundación FEMSA at the festival as
sponsors, and the exhibition ran
through February 18, 2024. Visitors
had the opportunity to enjoy the
exhibition's unique experiences and
installations, such as being able to visit
a 1950s-era kitchen, taste cookies the-
matically decorated with literary phras-
es, and reflect on gender roles and the
spaces we inhabit while we eat.
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Economic Development
In line with the capabilities of each
business, we contribute to the econo-
mic, labor, financial and digital inclu-
sion of the members of communities
where we operate through our actions,
partnerships, products and services.
This includes purchasing from local
suppliers, promoting entrepreneurship
by investing in start-ups, and supporting
the professionalization of the informal
or non-institutionalized segments of the
industries in which we participate.
Renewable Energy Solutions
EMERGE
FEMSA strives to support the small and
mid-size (SME) enterprises in our value
chain and to form innovative alliances
that support both economic develop-
ment and sustainability objectives. For
example, in Mexico, Coca-Cola FEMSA
has more than 600,000 small retail
business customers who may have little
access to financing when unplanned ex-
penses or challenges arise. At the same
time, their electricity bills can represent
a relevant expense of their monthly
operational costs, every month, making
it difficult to save or reinvest funds into
their business or family.
To address this issue, Coca-Cola FEMSA
continues to support and expand
the EMERGE (Empresas Minoristas con
Energía Renovable y Generación Eléctrica)
initiative, which was initially launched
the prior year with German Coopera-
tion for Sustainable Development (GIZ).
EMERGE facilitates an innovative
crowdfunding financing mechanism to
provide small businesses with photo-
voltaic solar systems for their stores
which efficiently delivers a reliable
source of renewable electricity, cut
monthly costs, and reduce the green-
house gas emissions associated with
their operations.
In 2023, we continued to work toward
our goals to install more solar sys-
tems, implement new capacity building
programs and reduce our value chain
emissions. (see figure).
2023 Progress Year-to-Date
54 solar systems
installed
10 retail businesses
trained
20 solar installers
trained
202 tonnes of CO2e
avoided in 2023
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Building Sustainable
Communities for Refugees
With the intent to continue building
economic development opportunities
and sustainable futures for refugees, in
December 2023 FEMSA participated in
the UN High Commissioner for Refu-
gees (UNHCR) Global Refugee Forum
– the most important international
gathering in support of refugees and
host communities.
In conjunction with the Forum, we
announced our aspiration to directly
or indirectly benefit more than 27,000
refugees in Mexico and Latin America
by 2027. Leveraging the accumulated
experience of the UNHCR and FEMSA,
we will work to achieve this goal by mo-
bilizing our collective financial, human,
and technological capital to:
1. Promote the development of priority local communities with refugees through
projects that generate increased welfare, based on needs identified by the
communities themselves.
2. Secure better access to rights for refugees by strengthening the spheres of
influence among strategic stakeholders, including the FEMSA community, our
customers across our business units, public actors, and the private sector.
3. Expand access to jobs and sustainable livelihoods for refugees, including
facilitating access to decent work that allows them to meet their needs and those
of their families, protect their dignity, achieve resilience, and empower them to
shape their future.
Since 2019, FEMSA and UNHCR Mexico have worked
together to provide job opportunities to hundreds of
refugees in Mexico. For example, OXXO’s labor inclusion
strategy promotes the employability of refugees from
diverse countries, including Haiti, Honduras, El Salvador,
Cuba, the USA, Venezuela, Colombia, Guatemala, Nica-
ragua, among others, with an average age range of 21
to 40 years, of which 59% are men and 41% women.
Learn more about FEMSA’s strategy for the labor inclusion of Our
People on page 31.
"By facilitating employment opportunities and
recognizing the potential of refugees as our
customers and consumers throughout our
value chain, we strengthen their integration
and inclusion in communities and contribute to
closing gaps in Mexico and Latin America."
- Roberto Campa,
Vice-President of Corporate Affairs, FEMSA
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Sustainable Sourcing
At FEMSA, we strive to ensure that our
+27,500 suppliers operate with ethics
and integrity, as well as with reduced
environmental and social impacts
generated by our commercial inter-
actions, thereby strengthening the
sustainability of the entire value chain.
This includes engaging our suppliers
and business partners on sustainabil-
ity issues so that we can identify and
share best practices.
Through our Sustainable Sourcing
Committee, which works closely with
FEMSA’s Procurement function, we
encourage the reduction of green-
house gas emissions along our value
chain through alignment with our own
environmental sustainability practices.
For example, we:
› Increase the use of renewable
energy among suppliers (including
promoting distributed generation
from local renewable point
sources as opposed to centralized
generation from power plants)
through training and capacity
building, including sharing
recommendations, success stories
and example business cases.
› Promote the adoption of science-
based targets among suppliers
through knowledge sharing and
relationship management, including
by facilitating direct connection
with, and support from, the Science
Based Targets Initiative (SBTi), as
well as providing guidance and best
practices on the SBT methodology
for reducing emissions.
› Encourage the adoption among our
suppliers of the Consumer Goods
Forum’s “Golden Design Rules” for
the design of plastic packaging,
created to accelerate progress
towards using less and better plastic
Learn more on page 57.
During the year, the Sustainable
Sourcing Committee also continued to
support FEMSA’s ambition to “buy local”
for our procurement needs to not
only contribute to the economic and
social development of the communities
where we operate, but to also minimize
the environmental impact of merchan-
dise transportation.
Our 2030 corporate goal is for at least
90% of procurement purchases in our
business units to be from local23 suppli-
ers, and as of 2023, we reached 69%,
up from 67% in 2022.
Supplier Engagement
Our Supplier Guiding Principles are
based on FEMSA’s Code of Ethics and
other related internal regulations. They
contain the minimum expectations
that we require of our suppliers in
the areas of Human & Labor Rights,
Sustainability, Culture of Lawfulness,
and Information Security. The Guiding
Principles are communicated externally
by the procurement teams of our
business units.
23 A purchase is considered “local” when the work center that makes the purchase and the seller are in the same country (i.e., same tax registry).
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to more than 20,000 suppliers to raise
awareness of the relevance and value
of responsible sourcing based on best
practices. The Newsletter includes a
recurring section called "Sustainable
Supply Corner," intended to highlight
FEMSA's most relevant sustainability
priorities and to raise awareness of
the urgency of acting collaboratively
to generate a positive impact in the
communities where we are present.
Recent topics have included the
benefits of electric mobility in the
supply chain (i.e., the incorporation
of electric vehicles) and the use of
renewable energy. This space also
seeks to inform suppliers about the
pillars, approaches, actions, goals and
progress of the FEMSA Sustainability
Strategy as a way to educate,
inspire, mobilize action and invite
participation and collaboration along
our value chain.
We also use the Principles as the basis
for additional supplier engagement
that further informs our program.
For example, in 2023, FEMSA Health
carried out a survey to a subset of its
suppliers in Chile, including suppliers
classified as “critical,” to understand
their advances and commitments
about sustainability and climate action.
We learned that global companies
are typically more advanced in these
topics, whereas small- and medium-
sized companies need additional
understanding and support to develop
their sustainability agendas. The survey
revealed these and other insights that
will now help us tailor our engagement
strategies to provide additional support
to suppliers on sustainability issues.
We also make a point to engage
with our suppliers in multiple ways,
from in-person opportunities to
ongoing relationship management
and the dissemination of important
communications. We hosted the
Procurement Community 2023, our
annual supplier event, in which more
than 100 Tier 1 suppliers joined us to
participate in discussions on how we
can collaboratively work together to
address pressing ESG challenges while
improving operations.
Among other efforts to strengthen
our supply chain capacities, in 2023,
we also expanded the reach of our
monthly FEMSA Share Newsletter,
increasing communication from 200
Sustainable Purchasing Guide
In the same way that we guide our
external suppliers to comply with the
Supplier Guiding Principles, we also
dedicate efforts to strengthen our
internal sourcing practices according
to expected sustainability criteria. In
2023, we launched a new “Sustainable
Purchasing Guide” for FEMSA and our
business units, targeted to all pro-
curement specialists and any position
responsible for the sourcing, bidding
and acquisition of goods and services,
such as uniforms (including footwear
and clothing), printed materials for
marketing, hotels and packaging. The
document serves as a:
› Tool that defines sustainable
purchasing, its benefits, and the
criteria and recommendations for
responsible sourcing decisions;
› Guide for evaluating sustainability
standards based on labeling and
certifications; and
› Source of generating new ideas and
conversations with our suppliers for
future sustainability engagement
efforts and projects.
We launched a new “Sustainable
Purchasing Guide” for FEMSA and
our business units, targeted to
all procurement specialists and
any position responsible for the
sourcing, bidding and acquisition
of goods and services.
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Sustainability Performance
Our Planet
IN THIS CHAPTER:
› Climate Action
› Water Management
› Circular Economy
INVESTMENT
Ps. 728 million invested
in Our Planet pillar
“To us, Rooted Sustainability means
embedding sustainable thinking
into every decision, process and
action we take, in ways that not only
consider short-term gains, but more
importantly, long-term aspirations for
lasting value creation. Having it as one
of the six priorities of our corporate
strategy allows our collaborators
and members of our value chain to
recognize its importance, creating a
foundation upon which we can work
together to contribute solutions to
complex sustainable development
challenges.”
– Victor Manuel Treviño Vargas,
Director of Energy and
Sustainability, FEMSA
For detailed 2023 data related to Our Planet,
please see Sustainability Performance Data
in the Appendix.
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2023 Highlights
62.4% of FEMSA’s total electricity needs covered
by renewable energy, avoiding approximately
762,951 tonnes of CO2e
+15,300 FEMSA sites powered with renewable
energy, including +8,000 solar panels
73.4% of operational waste diverted from landfills
37% of raw materials of products and packaging
of recycled origin
33% recycled PET used on average across
Coca-Cola FEMSA’s plastic bottle presentations
Climate Action
We recognize that climate change is
one of the most important sustainable
development challenges facing the
world, and we are committed to sup-
porting its mitigation by avoiding and
reducing the emission of greenhouse
gases (GHGs) into the atmosphere. To
do this, we are reducing GHGs gen-
erated by our operations and supply
chains, including through energy effi-
ciency and renewable energy, as well as
strengthening the sustainability of our
transportation fleet.
We are committed to
contributing to the care of
Our Planet, minimizing the
environmental impact of our
operations throughout the
value chain, as well as that of
our products and services.
FEMSA’s Carbon Footprint Defined
Scope 1
Direct GHGs that occur from
sources controlled or owned by an
organization, e.g.:
• Stationary combustion
• Process emissions
• Owned fleet (mobile combustion)
• Refrigerant gases (fugitive
emissions)
Scope 2
Indirect GHGs from an
organization’s purchase of
electricity, steam, heat, or
cooling, e.g.:
• Stores
• Plants
• Distribution centers
• Offices
Scope 3
The result of activities from assets not owned or
controlled by the organization, but that the organization
indirectly affects in its value chain, e.g.:
• Subcontracted fleet
• Ingredients: sugar, coffee
• Packaging: PET, aluminum, glass, labels
• Business travel
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Science Based Targets
FEMSA is currently working to establish
greenhouse gas (GHG) emissions reduc-
tion targets approved by the Science
Based Targets initiative (SBTi) for all
FEMSA business units individually, fol-
lowing the early adoption and leadership
of Coca-Cola FEMSA, which was the first
Mexican company and the third in Latin
America to obtain SBTi approval in 2020.
On the journey towards the application
and eventual approval of the SBTi, all
FEMSA business units have dedicated
significant efforts to the meticulous
development of greenhouse gas (GHG)
emissions inventories, complemented
by detailed strategies for their reduc-
tion. These efforts are aligned with the
development of short-term objectives,
which include the implementation of
annual key performance indicators
(KPIs) and the execution of specific and
measurable mitigation plans. This sys-
tematic approach reflects our unwav-
ering commitment to sustainability and
environmental responsibility, marking a
decisive step towards our goal of signifi-
cantly reducing our carbon footprint.
The SBTi has validated that the targets
submitted by FEMSA Health conform with
its criteria and methodologies. FEMSA
Proximity will apply for SBTi approval in
2024, following work on its Forest, Land,
and Agriculture (FLAG) emission calcula-
tion that was completed in 2023.
Coca-Cola FEMSA Performance on SBT24
Reduce absolute scope 1 and 2 GHG emissions from our op-
erations by 50% by 2030, compared with a 2015 baseline year
Reduce absolute scope 3 GHG emissions from the value
chain25 by 20% by 2030 compared with a 2015 baseline year
2021
28%
14%
Achieve 100% renewable electricity for our operations by 2030
53%
2022
29%
17%
66%
2023
29%
19%
77%
2030 Goal
50%
20%
100%
FEMSA Health received SBTi approval for
the following 2030 science based targets,
against a 2021 baseline:
› Reduce absolute Scope 1 and 2 GHG
emissions from operations by 45%; and
› Reduce absolute scope 3 GHG
emissions from purchased goods and
services, upstream transportation
and distribution, and waste generated in
operations by 25%.
Renewable Energy
FEMSA’s corporate goal is to reach
85% renewable energy use across our
operations by 2030. As of 2023, our
renewable energy projects covered
62.4% of our total electricity needs and
avoided approximately 762,951 tonnes
of CO2e. FEMSA Health achieved more
than 19% renewable energy for its
total power consumption, following the
implementation of solar and wind tech-
nologies in its operations in Ecuador
and Mexico, as well as a supply of clean
energy to several sites and offices in
Chile. Coca-Cola FEMSA covered 77% of
its total energy needs for manufacturing
and distribution in 2023 with renewable
energy sources, with a goal to reach
100% by 2030.
24 Performance reflects all Coca-Cola FEMSA operations and is calculated based on the SBTi.
25 Covering purchased goods and services and upstream transportation and distribution.
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As part of our efforts to reach our
renewable energy goals, FEMSA has
signed long-term agreements with
strategic partners for the use of re-
newable energy, primarily from wind
farms in Mexico, but also from alter-
native technologies such as hydro and
solar power. Thanks to these arrange-
ments, as of 2023, more than 15,000
sites across FEMSA’s business units
are now powered with renewable en-
ergy from multiple sources, including
an aggressive program of distributed
generation of more than 8,000 solar
panels installed at 72 drug stores,
three Health Division distribution cen-
ters, and many others.
Regulatory uncertainty and limitations
pose a challenge to long-term plan-
ning around the private procurement
of renewable energy. Nevertheless,
we know that to reach the ambitious
targets of 85% and 100% for FEMSA
and Coca-Cola FEMSA, respectively,
increased efforts will be required, given
the complexity of our business and our
geographic footprint. Looking ahead,
we will continue to work with our stra-
tegic partners to increase renewable
energy access and generation, such as
securing new distributed generation
solar power purchase agreements
(PPAs) for our distribution centers.
Since 2015, we have
significantly increased the
use of renewable energy
across all our business
units. Visit our microsite,
https://energia.femsa.com/
to view progress in real-time
against goals, including the
percentage of renewable
energy per business unit.
Sustainable Mobility
With a focus on vehicle efficiency, envi-
ronmental stewardship, and safety, the
Sustainable Mobility program of FEMSA
and our business units seeks to promote
the use of electric vehicles to reduce
GHG emissions and other polluting gases.
In recent years, Coca-Cola FEMSA and
Solistica have been developing efficient
transportation initiatives to further
guarantee the transition to clean energy
and advanced optimization throughout
their supply chains. Coca-Cola FEMSA’s
strategy aims to reduce the impact of its
fleet on the supply chain (including pri-
mary and secondary distribution trucks),
while Solistica continually works to
reduce the carbon footprint of its Trans-
portation Operations (LTL) through
more efficient vehicles, electric vehicles
and even the use of zero-pollution elec-
tric bicycles for urban distribution.
In 2023, Coca-Cola FEMSA and Solistica
teamed up in Colombia to acquire a
modern fleet of tractor-trailers pow-
ered by compressed natural gas (CNG)
for vehicles, with which it is expected
to reduce particulate matter emissions
by up to 99% (PM 2.5), as well as CO2e
emissions by up to 30%. The vehicles
comply with the Euro 5 emissions
standard, focused on reducing pollut-
ing emissions, and have an original set
of 260-liter CNG tanks to guarantee
a range of up to 750 kilometers and
a load capacity of up to 34,000 kilos,
depending on road conditions.
Empowering a sustainable
future through innovative electric
mobility solutions
In 2023, FEMSA and Coca-Cola FEMSA collaborated
with Chinese manufacturer, BYD, to create a new elec-
tric truck prototype for the beverage industry, based
on specific requirements from Coca-Cola FEMSA to be
able to distribute beverages at points of sale via various
road conditions in Mexico. Aligned with safety stan-
dards from both Coca-Cola FEMSA and The Coca-Cola
Company, it was designed for low-bed pallets and runs
on a battery with a charging time of between 1.5 and
2 hours. The prototype began an eight-month pilot
program beginning in October 2023, and if it performs
as expected, it will help Coca-Cola FEMSA comply with
its Emissions Reduction targets set by the SBT initiative.
For more information on FEMSA’s analysis of climate-related
risks and opportunities, see page 73.
Coca-Cola FEMSA is driving the beverage
industry toward electro-mobility with 530
electric vehicles in its fleet.
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Strategy
Operational Performance
Sustainability Performance
Coca-Cola FEMSA’s goal is to continue
to reduce water consumption and to
return to both communities and the
environment the same amount of
water used on beverage production,
with sustainable financing instruments,
such as a Green Bond issued in 2020,
and the Sustainability-Linked Bond
launched in 2021 (see page 30). By
2030, Coca-Cola FEMSA’s ambition is
to replenish 100% of the water used in
its beverages, focusing on medium and
high stress sites.
› 17.4% enhancement in
Coca-Cola FEMSA's water
efficiency since the 2016
baseline
› Over 100% of the
water used in Coca-Cola
FEMSA's beverages was
replenished in 2023
Water Management
Recognizing the vital role water plays
in our operations, we prioritize its
responsible use and conservation.
Emphasizing a collaborative approach,
we actively share best practices in
water management among our various
business units, fostering a culture of
environmental stewardship.
During 2023, we analyzed our water
risks and established mitigation plans for
100% of Coca-Cola FEMSA operations.
We also completed a risk analysis of our
operations in water stressed areas.
Replenishment
FEMSA’s corporate goal is to achieve
neutral water balance in all our op-
erations by 2030, and as of 2023, we
reached 81% toward this goal. It is vital
for us to incorporate watershed resil-
iency as a key part of our strategies to
ensure that we can continue sustainably
operating for the long term. In 2023,
we built on the methodology we had
previously established to assess and
quantify the total water replenishment
projects and activities being carried out
by business units across FEMSA.
Coca-Cola FEMSA’s Water Risk
Assessment Tool
To sustainably manage water resources, Coca-Cola
FEMSA uses a Water Risk Assessment tool aligned
to ISO 31000 for risk management and to our
MARRCO model, which enables social intelligence
to generate respectful and beneficial relationships
with the communities where we operate. In 2023,
the tool was strengthened by adding new elements
from the Sustainability Accounting Standards
Board, the World Resource Institute’s Aqueduct
Water Risk Atlas and the Water Risk Monetizer from
Ecolab, among others.
The tool aims to identify the root causes of
water-related risks, such as water scarcity, treat-
ment or discharge, regulatory non-compliances, or
other challenges that could cause a total or partial
shutdown of operations at the plant level or in the
water supply. The tool also considers biodiversity com-
ponents and climate change vulnerability. The identi-
fication of threats and their evaluation methods are
carried out at least once per year and must be propor-
tional to the nature and scale of the plant's operations.
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Introduction
Strategy
Operational Performance
Sustainability Performance
We are continually seeking to have best‑in‑class water risk management practices
and to develop accompanying action plans that optimize water efficiency across
our operations and supply chain. For example:
Efficiency
We are also committed to using water
efficiently, as it is not only an indis-
pensable element for our business
operations, but for the socioeconomic
development and wellbeing of the
communities where we operate.
Coca‑Cola FEMSA’s primary tool to
reduce the impact on water reservoirs
of our operations is to use less of this
resource to produce beverages, tracked
by the water use ratio (WUR), or liters
of water required per liter of beverage
produced.
17.4%
1.72
1.47
1.46
1.42
In 2023, Coca‑Cola FEMSA
committed to the CEO Water
Mandate, a commitment platform
for business leaders and learners
to advance water stewardship by
committing to action in six key
elements – including supply chain
and watershed management, as well
as community engagement, among
others – as well as reporting annually
on progress in water stewardship,
including on water practice
and performance.
Coca-Cola FEMSA has invested
more than US$ 13.5 million on water
efficiency programs through its Green
Bond and more than Ps. $29 million MXN
through its Sustainability‑Linked Bond to
improve water efficiency to an industry
leading level of 1.42, down from 1.47 in
2021 (see figure).
OXXO completed an analysis of more
than 15,000 stores to identify best practices
in water management. As a result, specific
checklists were developed and implemented
to identify and prevent water leakage,
assure water tank conditions, verify osmosis
treatment systems, and other actions to
monitor and control our water footprint.
Farmacias YZA in Mexico, thanks to
knowledge and experience shared by
OXXO, installed 47 condensate water
recovery systems to collect water from
coolers for reuse as irrigation of green areas
near our points of sale. Thanks to this effort,
in 2023 we were able to reduce the water
consumption from municipal water supplies
by more than 1,029,300 liters.
2016
2021
2022
2023
2021
2022
2023
COCA-COLA FEMSA
WATER EFFICIENCY
Liters of water per liter
of beverage produced
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Strategy
Operational Performance
Sustainability Performance
Water Management Spotlight:
Fundación FEMSA’s Fight for Water Security
30% of the world's water suitable for human consumption
is in Latin America, but 160 million people in the region do
not have access to it. Fundación FEMSA plays a critical role
in bringing together public, private and civil society actors to
find new ways to improve water access as well as to address
related barriers, such as inefficiencies, lack of governance
and resistance to change.
In March 2023, within the framework
of the United Nations Water Confer-
ence, held in alignment with World
Water Day, Fundación FEMSA partic-
ipated in multiple events focused on
identifying nature-based solutions to
water security challenges. Showcasing
the power of art for behavior change
through Lazos de Agua program, and
leveraging the innovative solutions of
Source of Innovation initiative, we in-
augurated the first edition of “Waves of
Change,” a series of forums to highlight
the important role of Latin America
in the global water action agenda. As
part of the launch, Fundación FEMSA
announced an investment of US$ 22
million dollars by 2030, with the hope
of increasing that amount five-fold with
partner organizations in Latin America
and the world who share our vision.
Celebrating 15 Years of
Sustainable Water Management
The Water Center for Latin America and
the Caribbean – a research and innova-
tion hub focusing on sustainable water
use and management issues – celebrated
15 years of operation in 2023 following
its 2008 establishment as a strategic
partnership between the Tecnológico
de Monterrey, Fundación FEMSA and
the Inter-American Development Bank.
In that time, the Center has supported
everything from technology development
and innovation projects to wastewater
analysis, including a water plan for the city
of Monterrey. The Center celebrated the
milestone with a variety of conferences
under the theme, The Future of Water,
covering topics such as water in a chang-
ing climate, and gender and human rights
to water and sanitation.
“We're very proud to recognize this story
of transformation and conviction that
began by visualizing a world full of pos-
sibilities, with a dream of changing the
game together.”
- Lorena Guillé-Laris,
Director of FEMSA Social Investment and
advisor of Fundación FEMSA
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Introduction
Strategy
Operational Performance
Sustainability Performance
Circular Economy
To support the environmental health
of our communities, FEMSA’s sustain-
ability strategy includes a focus on the
adoption and promotion of the princi-
ples of the circular economy, especially
through proper waste management,
recycling and preventing waste from
reaching sanitary landfills. We also seek
the elimination of single use non-recy-
clable plastic from our operations.
Reducing & Eliminating
Operational Waste
Our corporate goal is to achieve 100%
diversion of operational waste from
landfills by 2030. We also have a Sus-
tainability Performance Target (SPT)
to reach 65% diversion of operational
waste from landfills by 2025 as part
of our Sustainability-Linked Bond. We
achieved our 2025 SPT early, reach-
ing 68.7% in 2022 and we continued
toward our 2030 target in 2023 by
reaching 73.4% of total operational
waste diverted from landfills.
For more information on our SPTs, please see
page 29.
In 2023, we took steps toward better
waste management, including a read-
justment to 38 waste collection service
providers who offer services more
closely aligned with our priorities. We
also advanced strategies across our
business units. In the Retail division, for
example, OXXO stores increased waste
diverted from landfills to 16%, up from
8% in 2022, through various initiatives,
such as avoiding +100 tonnes of plastic
waste by promoting thermos refills.
Similarly, OXXO Distribution Centers
(CEDIS) diverted 79% of waste from
landfills, surpassing the goal to reach
at least 75%. FEMSA Health quantified
100% of the waste generated in its op-
erations, reaching 42% waste diverted
from landfills.
Business Unit Spotlight:
Coca-Cola FEMSA
In 2023, Coca-Cola FEMSA stood out
among FEMSA’s business units for
its achievement of diverting 98.5% of
its operating waste from landfills and
84% of its manufacturing facilities have
already earned Zero Waste (ZW) certifi-
cation. Coca-Cola FEMSA's distribution
center (CEDI) in Belén, Costa Rica, also
became the first certified Latin Ameri-
can CEDI as ZW, based on the internal
standards of The Coca-Cola Company,
which promotes the circular economy
through the reuse, recycling and reuse
of waste generated by the operations
of its bottlers.
The certification from The Coca-Cola
Company was made possible thanks
to the commitment of more than 300
Coca-Cola FEMSA collaborators, who
changed their own processes and
behaviors to incorporate sustainability
into their day-to-day work. Suppliers
and visitors to the CEDI were also
involved in this process. Replicating
the practices learned in the production
plants throughout different countries
has served to guide this effort that will
continue to grow to more locations in
the coming years.
Coca-Cola FEMSA has increased returnable volume by almost
25% over the past six years, supported by the expanded coverage
of the 2.5-liter refillable universal bottle to its territories.
Coca-Cola FEMSA’s Circular Economy Strategy
2023 Status
2023 Highlight
Elements
1. Collection
Key Performance
Indicators
100% collection of the
PET bottles we place in
the market by 2030
31%
2. Recycled
Resin
50% recycled resin in our
packaging by 2030
33%
60K tonnes additional ca-
pacity from SustentaPET and
15 new collection centers in
MX, AR and GT
PLANETA: 50K tonnes of PET
processed in a new plant
projected to start in 2024 in
Southeast, MX
3. Operational
Waste
100% of bottling plants
and 100% of distribution
centers (CEDIS) certified
as ZW by 2025 and 2030,
respectively
84% bottling
plants; 1%
CEDIS
First distribution center
certified ZW in Belén,
Costa Rica
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Introduction
Strategy
Operational Performance
Sustainability Performance
OXXO participates in the CGF Plastic Waste
Coalition of Action, which is working toward
a circular economy by eliminating plastic
waste on land and sea.
Following the Golden Rule
2023 was the first full year of FEMSA’s
membership in the Consumer Goods
Forum (CGF), following our initiation
at the end of October 2022. We have
been pleased to join with other retail-
ers, manufacturers, and service pro-
viders during the year to engage in the
global, cross-value chain perspective
that is helping us collaboratively work
toward securing long-term, sustainable
business growth.
Through its Coalitions of Action, the
CGF and its members focus on the
most important risks and opportuni-
ties facing our industry, aligned with
the UN SDGs. Many issues also align
directly to FEMSA’s own priority issues
of our Sustainability Framework. OXXO
participates in the CGF Plastic Waste
Coalition of Action, which is working
toward a circular economy by elimi-
nating plastic waste on land and sea.
Coalition members have aligned on
a set of nine voluntary, independent
and time-bound “Golden Design Rules”
for packaging design to increase the
circularity of packaging portfolios
where possible. Each Rule is aligned to
specific overarching objectives related
to eliminating unnecessary packag-
ing, increasing the recycling value for
packaging, and improving the environ-
mental performance of B2B packaging,
among others.
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Strategy
Operational Performance
Sustainability Performance
Circular Economy Spotlight: Fundación FEMSA
Works Toward a Future Without Waste
According to the World Bank, at least a kilogram of waste
is generated per person, per day in our world today – and
there are approximately 667 million inhabitants in Latin
America alone.
In support of the circular economy
in regions where we have a pres-
ence, Fundación FEMSA focuses on
understanding how we can stop the
post-consumption leakage of waste
into the environment (particularly at
the collection and disposal stages)
by identifying solutions that support
a clean and healthy environment for
current and future generations.
For example, in 2023, in cooperation
with Tulum Sostenible, among oth-
er partners, we began the second
phase of the Puntos Limpios Tulum
program, deploying a comprehensive
environmental education program for
more than 3,200 local students in five
primary schools and two high schools,
along with the gathering and recycling
components of the program.
Approximately 700 households in 12
neighborhoods of Tulum, Quintana
Roo, Mexico where the 12 Puntos
Limpios sites are located, were also
reached through a campaign to pro-
mote the use of the existing waste
collection and recycling infrastructure.
With this greater awareness, the sites
collected a total of 16.7 tonnes of
waste for recycling during the year. In
addition, our sister program on the
coast of Oaxaca, Mexico, called Comu-
nidad Nit, added two new collection
points, which collected and recycled a
total of 13.5 tonnes of waste material.
Fundación FEMSA was proud to be
incorporated in 2023 as a new mem-
ber of the Schwab Foundation's
Global Alliance for Social Entrepre-
neurship, an initiative in partnership
with the World Economic Forum. This
multi-stakeholder coalition focuses on
thematic workstreams that advance
the field of social innovation, including
the crucial role of social enterprises
in the circular economy and the risks
and opportunities of social impact in
circular business models.
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corporate governance
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femsa integrated annual report 2023
Our Board of Directors
Corporate Responsibility
& Committees
Ethical & Socially
Responsible Behavior
Risk Management
Fiduciary Responsibility
Governance
Robust corporate governance is vital to the
responsible management and operation of FEMSA’s
business, ensuring the accountability and alignment
with our stakeholders to create long-term economic
and social value.
IN THIS CHAPTER:
› Our Board of Directors & Committees
› Ethical & Socially Responsible Behavior
› Risk Management
FEMSA GOVERNANCE STRUCTURE
Shareholders
Board of Directors
Supported by:
Company bylaws
Laws & Regulations
Our People
Our Community
Audit
Committe
Operations
& Strategy
Committe
Corporate
Practices &
Nominations
Committe
FEMSA
Code of Ethics
Our Planet
Executive Team
Internal Regulations
Our governance structure is the foundation for our value creation.
We aim to have the right leaders, teams, tools, policies and
feedback mechanisms in place across the organization, with
tiered levels of accountability.
For detailed 2023 data related to Governance, please see Sustainability Performance Data in the Appendix.
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Our Board of Directors
& Committees
Ethical & Socially
Responsible Behavior
Risk Management
Our Board of Directors
FEMSA’s Board of Directors is respon-
sible for directing corporate strategy,
defining and supervising the implemen-
tation of the Company’s vision and val-
ues and monitoring and managing risks
to the Company. In accordance with the
Company’s bylaws and article 24 of the
Mexican Securities Market Law, we are
required to have a Board of Directors
with a maximum of 21 members, at
least 25% of whom must be indepen-
dent. The bylaws of the Company also
provide that the holders of the FEMSA
B Shares may elect at least nine Direc-
tors and the holders of the FEMSA D
Shares may elect five Directors.
The selection of new independent di-
rectors is conducted every year through
a rigorous search process of analyzing
and evaluating candidates who possess
the characteristics that FEMSA’s Board
of Directors seeks to incorporate.
Candidates are evaluated by FEMSA’s
Corporate Practices and Nominations
Committee, supported by a working
group composed of directors, and an
external advisory firm. The nominations
are approved by the Board of Directors
and submitted to the shareholders
meeting for their election.
FEMSA’s current Board of Directors was
elected at our Annual General Meeting
(AGM) held on March 31, 2023. Since
2022, shareholders have the ability to
vote for each individual director, rather
than as a slate. Directors are appointed
for a term of one year and are eligible
for re-election of their term. The Board
of Directors is also assisted by one Sec-
retary (non-member) and one alternate
Secretary (non-member). José Antonio
Fernández Carbajal has been Chairman
of the Board of Directors of FEMSA
since 2001.
Our bylaws provide that the Board
of Directors shall meet at least once
every three months and the resolu-
tions of the Boad of Directors must
be approved by at least a majority of
the directors present and voting. The
Board of Directors elected in the AGM
on March 31, 2023 had five meetings
during 2023 and until February 2024,
with an average board meeting atten-
dance of 97.5%.
We periodically review and evaluate our
governing bodies, including our board
and committees, for compliance with
corporate governance best practices in
terms of structure, operation, diversity
and experience, in order to manage
their performance. The Board of Direc-
tors periodically performs a self-assess-
ment to help the Board's governance
performance and practices.
The Board of Directors is responsible
for establishing the Company’s
strategy, and is supported by functional
committees and the FEMSA’s executive
team, who are focused on driving
sustainable business growth.
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Our Board of Directors
& Committees
Ethical & Socially
Responsible Behavior
Risk Management
Board Committees
FEMSA’s Board of Directors is support-
ed by three committees with different
areas of responsibility and oversight.
According to their respective areas of
focus, these committees provide ex-
pert advice and recommendations on
strategic issues critical to the success
of the Company. The Committees'
recommendations are submitted to the
Board of Directors for consideration
and approval. The current members of
each board committee were elected at
our AGM on March 31, 2023.
Learn more.
Audit Committee
Chairman: Víctor Alberto Tiburcio Celorio
Roles and responsibilities
Functioning
› Composed exclusively of independent directors in accordance
with the Mexican Securities Market Law, as well as the U.S.
Securities Act of 1933 and the applicable listing standards of the
New York Stock Exchange.
› The Audit Committee regularly meets nine times a year, and
exceptionally when deemed necessary. The duration of these
meetings is approximately 3 hours, and in 2023 the Audit
Committee met for a total of 30 hours.
The Audit Committee performs activities to ensure the integrity,
reliability, and transparency of our company's financial information.
It supports the Board of Directors in the following activities:
› Reviewing the quarterly and annual financial statements in
accordance with accounting, regulatory, internal control and
auditing requirements applicable to the Company, as well as
reviewing the Company’s accounting policies and principles.
› Supervising our internal control over financial reporting and
establishing risk mitigation and control policies, as well as
overseeing the internal audit function and ensuring that it is
objective and competent.
› Recommending the engagement and compensation of the
Company’s external audit firm, as well as evaluating and
supervising its performance and independence.
› Reviewing the audit plan and its results, as well as any findings or
recommendations.
› Overseeing the internal audit function.
› Overseeing compliance, ethics and whistleblower programs, and
ensuring that they are aligned with our Code of Ethics.
› Identifying and following-up on contingencies and legal
proceedings.
› Inform the Board of Directors and shareholders of the findings
and activities of the committee.
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Ethical & Socially
Responsible Behavior
Risk Management
Operations & Strategy Committee
Chairman: José Antonio Fernández Carbajal
Roles and responsibilities
Functioning
› Comprised of a majority of independent directors and chaired by
the executive chairman of FEMSA's Board of Directors.
› This committee meets at least 4 times a year prior to each Board
of Directors meeting. The duration of its meetings is 8 hours, and
in 2023 it met for a total of 40 hours.
The Operations and Strategy Committee plays a fundamental role
in our corporate governance system by supporting the Board of
Directors in establishing the Company’s strategy. In 2022, as part of
FEMSA’s Corporate Governance updates, this Committee expanded
its functions to include supporting the Board in overseeing the
operations of the Company and its business units, and it also
supports the Board in the following functions:
› Making recommendations to the Board of Directors regarding
the annual operating plans and strategic projects of FEMSA’s
business units.
› Executing strategic analysis of FEMSA’s business units’ operations,
growth alternatives and long-term plans, as well as supervising
transformational initiatives.
› Evaluating the investment, risk management and financing policies
of the Company.
› Reviewing and, if appropriate, recommending to the Board of
Directors, the dividends policy, for subsequent approval by the
shareholders in our Shareholders’ Meeting.
› Providing support in the review of strategic projects that are
explicitly requested by the Board.
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Our Board of Directors
& Committees
Ethical & Socially
Responsible Behavior
Risk Management
Corporate Practices & Nominations Committee
Chairman: Ricardo E. Saldívar Escajadillo
Roles and responsibilities
Functioning
› Comprised exclusively of independent directors.
› This committee meets at least twice a year prior to Board of
Directors meetings, and exceptionally when necessary. The
duration of its meetings is one and a half hours, and in 2023 it
met for a total of six hours.
The main mandate of the Corporate Practices and Nominations
Committee is to prevent or reduce the risk of performing operations
that could damage the value of our company or that may benefit
only a particular group of shareholders, as well as supervising
the hiring and compensation processes of the Chief Executive
Officer and our senior management. Since 2022, the Corporate
Practices and Nominations Committee has incorporated, within its
mandate, to support the Board in the nomination and evaluation of
independent directors. Other main functions of this Committee are:
› Reviewing and approving the compensation scheme and policies
for the Chief Executive Officer and our senior management.
› Conducting searches, evaluations and nominations of Series D
and independent directors with appropriate qualifications and
experience to support corporate decisions.
› Proposing new independent directors to the Board of Directors
and the Series D shareholders, informing them of their
qualifications and experience, and providing shareholders with a
summary of the election process.
› Supporting the Board in the succession processes of the Chief
Executive Officer and our senior management and providing the
Board of Directors with an opinion regarding their selection.
› Reviewing and approving internal policies in connection with use
of assets and related party transactions.
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Our Board of Directors
& Committees
Ethical & Socially
Responsible Behavior
Risk Management
Members of the Board of Directors & Committees
The following information summarizes the current composition of our Board of Directors. We believe that each director brings unique areas of expertise and wide-ranging professional
experience to FEMSA.
Series B Directors
José Antonio Fernández Carbajal OSC
Chief Executive Officer and Executive Chairman of FEMSA’s
Board of Directors
Appointed to the Board: 2001 (as Chairman of the Board)
Alternate: Francisco Javier Fernández Carbajal OSC
Eva María Garza Lagüera Gonda
Private investor
Appointed to the Board: 1999
Alternate: Jose Antonio Fernández Garza Lagüera OSC
Bertha Paula Michel González
Chairwoman of Casa Córdoba
Appointed to the Board: 2020
Alternate: Maximino José Michel González
Alejandro Bailléres Gual
Chairman of Grupo BAL, S.A. de C.V.
Appointed to the Board: 2022
Alternate: Arturo Fernández Pérez
Paulina Garza Lagüera Gonda
Private investor
Appointed to the Board: 2004
Alternate: Mariana Garza Lagüera Gonda
Francisco José Calderón Rojas
Chairman of Regio Franca, S.A. de C.V.
Appointed to the Board: 2023
Alternate: Diego Eugenio Calderón Rojas
Alfonso Garza Garza
Private investor
Appointed to the Board: 2016
Alternate: Juan Carlos Garza Garza
Audit Committee
AC
CPNC Corporate Practices and Nominations Committee
OSC Operations and Strategy Committee
Bárbara Garza Lagüera Gonda
Private investor and Chairwoman of the acquisitions
committee of FEMSA Collection
Appointed to the Board: 1998
Alternate: Javier Gerardo Astaburuaga Sanjines OSC
Enrique F. Senior Hernández OSC
Managing Director at Allen & Company, LLC
Independent Director
Appointed to the Board: 2022
Michael Larson OSC
Chief Investment Officer of Cascade Asset Management
Company (William H. Gates III)
Independent Director
Appointed to the Board: 2011
Alternate: Ricardo Guajardo Touché OSC, CPNC
Independent Director
For more information, including the education, relevant experience and additional significant positions of our board members, please see FEMSA’s 20-F.
Series D Directors
Ricardo Ernesto Saldívar Escajadillo OSC, CPNC
Private investor
Independent Director
Appointed to the Board: 2015
Alfonso González Migoya AC
Business consultant
Independent Director
Appointed to the Board: 2017
Víctor Alberto Tiburcio Celorio AC
Independent consultant
Independent Director
Appointed to the Board: 2019
Daniel Inaki Alegre OSC
Former Chief Executive Officer of Yuga Labs, Inc.
Independent Director
Appointed to the Board: 2023
Gibu Thomas OSC
Executive Vice-President, Online, Estée Lauder Companies
Independent Director
Appointed to the Board: 2023
Series D Alternate Directors (Independent)
Michael Kahn OSC
Francisco Zambrano Rodríguez AC
Jaime A. El Koury CPNC
Secretary
Alejandro Gil Ortiz
General Counsel and Secretary of the Board of Directors
(Non-member)
femsa integrated annual report 2023
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corporate governance
financial statements
appendix
Our Board of Directors
& Committees
Ethical & Socially
Responsible Behavior
Risk Management
Executive Team
The FEMSA executive team is
focused on the daily management
of our company, executing on the
implementation of our corporate
strategy, driving business growth
and creating economic, social and
environmental value for all our
stakeholders. Each of our leaders has
significant professional experience
within the industries related to
our business.
José Antonio Fernández Carbajal
Executive Chairman of the Board of
Directors and Chiefe Executive Officer
(CEO) of FEMSA
He began his career at FEMSA in 1988, serving in
various positions, including CEO of OXXO. He was
appointed CEO of FEMSA in 1995 and Chairman
of the Board in 2001, serving in both positions
until December 2013. He is also Chairman of the
Board of Coca-Cola FEMSA, chairman of the board
of trustees of Fundación FEMSA, A.C., and board
member of Industrias Peñoles, S.A.B. de C.V. He
has been a member of the Board of Trustees of
Tecnológico de Monterrey since 1990, where he
served as Chairman of the Board from 2012 to
2023. In 2017, he was elected as a member of
MIT Corporation, where he participates in the the
Student Life Committee and the Undergraduate
and Graduate Education Committee. He is also
member of the Board of Global Advisors of the
Council on Foreign Relations. He holds a degree
in Industrial Engineering and Systems from
Tecnológico de Monterrey, where he earned an
MBA in 1978 and has been a professor for more
than 20 years.
Daniel Alberto Rodríguez Cofré
Chief Executive Officer of FEMSA
He joined FEMSA in 2015 as Chief Financial
and Corporate Officer before being named
the Chief Executive Officer of FEMSA Comercio
in 2016. He was Chief Executive Officer as of
January 1, 2022 until his passing in August 2023.
Prior to joining the Company, he was CFO and
then CEO of CENCOSUD (Centros Comerciales
Sudamericanos S.A.), among other senior finance
and management positions in Latin America
and Europe. He had forest engineering degree
from Austral University of Chile and an MBA from
Adolfo Ibañez University.
Francisco Camacho Beltrán
Chief Corporate Officer of FEMSA
He joined FEMSA in 2020 after a long track record
in senior management positions in consumer
product companies around the world, including
Procter & Gamble and Revlon. In 2000, he joined
Danone as head of its Bonafont water operations
in Mexico. For the next 20 years, he held varying
responsibilities in the water and dairy segments,
while driving growth and innovation. In 2011,
he became a member of Danone’s Executive
Committee, leading the Global Customer Team
and serving as Corporate Chief Growth and
Innovation Officer. He was EVP and global head of
the Essential Dairy and Plant Based business and
responsible for Global Industrial Operations
and Supply Chain.
Jose Antonio Fernández Garza-Lagüera
Chief Executive Officer, Proximity
& Health Division
He assumed the role of Chief Executive Officer
of the Proximity and Health Division in november
2023, following his role as CEO of FEMSA Digital
since 2022. He began his career in FEMCO in 2018
as Head of Strategic Planning for OXXO Mexico.
Before joining FEMCO, he was General Manager of
Coca-Cola FEMSA’s Central America division from
2015 to 2018. Prior to that, he worked as CEO
of FEMSA’s plastics division, Plásticos Técnicos
Mexicanos, and manager of sales and operations
in México City at HEINEKEN México. Prior to his
work at HEINEKEN, he co-founded and ran Vestige
Capital, a search fund based in Mexico seeking
to acquire and operate small and medium-sized
companies in Mexico. While at Vestige, he co-
led the acquisition of BOMI Group de México
a third-party logistic provider for the Mexican
healthcare industry. He has taught a class on
entrepreneurship and was the founding chairman
of the board of the Entrepreneurship Institute in
Tecnológico de Monterrey. He received his MBA
from Stanford University Graduate School of
Business and his Bachelor’s degree in Industrial
Engineering from Tecnológico de Monterrey.
femsa integrated annual report 2023 66
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corporate governance
financial statements
appendix
Our Board of Directors
& Committees
Ethical & Socially
Responsible Behavior
Risk Management
Raymundo Yutani Vela
Vice-President of Human Resources
He was appointed Vice-President of Human
Resources at FEMSA in 2018. He joined FEMSA
Comercio in 1999 as Director of Human
Resources, a position he held until 2014. Between
2014 and 2018, he was Director of Human
Resources at Coca-Cola FEMSA. Before joining the
company, he was Director of Human Resources
North at Banca Serfín, today Santander. He is a
graduate of the Public Accountant career and
has a master’s degree in Business Administration
from the Regiomontana University. Additionally,
he completed the AD1 program at IPADE and is
certified as a Coach by Newfield Consulting.
Roberto Campa Cifrián
Director of Corporate Affairs of FEMSA
He joined FEMSA in 2019, after a long career in
the public, private, and social sectors. He has
served in the federal government of Mexico
as Secretary of Labor and Social Welfare,
Undersecretary of the Interior, and Head of the
Federal Consumer Protection Agency. He has
also served as a representative in the Mexico
City Legislative Assembly and as a federal
congressional representative. He holds a law
degree from Universidad Anáhuac, where he is
also a professor of macroeconomic theory and
President of the Federation of Student Societies.
Gerardo Estrada Attolini
Director of Administration and
Corporate Control of FEMSA
He joined FEMSA in 2000 and was appointed to
his current position in 2020. Previously, he served
as Chief Financial Officer of FEMSA Cerveza and
Corporate Finance Vice President of FEMSA. Prior
to FEMSA, he served in various executive level
positions in the finance functions of Mexican
companies in the financial and industrial sectors.
He holds an Accounting degree and an MBA from
Tecnológico de Monterrey.
Ian Marcel Craig García
Chief Executive Officer of
Coca-Cola FEMSA
Mr. Craig joined Coca-Cola FEMSA in 2003 and
was appointed to his current position in 2023.
With over 27 years of experience in the beverage
industry, he previously served in several senior
management positions, including Chief Operating
Officer of Brazil, Chief Operating Officer of
Argentina, CFO and Strategic Planning Director
of South America Division, CFO, Planning and
Corporate Affairs Director of Mercosur Region,
and Corporate Finance and Treasury Director of
Coca-Cola FEMSA. Mr. Craig earned a Bachelor’s
degree in Industrial Engineering and Systems from
ITESM, an MBA from the University of Chicago
Booth School of Business, and a Master’s degree
in International Commercial Law from ITESM.
Juan Carlos Guillermety
Chief Executive Officer of
Digital@FEMSA
In November 2023, Juan Carlos Guillermety
became Chief Executive Officer of Digital@FEMSA.
Having worked in the financial industry for over
15 years, he has held executive and management
roles in planning, business development, and
innovation, among others. He also has experience
at consulting, banking, and investment with BCG
and JPMorgan. He was Vice President and General
Manager of Nu plus and Marketplace at Nubank
for more than four years. He previously spent
more than ten years in key management roles at
VISA, including key Director of Emerging Digital
Markets in Latin America and Vice President of
Products and Innovation. He holds degrees in
industrial engineering from Purdue University in
the United States and Universidad de los Andes
in Colombia. He holds an MBA at Northwestern
University's Kellogg School of Management and
completed executive studies there and at Harvard
Business School in the United States.
femsa integrated annual report 2023
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management report
corporate governance
financial statements
appendix
Our Board of Directors
& Committees
Ethical & Socially
Responsible Behavior
Risk Management
Corporate Governance Updates
In 2021, FEMSA began a process of
review, innovation and improvement
of its corporate governance practices,
and in 2022, announced the following
actions and commitments to enrich its
corporate governance in the following
years:
› Strengthening Board
Accountability to Shareholders
› Increasing Influence of
Independent Directors
› Increasing Oversight Role of
Independent Directors on Key
Committees
In 2023, FEMSA took the following
steps in continuity of those mar-
ket-leading corporate governance up-
dates, to ensure a more dynamic and
broad leadership structure:
1. Size of our Board. FEMSA has been on a transformative journey,
reducing the number of members on its Board of Directors, from 18 (in
2019) to 15 directors (in 2023).
2. Skills and experience. In 2023, the Board of Directors incorporated
Daniel Alegre and Gibu Thomas as new board members, who are highly
specialized in the digital realm with expertise in e-commerce, digital
platforms, and global retail, skills and expertise crucial to FEMSA's growth
through the digital trends.
3. Incorporation of new Independent Directors. With the
incorporation of two new Independent Directors in 2023, FEMSA
significantly enhanced independence, increasing the percentage of
independent directors from 39% in 2019 to 47% in 2023. For the 2024
Annual shareholders meeting, two additional independent directors
were nominated to the Board of Directors.
4. Increasing diversity. FEMSA’s commitment to increase the diversity
of nationality and industry representation in the Board of Directors is
evident with the incorporation of the new members in 2023. In addition
to fostering more inclusive and balanced decision-making through an
intentional shift in our Board of Directors composition, we also had a
significant rise in female representation from 15% in 2019 to 27% by 2023.
With these changes, FEMSA further enriches the breadth of perspectives
and expertise available to guide the strategic direction of the Company,
while is role modeling the organizational diversity, equity and inclusion
strategy. The two additional independent directors nominated to the
Board of Directors for the 2024 Annual shareholders meeting are female,
which will lead to a 40% of female representation in the Board of Directors.
femsa integrated annual report 2023 68
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corporate governance
financial statements
appendix
Our Board of Directors
& Committees
Ethical & Socially
Responsible Behavior
Risk Management
Changes in the Board of Directors to be proposed at the Annual Ordinary General Shareholders’ Meeting of FEMSA on March 22, 2024.
In continuity of FEMSA’s market-lead-
ing Corporate Governance updates,
in 2024, the Board of Directors deter-
mined that it would be in its best in-
terests to select two new independent
directors, each one specialized in one
of the following areas:
I. Mass Consumption Products
and Sales: The ideal candidate
would have professional
experience with mass consumption
products in the U.S. and Latin
America, a strong background
in fast-moving consumer goods
industries, retail and wholesale, and
have held senior positions such as
general management, planning and
strategy management, commercial
management and/or other similar
roles.
II. Internal Audit and Finance:
The ideal candidate would have
professional experience in retail
and mass consumption products
companies in the United States
and Latin America, professional
experience in audit, internal
control, financial management
and/or other similar roles.
In addition, special consideration was
given to those candidates who would
provide the Board of Directors with
greater diversity.
The search and selection process for
new board members was conducted
during 2023. An external advisory
firm provided support in the identi-
fication and selection of candidates.
The working group, together with the
Corporate Practices & Nominations
Committee, was in charge of super-
vising the process, analyzing and
selecting the finalist candidates to be
presented for approval to the Board
of Directors and later final approval of
the Annual Ordinary General Share-
holders’ Meeting. FEMSA’s Corporate
Practices and Nominations Committee
proposed to appoint Elane Stock
and Olga González Aponte as new
independent directors, who have
strong professional backgrounds and
extensive knowledge within the areas
of expertise sought by the Board of
Directors.
Elane Stock is an independent
consultant and former CEO of Service-
Master Brands. Elane Stock was also
Group President of Kimberly-Clark
International, and Global President
of Kimberly-Clark Professional. In
Kimberly-Clark Corporation, she also
held a number of senior management
positions. In her earlier career, Elane
was a Partner at McKinsey & Company
in the U.S. and Ireland. She has public
company experience serving on the
board of directors of Reckitt, PLC,
and previously served on the board
of directors of Yum! Brands, Equifax
and Kimberly-Clark de Mexico. Elane
Stock holds a B.A. in Political Science
from The University of Illinois and an
M.B.A. from The Wharton School of
the University of Pennsylvania. Elane
Stock has extensive knowledge of
global consumer industries, strategy,
geographic expansion, and vast expe-
rience in management positions.
Olga González Aponte is the Chief
Executive Officer and Executive Pres-
ident of Wild Fork US. In the past, she
has acted as Senior Vice-President
and Chief Financial Officer of Walmart
de México y Centroamérica where
she also held other positions. Prior
to this she was Chief Financial Officer
of Walmart, Inc. Chile and Vice-Presi-
dent of Internal Audit Services in Latin
America. She has experience in other
public and private companies, having
served on the board of directors of
WM Technology, Inc., and previously
on the board of directors of Walmart
de México y Centroamérica. Olga
González Aponte holds a bachelor’s
degree in accounting from Pontificia
Universidad Católica de Puerto Rico,
and a Master’s degree in Business Ad-
ministration from Florida Internation-
al University, Miami. Olga González
Aponte has vast knowledge in auditing
and finance, risk management, cor-
porate governance, as well as of Latin
American markets.
femsa integrated annual report 2023 69
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corporate governance
financial statements
appendix
Our Board of Directors
& Committees
Ethical & Socially
Responsible Behavior
Risk Management
Sustainability Governance
Since 2005, FEMSA has been a signa-
tory to the United Nations Global
Compact (UNGC), committing to
aligning our business and strategy with
the UNGC's Ten Principles, in particular
in the areas of human rights, labor,
environment and anti-corruption.
Internally, we have teams, processes,
forums and governing bodies dedicat-
ed to defining, managing and promot-
ing our sustainability strategy. At the
highest level, FEMSA’s sustainability
governance is overseen by the Board
of Directors, who take an active role in
integrating the management of materi-
al ESG risks and opportunities into the
core business strategy, in alignment
with the Company’s vision and values.
Our executive team is responsible
for implementing our sustainability
strategy and managing the Company’s
impacts on the economy, environment
and people, and they provide regular
updates to the Board on these topics.
Our C-suite level Sustainability, Inclu-
sion & Diversity Committee, co-led by
the Chairman of the Board and the
Corporate Director, was launched in
2021 and is comprised of the Di-
rector-level representatives of each
business unit at FEMSA. The Commit-
tee meets quarterly to consolidate the
diverse sustainability efforts across the
organization and to strengthen the line
of accountability for ESG management.
Agenda items of the Sustainability,
Inclusion & Diversity Committee during
2023 included the process for secur-
ing science based targets by business
unit, as well as continuing our ongoing
preparations of our climate-related
financial disclosures.
FEMSA’s sustainability team is re-
sponsible for formulating, developing
and integrating specific sustainability
considerations, policies and process-
es across all FEMSA business units.
The team also advises on and super-
vises sustainability performance and
progress against targets, as well as
leads FEMSA’s sustainability reporting
and disclosures.
For more information, please see Appendix:
Sustainability Governance and Climate-related
risks and opportunities, page 120.
In 2023, our Coca-Cola FEMSA site in
Bogotá, Colombia hosted FEMSA’s third
annual internal Sustainability Summit,
welcoming more than 100 collabo-
rators in person, and another +350
participants online – representing all
business units and countries where we
operate. Over two days, participants
heard from FEMSA’s CEO and other
leaders, external guest speakers, and
collaborators from diverse teams.
There were opportunities for group
discussions, networking, and a tour of
local operations, including the Coca-Cola
FEMSA plant, Cruz Verde stores and
OXXO distribution centers. The Summit
was a huge success again this year,
inspiring new ideas, best practices and
motivating everyone to continue ex-
panding their progress against FEMSA’s
corporate sustainability goals.
We were pleased to welcome more
than 100 people in person in Bogotá,
and another +350 participants
online, to our third annual Summit
for the 2023 theme, Rooted
Sustainability. #SomosFEMSA
Watch the video here
femsa integrated annual report 2023 70
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corporate governance
financial statements
appendix
Our Board of Directors
& Committees
Ethical & Socially
Responsible Behavior
Risk Management
Ethical & Socially Responsible Behavior
To promote ethical and socially respon-
sible behavior across our organization,
we focus on building a culture of law-
fulness and ethics expanding risk man-
agement practices, and strengthening
sustainability management, including
respect for human rights.
As a publicly listed company in the
Mexican Stock Exchange and the New
York Stock Exchange, we comply with all
applicable standards, rules and regula-
tions in Mexico and the United States,
including the Mexican Securities Market
Law and the U.S. Sarbanes-Oxley Act, as
applicable for foreign issuers, as well as
with the laws of all countries where we
operate.
Ethical System
FEMSA’s Ethical System is comprised of
five primary areas: our Code of Ethics,
our Internal Regulations, the FEMSA
Ethics Line, our Ethics Committee, and
our Communication & Training activ-
ities (see figure). Utilizing these levers,
our management approach for driving
an ethical culture includes:
› Preventing risks through
guidelines that promote honest and
transparent behavior;
› Monitoring compliance of business
units through the FEMSA Ethics
Committee;
› Investigating any suspicious
conduct in accordance with our
established guidelines;
› Feedback on the effectiveness
of our approach by continuously
providing feedback to the
organization through reports,
progress against internal KPIs and
other initiatives.
Code of Ethics
FEMSA’s Code of Ethics (“the Code”)
forms the basis of our commitments to
integrity and corporate ethics, as well
as the foundation of policies, rules and
procedures for responsible business
conduct.
The Code establishes the fundamental
principles and standards that guide
our ethical behavior in relation to our
shareholders, customers, suppliers, au-
thorities, civil society organizations, the
environment, communities and every-
one who interacts with FEMSA. It also
indicates the steps to follow for report-
ing any breach, conduct or practice that
does not comply with the Code and the
rest of our Internal Regulations.
FEMSA Ethical System
Internal
Regulations
Set of policies, rules
and procedures that
regulate the operations
of FEMSA and its
business units.
Ethics
Committee
Body responsible for
promoting an integrated
culture in all business
units, as well as
managing, monitoring
and complying with
ethics and integrity
expectations.
Code of Ethics
Corporate guidelines for
conduct and behavior in
the work environment
that are expected of
all collaborators such
that, in the event of
any conflict, correct
decisions are made in
line with our values.
Ethics Line
Tool to report alleged
actions or potential
situations that go
against the ethics and
integrity expectations
established within our
Code of Ethics and
Regulatory Framework.
Communication
& Training
Annual training sessions
covering various
essential topics – such
as anticorruption
measures and conflict
of interest policies
– that support our
collaborators’ dedication
to upholding FEMSA’s
Internal Regulations.
femsa integrated annual report 2023 71
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financial statements
appendix
Our Board of Directors
& Committees
Ethical & Socially
Responsible Behavior
Risk Management
Internal Regulations & Supplier
Guiding Principles
FEMSA’s Supplier Guiding Principles
contain the minimum expectations
that we require of our suppliers in the
areas of human and labor rights, sus-
tainability, culture of lawfulness and
information security. It is the supplier’s
responsibility, in its relationship with
FEMSA, to adopt the necessary meth-
ods and practices to comply with our
Supplier Guiding Principles.
We also have the following mandatory
corporate policies for all FEMSA collab-
orators, all of whom are subject to the
required controls we have established
to prevent, identify, investigate, sanc-
tion and remedy any possible risks of
violation.
› Human and Labor Rights
Corporate Policy
› Sustainability Corporate Policy
› Environment Corporate Policy
› Community Commitment
Corporate Policy
› Anti-corruption Corporate Policy
Ethics Line
We take very seriously any allegations
of misconduct or breaches of our Code
of Ethics. We believe it is essential
to have a trusted, independent and
secure channel through which any
internal or external stakeholder, can,
in good faith, raise a concern about an
ethics or compliance violation, or col-
laborate in investigations, without fear
of retaliation.
FEMSA has a primary Ethics Line, or
Web Intake Site (WIS), we also have
more than 30 additional access chan-
nels, depending on the business unit
and its location. (Please visit our Code of
Ethics, page 42). This is a formal com-
munication channel managed by an
independent external company (avail-
able 24 hours a day, seven days a week),
where anyone can confidentially report
a noncompliance with our policies.
Concerns by any internal or external
stakeholder can also be emailed direct-
ly to the FEMSA Ethics Department at:
lineaeticafemsa@femsa.com. Start-
ing in 2023, FEMSA’s Ethical System,
including the Ethics Line, was inte-
grated as a fundamental component
of compliance with the Human Rights
Due Diligence Model and our efforts to
continually strengthen it with skills and
experience.
In 2023, we introduced two new
ethics-focused inquiries to our Organi-
zational Climate survey, enhancing our
communication and outreach initia-
tives. The results were highly positive,
with 84% expressing favorability to-
wards the Company's ethical culture;
82% indicating trust in reporting un-
ethical conduct and policy violations;
and 92% showing satisfaction with
the clarity on values and expected
conduct among our team members.
These findings emphasize the impor-
tance of fostering a transparent and
ethical work environment within our
organization.26
26 Overall 2023 results (OXXO, OXXO GAS and Digital@FEMSA not included).
femsa integrated annual report 2023 72
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financial statements
appendix
Our Board of Directors
& Committees
Ethical & Socially
Responsible Behavior
Risk Management
“What happens when I make a Report?”
non-compliances with our Code of
Ethics or any of our Corporate Policies
and regulations. At the same time, we
have developed accompanying cam-
paigns to increase the level of trust
in the comprehensive Ethical System
and our related investigations and due
resolution processes.
In 2023, a total of 6,571 reports were
received through our Ethics Line and
were attended to and documented
through the Ethical System, a 67%
increase from the prior year. Among
other areas, the reports related to
work environment, operations and
financial information.
Out of the total cases, 5,215 were
closed by the end of 2023, of which
79% were substantiated. All our re-
ports must have a preventive and/or
corrective measure according to the
resolution of the investigation.
When a report is submitted through
one of the communications channels
of FEMSA’s Ethics Systems, it is
received by an independent external
party. This party is responsible for
collecting all relevant information
included in the report. Additional
evidence, such as photos, emails,
documents, or videos, can also be
attached to provide further context.
After the report is finalized, a unique
report access number is generated,
and an optional password can be set
up. This allows for the addition of more
information and enables tracking of the
report's progress.
Reports, complaints, or inquiries
that come through the independent
channel are directly sent and carefully
processed and examined by our Ethical
System. Investigations are carried out
following established internal protocols
that aim to ensure impartial, objective,
fair, and consistent outcomes. This
approach is designed to maintain the
integrity and credibility of the investiga-
tive process.
Over the last two years, we have
carried out significant efforts in aware-
ness and communication of the FEMSA
Ethics Line, encouraging people to
know the institutional means to report
Ethics Committee
The Ethics Committee is responsible
for promoting an integrated culture
across the organization, as well as for
managing, monitoring and complying
with the ethics and integrity expecta-
tions of the Company.
includes adherence to our Code of
Ethics. Additionally, we conduct annual
training sessions covering various
essential topics such as anticorruption
measures, anti-money laundering pro-
tocols, data protection guidelines, and
conflict of interest policies.
The Committee serves as the surveil-
lance, consultation, and advisory body
present in all business units and across
FEMSA, with the objective of ensuring
compliance with our Code of Ethics. It
meets four times per year and gives
visibility to the Audit Committee.
Communication & Training
Every two years, our collaborators
reaffirm their dedication to upholding
FEMSA's Internal Regulations, which
We also have tailored annual training
based on job level and geography,
including specialized Ethics & Com-
pliance courses. People who carry
out investigations receive specific
training, such as: Investigative Meth-
odology, Technical Enablement for
Investigators, and Sexual Harassment
Investigations, among others. Fur-
thermore, Conflict of Interest attes-
tations are required annually from all
our collaborators.
2023 Participations in training
These training initiatives
are vital to ensure that
our workforce is well-
equipped to handle the
diverse challenges and
responsibilities they may
encounter in their roles
within the organization.
127,927 on the Code of Ethics and its due compliance
122,569 on Human Rights and compliance with our
Human and Labor Rights policies
152,865 on Occupational Health and Safety
39,013 on discrimination and harassment prevention
26,001 on cybersecurity
29,666 on anticorruption
11,866 on climate change
967 on risk management
femsa integrated annual report 2023
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corporate governance
financial statements
appendix
Our Board of Directors
& Committees
Ethical & Socially
Responsible Behavior
Risk Management
Risk Management
In a global and constantly changing
business environment, we know
risk management is a strategic and
important issue for our stakeholders.
Our ability to manage risks that arise
in the environment in which we
operate is vital to creating value for
our business. Given the global nature
of FEMSA’s operations in different
countries and regions of the world, our
operations are subject to diverse laws
and regulations, and we are exposed
to risks inherent to the sectors in which
we participate. Our business units have
a comprehensive risk management
process with a structured approach
that helps them identify, manage and
mitigate current and potential risks.
We utilize risk matrices and other tools
and processes to identify and manage
economic, environmental and social
risks to which our businesses and
brands may be exposed. We have also
set up processes, forums and gov-
erning bodies dedicated to defining,
managing and promoting the FEMSA
Sustainability Strategy.
MIRC (Manejo de Incidentes y Resolución
de Crisis) is our incident management
and crisis resolution methodology,
which considers identification, poten-
tial impacts, probability of occurrence,
emergency plans and risk mitigation
strategies. MIRC is established across
all the business units and all levels of
the organization. MARRCO (la Metodo-
logía de Atención a Riesgos y Relaciona-
miento Comunitario) is our model for
managing risks and community engage-
ment and aims to build and maintain
effective relations with local communi-
ties by fostering dialogue and mutually
beneficial collaboration opportunities.
Climate-Related Risks &
Opportunities
FEMSA published its first report in line
with the requirements of the Task
Force on Climate-Related Financial
Disclosures (TCFD) in 2022, following
the identification and quantification of
the climate-related risks and oppor-
tunities for Coca-Cola FEMSA, OXXO,
OXXO GAS and Solistica.
In 2023, we launched a second itera-
tion of the analysis focusing on FEMSA
Health and Coca-Cola FEMSA only, in
which we identified and/or updated
their climate risks and opportunities
linked to climate change; reviewed the
climate scenario frameworks; revised
the quantification of all climate risks
and opportunities; and finally, updated
their results reports.
In this second quantification exercise,
the results of the first iteration were
integrated in order to analyze our
exposure to climate risks and opportu-
nities at the FEMSA level.
We utilize risk matrices and
other tools and processes
to identify and manage
economic, environmental
and social risks to which our
businesses and brands may
be exposed.
For more information, please see the Sustain-
ability Governance and Climate-related Risks and
Opportunities in the Appendix, page 120.
As part of our responsibility to our
shareholders, we disclose the Compa-
ny’s financial and non-financial results
on a timely basis, in line with regulatory
requirements and expectations. We
also work with independent, third-party
assurance providers to audit our finan-
cial results and verify our sustainability
results in accordance with current
standards.
Please see page 131 for our Independent Limited
Assurance Report – Non-Financial Information
We also focus on achieving sustainable
capital allocation by ensuring that our
investments are aligned with FEMSA’s
Sustainability Strategy and that they
take into consideration material envi-
ronmental, social and governance risks
and opportunities.
femsa integrated annual report 2023 74
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corporate governance
financial statements
appendix
Our Board of Directors
& Committees
Ethical & Socially
Responsible Behavior
Risk Management
Protection of Information &
Cybersecurity
At FEMSA, we recognize the impor-
tance of maintaining a robust cyber-
security system that guarantees data
privacy and the protection of our com-
panies’ and customers’ information. At
the top of FEMSA’s information security
governance model is our Executive
Team, who assumes responsibility for
cybersecurity as a critical management
issue. Our Chief Information Security
Officer (CISO) is responsible for over-
seeing FEMSA’s information security
program (based on the U.S. National
Institute of Standards and Technolo-
gy Framework for Improving Critical
Infrastructure Cybersecurity). The CISO
advises the Executive Team, Audit
Committee and leads the Information
Security Council (comprised of C-suite
and CISO representatives from FEMSA’s
business units) on critical matters and
liaises regularly with business unit-lev-
el CISOs and information security
committees.
Our investment on the implementation
of security controls and countermea-
sures is based on our risk management
and external assessments results and
prioritization, as well as internal and ex-
ternals audits. We prioritize threat de-
terrence, detection, response planning
and recovery processes to preemp-
tively protect against any risks. In 2023,
we did not experience any information
security incidents or breaches of per-
sonal data.
In the event of a potential breach,
we have multiple cyber intelligence
tools, countermeasures and incident
response processes to maintain
business continuity while quickly and
decisively managing any risks to our
company and our customers. As part
of our governance model, we review
our response plans regularly to in-
corporate updates and evaluate their
ongoing effectiveness. As outlined in
our Supplier Guiding Principles, we
also expect any suppliers or other
third-parties we work with to protect
and preserve FEMSA’s personal data
and information assets during their
entire lifecycle, from access to dele-
tion and destruction.
We have an information security
awareness program for employees to
clearly understand the escalation pro-
cess they can follow in any event that
they notice something suspicious. They
can also report concerns or violations
to the FEMSA Ethics Line.
We prioritize threat deterrence,
detection, response planning and
recovery processes to preemptively
protect against any risks.
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management report
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corporate governance
financial statements
financial statements
appendix
appendix
femsa integrated annual report 2023
Financial Summary
Financial Summary
Management Discussion
& Analysis
Management Discussion & Analysis
Financial Highlights
Millions of pesos
Total revenues
Income from operations2
Operating margin
Consolidated net income
Controlling interest net income3
Controlling interest earnings per BD unit4
Controlling interest earnings per ADS5
EBITDA
EBITDA margin
Total assets
Total liabilities
Total equity
Capital expenditures
Total cash and cash equivalents6
Short-term debt
Long-term debt
Headcount7
Million
of dollars
20231
2023
2022 % Change
2021 % Change
41,580
702,692
597,008
17.7
505,460
3,490
58,985
63,870
-7.6
53,770
8.4%
10.7%
76,677
34,743
65,689
23,909
18.4
183.6
6.7
66.8
10.6%
37,678
28,495
8.0
79.6
120.7
174.7
174.6
174.9
4,536
3,886
1.1
10.9
5,672
95,864
94,491
1.5
82,422
13.6%
15.8%
16.3%
47,687
805,856
798,815
0.9
737,500
25,295
427,487
461,014
-7.3
402,383
22,392
378,369
337,801
2,305
38,958
32,854
9,770
165,112
83,439
12.0
18.6
97.9
335,117
24,055
97,407
500
8,451
18,341
-53.9
4,640
7,596
128,373
173,400
-26.0
185,945
392,968
354,344
10.9
320,618
18.1
18.8
-7.8
-16.1
-16.3
-16.1
14.6
8.3
14.6
0.8
36.6
-14.3
295.3
-6.7
10.5
1 U.S. dollar figures are converted from Mexican pesos using the noon-buying rate published by U.S. Federal Reserve Board, which was Ps. 16.8998 per
US$1.00 as of December 31, 2023.
2 Company's key performance indicator.
3 Represent the net income that is assigned to the controling shareholders of the entity.
4 "BD" units each of which represents one series "B" share, two series "D-B" shares and two series "D-L" shares. Data based on outstanding 2,161,177,770
BD units and 1,417,048,500 B units.
5 American Depositary Shares, a U.S. dollar-denominated equity share of a foreing-based company available for purchase on an American stock exchange.
6 Cash consists of non-interest bearing bank deposits and cash equivalents consist principally of short-term bank deposits and fixed rate investments.
7 Includes headcount from Coca-Cola FEMSA, Proximity, Fuel and Health Division, and Other Business of FEMSA.
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management report
corporate governance
corporate governance
financial statements
financial statements
appendix
appendix
femsa integrated annual report 2023
Financial Summary
Financial Summary
Management Discussion
& Analysis
Management Discussion & Analysis
Financial Summary
Amounts expressed in millions of Mexican pesos (Ps.) as of December 31.
Income Statement
Net sales
Total revenues
Cost of goods sold
Gross profit
Operating expenses
Income from operations1
Other non-operating expenses (income), net
Financing expenses, net
Income before income taxes and share of the profit of equity accounted investees
Income taxes
Share of the profit of equity accounted investees, net of taxes
Net income from continuing operations
Net income from discontinuing operations
Consolidated net income
Controlling interest
Non-controlling Interest
Financial ratios (%)
Gross margin
Operating margin
Consolidated net income
Other information
Depreciation
Amortization and other non cash charges to income from operations
Operative Cash Flow (EBITDA)
Capital expenditures2
2023
2022
2021
2020
2019
Ps. 699,640
Ps. 595,543
Ps. 504,122
Ps. 490,425
Ps. 504,059
702,692
423,185
279,507
220,522
58,985
(6,568)
7,502
58,051
12,971
(641)
44,439
32,238
76,677
65,689
10,988
39.8%
8.4%
6.3%
31,378
5,502
95,864
38,958
597,008
355,490
241,518
177,648
63,870
1,227
15,955
46,688
13,275
(93)
33,320
1,423
34,743
23,909
10,834
40.5%
10.7%
5.6%
26,109
4,512
94,491
32,854
505,460
299,276
206,184
152,414
53,770
(2,263)
13,043
42,990
13,566
(10)
29,414
8,264
37,678
28,495
8,264
40.8%
10.6%
5.8%
25,294
5,134
82,422
24,055
492,966
303,313
189,653
148,150
41,503
7,656
14,911
18,936
14,819
(361)
3,756
-
3,756
(1,930)
5,686
38.5%
8.4%
0.8%
25,006
5,464
71,973
20,893
506,711
315,230
191,481
144,329
47,152
1,573
13,492
32,087
10,476
6,437
28,048
-
28,048
20,699
7,349
37.8%
9.3%
5.5%
23,344
4,944
75,440
25,579
femsa integrated annual report 2023 77
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appendix
Financial Summary
Management Discussion
& Analysis
Financial Summary
Amounts expressed in millions of Mexican pesos (Ps.) as of December 31.
Balance Sheet
Assets
Current assets
Equity accounted investees
Property, plant and equipment, net3
Intangible assets,net
Right-of-use asset
Other assets, net
Total assets
Liabilities
Short-term bank loans and current portion of long-term bank loans and notes payable
Current portion of leases
Other current liabilities
Long-term bank loans and notes payable
Long-term lease liabilities
Employee benefits
Deferred tax liabilities
Other non-current liabilities
Total liabilites
Total equity
Controlling interest
Non-controlling interest
2023
2022
2021
2020
2019
Ps. 356,159
Ps. 226,449
Ps. 230,718
Ps. 201,269
Ps. 172,579
26,247
141,530
143,218
87,941
50,761
805,856
8,451
12,236
161,694
128,373
83,837
6,920
7,371
18,605
427,487
378,369
303,860
74,509
103,669
134,001
190,772
83,966
59,958
798,815
18,341
12,095
146,486
173,400
81,222
7,048
6,823
15,599
461,014
337,801
262,604
75,197
107,299
115,147
158,138
56,994
69,204
737,500
4,640
7,306
124,777
185,945
55,049
7,600
6,042
11,024
402,383
335,117
262,601
72,516
98,270
113,106
155,501
54,747
61,955
684,848
8,801
6,772
102,840
179,864
51,536
7,253
6,033
14,562
377,661
307,187
237,743
69,444
97,470
114,513
146,562
52,684
54,227
638,035
16,204
7,387
112,943
101,747
47,292
6,347
7,440
12,924
312,284
325,751
251,989
73,762
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appendix
Financial Summary
Management Discussion
& Analysis
Financial Summary
Amounts expressed in millions of Mexican pesos (Ps.) as of December 31.
Balance Sheet
Financial ratios (%)
Liquidity
Leverage
Capitalization
Data per share
Controlling interest book value4
Net controlling interest income5
Dividends paid6
Series B shares
Series D shares
Number of employees7
Number of outstanding shares8
1 Company's key performance indicator.
2 Includes investments in property, plant and equipment, as well as deferred charges and intangible assets.
3 Includes bottles and cases.
4 Controlling interest divided by the total number of shares outstanding at the end of each period.
5 Net controlling interest income divided by the total number of shares outstanding at the end of the each period.
6 Expressed in nominal pesos of each period.
7 Includes incremental employees resulting from mergers & acquisitions made during the period.
8 Total number of shares outstanding at the end of each period expressed in millions.
2023
2.093
1.127
0.27
16.984
3.672
0.566
0.709
354,344
17,891.13
2022
1.374
1.365
0.38
14.678
1.336
0.383
0.479
320,808
17,891.13
2021
1.783
1.201
0.37
14.678
1.593
0.517
0.646
320,618
17,891.13
2020
1.803
1.229
0.39
13.288
(0.108)
0.517
0.646
(2,924)
17,891.13
2019
1.336
0.959
0.28
14.085
1.157
0.483
0.604
314,656
17,891.13
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corporate governance
corporate governance
financial statements
financial statements
appendix
appendix
femsa integrated annual report 2023
Financial Summary
Financial Summary
Management Discussion
& Analysis
Management Discussion & Analysis
Management Discussion & Analysis
Audited Financial Results for the twelve months ended December 31, 2023. Compared to the twelve months ended December 31, 2022.
Fomento Económico Mexicano, S.A.B.
de C.V. (“FEMSA”) is a Mexican holding
company. Set forth below is certain au-
dited financial information for FEMSA
and its subsidiaries (the “Company”
or “FEMSA Consolidated”) (NYSE: FMX;
BMV: FEMSA UBD, FEMSA BD). The
principal activities of the Company are
grouped mainly under the following
subholding companies (the “Subhold-
ing Companies”): Coca-Cola FEMSA,
S.A.B de C.V. (“Coca-Cola FEMSA” or
“KOF”), (NYSE: KOF, BMV: KOFL) which
engages in the production, distribu-
tion and marketing of beverages, a
Proximity Division operating OXXO, a
small-format store chain, OXXO Gas,
a chain of retail service stations, and
Valora, an operator of convenience
and foodvenience formats present in
5 countries in Europe. It also operates
a Health Division, which includes all
drugstores and related operations
and Digital@FEMSA, which includes
Spin by OXXO and OXXO PREMIA,
among other loyalty and digital finan-
cial services initiatives. The consoli-
dated financial information included
in this annual report was prepared in
accordance with the International Fi-
nancial Reporting Standards (“IFRS”) as
issued by the International Accounting
Standards Board (“IASB”).
The 2023 and 2022 results are stated
in nominal Mexican pesos (“pesos” or
“Ps.”). Translations of pesos into US
dollars (“US$”) are included solely for
the convenience of the reader and are
determined using the noon buying rate
for pesos as published by the U.S. Fed-
eral Reserve Board in its H.10 Weekly
Release of Foreign Exchange Rates
as of December 31, 2023, which was
16.8998 pesos per US dollar. This re-
port may contain certain forward-look-
ing statements concerning the Compa-
ny’s future performance that should be
considered good faith estimates made
by the Company. These forward-look-
ing statements reflect management
expectations and are based upon cur-
rently available data. Actual results are
subject to future events and uncertain-
ties, which could materially impact the
Company’s actual performance.
FEMSA Consolidated
2023 amounts in millions of Mexican pesos
Total
Revenues
% Growth
vs’22
FEMSA Consolidated
Coca-Cola FEMSA
FEMSA Proximity Americas
FEMSA Proximity Europe
Fuel
FEMSA Health
702,692
245,088
278,520
43,552
58,499
75,358
17.7
8.1
19.0
NA
12.9
0.7
Gross
Profit
279,507
110,860
117,062
18,622
7,344
22,499
% Growth
vs’22
15.7
10.5
20.0
NA
12.0
2.3
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financial statements
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appendix
appendix
femsa integrated annual report 2023
Financial Summary
Financial Summary
Management Discussion
& Analysis
Management Discussion & Analysis
FEMSA’s consolidated total revenues
increased 17.7% to Ps. 702,692 million
in 2023 compared to Ps. 597,008
million in 2022 reflecting growth across
all our business units. On an organic27
basis, total revenues grew 17.4%.
Coca-Cola FEMSA’s total revenues
increased 8.1% to Ps. 245,088 million,
mainly as a result of volume growth,
revenue management initiatives, and
favorable price-mix effects. FEMSA
Proximity Americas Division's revenues
increased 19.0% to Ps. 278,520 million,
driven by an average increase of 14.2%
in OXXO’s same-store sales and the
addition of 1,408 net new stores during
2023. Proximity Europe Division's
revenues amounted to Ps. 43,552
million, for the consolidated period
of 2023. FEMSA Health Division's
revenues increased 0.7% to Ps. 75,358
million, reflecting the addition of
379 net locations across territories,
reflecting an increase of 6.1% in
same-store sales. The Fuel Division's
revenues increased 12.9% to
Ps. 58,499 million in 2023, driven by
7.8% increase in same-station sales.
Consolidated gross profit increased
15.7% to Ps. 279,507 million in 2023
compared to Ps. 241,518 million in
2022. Gross margin decreased 70
basis points to 39.8% of total revenues
compared to 2022, reflecting gross
margin contraction at Fuel, as well as
the consolidation of Proximity Europe.
Consolidated operating expenses
increased 24.1% to Ps. 220,522 million
in 2023 compared to Ps. 177,648
million in 2022. As a percentage of
total revenues, consolidated operating
expenses increased from 29.8% in
2022 to 31.4% in 2023.
Consolidated administrative expenses
increased 15.1% to Ps. 32,307 million
in 2023 compared to Ps. 28,077 million
in 2022. As a percentage of total
revenues, consolidated administrative
expenses decreased 10 basis points,
from 4.7% in 2022 to 4.6% in 2023.
Consolidated selling expenses
increased 26.5% to Ps. 188,732 million
in 2023 as compared to Ps. 149,145
million in 2022. As a percentage of total
revenues, selling expenses increased
190 basis points, from 25.0% in 2022
to 26.9% in 2023.
Consolidated income from operations
decreased 7.6% to Ps. 58,985 million
in 2023 as compared to Ps. 63,870
million in 2022. On an organic26 basis,
consolidated income from operations
decreased 7.6%. As a percentage
of total revenues, operating margin
decreased 230 basis points, from 10.7%
in 2022 to 8.4% in 2023, reflecting
margin expansion at Coca-Cola
FEMSA, flat margin in FEMSA's Fuel
Division, offset by margin contractions
in Proximity Americas and Health
Divisions, as well as by the consolidation
of Proximity Europe Division.
Some of our subsidiaries pay
management fees to us in consideration
of the corporate services we provide
to them. These fees are recorded
as administrative expenses in the
respective business segments. Our
subsidiaries’ payments of management
fees are eliminated in consolidation
and, therefore, have no effect on our
consolidated operating expenses.
Net financing expenses decreased
to Ps. 7,502 million from Ps. 15,995
million in 2022, reflecting a decrease
in interest expenses, offset by a Ps.
9,849 non-cash, foreign exchange
loss, related to FEMSA’s U.S. dollar-
denominated cash position as
impacted by the appreciation of the
Mexican peso.
Our accounting provision for income
taxes in 2023 was Ps. 12,971 million, as
compared to Ps. 13,275 million in 2022,
resulting in an effective tax rate of
22.3% in 2023 as compared to 28.4%
in 2022.
Consolidated net income was Ps. 76,677
million in 2023 compared to Ps. 34,743
million in 2022, reflecting: i) higher net
income from discontinued operations,
mostly reflecting the accounting re-
measurement from historical cost
to fair value of FEMSA’s investment
in HEINEKEN, and the Solistica and
Alpunto businesses, ii) higher other
non-operating income, mainly related
to the divestment of FEMSA’s minority
stake in Jetro Restaurant Depot, and
iii) a non-cash financial product, that
mostly reflects the repurchase of
US$ 1.7 billion of FEMSA’s outstanding
debt at favorable price levels during
1Q23. These were partially offset
by a Ps. 9,849 non-cash foreign
exchange loss, related to FEMSA’s U.S.
dollar-denominated cash position as
impacted by the appreciation of the
Mexican peso.
Controlling interest income amounted
to Ps. 65,689 million in 2023
compared to Ps. 23,909 million in
2022. Controlling interest income
in 2023 per FEMSA Unit28 was Ps. 18.36
(US$ 10.86 per ADS).
Coca-Cola FEMSA
Coca-Cola FEMSA total revenues in-
creased 8.1% to Ps. 245,088 million in
2023 compared to Ps. 226,740 million
in 2022, mainly as a result of volume
27 Excludes the effects of significant mergers and acquisitions in the last twelve months.
28 FEMSA Units consist of FEMSA BD Units and FEMSA B Units. Each FEMSA BD Unit is comprised of one Series B Share, two Series D-B Shares and two Series D-L Shares. Each FEMSA B Unit is comprised of five Series
B Shares. The number of FEMSA Units outstanding as of December 31, 2023, was 3,578,226,270, equivalent to the total number of FEMSA Shares outstanding as of the same date, divided by 5.
femsa integrated annual report 2023
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Management Discussion
& Analysis
growth, revenue management initia-
tives, and favorable price-mix effects.
These effects were partially offset by an
unfavorable currency translation effect
from most of its operating currencies
into Mexican pesos.
Total sales volume increased by 7.8%
to 4.0 billion unit cases in 2023 as
compared to 2022, driven mainly by
growth in all of our territories, including
a strong performance in Mexico, Brazil,
Colombia and Guatemala in 2023.
Coca-Cola FEMSA gross profit increased
10.5% to Ps. 110,860 million in 2023,
compared to Ps. 100,300 million in 2022,
with a gross margin increase of 100
basis points as compared to 2022 to
reach 45.2%. This gross margin increase
was mainly driven by top-line growth,
declining packaging costs, and favorable
raw material hedging initiatives. These
effects were partially offset by higher
sweetener costs across territories.
The components of cost of goods
sold include raw materials (principally
concentrate, sweeteners, and pack-
aging materials), depreciation costs
attributable to production facilities,
wages and other labor costs associated
with labor force employed at Coca-Cola
FEMSA production facilities, and certain
overhead costs. Concentrate prices are
determined as a percentage of the retail
price of Coca-Cola FEMSA’s products in
local currency, net of applicable taxes.
Packaging materials, mainly PET resin
and aluminum, and HFCS, used as a
sweetener in some countries, are de-
nominated in U.S. dollars.
Operating expenses increased by
10.3% to Ps. 76,098 million in 2023
compared to Ps. 68,981 million in 2022.
Administrative and selling expenses
as a percentage of total revenues
increased by 60 basis points to 31.0%
in 2023 as compared to 2022, mainly
driven by increased marketing, main-
tenance, and labor expenses. These
effects were partially offset by an oper-
ating foreign exchange gain in Mexico
as a result of the appreciation of the
Mexican Peso. In 2023, Coca-Cola
FEMSA continued investing across ter-
ritories to support marketplace exe-
cution, increase cooler coverage, and
production capacity.
Income from operations increased
10.8% to Ps. 34,180 million in 2023
compared to Ps. 30,838 million in 2022.
FEMSA Proximity Americas
Proximity Americas total revenues
increased 19.0% to Ps. 278,520 million
in 2023 compared to Ps. 233,958
million in 2022, reflecting an average
increase in same-store sales of 14.2%.
As of December 31, 2023, there was
a total of 22,866 OXXO stores. As
referenced above, OXXO same-store
sales increased an average of 14.2%
compared to 2022, driven by a 8.0%
increase in average customer ticket,
and by a 5.8% increase in store traffic.
Cost of goods sold increased 18.4% to
Ps. 161,458 million in 2023 compared to
Ps. 136,372 million in 2022. Gross margin
increased 30 basis points to reach
42.0% of total revenues. This increase
reflects higher income from financial
services, and a healthy commercial
income dynamic. As a result, gross profit
increased 20.0% to Ps. 117,062 million in
2023 compared to 2022.
Operating expenses increased
22.6% to Ps. 90,791 million in 2023
compared to Ps. 74,073 million in
2022. The increase in operating
expenses was driven by higher labor
expenses resulting from labor reforms
implemented in Mexico during
this year.
Administrative expenses increased
7.4% to Ps. 6,514 million in 2023
compared to Ps. 6,066 million in 2022;
as a percentage of sales, administrative
expenses decreased to 2.3% in 2023.
Selling expenses increased 24.5% to
Ps. 84,493 million in 2023 compared
with Ps. 67,842 million in 2022; as
a percentage of sales, they reached
30.4% in 2023.
FEMSA Proximity Europe
Proximity Europe total revenues
amounted to Ps. 43,552 million in
2023, reflecting sustained growth of
foodvenience sales and the positive
effect of vertical integration, particularly
through the B2B pretzel business. As of
the end of the period Proximity Europe
had 2,808 points of sale.
Cost of goods sold increased amounted
to Ps. 24,930 million in 2023. Gross
margin amounted to 42.8% of
total revenues, reflecting a positive
performance of the foodvenience
category, which has a structurally higher
margin as well as higher promotional
income. As a result, gross profit
amounted to Ps. 18,622 million in 2022.
Operating expenses amounted to
Ps. 17,223 million in 2023.
Administrative expenses amounted
to Ps. 3,231 million in 2023; as a
percentage of sales, administrative
expenses amounted to 7.4% in 2023.
Selling expenses amounted to
Ps. 14,371 million in 2023; as a
percentage of sales, they reached 33.1%.
Income from operations increased
11.7% to Ps. 26,271 million in 2023
compared to Ps. 23,513 million in
2022, resulting in an operating margin
dilution of 70 basis points to 9.4% as
a percentage of total revenues for the
year, compared with 10.1% in 2022.
Income from operations amounted
to Ps. 1,399 million in 2023, resulting
in an operating margin of 3.2% as a
percentage of total revenues, driven
by an increase in labor expenses
which was partially offset by lower
administrative expenses.
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Operating expenses increased 6.2% to
Ps. 19,170 million in 2023 compared
with Ps. 18,045 million in 2022. This
increase was driven by organic growth,
which was partially offset by cost
efficiencies and tight expense control
throughout our territories.
Administrative expenses decreased
4.5% to Ps. 2,788 million in 2023
compared with Ps. 2,918 million in
2022; as a percentage of sales, they
reached 3.7% in 2023. Selling expenses
increased 8.3% to Ps. 16,402 million in
2023 compared with Ps. 15,139 million
in 2022; as a percentage of sales, they
reached 21.8% in 2023.
Income from operations decreased
15.5% to Ps. 3,329 million in 2023
compared with Ps. 3,938 million in
2022, resulting in an operating margin
dilution of 90 basis points to 4.4% as
a percentage of total revenues for the
year, compared with 5.3% in 2022.
Fuel
Fuel total revenues increased 12.9% to
Ps. 58,499 million in 2023 compared
to Ps. 51,813 in 2022, reflecting a 7.8%
average increase in same-station sales.
As of December 31, 2023, there were a
total of 571 OXXO GAS service stations.
As referenced above, same-station sales
increased an average of 7.8% compared
to 2022, reflecting a 3.5% increase in the
average price per liter, coupled with a
4.1% increase in average volume.
Cost of goods sold increased 13.0% to
Ps. 51,155 million in 2023 compared
with Ps. 45,253 million in 2022. Gross
margin decreased 10 basis points to
12.6% of total revenues. Gross profit
increased 12.0% to Ps. 7,344 million in
2023 compared with 2022.
Operating expenses increased 12.4% to
Ps. 4,846 million in 2023 compared with
Ps. 4,310 million in 2022. This increase
was driven by OXXO GAS organic growth
partially offset by tight expense control
and operational efficiencies.
Administrative expenses increased
31.7% to Ps. 299 million in 2023
compared with Ps. 227 million in 2022;
as a percentage of sales, administrative
expenses increased to 0.5%. Selling
expenses increased 11.4% to Ps. 4,548
million in 2023 compared with
Ps. 4,084 million in 2022; as a percentage
of sales, selling expenses decreased
20 basis points to 7.8% in 2023.
Income from operations increased
11.0% to Ps. 2,498 million in 2023
compared with Ps. 2,250 million in
2022, resulting in an operating margin
of 4.3% as a percentage of total
revenues for the year.
FEMSA Health
FEMSA – Health total revenues
increased 0.7% to Ps. 75,358 million in
2023 compared to Ps. 74,800 million
in 2022, driven by an average increase
of 6.1% in same-store sales for
drugstores, reflecting positive trends in
most of our territories in local currency,
the addition of 379 net new drugstores
during the period, which was offset
by a challenging macroeconomic
environment in Colombia and Ecuador.
As of December 31, 2023, the Health
Division had a total of 4,474 drugstores
across its geographies.
Cost of goods sold increased 0.1% to
Ps. 52,859 million in 2023, compared
with Ps. 52,817 million in 2022. Gross
margin increased 50 basis points
to 29.9% of total revenues largely
reflecting efficiencies and more
effective collaboration and execution
with key suppliers, which was partially
offset by a negative price-mix effect
resulting from an increase in the
contribution of our institutional sales
channel in Colombia. Gross profit
increased 2.3% to Ps. 22,499 million in
2023 compared with 2022.
Key Events during 2023
The following text reproduce our press
releases as they were published.
FEMSA signs agreement with
Volaris to become the initial
partner of FEMSA’s new coalition
loyalty program
On January 23, 2023, FEMSA announced
that it signed, an agreement with
Concesionaria Vuela Compañía de
Aviación, S.A.P.I. de C.V. (“Volaris”), the
ultra-low-cost carrier serving Mexico,
the United States, Central, and South
America to become the first third-party
partner of FEMSA’s coalition loyalty
program (the “Program”). This Program
will offer exclusive benefits for its users,
allowing them to accrue and redeem
reward points with OXXO, Volaris and
future allies.
FEMSA Forward: Announcing
results of strategic review
On February 15, 2023, FEMSA
announced that its Board of Directors
had approved a new long-range plan
to maximize value creation, as well as
a series of decisions resulting from its
strategic review process.
During 2022 FEMSA carried out
a thorough strategic review of its
business platform, including the
bottom-up definition of long-range
plans for each business unit, as well as
the top-down analysis of the optimal
corporate and capital structure, to
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ensure full alignment between the
Board and management as to how to
pursue and maximize value creation.
Consistent with this vision, FEMSA
determined that the best path to
maximize long term value creation is by
focusing on its core business verticals
which have the highest strategic
relevance, growth potential, and
financial and competitive strength:
› Retail, with excellent long-term
growth opportunities, comprised of
Proximity, Health, and Fuel.
› Coca-Cola FEMSA, leveraging its
leading competitive position and
excellent execution, combined with
significant financial strength and
strategic opportunities.
› Digital, building a powerful value-
added financial ecosystem, while
playing a key role in leveraging the
connection among FEMSA’s core
business units.
FEMSA announces the pricing
of the offering of shares of
HEINEKEN N.V. and HEINEKEN
Holding N.V. and the concurrent
offering of exchangeable bonds
exchangeable into shares of
HEINEKEN Holding N.V.
On February 17, 2023, FEMSA
announced the pricing of the sale
by its wholly-owned subsidiary
CB Equity LLP of existing issued
ordinary shares (the “Shares”) of
both HEINEKEN N.V. and HEINEKEN
Holding N.V. (together, the “HEINEKEN
Group”) in the total amount of EUR
3.2 billion (approximately 7% of the
combined interest in the HEINEKEN
Group) (the “Equity Offering”). The
Company also announced the pricing
of an offering of senior unsecured
exchangeable bonds in the aggregate
principal amount of EUR 500 million
(the “Bonds”), exchangeable into
Shares of HEINEKEN Holding N.V. (the
“Exchangeable Offering” and together
with the Equity Offering, the “Offering”).
FEMSA Announces
commencement of tender offer
On February 17, 2023, FEMSA
announced that it had commenced
offers to purchase for cash FEMSA’s
outstanding debt issuances for an
aggregate purchase price, excluding
Accrued Interest and Additional
Amounts, if any, of up to US$ 2.0 billion.
For more information, please see here.
Coca-Cola FEMSA included for the
third consecutive year in the S&P
Global Sustainability Yearbook
2023
On February 28, 2023, Coca-Cola
FEMSA announced its inclusion for
the third consecutive year in the 2023
edition of S&P Global Sustainability
Yearbook, due to its strong
performance on S&P Global Corporate
Sustainability Assessment.
This year, a record number of more
than 7 thousand companies were
evaluated, and just 59 were included
from the global beverage sector,
with Coca-Cola FEMSA being one of
the two Mexican companies in this
sector selected for the 2023 edition
of S&P Global Sustainability Yearbook.
Additionally, the Company ranked in the
top 15% of the global beverage sector,
complying with the highest standards
of environmental, social, and corporate
governance (ESG) dimensions of S&P
Global evaluation criteria.
Coca-Cola FEMSA’s deep commitment
to sustainability is highlighted by
its industry-leading ambitions and
initiatives. These include the Company’s
public commitments to make all
consumer packaging 100% recyclable
by 2030, reach an industry benchmark
water use ratio of 1.26 liters of water
per liter of beverage produced by 2026,
and achieve 100% renewable energy
for its bottling operations by 2030.
In addition, Coca-Cola FEMSA
continues making history in
sustainable financing by becoming
the first company in the consumer
sector in the Americas and the first in
the Coca-Cola system to successfully
issue social bonds, highlighting the
Company’s profound commitment to
the communities it serves.
FEMSA Announces final tender
results and acceptance of notes
for its previously announced
tender offers
On March 17, 2023, FEMSA announced
the final tender results and acceptance
for its previously announced offers to
purchase for cash FEMSA’s notes for
an aggregate purchase price, excluding
accrued and unpaid interest and
additional amounts, if any of up to
US$ 2.0 billion, from registered holders
of the notes. The offers were made
pursuant to the terms and subject to
the conditions set forth in the amended
and restated offer to purchase dated
February 17, 2023. As of the end of the
offer, FEMSA retired US$ 1.7 billion of
outstanding debt.
For more information on this, please see here.
FEMSA successfully finalizes the
acquisition of Net Pay
On April 3, 2023, FEMSA announced
that it had successfully closed the
acquisition of the remaining 85.18%
shares of NET PAY S.A.P.I DE C.V.
(“Net Pay”), a merchant aggregator
that offers several payment services
and solutions to micro, small and
medium-sized businesses in Mexico, as
previously announced on November
7, 2022, after receiving the necessary
regulatory approvals.
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FEMSA announces an offering
of shares of HEINEKEN N.V. and
HEINEKEN Holding N.V. and a
Concurrent Tap issuance of
FEMSA’s existing Exchangeable
Bonds due 2026 exchangeable into
shares of HEINEKEN Holding N.V.
On May 30, 2023, FEMSA announced
the offering by the Company and its
wholly-owned subsidiaries Compañía
Internacional de Bebidas, S.A. de C.V.
and Grupo Industrial Emprex, S. de
R.L. de C.V. of existing issued ordinary
shares of both HEINEKEN N.V. and
HEINEKEN Holding N.V. (together, the
“HEINEKEN Group”) in the total amount
of approximately EUR 3.3 billion
(approximately 5.9% of the combined
interest in the HEINEKEN Group) (the
“Equity Offering”). The Company also
announced a tap issuance of euro
denominated senior unsecured bonds
in the aggregate principal amount
of up to EUR 250 million (the “New
Bonds”), exchangeable into ordinary
shares of HEINEKEN Holding N.V.
(the “Exchangeable Offering” and
together with the Equity Offering,
the “Offering”). The New Bonds will
be consolidated and form a single
series with the Company’s EUR 500
million 2.625% senior unsecured
Exchangeable Bonds due 2026,
originally issued on 24 February 2023
(the “Original Bonds” and together
with the New Bonds, the “Bonds”) with
effect from on or about 18 July 2023
(the “Consolidation Date”).
FEMSA announces the pricing of
the offering of shares of HEINEKEN
N.V. and HEINEKEN Holding N.V.
On May 31, 2023, FEMSA announced the
pricing of the sale by the Company and
its wholly-owned subsidiaries Compañía
Internacional de Bebidas, S.A. de C.V. and
Grupo Industrial Emprex, S. de R.L. de
C.V. of its entire holding of existing issued
ordinary shares of both HEINEKEN N.V.
and HEINEKEN Holding N.V. (together,
the “HEINEKEN Group”) by way of an
accelerated book build of shares in
the total amount of EUR 3.3 billion
(approximately 6.0% of the combined
interest in the HEINEKEN Group) (the
“Equity Offering”) as well as a bilateral sale
of additional shares to HEINEKEN N.V.,
except for any shares retained underlying
FEMSA’s outstanding EUR 500 million
2.625% senior unsecured Exchangeable
Bonds due 2026 (the “Bonds”),
exchangeable into ordinary shares
of HEINEKEN Holding N.V. Given the
strength of demand seen for the Equity
Offering, the Company has decided
not to proceed with the concurrent
tap issuance of its outstanding Bonds
announced on May 30, 2023.
FEMSA announces the divestment
of FEMSA’s minority position in
Jetro Restaurant Depot
On May 31, 2023, FEMSA announced
that consistent with its FEMSA Forward
strategy as communicated on February
15, 2023, it has entered into a definitive
agreement to divest its minority
investment in Jetro Restaurant Depot
and related entities (“JRD”). Subject to
customary closing conditions, FEMSA
will receive total cash consideration of
US $1,400 million, with approximately
US $467 million payable on closing in
the second quarter of 2023, and the
remainder payable over two years.
FEMSA statement regarding
its CEO
On July 10, 2023, FEMSA announced
that Daniel Rodríguez Cofré, after
consulting with his family and doctors,
would step down from his role as CEO,
to focus on his health and treatment
of a previously announced colon
cancer diagnosis. Until a replacement
is appointed, José Antonio Fernández
Carbajal, Executive Chairman and former
CEO of FEMSA, will serve as acting Chief
Executive Officer on an interim basis,
with the continued support of FEMSA’s
senior leadership team and the CEOs of
the business units.
BradyIFS and Envoy Solutions
come together to create a
compelling new platfrm
On August 29, 2023, FEMSA announced
that it entered into definitive
agreements with BradyIFS to create a
new platform within the facility care,
foodservice disposables, and packaging
distribution industries in the United
States. The combined platform will
bring together Envoy Solutions LLC and
BradyIFS in a highly complementary
combination, positioned to serve and
provide value to its customers and
suppliers effectively and efficiently
across the country. The transaction is
subject to customary conditions and
regulatory approvals.
Upon closing, FEMSA will receive
approximately US$ 1.7 billion in cash
and retain an ownership stake of
approximately 37% in the combined
entity, which is expected to have pro-
forma revenues approaching
US$ 5 billion.
For the purposes of this transaction,
the Envoy Solutions valuation implies
an unlevered double-digit annualized
rate of return on the accumulated
capital invested by FEMSA since
entering this business in 2020.
Approximately 63% of the combined
entity will be owned by existing
BradyIFS equity holders led by Kelso
& Company and its affiliate funds and
including BradyIFS management; by
funds managed by Warburg Pincus
LLC; and by the current minority
shareholders of Envoy Solutions.
Evolving FEMSA’s organizational
structure and senior leadership
team to drive FEMSA Forward
On September 22, 2023, FEMSA
announced changes to its
organizational structure that bring
it into full alignment with the FEMSA
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Forward strategy and its three core
business verticals: Retail, Coca-Cola
FEMSA, and Digital. The Company
also announced movements within
its senior leadership team, involving
internal and newly attracted talent.
These changes will enable the
organization to operate with maximum
focus, positioning FEMSA to pursue
and capture its considerable and
compelling opportunities for long-term
profitable growth.
The Retail business vertical will be led
by Jose Antonio Fernández Garza-
Lagüera. Jose Antonio is currently CEO
of Digital@FEMSA, where he nurtured
FEMSA’s digital ecosystem from its early
days and has helped Spin become the
prominent fintech and loyalty platform
in Mexico. Before Digital, Jose Antonio
held leadership roles at every one of
FEMSA’s major business units for over a
decade, including as Head of Strategic
Planning at OXXO and FEMSA Comercio.
Jose Antonio will be supported in his new
role by a world-class operational team:
Carlos Arenas (Proximity OXXO Mexico),
Constantino Spas (Proximity Americas and
Fuel), Michael Mueller (Proximity Europe),
Jacobo Caller (Proximity Multiformat), and
Daniel Belaúnde (FEMSA Health).
Juan Carlos Guillermety is joining the
Company as CEO of Digital@FEMSA.
Juan Carlos comes to FEMSA from
Nubank, where he held various senior
leadership positions since 2019, after a
long tenure at Visa International. Juan
Carlos will lead the rapidly growing
talent pool that is shaping the future of
FEMSA’s digital ecosystem.
There is no change at Coca-Cola
FEMSA. Ian Craig will continue to lead
this key business vertical as its CEO.
Other operations outside of FEMSA’s
core verticals, including those that are
in the active process of being divested,
will report to the Corporate Office
led by Francisco Camacho. These
changes to FEMSA’s organizational
structure and senior leadership team
were designed in conjunction with the
FEMSA Forward strategy as announced
in February of this year, consistent with
FEMSA’s leadership succession and
talent development process. The new
appointments have been approved by
FEMSA’s Board of Directors and will
become effective on.
FEMSA Envoy Solutions and
BradyIFS successfully complete
transaction
On October 31, 2023, FEMSA
announced that the transaction
bringing together BradyIFS and Envoy
Solutions had closed successfully, after
receiving the necessary regulatory
approvals. The transaction combines
the strengths and complementary
footprints of Envoy Solutions and
BradyIFS to create a strong customer-
focused platform to effectively provide
its customers with high-value solutions,
and its supplier partners with excellent
market reach, delivering more products
and solutions in more locations across
the United States. With this transaction,
FEMSA continues to deliver on its
FEMSA Forward strategy.
FEMSA announces final results of
its previously announced tender
offer for its outstanding notes
due 2043
On November 9, 2023, FEMSA
announced the final results of its
previously announced offer (the
"Tender Offer") to purchase for cash
any and all of its outstanding
US$ 552,830,000 principal amount of
4.375% Senior Notes due 2043 (CUSIP/
ISIN: 344419 AB2 / US344419AB20)
(the "Securities") on the terms and
subject to the conditions set forth in
the offer to purchase, dated October
31, 2023 (the "Offer to Purchase")
and the related notice of guaranteed
delivery (the "Notice of Guaranteed
Delivery" and, together with the Offer
to Purchase, the "Offer Documents").
The Tender Offer expired on
November 6, 2023, at 5:00 p.m. (New
York City time) (the "Expiration Date")
and settled on November 9, 2023
(the "Settlement Date"). No Notice
of Guaranteed Delivery was received
by FEMSA prior to the Expiration
Date. The aggregate amount paid by
FEMSA to Holders whose Securities
were accepted for purchase, including
Accrued Interest and Additional
Amounts, was approximately
US$ 117 million.
FEMSA and its Business Units
advance their support to
communities affected by
Hurricane Otis in Guerrero
On November 14, 2023, FEMSA
announced that in order to meet the
needs of the populations affected by
Otis, FEMSA through Coca-Cola FEMSA,
OXXO, OXXO GAS, Farmacias Yza,
Spin by OXXO, Fundación FEMSA, and
Solistica continue to add support for
the prompt recovery of Acapulco.
› With the commissioning of two "Ven
por Agua" water treatment vehicles,
as of November 13, Coca-Cola
FEMSA has filled 5,323 bottles (20L)
of drinking water.
› The Spin Premia loyalty coalition
program adds to the fundraising
efforts. From November 6 to
December 6, users of the program
could contribute their points to
a fund that was transformed into
support through the collaboration
between FEMSA Foundation and
World Vision Mexico (More than 3.6
million pesos).
› Among the actions that OXXO
implemented as a priority were
the delivery of 7,600 food pantries
for employees and the community
and the delivery of 6,000 hydration
products in the most affected areas
and 5,520 bottles of water.
femsa integrated annual report 2023
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Supplemental Information
Contact
About this Report
The content of this report is based
on FEMSA’s business strategy and
our sustainability strategy, including
our 2030 sustainability goals and the
FEMSA Sustainability-Linked Bond. It
was developed through an in-depth
consultation process with relevant
experts on these matters across the
organization and structured according
to our sustainability framework’s pillars
and priority topics. The report was then
reviewed by representatives from each
business unit, whose feedback was
considered during the process, prior
to final approval from senior manage-
ment in advance of its publication.
Regarding non-financial content, GRI
(Global Reporting Initiative) indicators
were included in the Sustainability
Performance Data Appendix to better
identify sections where these indicators
were being answered or referenced.
Labels referring to the United Na-
tion's SDGs (Sustainable Development
Goals) and United Nations Global
Compact Principles (UNGC) that FEMSA
impacted during its 2023 activities
were added too. These can also be
found in the “SDGs & United Nations
Global Compact contribution Appendix”,
seeking to specifically indicate the
correlation between these various
standards, initiatives, and frameworks’
contents.
Since 2022, FEMSA published its
operations’ financial and non-financial
(economic, social, environmental, and
corporate governance) results in a sin-
gle integrated report. This reflects how
we strive to improve the transparency
and completeness of our annual disclo-
sures every year.
We are pleased to continue taking
additional steps toward more formally
presenting an integrated picture of our
information. This approach is intend-
ed to provide a balanced view of our
strategy and operational performance,
which leverages our value creation over
the short-, medium- and long-term.
Standards and Frameworks
Our report is presented in alignment with the following widely accepted disclo-
sure frameworks:
› GRI: The Global Reporting Initiative is an independent standards organization
that helps businesses understand and communicate the economic,
environmental, and social impacts related to their business performance.
› SASB: The Sustainability Accounting Standards Board is an independent,
nonprofit organization with a mission to develop and disseminate
sustainability accounting standards that help public corporations disclose
material, decision-useful information to investors. FEMSA participates in a
variety of industries such as retail, beverages, financial services, logistics and
distribution, manufacturing, among others. Therefore, with the objective of
strengthening the disclosure, transparency, and comparability of each of
our businesses in their respective industries, we are improving efforts so
that each of our business monitors and communicates within Integrated
Reports, Sustainability Reports, Web page, or under specific request, metrics
aligned to SASB standards.
› UNGC: We have been a United Nations Global Compact signatory since
2005, and as such, we work to align our company’s operations and
strategies with its 10 principles.
• This 2023 Integrated Annual Report serves as our annual UNGC
Communication on Progress (CoP).
This report should be read in conjunction with our financial filings, available at https://femsa.gcs-web.com/. Previous years’ annual reports are available at:
https://femsa.gcs-web.com/financial-reports/annual-reports.
femsa integrated annual report 2023 87
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Brief FEMSA’s Sustainability Highlights
2020
Included in the
S&P/BMV Total
Mexico ESG Index
2022
FEMSA included
in the Bloomberg
Gender Equality
Index (GEI)
2024
FEMSA is included
For the first time in the
SP Global Sustainability
Yearbook 2024
2017
FEMSA was included
and keeps its inclu-
sion in the Dow Jones
Sustainability MILA
Pacific Alliance Index
2005
FEMSA became a
signatory of the
United Nations Global
Compact (UNGC)
and published its first
Sustainability Report.
2008
Started reporting
under GRI standards
2010
Included in the
BMV's Green Index
2023
Became supporters
of the Task Force
on Climate-related
Financial Disclosures
(TCFD)
2021
Started reporting
under the
Sustainability
Accounting
Standards Board
(SASB)
2021 & 2022
FEMSA issued its
first and second
Sustainability-Linked
Bond, the largest
issued by a compa-
ny in Latin America.
2024
FEMSA will participate in
the CDP Assessment
2015
FEMSA included in the
FTSE4GOOD index
2022
Started reporting
following the recommenda-
tions of the Task Force on
Climate-related Financial
Disclosures (TCFD)
Información de uso internoS&P Global Corporate Sustainability Assessment (CSA) Score 2023Sustainability Yearbook Memberfemsa integrated annual report 2023 88
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Scope and boundaries of non-financial information
In preparation for this report, we consolidated information from all our operations
considering the performance period from 1 January 2023 to 31 December 2023. Un-
less otherwise indicated, the information provided in this report is for the company
as a whole. It includes our:
› Proximity & Health Division, comprised of Proximity Americas
Division operating OXXO, a small-format store chain, and other related retail
formats, and Proximity Europe which includes Valora, our European retail unit
which operates convenience and foodvenience formats. In the retail industry we
also participate through a Health Division, which includes drug stores and related
activities in 4 countries, and in the Fuel activities, trough OXXO GAS, la cual cuenta
con retail service stations in Mexico that sell gasoline and diesel,
› Coca-Cola FEMSA, the largest franchise bottler of
Coca-Cola products in the world by volume,
› Digital@FEMSA, which includes Spin by OXXO and Spin Premia, among
other digital financial services initiatives,
› Strategic Business Unit, which considers logistics and distribution
services, point-of-sale refrigeration, plastic solutions, among others.
We have clearly marked each indicator if we have a
different scope or restated certain data sets from previous
years. Due to the information came from several sources,
including internal management systems, performance
databases, annual surveys, we strive to enhance the clarity
and thoroughness of every report we generate, streamlining
both our processes and the way we convey information.
We include a limited assurance statement from Valora
Sostenibilidad e Innovación S.A. de C.V. as the independent
entity to verify select non-financial information in this report
associated with energy consumption, CO2 emissions, health
and safety, circular economy, water, among others.
femsa integrated annual report 2023 89
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Materiality
We use non-financial environmental, social, and corporate
governance (ESG) materiality assessments to identify, priori-
tize, and inform our sustainability priorities and disclosures,
as validated by our internal and external stakeholders. To
learn more about the process by which we identify FEMSA’s
ESG risks and opportunities, please see our website.
We began a full materiality assessment in 2020 that was com-
pleted in 2021. The following steps were considered for each
Business Unit within the global context:
1. Identification: We defined an integrated process to
conduct this assessment by selecting the premises, topics,
and/or criterion to include. 24 total stakeholder groups
were consulted.
2. Prioritization: The materiality assessment yielded a
set of material findings and topics that became FEMSA's
Strategic Sustainability Framework, described in detail in
the section "FEMSA's Priority Topics".
3. Validation: We shared the analyses’ results, final strategy,
and roadmap with corporate and business unit managers,
external sustainability experts, and our employees to ensure
their agreement and conviction with this framework. Going
forward, in line with our internal corporate governance and
sustainability strategy, we plan to update our comprehensive
materiality assessment every four to five years.
With the integration of the Sustainability Strategy into FEMSA's
daily operations, we can continue to develop competitive ad-
vantages that will allow us to outperform the market.
FEMSA’s Strategic Sustainability Framework: Priority Topics & Focus Areas.
Our strategy’s 9 Priority Topics & 30 Focus Areas are the result of our materiality
analysis. To see the detail of each Focus area please see our Web page.
Our People
Human and Labor Rights
› Ensuring Adequate
Compensation
› Ensuring Decent, Optimal and
Safe Working Conditions
› Prohibiting Child and Forced
Labor
› Respectful and Collaborative
Work Environments
Our Community
Our Planet
Community Wellbeing
› Promoting Healthy Lifestyles
› Contributing to the Safety of
the Surroundings
› Clean Communities
› Engaging Local Communities
Climate Action
› Reducing CO2e Emissions
› Using Renewable Energy
› Sustainable Mobility
› Developing Sustainable
Products and Services
Diversity, Equity and Inclusion
Economic Development
Water Management
› Fostering Inclusive Work
› Economic, Labor, Financial and
Environments
› Encouraging Diversity
› Promoting Gender Equality
Digital Inclusion
› Development of SMEs and
Local Purchases
› Optimizing Water Efficiency
› Contributing to Water
Accessibility, Sanitation and
Hygiene (WASH)
Integral Wellbeing
› Encouraging Entrepreneurship
Sustainable Sourcing
› Contributing to Water Security
Circular Economy
› Fostering a Savings Culture &
› Sustainable Sourcing
Financial Education
› Promoting Mental Health and
Psychological Well-being
› Protecting Physical Health and
Promoting Healthy Habits
› Encouraging an Inclusive,
Constructive and Healthy Work
Environment
› Facilitating the development
of Significant Interpersonal
Relationships, promoting
Values & Civic Awareness
› Reducing and Eliminating
Operational Waste
› Sustainable Packaging
› Circularity of Products and
Services
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Sustainability Performance Data
We consolidated information from all our operations considering the performance period from 1 January 2023 to 31 December 2023. Unless otherwise indicated, the information provided in this
report is for the company as a whole.
Our People
Disclosure
Investment ($ Ps. Millions)
Our People1
Collaborators
Total (No.)
Internal
External
By gender (%)2
Women
Men
By age group (%)3
Under 30 years old
30 to 39 years old
40 to 49 years old
50 to 59 years old
60 and over
By country (No.)4
México
Brazil
Colombia
Chile
Ecuador
Argentina
Guatemala
Costa Rica
Uruguay
Panama
Nicaragua
2023
3,397
392,932
323,789
69,147
43.5
56.5
41
31
18
8
2
284,066
41,890
24,734
14,450
4,512
4,365
4,184
2,284
1,718
1,711
1,621
2022
4,100
354,346
290,312
64,034
41
59
58
ND
ND
16
1
252,250
37,566
22,820
13,141
4,519
4,222
3,805
2,001
1,686
1,614
1,214
GRI
2-7
2021
ND
320,808
254,766
66,042
40
60
62
ND
ND
14
1
241,835
30,563
17,238
12,263
4,329
2,305
3,542
1,802
894
1,672
1,303
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Disclosure
Collaborators
By country (No.)4
Peru
United States of America
Germany
Switzerland
Austria
Luxembourg
Netherlands
Others5
By nationality (%)6
Mexican
Brazilian
Colombian
Chilean
Ecuadorean
Others
By women (%)
Total workforce7
In Executive positions8
Managers9
Directors10
In top management positions reporting directly to the CEO
In senior management positions (maximum two levels away from the CEO)11
By minority groups and those in vulnerable situations (No.)
60 and over
With disabilities
Refugees
By Unionized Employees (Collective Agreements)12
Number (No.)
Percentage (%)
Covered by a contract, pact or collective agreement (%)
2023
1,105
221
4,097
1,663
91
45
151
24
72
11
6
4
1
6
43.5
30
30
21
11
19
5,046
2,994
730
224,631
69
100
2022
588
3,996
3,294
1,498
71
13
13
ND
71
11
6
4
1
7
41
27
ND
ND
ND
16
4,700
2,000
1,500
214,434
74
100
2021
GRI
480
2,526
NA
NA
NA
NA
NA
ND
ND
ND
ND
ND
ND
ND
40
24
ND
ND
ND
ND
3,000
1,800
475
186,324
73
100
405-1
2-30
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Disclosure
Occupational Health and Safety13
Investment
Total ($ Ps. Millions)
Collaborators covered by an occupational health and safety management system (%)
Direct collaborators
Indirect collaborators (external)
Injuries and fatalities due to work accidents
Lost Time Injury Frequency Rate (LTIFR) per 1,000,000 worked hours
Direct collaborators
Contractors (third parties)14
Lost Time Injury Frequency Rate (LTIFR) per 100 collaborators
Direct collaborators
Contractors (third parties)14
Fatalities attributable to the company (No.)
Direct collaborators
Contractors (third parties)
Occupational illness
Employee Occupational Illness Frequency Rate
Per 1,000,000 worked hours
Per 100 collaborators
Maternity or paternity leave15
Total (No.)
Women
Men
Total returned to work after parental leave ended (%)
Women
Men
2023
2,831
100
100
6.4
2.90
1.62
0.73
9
4
0.10
0.02
5,257
4,596
661
82
80
95
2022
1,758
100
100
5.38
3.75
1.34
0.70
2
8
0.08
0.02
4,251
3,210
1,041
86
84
93
2021
GRI
403-9
403-10
401-3
ND
100
100
6.03
ND
1.53
ND
1
3
0.05
0.01
9,449
ND
ND
78
ND
ND
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Disclosure
Training and Education16
Total investment ($ Ps. Millions)
Training hours (No.)
Average training hours
By collaborator (No.)
By gender (%)
Women
Men
Training hours
By job category (No. of hours)
Direction
Management
Collaborators
Unionized
Others
By topic (No. of hours)
Human Rights
Culture and Leadership
Technical Knowledge
Health and Safety
Sustainability
Saving culture
Others
Participations of collaborators
By topic (No.)
Human Rights
Culture and Leadership
Technical Knowledge
Health and Safety
Sustainability
Code of Conduct
Non-discrimination, Non-harassment
Anticorruption
IT Security / Cybersecurity
Climate Change
2023
353
9,787,020
25
45
55
10,143
65,776
2,093,751
6,380,218
1,237,132
74,878
875,004
6,980,771
485,941
91,246
15,584
1,263,796
122,569
181,881
696,198
152,865
33,474
127,927
39,013
29,666
26,001
11,866
2022
293
7,011,819
20
ND
ND
5,606
74,312
1,323,783
3,646,240
1,961,878
72,910
305,595
5,972,715
645,626
14,974
ND
ND
32,585
95,811
530,360
171,390
7,866
ND
ND
ND
ND
ND
2021
GRI
268
10,833,617
404-1
404-1
34
ND
ND
ND
ND
ND
ND
ND
ND
ND
ND
ND
ND
ND
ND
ND
ND
ND
ND
ND
ND
ND
ND
ND
ND
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Disclosure
Training and Education16
Performance evaluations and professional development17
Periodic reviews completed (No.)
360°
9-Box
Completed forms of the total subject to evaluation (%)
360°
9-Box
Integral Wellbeing (%)18
Integral Wellbeing investment
Total ($ Ps. Millions)
Total de Activities (No.)
Social connections
Healthy body
Work Life
Financial wellbeing
Psychological wellbeing
Participants in activities of Integral Wellbeing (No.)
Total participants
External participants
Volunteers (No.)
Volunteer activities
Volunteer collaborators
Volunteer hours
Integral Wellbeing Survey19
Wellbeing / Happiness
Purpose
2023
2022
2021
GRI
404-3
5,754
17,478
98
94
232
7,235
2,321
1,828
2,058
440
588
1,461,335
49,619
2,517
121,806
355,652
84
86
ND
ND
ND
ND
ND
5,312
1,767
1,136
1,485
434
490
296,964
36,988
2,679
100,743
735,570
ND
ND
ND
ND
ND
ND
ND
5,057
1,335
2,242
907
257
316
405,664
58,248
2,979
104,810
360,173
ND
ND
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Disclosure
Organizational climate evaluation
Participation rate (%)
Components and results of the evaluation (% favorability)
Commitment
Pride (Job Satisfaction)
Intrinsic Motivation (Purpose)
Intention of permanence20
Company recommendation20
Stress
Employee enablement21
Human Rights
Work centers evaluated for occupational risks. Includes Human Rights. (No.)
Total
Cumulative total
Training collaborators on Human Rights policies or procedures
Total hours (No.)
Participants (No.)
Non-discrimination
Discrimination cases and corrective actions taken (No.)
Total reports received for discrimination
Total reports received for harassment22
Our Community23
Disclosure
Investment ($ Ps. Millions)
Our Community
Local communities
Operations with local community participation, impact evaluations and development programs (%)
Community Wellbeing initiatives
Total initiatives (No.)
Total investment ($ Ps. Millions)
Direct beneficiaries (No.)
Accumulated direct beneficiaries since 2021 (No.)
2023
2022
2021
GRI
90
88
91
82
89
88
46
80
0
561
74,878
122,569
149
1,790
2023
1,223
100
1,039
380
2,861,280
9,540,441
70
87
91
87
81
90
69
ND
52
561
72,910
32,585
88
1,417
2022
833
100
690
260
3,702,343
6,679,161
ND
ND
ND
ND
ND
ND
ND
ND
272
509
ND
ND
ND
ND
412-1
412-2
406-1
2021
GRI
413-2
NA
100
876
245
2,976,818
2,976,818
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Our Community23
Disclosure
Practices with Suppliers24
Suppliers
Total suppliers by country (No.)
Argentina
Brazil
Chile
Colombia
Costa Rica
Ecuador
Guatemala
México
Nicaragua
Panamá
Perú
Estados Unidos
Uruguay
Number of local suppliers
Local suppliers (%)
Spent
% of purchases from local suppliers
Our Planet25
Disclosures
Investment ($ Ps. Millions)
Our Planet26
Materials used (tonnes)
Total27
Of virgin origin
Of recycled origin
Of virgin origin in products
Of recycled origin in products
Of virgin origin in packaging
Of recycled origin in packaging
2023
27,569
1,108
4,222
3,315
3,921
841
501
965
10,184
388
458
0
0
747
26,675
97
69
2023
727
609,564
383,647
225,917
56,602
57,080
327,045
168,837
2022
2021
GRI
ND
ND
ND
ND
ND
ND
ND
ND
ND
ND
ND
ND
ND
ND
ND
ND
67
2022
7,166
593,122
438,239
154,883
40,405
46,262
397,834
108,621
ND
ND
ND
ND
ND
ND
ND
ND
ND
ND
ND
ND
ND
ND
ND
ND
64
2021
673
548,516
399,129
149,387
75,649
42,886
323,480
106,500
204-1
GRI
301-1
301-2
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Disclosures
Main packaging materials
Wood/paper fiber
Total (tonnes)
Recycled origin (%)
Aluminum or steel
Total (tonnes)
Recycled origin (%)
Glass28
Total (tonnes)
Recycled origin (%)
Plastic
Total (tonnes)
Of recycled origin (tonnes)
Recycled origin (%)
Recyclable (tonnes)
Recyclable (%)
Energy consumption (GJ)
Total energy consumed
From renewable sources
From non-renewable sources
Indirect energy
From renewable sources
From non-renewable sources
Sustainability-Linked bond:
KPI 2: Percentage of total electricity consumption coming from renewable energy sources (%)29
Direct energy (GJ)30
Direct fixed source energy
From renewable sources
From non-renewable sources
Direct mobile source energy
From renewable sources
From non-renewable sources
Energy intensity
GJ / $ Ps. Millions30
2023
15,658
8
38,991
69
105,511
28
331,851
110,618
33
327,313
99
21,132,119
7,282,100
13,850,019
11,550,578
7,209,385
4,341,193
62.4
9,581,541
41,700
1,715,644
31,015
7,793,183
30
2022
6,671
25
33,608
63
135,711
30
329,344
85,686
26
329,029
99
22,892,310
6,303,486
16,588,824
10,795,014
6,259,078
4,535,936
58
12,097,296
20,312
1,399,317
24,096
10,635,570
34
2021
GRI
3,376
21
33,780
66
85,295
ND
306,844
83,455
27
276,008
90
21,186,268
6,044,978
15,141,290
9,893,049
6,021,761
3,871,288
60.9
11,293,219
22,198
1,342,793
1,019
9,927,209
38
302-1
302-3
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Disclosures
Water consumption (1,000 m3)
Total water withdrawn from all sources
Underground
Third parties
Superficial
Produced by
CO2 emissions (Tonnes CO2equivalent)
Total CO2 emissions
Scope 1 (direct)
Fixed source
Mobile source30
Scope 2 (indirect)
Market-based
Location-based
Emission intensity (tonnes of CO2 / $ Ps. Millions)30
Waste (Tonnes)
Total waste
Hazardous waste
Non-hazardous waste
Non-hazardous waste diverted from the landfill
Sustainability-Linked bond:
KPI 1: Percentage of total operational waste diverted from landfills (%)29
Total hazardous and non-hazardous waste (tonnes)
Recycled or reused
Landfills
Incinerated (with energy recovery)
Incinerated (without energy recovery)
Total hazardous waste with special handling
Management of significant impacts related to waste (%)
Coca-Cola FEMSA Bottling plants certified as zero waste to landfill
Coca-Cola FEMSA Distribution centers certified as zero waste to landfill
2023
39,217
21,251
17,356
603
7
1,474,689
1,017,510
445,129
572,381
457,180
1,218,807
2.1
308,768
12,096
296,672
217,821
73.4
198,091
78,942
21,356
1,194
9,186
84
1
2022
37,210
19,399
16,164
1,637
10
1,732,708
1,258,178
475,572
782,606
474,530
1,153,774
2.5
289,692
8,992
280,700
192,949
68.7
172,699
87,751
21,335
304
7,604
77
0
2021
GRI
303-1
305-1
305-2
305-4
306-3
306-4
34,298
18,413
14,261
1,624
NA
1,539,449
1,133,191
441,639
691,552
406,258
ND
2.7
285,948
4,621
281,327
150,733
53
153,156
130,595
NA
NA
2,198
46
0
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Disclosures
Anticorruption
Training
Members of the corporate governance body who received information on
anti-corruption policies and procedures
Percentage
Memberships and affiliations
Total (No.)
Code of Ethics - Complaint System31
Reports received for alleged violations of the Code of Ethics
Total (No.)
Investigated, resolved and closed
Number
Percentage
That remain under investigation
Number
Percentage
Anonymous or non-anonymous reports (%)
Anonymous
Non-anonymous
By category (No.)
Work environment32
Operations33
Financial information
Doubts and guidance
2023
2022
2021
GRI
100
280
6,571
5,215
79
1,358
21
71
29
5,515
920
99
37
100
766
3,927
3,014
77
913
23
72
28
3,183
568
135
41
205-2
2-28
100
475
4,410
3,597
81
813
18
NA
NA
3,562
830
18
NA
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Code of Ethics - Complaint System31
Reports received for alleged violations of the Code of Ethics
Corrective measures taken from closed cases (No.)
Administrative actions
Feedback
No action required
Review of policies and/or processes
Suspension
Dismissal
Training
Others
2023
2022
2021
GRI
389
1,844
1465
120
13
596
153
635
247
999
857
147
9
407
64
284
NA
NA
NA
NA
NA
NA
NA
NA
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Notes:
1 Excluding Valora.
2 Consider only internal collaborators.
3 Consider only internal collaborators. The breakdown of age ranges was modified compared to that included in the 2022 Integrated Annual Report. To see the complete detail for 2022, please refer to
that document.
4 Includes internal and external collaborators and Valora collaborators in Europe. No longer includes Envoy collaborators in the US.
5 Includes the countries Bolivia, Dominican Republic and Paraguay. Does not include collaborators from Venezuela. Since December 31, 2017, as an unconsolidated operation, Venezuela is reported as
an investment in shares.
6 Includes internal and external collaborators.
7 Includes internal collaborators.
8 Goal. 40% of Women in executive positions by 2030 (Managements and Directorates).
9 Excluding Valora.
10 Excluding Valora.
11 A maximum of two levels below the General Director or comparable positions (as a % of total senior management positions).
12 Consider only internal collaborators.
13 Excluding Valora.
14 Includes suppliers of Coca-Cola FEMSA and FEMSA Salud.
15 Includes Proximity Retail and Health, Food Service, PTM, and Solistica.
16 Excluding Valora.
17 Some performance evaluation processes are carried out every two years.
18 In 2022, it referred to Social Development.
19 The first survey was carried out in 2023.
20 Factor closely related to the level of happiness of employees.
21 Additional question incorporated into our 2023 Organizational Climate diagnosis.
22 Includes workplace harassment and sexual harassment. The measures adopted are detailed in GRI 406-1.
23 Excluding Valora.
24 The total number of suppliers may differ from the total detailed by country since the same supplier may be in several countries.
25 The Our Planet section does not include Valora data.
26 The high investment in Our Planet in 2022 was mainly due to the use of the majority of the Coca-Cola FEMSA Green Bond funds.
27 An in-depth analysis was carried out and the Tonnes of Materials figure was updated. materials used (Virgin and recycled plastic) consumed in 2022. The 2022 materials figures already include this update.
28 The decrease in glass consumption is mainly due to the variation in Coca-Cola FEMSA's consumption caused by new product launches during 2022.
29 See Annex "Sustainability-Linked Bond - Sustainability Performance Targets (SPTs)".
30 The decrease in direct energy consumption is mainly due to the outsourcing of operations in our Solistica business.
31 Does not include Valora.
32 For example: Harassment, discrimination, conflict of interest with collaborators, among others.
33 For example: Excessive expenses, non-compliance with contracts, corruption, complaints from clients or suppliers.
ND: Not Available NA: Not Applicable
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GRI content index
GRI Standard Disclosure
Reference, answer in table, and/or omission
FEMSA has prepared the report in accordance with the GRI Standards for the period from January 1 to December 31, 2023.
PAGE
SDG
UNGC
GRI 1: FOUNDATION 2021
GRI 2: GENERAL DISCLOSURES 2021
1. Organizational details
1. The organization and its reporting practices
2-1
2-2
2-3
2-4
2-5
Organizational details
See "Management Discussion & Analysis" Section.
Entities included in the organization’s sustainability
reporting
Reporting period, frequency and contact point
Restatements of information
External assurance
See "Scope and boundaries of non-financial information" Appendix.
The report contains information from January 1st to December 31st, 2023, and is reported
on an annual basis.
An in-depth analysis was carried out and the Tonnes of Materials figure was updated.
Materials used (Virgin and recycled plastic) consumed in 2022. The 2022 materials figures
already include this update.
See "Independent Limited Assurance Report – Non-Financial Information" Appendix.
2. Activities and workers
2-6
2-7
2-8
Activities, value chain and other business relationships See "Operational Performance" and "Sustainable Sourcing" Section.
Employees
Workers who are not employees
See "Sustainability performance data" Appendix.
See "2023 at a Glance" and "Justice, Equity, Diversity & Inclusion (JEDI)" Section.
See "Sustainability performance data" Appendix.
See "Sustainability performance data" Appendix.
3. Governance
Governance structure and composition
See web sites:
https://femsa.gcs-web.com/corporate-governance/board-of-directors
https://femsa.gcs-web.com/corporate-governance/committees
IT Security/ Cybersecurity Governance. Audit Committee is the committee which oversees
cybersecurity strategy.
Nomination and selection of the highest governance
body
Chair of the highest governance body
See "Our Board of Directors & Committees" Section.
See "Our Board of Directors & Committees" Section.
2-9
2-10
2-11
79
88
131
15, 47,
90
9, 35, 90
90
60
60
6
6
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2-12
2-13
2-14
2-15
2-16
2-17
2-18
2-19
2-20
2-21
GRI Standard Disclosure
Role of the highest governance body in overseeing the
management of impacts
Delegation of responsibility for managing impacts
Role of the highest governance body in sustainability
reporting
Conflicts of interest
Communication of critical concerns
Collective knowledge of the highest governance body
Evaluation of the performance of the highest gover-
nance body
Remuneration policies
Reference, answer in table, and/or omission
See "Our Board of Directors & Committees" Section.
See "Sustainability Governance and Climate-related risks and opportunities" Appendix.
See web sites:
https://femsa.gcs-web.com/corporate-governance/board-of-directors
https://femsa.gcs-web.com/corporate-governance/committees"
See "Operational Performance" and "Sustainable Sourcing" Section.
See "Sustainability Governance and Climate-related risks and opportunities" Appendix.
FEMSA's Sustainability Team, chaired by the Chief Corporate Officer of FEMSA, who reports
directly to the Executive Chairman of the Board of Directors and acting Chief Executive
Officer, supervises the integration of Sustainability in FEMSA's Business Units through
policies and processes, and oversees Sustainability performance and goals. This team
is responsible for formulating, developing, implementing, monitoring, and reporting on
Sustainability policy.
See "Sustainability Governance and Climate-related risks and opportunities" Appendix.
See "Operational Performance" and "Sustainable Sourcing" Section.
Plase see Web Page: https://femsa.gcs-web.com/corporate-governance/code-of-ethics
See "Sustainability performance data" Appendix.
See "Corporate Governance Updates" Section.
See "https://femsa.gcs-web.com/corporate-governance/board-of-directors"
See "Our Board of Directors & Committees" Section.
See "https://femsa.gcs-web.com/es/financial-reports/20fs" Web page.
Process to determine remuneration
Annual total compensation ratio
See "https://femsa.gcs-web.com/es/financial-reports/20fs" Web page.
Not disclosed.
4. Strategy, policies and practices
2-22
2-23
2-24
Statement on sustainable development strategy
Policy commitments
Embedding policy commitments
See "Strategy", "Business Model for Value Creation", "Sustainability Performance" Sections.
See "Sustainability Performance", "Sustainability Governance", "Climate-related risks and
opportunities", "Sustainability-Linked Bond - Sustainability Performance Targets (SPTs)"
Sections.
See "Sustainability Performance", "Sustainability Governance" Sections.
PAGE
SDG
UNGC
60, 120
15, 47,
120
120
14, 47
90
59
60
11, 12,
27
27, 120,
127
27, 120
10
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Processes to remediate negative impacts
Mechanisms for seeking advice and raising concerns
Compliance with laws and regulations
Membership associations
2-25
2-26
2-27
2-28
5. Stakeholder engagement
Approach to stakeholder engagement
Collective bargaining agreements
2-29
2-30
Material Topics
3-1
Reference, answer in table, and/or omission
See "Ethical & Socially Responsible Behavior" Section.
See "Sustainability performance data"" Appendix.
FEMSA has developed an Ethical Compliance System, which is managed by a third party
and is available 24 hours a day, 365 days a year, for both employees and our stakeholders,
through four different, confidential, and anonymous channels: telephone, website, e-mail
and chat.
See Ethics Line web site:
https://secure.ethicspoint.com/domain/media/en/gui/80470/index.html
See Code of Ethics: https://femsa.gcs-web.com/corporate-governance/code-of-ethics
FEMSA has not identified that it has received no significant fines or sanctions for non-
compliance with laws/regulations in 2023, including social, economic, or environmental
issues. By “significant”, we mean the fine/penalty individually costs more than US$10,000
(or equivalent in Mexican Pesos, by “minor”, we mean the fine/penalty individually costs
less than US$10,000”. The information contained in this document is provided in good faith
and is intended to enhance understanding of the organization’s non-financial performance.
Although the information is believed to be correct at the time of publication, we cannot
accept any liability for any loss or damage caused by any person or organization acting or
failing to act as a result of the information contained herein.
See "Sustainability Performance", "Our People", "Our Community", "Our Planet", sections.
See "Sustainability performance data" Appendix.
At FEMSA, we engage with a number of stakeholders and maintain constant communication
with them. These include: non-profit organizations, investors, industry players, specialized
institutions, government, consumers and customers, suppliers, employees, society, and the
media.
See web site: https://www.femsa.com/en/sustainability/sustainability-strategy/estrategy
100% of our unionized employees are covered by a contract, pact, or collective bargaining
agreement.
See "Sustainability performance data" Appendix.
PAGE
SDG
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70, 90
10
NA
27, 31,
39, 49,
90
90
89
Process to determine material topics
Our strategy’s 30 priority issues are the result of our materiality analysis. See web site:
https://www.femsa.com/en/sustainability/sustainability-strategy/materiality/
See "Materiality" Appendix.
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List of material topics
3-2
3-3
Management of material topics
Our Planet
Climate action
Material Topics 2021
Management of material topics
3-3
Energy 2016
Reference, answer in table, and/or omission
Our strategy’s 30 priority issues are the result of our materiality analysis.
See web site:
https://www.femsa.com/en/sustainability/sustainability-strategy/materiality/
See "Materiality" Appendix.
Our strategy’s 30 priority issues are the result of our materiality analysis.
See web site:
https://www.femsa.com/en/sustainability/sustainability-strategy/materiality/
See "Materiality" Appendix.
See "Climate action", "Science Based Targets", "Renewable Energy", "Sustainable Mobility"
sections. section.
Our strategy’s 30 priority issues are the result of our materiality analysis.
See web site:
https://www.femsa.com/en/sustainability/sustainability-strategy/materiality/
See "Materiality" Appendix.
302-1
302-3
302-4
302-5
Energy consumption within the organization
Energy intensity
Reduction of energy consumption
Reductions in energy requirements of products and
services
See "Sustainability performance data" Appendix.
See "Sustainability performance data" Appendix.
See "Sustainability performance data" Appendix.
See "Renewable Energy", "Sustainable Mobility" sections.
See "Sustainability performance data" Appendix.
See web site: http://energia.femsa.com
PAGE
SDG
UNGC
89
89
50, 51,
52, 89
90
90
90
51, 52,
90
7.1
7.3
7.a
7,8,9
7.8
7,8,9
Emissions 2016
305-1
305-2
305-3
Direct (Scope 1) GHG emissions
Energy indirect (Scope 2) GHG emissions
Other indirect (Scope 3) GHG emissions
305-4
GHG emissions intensity
See "Sustainability performance data" Appendix.
See "Sustainability performance data" Appendix.
The data for total Scope 3 emissions published in 2023 is still in progress, given the
complexity of its calculation due to the different sectors and countries our business units
operate in, and the interaction of various multidisciplinary teams. We follow the GHG
Protocol's average data method for Scope 3 categories 1 to 15.
See "Sustainability performance data" Appendix.
90
90
13.2
13.2
7.8
7.8
90
13.2
8
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Reduction of GHG emissions
305-5
Water management
Material Topics 2021
Management of material topics
3-3
Water and Effluents 2018
Interactions with water as a shared resource
Management of water discharge- related impacts
Water withdrawal
Water discharge
Water consumption
303-1
303-2
303-3
303-4
303-5
Circular economy
Material Topics 2021
Management of material topics
3-3
Reference, answer in table, and/or omission
See "Science Based Targets", "Renewable Energy", "Sustainable Mobility" sections.
See "Sustainability performance data" Appendix.
See web site: http://energia.femsa.com
Solistica made significant changes during 2023 to reduce its emissions. On one hand, it
began outsourcing part of its fleet, while on the other, in Colombia, it switched to using
natural gas fuel in transport trucks, which previously used gasoline."
PAGE
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51, 52,
90
13.2
8.9
See "Water Managementy", "Replenishment", "Efficiency", sections.
Our strategy’s 30 priority issues are the result of our materiality analysis.
See web site:
https://www.femsa.com/en/sustainability/sustainability-strategy/materiality/
See "Materiality" Appendix.
See "Water Management", "Replenishment", "Efficiency", sections.
See "Sustainability performance data" Appendix.
See "Water Management", "Replenishment", "Efficiency", sections.
See "Sustainability performance data" Appendix.
See "Water Management", "Replenishment", "Efficiency", sections.
See "Sustainability performance data" Appendix.
See "Water Management", "Replenishment", "Efficiency", sections.
See "Sustainability performance data" Appendix.
Given that water is an indispensable element for the socioeconomic development of
communities and fundamental to their well-being, we are committed to its efficient use and
preservation. In 2023, through our water treatment plants, we returned 8.5 thousand m3 of
water with a quality similar or superior to that of the raw water extracted from subterranean
or surface waters. This total amount does not include the volume of third-party water
withdrawn and discharged.
53, 54,
89
53, 54,
90
53, 54,
90
53, 54,
90
53, 54,
90
6.1, 6.2
7,8,9
6.3
7,8,9
7,8,9
6.6 ,14.1
7,8,9
NA
6.4
7,8,9
See "Circular Economy" Section.
Our strategy’s 30 priority issues are the result of our materiality analysis. See web site:
https://www.femsa.com/en/sustainability/sustainability-strategy/materiality/
See "Materiality" Appendix.
56, 89
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PAGE
SDG
UNGC
GRI Standard Disclosure
Materials 2016
Materials used by weight or volume
301-1
301-2
301-3
Waste 2020
306-1
306-2
306-3
306-4
306-5
Recycled input materials used
Reclaimed products and their packaging materials
See "Sustainability performance data" Appendix.
In 2023 we used 105,511 tonnes of glass for packaging, of these, 28% were from recycled
origin.
See "Sustainability performance data" Appendix.
See "Sustainability performance data" Appendix.
90
90
90
12.2,
12.5
12.5
12.5
Waste generation and significant waste-related impacts See "Circular Economy", "Reducing & Eliminating Operational Waste", "Business Unit
Management of significant waste- related impacts
Waste generated
Waste diverted from disposal
Waste directed to disposal
Spotlight: Coca-Cola FEMSA", "Following the Golden Rule", sections.
See "Sustainability performance data" Appendix.
See "Circular Economy", "Reducing & Eliminating Operational Waste", "Business Unit
Spotlight: Coca-Cola FEMSA", "Following the Golden Rule", sections.
See "Sustainability performance data" Appendix.
See "Sustainability performance data" Appendix. Non-hazardous operational waste sent to
landfill: 78,851 tonnes.
See "Sustainability performance data" Appendix.
See "Sustainability performance data" Appendix.
56, 57,
90
56, 57,
90
90
90
90
12.5
12.6
Other relevant contents
Environmental Compliance 2016
Non-compliance with environmental laws and
regulations
307-1
Supplier Environmental Assessment 2016
308-1
New suppliers that were screened using environmental
criteria
FEMSA has not identified that it has received no significant fines or sanctions for non-
compliance with laws/regulations in 2023, including social, economic, or environmental
issues. By “significant”, we mean the fine/penalty individually costs more than $10,000 USD
(or equivalent in Mexican Pesos, by “minor”, we mean the fine/penalty individually costs less
than $10,000 USD”. The information contained in this document is provided in good faith
and is intended to enhance understanding of the organization’s non-financial performance.
Although the information is believed to be correct at the time of publication, we cannot
accept any liability for any loss or damage caused by any person or organization acting or
failing to act as a result of the information contained herein.
We promote good practices in the areas of human rights, environment, community,
ethics, and values among our suppliers through our code of ethics, "Guiding Principles for
Suppliers", and we seek to ensure that they are all aware of them.
7,8,9
7,8,9
7,8,9
7,8,9
7,8,9
7,8,9
7,8,9
7,8,9
7.8
7,8,9
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308-2
Negative environmental impacts in the supply chain
and actions taken
Reference, answer in table, and/or omission
We promote good practices in the areas of human rights, environment, community,
ethics, and values among our suppliers through our code of ethics, "Guiding Principles for
Suppliers", and we seek to ensure that they are all aware of them.
PAGE
SDG
UNGC
7,8,9
Our Community
Community welfare
Material Topics 2021
Management of material topics
3-3
Market Presence 2016
See "Our Community" Section.
Our strategy’s 30 priority issues are the result of our materiality analysis. See web site:
https://www.femsa.com/en/sustainability/sustainability-strategy/materiality/
See "Materiality" Appendix.
39, 89
202-1
202-2
Ratios of standard entry level wage by gender com-
pared to local minimum wage
Proportion of senior management hired from the local
community
Not disclosed.
Not disclosed.
Rights of Indigenous Peoples 2016
Incidents of violations involving rights of indigenous
peoples
411-1
Local Communities 2016
Operations with local community engagement, impact
assessments, and development programs
Operations with significant actual and potential
negative impacts on local communities
413-1
413-2
FEMSA has developed an Ethical Compliance System, which is managed by a third party
and is available 24 hours a day, 365 days a year, for both employees and our stakeholders,
through four different, confidential and anonymous channels: telephone, website, e-mail
and chat.
Ethics Line web site: https://secure.ethicspoint.com/domain/media/en/gui/80470/index.
html
See Code of Ethics:
https://www.femsa.com/wp-content/uploads/2022/10/FEMSA-Code_of_Ethics.pdf
2.3
1
See "Our Community", "Community Wellbeing" Sections.
39, 40
11.a
See "MARRCO" Section.
The internal methodology developed by FEMSA's Risk Management and Community
Relationship Model (MARRCO) allows us to identify risks and opportunities to create value
and optimize our actions and programs. MARRCO supports the development of capabilities
through multidisciplinary teams in our plants and distribution centers.
41
1
1
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Customer Health and Safety 2016
Reference, answer in table, and/or omission
PAGE
SDG
UNGC
416-1
416-2
Assessment of the health and safety impacts of
product and service categories
Our production processes comply with the highest quality standards and our ingredients
comply with each of our operations' local standards, as well as with those of other
regulatory agencies.
Incidents of non-compliance concerning the health and
safety impacts of products and services
Not available.
Marketing and Labeling 2016
417-1
417-2
417-3
Requirements for product and service information and
labeling
Incidents of non-compliance concerning product and
service information and labeling
Incidents of non-compliance concerning marketing
communications
In order to enable our consumers to make informed choices in each of our operations, our
product labels feature clear and accessible nutritional content information.
12.8
Not available.
Not available.
Customer Privacy 2016
418-1
Substantiated complaints concerning breaches of
customer privacy and losses of customer data
Not available.
Socioeconomic Compliance 2016
Non-compliance with laws and regulations in the social
and economic area
419-1
Economic development
Material Topics 2021
FEMSA has not identified that it has received no significant fines or sanctions for non-
compliance with laws/regulations in 2023, including social, economic, or environmental
issues. By “significant”, we mean the fine/penalty individually costs more than $10,000 USD
(or equivalent in Mexican Pesos, by “minor”, we mean the fine/penalty individually costs less
than $10,000 USD”. The information contained in this document is provided in good faith
and is intended to enhance understanding of the organization’s non-financial performance.
Although the information is believed to be correct at the time of publication, we cannot
accept any liability for any loss or damage caused by any person or organization acting or
failing to act as a result of the information contained herein.
3-3
Management of material topics
See "Economic Development" section.
Economic Performance 2016
201-1
Direct economic value generated and distributed
See "Economic Development" section.
45
45
11.a
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PAGE
SDG
UNGC
201-2
201-3
Financial implications and other risks and opportunities
due to climate change
Defined benefit plan obligations and other retirement
plans
201-4
Financial assistance received from government
Indirect Economic Impacts 2016
Infrastructure investments and services supported
Significant indirect economic impacts
203-1
203-2
Sustainable supply
Material Topics 2021
Management of material topics
3-3
See "Sustainability Governance and Climate-related risks and opportunities" Appendix.
120
13.1
FEMSA and its Business Units have a benefits plan that exceeds those stipulated by the
Mexican legislation. There are benefits aimed at saving money, benefits that are shared with
the family, and benefits for quality of life. There are also retirement programs, one of which
focuses on voluntary retirement contributions.
Not available.
8.3, 8.5
See "Our Community", "Community Wellbeing" Sections.
See "Sustainability performance data" Appendix.
See "Our Community", "Community Wellbeing" Sections.
See "Sustainability performance data" Appendix.
9
39, 40,
90
39, 40,
90
9.1,
9.5,11.2
1.2, 3.8,
8.2, 8.3,
8.5
See "Our Community", "Sustainable Sourcing" Sections.
Our strategy’s 30 priority issues are the result of our materiality analysis. See web site:
https://www.femsa.com/en/sustainability/sustainability-strategy/materiality/
See "Materiality" Appendix.
In addition to the principles included in the “Guiding Principles for Suppliers” document, all
FEMSA suppliers are also expected to comply, through their operations, with the "Pollution
Prevention and Waste Management (Circular Economy)" and with the "Caring for biodiversi-
ty, not deforestation or land conservation."
Our C-suite level Sustainability, Inclusion & Diversity Committee, co-led by the Chairman of
the Board and the Corporate Director, oversight the implementation of the supplier ESG
program.
39, 47,
89
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Proportion of spending on local suppliers
204-1
Reference, answer in table, and/or omission
See "Our Community", "Sustainable Sourcing" Sections.
See "Sustainability performance data" Appendix.
Purchasing practices towards suppliers are continuously reviewed to ensure alignment with
the "FEMSA's Suppliers Guiding Principles" (Supplier Code of Conduct) and to avoid potential
conflicts with ESG requirements. For example, Since 2021 year, we have developed and
shared internally the "Sustainable Purchasing Guides", aimed at all positions or specialists
responsible for the supply process of FEMSA and its Business Units, with the purpose of
providing them with an internal consultation tool where they are shared sustainability
characteristics to consider when purchasing each of the categories that are part of the
inventory defined by the company. It also manages to be a list of recommendations
when evaluating products, as well as being a guide to consider in the acquisition/bidding/
competitive process of the product or service.
We trained company’s buyers and/or internal stakeholders on their roles through "FEMSA's
Supplier Guiding Principles" and "Sustainable Purchasing Guides".
PAGE
SDG
UNGC
39, 47,
90
8.3
Supplier Social Assessment 2016
414-1
414-2
New suppliers that were screened using social criteria We promote good practices in the areas of human rights, environment, community,
Negative social impacts in the supply chain and actions
taken
ethics and values among our suppliers through our code of ethics "Guiding Principles for
Suppliers" and we seek to ensure that they are all aware of them.
8.8, 16.1
5.2, 8.8,
16.1
2, 6
2
Our People
Human and labor rights
Material Topics 2021
Management of material topics
3-3
Employment 2016
See "Our People" Section.
Our strategy’s 30 priority issues are the result of our materiality analysis. See web site:
https://www.femsa.com/en/sustainability/sustainability-strategy/materiality/
See "Materiality" Appendix.
31, 89
401-1
401-2
New employee hires and employee turnover
Benefits provided to full-time employees that are not
provided to temporary or part- time employees
401-3
Parental leave
Not disclosed.
At FEMSA, benefits and compensation for full-time and temporary employees are the
same. Example of benefits for FEMSA employees: Christmas bonus, vacation bonus,
supplementary compensation, pension plan, retirement savings plan, annual medical exam,
savings account, life insurance, cafeteria service, scholarships.
See "Sustainability performance data" Appendix.
8.5
90
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UNGC
GRI Standard Disclosure
Freedom of Association and Collective Bargaining 2016
Operations and suppliers in which the right to freedom
of association and collective bargaining may be at risk
407-1
Child Labor 2016
At FEMSA we designed a Labor Intelligence System to prevent and mitigate labor risks. This
system is based on a methodology that generates risk scenarios to be weighted according
to the probability of occurrence and level of impact for the organization. To obtain the
definition of risks, we evaluate the work center with respect to different human rights issues
such as child labor, working hours, discrimination, among others. Although the information
is believed to be correct at the time of publication, we cannot accept any liability for any loss
or damage caused by any person or organization acting or failing to act as a result of the
information contained herein.
408-1
Operations and suppliers at significant risk for
incidents of child labor
See 407-1.
Forced or Compulsory Labor 2016
409-1
Operations and suppliers at significant risk for inci-
dents of forced or compulsory labor
See 407-1.
Security Practices 2016
410-1
Security personnel trained in human rights policies or
procedures
Not disclosed.
Human Rights Assessment 2016
412-1
412-2
412-3
Operations that have been subject to human rights
reviews or impact assessments
Employee training on human rights policies or
procedures
Significant investment agreements and contracts
that include human rights clauses or that underwent
human rights screening
See 407-1.
See "Sustainability performance data" Appendix.
90
Through the "Supplier Guiding Principles", which contains five pillars, we promote good
practices in the areas of human rights, environment, community, ethics and values. We
include the Guiding Principles for Suppliers in the various interactions we have, whether
through purchase orders, contracts, etc.
See web site:
https://www.femsa.com/en/press-room/documents/suppliers-guiding-principles/
8.8
3
5
4
8.7, 16.2
8.7
8.8
8.8
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Diversity, equity and inclusion
Material Topics 2021
Reference, answer in table, and/or omission
PAGE
SDG
UNGC
3-3
Management of material topics
See "Justice, Equity, Diversity & Inclusion (JEDI)" section.
35
Diversity and Equal Opportunity 2016
405-1
Diversity of governance bodies and employees
See "Members of the Board of Directors & Committees" section.
See "Sustainability performance data" Appendix.
Non-discrimination 2016
406-1
Incidents of discrimination and corrective actions taken See "Sustainability performance data" Appendix.
64, 90
5.5, 8.5
90
5.1, 8.8
6
6
Integral wellbeing
Material Topics 2021
Management of material topics
3-3
Occupational Health and Safety 2018
Occupational health and safety management system
403-1
See "Integral Wellbeing" section.
At FEMSA we have a system in place to determine and administer the compensation and
benefits that our collaborators receive for their work. We established fair and competitive
pay structures, providing incentives, and managing employee benefits and bonuses.
The Annual Results Bonus for our employees is calculated by considering multiple factors,
including the individual's performance and their adherence to the organization's core values
in their daily actions, these values represent 10% of the annual result bonus. We believe
that an employee's contributions go beyond mere job performance, extending to the
embodiment of our values and ethical principles in their work.
By considering both performance and values in the calculation, we aim to recognize and
reward employees who not only excel in their tasks but also consistently exhibit behaviors
that align with our shared principles. We believe that this holistic approach to assessing
employee contributions fosters a culture of excellence, integrity, and a strong sense of
shared purpose within our organization.
37
All FEMSA's Business Units have Industrial Safety and Occupational Health management
systems according to their activities and line of business, in compliance with FEMSA's
Corporate Policies and the legal framework of the countries in which we operate. Their main
objective is to create safe work spaces and healthy lifestyles.
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Closing Statements
GRI Standard Disclosure
Hazard identification, risk assessment, and incident
investigation
403-2
403-3
403-4
Occupational health services
Worker participation, consultation, and communication
on occupational health and safety
PAGE
SDG
UNGC
6
3.8, 8.8
6
Reference, answer in table, and/or omission
All of FEMSA's Business Units have certified professionals in charge of the administration of
the Occupational Health and Safety Management Systems, such as:
- Compliance with applicable regulations according to its line of business.
- Compliance with internal Occupational Health and Safety policies.
- Identification and mitigation of risks in the work centers.
- Compliance with the Industrial Safety and Occupational Health programs.
- Monitoring the health and safety of employees.
- Management of different communication mechanisms so that employees, customers and
third parties can report activities or conditions and/or unsafe acts at work.
- Management of internal and corporate evaluations to monitor compliance with
management systems.
At FEMSA we have medical care services that contribute to the supervision and surveillance
of our employees' health in a preventive manner, such as the early detection of illnesses
associated with working conditions, as well as providing quality medical care to employees
who experience any discomfort during their workday.
Main Activities:
- Medical attention to collaborators.
- Application of entrance and periodic medical examinations.
- Elaboration of clinical history according to exposure risks.
- Emergency medical attention.
- Accident investigation.
- Evaluations of the work environment (industrial hygiene).
- Vaccination campaigns.
- Periodic reviews are scheduled to audit and contribute to the improvement of the
quality and compliance of the service.
FEMSA has Industrial Safety and Occupational Health Committees made up of
representatives from all the Business Units, through which different topics are addressed,
such as:
- Updates in Health and Safety programs.
- KPIs (Indicators of Absenteeism, Risk Premium, Fatalities).
- Update of policies and guidelines.
- Communication of relevant health and safety information.
We have tools, like the Organizational Climate Surveys, that allow us to understand
our employees' perceptions regarding management systems, work environment, their
relationships with their bosses, processes, and assigned tasks.
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Closing Statements
403-6
403-7
403-8
403-9
403-10
GRI Standard Disclosure
403-5
Worker training on occupational health and safety
Promotion of worker health
Prevention and mitigation of occupational health and
safety impacts directly linked by business relationships
Reference, answer in table, and/or omission
See "Sustainability performance data" Appendix.
"FEMSA promotes different health care programs internally and in collaboration with public
and private institutions, such as:
- Vaccination campaigns.
- Nutritional consultations.
- Psychosocial support consultations.
- Workshops oriented to romoting mental.
- Awareness and prevention campaigns (e.g. breast cancer, prostate cancer, smoking,
cardiovascular risk factors, etc.).
- Activities that promote physical activity (running, cycling, pilates, zumba, yoga, etc.)."
FEMSA seeks to create safe work spaces and healthy lifestyles in all its work centers, as
well as to promote continuous improvement in its processes through Occupational Health
and Safety Programs, having the Management Systems implemented in each Business
Unit by professionals as a fundamental tool in Occupational Health and Occupational Risk
Prevention.
Workers covered by an occupational health and safety
management system
Work-related injuries
Work-related ill health
See "Sustainability performance data" Appendix.
See "Sustainability performance data" Appendix.
See "Sustainability performance data" Appendix.
Training and Education 2016
Average hours of training per year per employee
Programs for upgrading employee skills and transition
assistance programs
404-1
404-2
See "Career Development and Continuous Learning" Section.
Average amount spent per collaborator on training and development: Ps. $915 / Collaborator.
(Excluding Valora).
FEMSA Mentoring Program designed to facilitate the growth of employees with executive-level
potential. The objective is to support mentees in their professional development by providing
them with new perspectives, guidance, and skills related to leadership challenges. To ensure the
success of this program, we carefully select a small number of senior executives as mentors. In
2023, 0.1% of our total workforce participates in this program, as we aim to provide personalized
attention and support focused on each participant.
Grow with OXXO is a program to ensure continuous basic training aligned to the business
strategy in our operational collaborators that will allow them to find their career path to grow
within the company through development programs; We enable skills such as Communica-
tion, Customer Service, Effective Decisions, Organization and continuous improvement, Col-
laboration, Talent Development, Achievement of Results, among others, and this contributes
to your personal and professional growth. In 2023 we manage to award 1,163 high school
scholarships, 19,770 assistants grew to store managers, 3,444 managers grew to store
leaders. In 2023, 6% of our total workforce participates in this program.
PAGE
90
SDG
UNGC
3.8
8.8
4.4, 4.5,
8.2, 8.5,
8.6
6
8.2, 8.3,
8.5
90
90
90
38
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GRI Standard Disclosure
Percentage of employees receiving regular
performance and career development reviews
404-3
Corporate Governance
Other relevant topics
Anti-corruption 2016
Reference, answer in table, and/or omission
See "Sustainability performance data" Appendix. Performance Management at FEMSA
allows us to ensure strategic alignment, boost employee performance, enhance their
development, and promote culture and values in the organization. Our collaborators are
evaluated using different methodologies depending on the Business Unit they are part of,
or according to the organizational level they occupy. Assessment is done through setting
success goals and managing behaviors to achieve compliance. The performance appraisals
include individual and/or team-based management performance by objectives and agile
conversations, with a frequency ranging from at least once a year to evaluations with less
than a quarter frequencies. To ensure compliance with objectives, periodic performance
reviews are carried out, our collaborators are evaluated according to the fulfillment of the
goal defined under the following criteria: Low performance, Performance with opportunity,
Satisfactory performance, Extraordinary performance, Transformational performance.
PAGE
SDG
UNGC
90
5.1, 8.5,
10.3
6
205-1
205-2
205-3
Operations assessed for risks related to corruption
Communication and training about anti-corruption
policies and procedures
Confirmed incidents of corruption and actions taken
As is the case every year, we carried out the process of reviewing, updating, and communi-
cating our Code of Ethics to all employees. In addition, we deployed the online certification
of the Code of Ethics, which was taken by employees in some of our Business Units.
See "Ethical & Socially Responsible Behavior".
See "Sustainability performance data"" Appendix.
See "Sustainability performance data" Appendix.
70, 90
90
Anti-competitive Behavior 2016
206-1
Legal actions for anti-competitive behavior, anti-trust,
and monopoly practices
See our 20-F Form.
10
10
10
16.5
16.5
16.5
16.6
Notes:
1) The information contained in this document is provided in good faith and is intended to enhance understanding of the non-financial performance of the organization. Although the information is believed to be
correct at the time of publication, we cannot accept any liability for any loss or damage caused by any person or organization acting or failing to act as a result of the information contained in this document.
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Indices
Closing Statements
SDGs & UN Global Compact contribution
We are committed to contributing to the United Nations Sus-
tainable Development Goals. Joining the efforts of the 2030
Global Agenda means that we contribute to promoting pros-
perity, improving the quality of life and wellbeing of people
and ensuring the conservation, restoration and sustainable
use of ecosystems. Through our business units, we generate
synergies and collaborations to multiply efforts in favor of Our
People, Our Community and Our Planet. This approach allows
us to contribute significantly to the SDGs through our sustain-
ability strategy.
SDG’s where believe we have the greatest positive impact.
SDGs
SDG Associated
Targets
UNGC
Associated
Principles
1. No Poverty
1.2, 1.4, 1.a
1, 2, 3
2. Zero Hunger
2.1, 2.2
1, 2
FEMSA Contribution Examples
2023 Impact
FEMSA Priority Topics
Corporate Goal.
20 million beneficiaries of our Community
Wellbeing initiatives by 2030.
Food donation (OXXO)
It has different actions focused on delivering
food products through the Food Banks to the
community. Includes: Donation of rice, beans,
oil and milk, among others.
25,600 Kg
(25.6 Ton)
+2.8 million (9.7 million
accumulated since 2021)
› Community Wellbeing
› Human and & Labor Rights
› Community Wellbeing
› Economic Development
› Human & Labor Rights
› Integral Wellbeing
3. Good Health and Wellbeing
3.6, 3.8
1, 2
Corporate Goal.
100% employees with access to a
psychosocial support system by 2030.
81%
4. Quality Education
4.1, 4.2, 4.5
1, 2
Fundación FEMSA
Systemic education programs for preschools
that seek to develop the social-emotional
skills and well-being of teachers and
principals. In this way, they can create safe
learning environments and serve as role
models for their preschools students.
https://huella.fundacionfemsa.org/
proyecto/educar-para-el-bienestar/
56,225
beneficiaries
› Community Wellbeing
5. Gender Equality
5.1, 5.5
1, 2,
Corporate Goal:
Reach 40% of women in executive positions
by 2030.
30%
› Community Wellbeing
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SDGs
6. Clean Water and Sanitation
SDG Associated
Targets
UNGC
Associated
Principles
6.1, 6.2, 6.3, 6.4,
6.6, 6.a, 6.b
1, 2
7. Affordable and Clean Energy
7.1, 7.2, 7.a.
1, 2
8. Decent Work and
Economic Growth
8.2, 8.3, 8.4, 8.5,
8.8
1, 2
9. Industry, Innovation
and Infrastructure
9.1, 9.2
1, 2
10. Reduced Inequalities
10.2, 10.7
1, 2
11. Sustainable Cities and
Communities
11.4, 11.6, 11.7
1, 2
FEMSA Contribution Examples
2023 Impact
FEMSA Priority Topics
Corporate Goal:
Achieve a neutral water balance in all our
operations by 2030.
Corporate Goal:
85% renewable electricity use across
all our operations by 2030.
Corporate Goal:
Over 90% of our employees engaged
by 2030.
Coca-Cola FEMSA
Project to encourage consumers to recycle
their PET bottles through machines located in
shopping centers, supermarkets and universi-
ties. Anyone can deposit plastic containers and
receive coupons with some incentive.
Refugees and Migrants program
We continued our refugee and migrant
inclusion program in collaboration with the
UN High Commissioner for Refugees. Thanks
to the above, FEMSA has employed refugees
and migrants trough the last years in Mexico
in 2023 through OXXO work centers and
Distribution Centers, as well as in OXXO GAS,
and in Brazil through Solistica.
Corporate Goal:
90% of procurement purchases from local
suppliers in all business units by 2030.
Coca-Cola FEMSA, Emergency Relief:
Hurricane Otis
Two “Ven Por Agua” disaster response water
treatment vehicles were activated, each of
which can process a high quantity of liters
of water per day.
81%
62.4%
88%
15,253
Beneficiaries
(registered people)
› Water Management
› Climate Action
› Human & Labor Rights
› Integral Wellbeing
› Diversity Equity & Inclusion
› Community Wellbeing
› Economic Development
› Sustainable Sourcing
1,378
refugees hired
(3,490 Refugees employed
since 2019)
› Human & Labor Rights
› Diversity Equity & Inclusion
› Community Wellbeing
› Economic Development
69%
243,964
beneficiaries
› Community Wellbeing
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SDGs
SDG Associated
Targets
UNGC
Associated
Principles
FEMSA Contribution Examples
2023 Impact
FEMSA Priority Topics
12. Responsible Consumption
and Production
12.2, 12.3, 12.5,
12.6, 12.8
7, 8, 9
Corporate Goal:
Zero operational waste to landfill by 2030.
73.4% of total operational
waste diverted from landfills.
› Circular Economy
› Sustainable Sourcing
13. Climate Action
13.1, 13.3
7, 8, 9
15. Life on Land
15.1, 15.2, 15.b
7, 8, 9
16. Peace, Justice, and Strong
Institutions
16.3, 16.5
1, 2, 3, 4,
5, 6,10
Science Based Target Initiative
FEMSA is currently working to establish SBTi-
approved emissions reduction targets for all
FEMSA business units individually. Until date,
we have SBTi approved for Coca-Cola FEMSA
and FEMSA Salud, wich together represent
almost 25% of the total FEMSA's emisions
scope 1, 2 and 3.
Community Wellbeing Initiatives
FEMSA support this SDG with a high quantity of
Community Wellbeing Activities. For Example:
with beach cleaning, park rehabilitation, paint
application, tree planting activities, improving the
community environment and the well-being of
ocean species.
Training
We trained our collaborators on diverse
topics to strengthen our sustainability
strategy.
17. Partnerships for the Goals
17.16, 17.17
1, 2,
Community Wellbeing Initiatives
25% of FEMSA's Scope 1,
2 and 3 emissions are under
SBTi approved targets.
› Climate Action
› Water Management
› Circular Economy
› Sustainable Sourcing
+10,800
beneficiaries
› Community Wellbeing
› Climate Action
› Water Management
› Circular Economy
Employee’s participations:
› 127,927 on Code of Ethics;
› 122,569 on Human and
Labor Rights policies;
› 39,013 on Discrimination
and harassment and how
to prevent it;
› 29,666 on anticorruption
› 65% of the 1,039 Community
Wellbeing Initiatives completed
were in partnership with
external partners.
› 2.8 million direct
beneficiaries.
› +356,000 corporative
volunteering hours
› Ethical & Socially
Responsible Behavior
› Corporate Responsibility
› Fiduciary Responsibility
› Community Wellbeing
› Economic Development
› Sustainable Sourcing
› Climate Action
› Water Management
› Circular Economy
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Sustainability Governance and Climate-related Risks and Opportunities
In 2023, as 2022, we have been working on identifying and
quantifying the main risks and opportunities related to cli-
mate change, as well as their potential financial impact over
the short, medium, and long term, following the recommen-
dations of the Task Force on Climate-Related Financial Disclo-
sures (TCFD). This exercise allows us to adapt and be ready in
our operations to mitigate climate-related risks and prepare
FEMSA for future climate-related challenges.
Governance
FEMSA’s corporate governance has been strengthened over
time to be able to respond to the risks and opportunities
brought on by climate change. We understand that a ro-
bust governance structure is vital to ensure our businesses’
responsible conduct and operations, as well as to generate
long-term value. Through active leadership and the use of
best corporate governance practices, at FEMSA we are paving
the way for the future we want. We integrate Sustainability
from the Board of Directors onwards as part of our vision.
a. Board of Directors. Describe the board’s oversight
of climate-related risks and opportunities.
The Board is responsible for determining FEMSA’s corporate
strategy. This includes defining and overseeing the implementa-
tion of its vision, values, and Sustainability Strategy. We recognize
that the individuals and structures that conform the Company’s
governance bodies have a decisive influence on the oversight
quality and decisions made to create economic and social value.
The Board of Directors monitors the updates made to FEM-
SA's Code of Ethics, as well as the system to enforce its
observance and compliance. It determines the use of good
corporate governance practices and identifies economic, en-
vironmental, and social risks. It also structures mechanisms to
encourage the achievement of corporate sustainability goals.
It oversees the well-being, dignified work, and support of our
people, as well as the development and well-being within the
communities where we operate. It also oversees the sustain-
able use of natural resources in the company's operations.
Our chairman of the Board provides the leadership that
supports the company to effectively carry out its sustainability
commitments. In addition, he oversees, and monitors issues
related to the generation of social value, including inclusion
and diversity, climate change, water management, and human
rights. To do this, he relies on the C-suite level Sustainability,
Inclusion & Diversity Committee, of which he is a Member,
with the objective of communicating the strategic vision, level
of ambition, external context, and strategic positioning of the
company. Since 2023, the Board of Directors has included
a review of sustainability topics on the agenda of each of its
meetings. These topics include the progress of key perfor-
mance indicators and public goals, risks and opportunities
related to climate change, results in ESG Global ratings,
among others. Additionally, these topics are also included and
reviewed within our Operations and Strategy Committee.
b. Management Role. Describe management’s role in
assessing and managing climate-related risks and
opportunities.
Sustainability, Inclusion & Diversity Committee
C-suite level
The Corporate Sustainability, Diversity and Inclusion Com-
mittee was created in 2021 and is represented by executives
from all Business Units, as well as executives from the corpo-
rate functional areas, aiming to have a diversified representa-
tion of the different businesses, genders, and functionalities
that exist in our organization.
Its purpose is to support the Board of Directors in the inte-
gration of Sustainability principles to the management pro-
cesses, encouraging industry best practices in all its activities,
and thus creating long-term value.
It meets quarterly to guide, update, and monitor the imple-
mentation of the Sustainability Strategy, and is responsible for:
1. Strengthening Sustainability strategy on an ongoing basis.
2. Ensure that the sustainability strategy is updated, including
material topics under the best practices for this.
3. Establish and monitor the goals of the material topics.
4. Monitor ESG risks and risk management strategy
(Our People, Our Planet and Our Community).
5. Prepare and share a report on progress and challenges in
sustainability for the FEMSA Board of Directors.
6. Ensure the existence and updating of ESG policies based on best
practices and internal and external requirements.
7. Be a link between the global vision and the context of our
business.
8. Guiding the organization through key focus areas.
9. Enable agility in key strategic definitions.
10. Ensure internal accountability in our efforts to achieve our goals.
11. Monitor and follow up on climate-related issues (risks and
opportunities) and the mitigation and adaptation strategy
12. Follow up on the commitments acquired by the company such
as Sustainable Development Goals, UN Global Compact, Science
Based Targets initiative, Sustainability-Linked Bonds, Consumer
Goods Forum, among others.
13. Ensure the existence and updating of guidelines for suppliers
based on best practices and internal and external requirements.
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The composition of the Committee, can be found in the following matrix:
Composition of the Sustainability, Inclusion and Diversity Committee
Executive Position
Role within the committee
FEMSA Corporate Director and Chairman of the Sustainability, Inclusion &
Diversity Committee
› Steering committees toward reaching conclusions, establishing agreements, making commitments, and
formulating decisions.
› Aligning strategic direction and long-term goals with sustainability priorities.
FEMSA Chief Executive Officer &
Executive Chairman of the Board
FEMSA Director of Corporate Affairs
Coca-Cola FEMSA Supply Chain Director
FEMSA Director of Human Resources, Labor and Wellness
Coca-Cola FEMSA Director of Corporate Affairs
Proximity Director Corporate Affairs
Proximity CEO
FEMSA Director Social Impact
FEMSA Social Investment Director / Fundación FEMSA Director
Valora Compliance & ESG / Sustainability Manager
FEMSA Director of Energy and Sustainability
FEMSA Diversity and Inclusion Manager
FEMSA Legal Counsel
FEMSA Director of Human Resources
Proximity Director of Human Resources
FEMSA Director of Strategic Supply
Proximity Director of Expansion and Infrastructure
› Conveying strategic vision, ambition level, external influences, and strategic positioning.
› Serve as representatives for their divisions, offering insights from their operational experience.
› Ensure the timely communication of challenges, complexities, impacts, risks, and prospects related to
operations.
› Align the strategic vision and long-term aims of the division with priorities in sustainability.
› Evaluate strategic decisions concerning sustainability.
› Direct and prioritize sustainability initiatives within the organization.
› Coordinate the agenda, organization, and operation of the Committee.
› Document instruments of meetings, agreements, and consolidate votes when necessary.
› Represent interests and priorities of the pillars that coordinate and challenge these issues.
› Information, progress, perspectives, issues, and obstacles associated with the core theme.
FEMSA Sustainability Manager
› Logistics, documentation of agreements and other related operational tasks, in addition to requesting
clarifications or intervening in matters within its competence.
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Management Team
The Management Team oversees business growth to gen-
erate economic and social value for all stakeholders. Our
managers have extensive professional experience in the
industries in which we participate. They establish corporate
goals and oversee the fulfillment of the strategic objectives.
The management team is a crucial part of the planning and
execution of the Sustainability Strategy.
FEMSA Sustainability Team
Led by the Energy and Sustainability Director, who reports
to the Corporate Director, who reports directly to the Chief
Executive Officer & Executive Chairman of the Board, our
corporate sustainability team oversees the integration of
Sustainability into FEMSA's Business Units through policies
and processes. It also monitors Sustainability (and Climate
Change) performance and goals.
This team is made up of experts in the various topics that
make up Sustainability (and Climate Change). It is responsible
for formulating, developing, implementing, monitoring, and
reporting on FEMSA's Sustainability policy. One of its main
functions is to share the best practices of the industries we
participate in with the different Business Units’ teams and
corporate functional areas. At the same time, it prepares
the Sustainability Committee’s meetings, where information
related to the Strategy is presented and discussed. It follows
up on the fulfillment of corporate goals.
Within the team is the Energy and Sustainability Director, to
whom the following Corporate Executives report to:
› Consulting and Projects Manager
› Management and Compliance Manager
› Energy Manager
Strategy & Risk Management
Strategy: The identification of actual and potential impacts
of climate-related risks and opportunities on the organiza-
tion’s businesses, strategy, and financial planning.
Risk Management: The processes undergone by the orga-
nization to identify, assess, and manage climate-related risks.
Business Units' Sustainability Team
This functional network is responsible for linking internal with
external stakeholders. Internally, it contributes to identifying
and prioritizing its operations’ material topics, as well as the
Climate Change risks and opportunities. It collaborates with
corporate areas to incorporate the sustainability agenda into
their programs and activities. Externally, it is in charge of be-
ing in contact with the communities connected with our op-
erations and understanding their Sustainability expectations.
Furthermore, it also oversees the communication efforts for
support programs and donations offered by the company.
FEMSA, together with its Business Units, is aligned with the
Task Force on Climate-Related Financial Disclosures (TCFD)
and its recommendations on key disclosures. It is focused on
the resilience of the organization’s strategy under various cli-
mate-related scenarios. An initial effort to identify and quan-
tify Coca-Cola FEMSA, OXXO, OXXO GAS, and Solistica’s main
climate-related risks and opportunities began in 2022. During
2023, the quantification of climate-related risks and opportu-
nities was expanded into the FEMSA Salud businesses. KOF’s
analysis was also strengthened during the year by incorporat-
ing all minor water basins.
To read more details about the role FEMSA's Corporate
Governance plays in risk management, please see the following
sections of the 2023 Integrated Annual Report:
› Chairman’s Letter
› Value Creation Model
› Sustainability Performance
› Sustainability Governance
› Ethical and Socially Responsible Behavior.
femsa integrated annual report 2023 123
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Multidisciplinary groups in each business unit (represented by
areas such as Sustainability, Strategic Planning, Operations,
Real Estate, Marketing, Finance, Corporate Affairs, Supply,
etc.), worked together and identified, prioritized, and quanti-
fied the main climate-related risks and opportunities.
We analyzed and evaluated physical risk (acute and chron-
ic) and transition risks (current and emerging legislation,
technology, legal, market and reputational), and opportu-
nities in line with TCFD recommendations through a:
5-step methodology
Taxonomy
of risks and
opportunities
1
Definition
of climate
scenarios and
time horizons
2
Identification
of variables
associated to
climate scenarios
3
Estimation
of risks and
opportunities
parameters
4
Calculation
of climate
value at risk
5
After a review of recommended scenarios, as well as the multidisciplinary work sessions that were held, we defined three scenarios for our internal analyses (a combination of those presented by the
International Energy Agency (IEA), the Intergovernmental Panel on Climate Change (IPCC) and the Network for Greening the Financial System (NGFS). We believe this helps us to assess physical and tran-
sition risks and opportunities within various temperatures complying with TCFD’s recommendations and aligned with the Paris Agreement:
Selected
Climate
Scenarios
Reference
Scenarios
Resume
Reference
Scenarios
Net Zero
SSP1 - 1.9 + NZE
+1.5ºC
Moderate Transition
SSP1 - 2.6 + APS
+1.8ºC
No Ambition:
SSP2 - 4.5 + STEPS
+2.7ºC
IPCC
SSP1 - 1.9
Sustainability
IEA
NZE
Net Zero
emissions by 2050
NGFS
Net Zero 2050
IPCC
SSP1 - 2.6
Middle
of the road
IEA
APS
Announced
pledges
NGFS
Below 2ºC
IPCC
SSP2 - 4.5
Regional rivalry
IEA
STEPS
Stated Policies
NGFS
Determined
contributions
› Net zero emissions are assumed in 2050 through
international cooperation and social involvement.
› Unprecedented investment in sustainable
technologies and high innovation, accompanied by
a rapid decrease in the use of fossil fuels and high
CO2 prices.
› There is an increase in global temperature of no
› It is assumed that only economies that have the
goal of achieving net zero emissions in 2050 will
achieve it, through international cooperation and social
involvement.
› Gradual decrease in the use of fossil fuels and their
prices, while CO2 prices will become more expensive.
› There is a temperature increase of no more than 1.8ºC
more than 1.5ºC, with a view to 2100.
in 2100.
› Developed economies do not reach net zero
emissions in 2050. There is no great push from political
agents, who limit themselves to fulfilling the
commitments made.
› Demand for fossil fuels remains high and investment
in renewable energy is being done conservatively.
› A temperature increase of no more than 2.7 ºC is
assumed in 2100.
IPCC: Intergovernmental Panel on Climate Change IEA: International Energy Agency NGFS: Network for Greening the Financial System
femsa integrated annual report 2023 124
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Time horizons
We defined three-time horizons to help us understand
the potential impact of climate-related risks and oppor-
tunities on our business. We chose them due to relatively
abundant data available for reference, as well as for their
compatibility with our business plans and timelines. They
are also aligned with national and international climate
change goals and the Task Force on climate-related Finan-
cial Disclosures and the European Sustainability Reporting
Standards.
Short-term
2030
› 2030: time reference in which FEMSA
has set mitigation and adaptation
objectives (85% renewable electrical
energy and achieving a neutral
water balance in all operations and
zero operational waste to landfills).
Additionally, compliance with the
mitigation and adaptation objectives
set by the countries in which FEMSA
operates is expected, according to their
Determined Contributions.
Medium-term
2040
Long-term
2050
› 2040: intermediate temporal
› 2050: time reference in which the
reference point to evaluate climate
R&O.
objectives set by the Paris Agreement
and the determined contributions
of some countries in which FEMSA
operates and that have mitigation
objectives in this time horizon are
expected to be achieved.
The IPCC and EIA scenarios are
recommended by TCFD, with widespread
market adoption. The vast majority of
physical climate models follow the IPCC
Representative Concentration Pathways
(RCPs). NGFS scenarios are compatible with
the Financial Stability Board and provide
comprehensive databases of market
variables. The three sets of scenarios are
consistent and must be updated frequently.
Each of the three scenarios
and time horizons we
analyzed presents its
own social, political-
regulatory, economic,
and technological-energy
context. This generates
important differences and
consequences regarding
climate change.
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Summary of risks and opportunities identified
The next table summarizes the main risks and opportunities that were identified and quantified.
Type
Category
Risk/Opportunity
Impact
Climate scenarios and time horizons with the greatest impact
Chronic
Decrease in rain
High
No Ambition
2050
Temperature increase
Medium No Ambition
2050
Physical Risk
Extreme temperatures
Low
No Ambition
2040
Acute
Increase in flooding
Low
Net Zero
2050
Drought periods
Low
No Ambition
2050
Reputation
Concerns of stakeholders
High
Net Zero
2050
Increase in the price
of GHG emissions
Policy
High
Net Zero
2050
Transitions Risk
Operating limits
High
Net Zero
2050
Market
Cost increase
in raw materials
High
No Ambition
2050
Main basins will drop their levels dramatically and water scarcity might cause a
decrease in production.
This risk could generate additional energy costs due to the need to control the
temperature of the products in its value chain.
The increase in temperature will impact on energy consumption of our refrigera-
tion and air conditioning equipment at our sales points.
Supply chain and distribution will have significant impacts. Also, the damage on
infrastructure will represent some losses.
Periods of drought could lead to water shortages with negative implications for the
operational costs of businesses, given the need to supply water to operate and
even generate energy.
Inadequate management of climate issues in the business could generate a nega-
tive reputational impact, which could be reflected in a decrease in the level of sales.
The imposition of carbon taxes would imply significant associated costs for the
business, according to the GHG emissions generated.
High carbon pricing and limitation on fossil fuels use will represent high costs on
production, distribution, and commercialization for most of our businesses.
The cost increase in key raw materials will increase operational costs. The climat-
ic variations that climate change may bring may result in the yields of sugarcane
crops being affected (decrease in supply) and the prices of refined sugar may
increase, impacting the production costs of the business.
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Type
Category
Risk/Opportunity
Impact
Climate scenarios and time horizons with the greatest impact
Energy
Sources
Use of low-emission
energy sources
High
Net Zero
2050
High
No Ambition
2050
Using low-emission energy sources could represent a reduction in its associated
costs, since in the context of these scenarios, the prices associated with renewable
energies would tend to decrease in the medium and long term.
The increase in temperature can be directly related to an increase in demand for
certain products.
Opportunities
Services and
products
Changes in consumer
preferences
Development and/or ex-
pansion of low-emission
goods and services
Improvement in the
efficiency of production
facilities and processes
Low
Net Zero
2030
The business could quickly adapt to new customer preferences.
Medium Net Zero
2050
The global energy transition implies the gradual implementation in the energy
markets of new low-emission energy sources, meaning new competitors mainly for
Retail Service Stations
As part of the project, FEMSA prepared RACI matrices for
Coca-Cola FEMSA, OXXO, OXXO GAS, FEMSA Salud, and
Solistica. This allows the distribution of responsibilities, gives
structured monitoring, and supports annual improvement
and alignment to the company’s strategy. We strive to con-
tinue to improve the identification, prioritization, and quanti-
fication of the main climate-related risks and opportunities.
Metrics and Objectives
Please see the 2023 Integrated Annual Report sections:
› Sustainability Goals & Targets Progress
› Circular Economy
› Sustainability Performance Targets
› Appendix: Sustainability Performance Data
› Climate Action
› Water Management
› Appendix: Sustainability-Linked Bond - Sustainability
Performance Targets (SPTs)
› Appendix: Independent Limited Assurance Report on
Key Indicators of Sustainability Performance
femsa integrated annual report 2023 127
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Sustainability-Linked Bond - Sustainability Performance Targets (SPTs)
The purpose of our Sustainability-Linked
Bond since its issuance has been to
maximize the impact and synergies
between the Company's operational and
sustainability strategies. During 2023,
we continued to work on several fronts
to advance on the Key Sustainability
Performance Targets.
SCOPE
This KPI applies to 100% of FEMSA's Business Units existing
at the date of the SLB, including all organic growth over the
bond’s lifetime30. As of 2023, this KPI has a data coverage of
98% of FEMSA's total workplaces31. We continue to work on
increasing the percentage of workplaces with information.
However, some sites of Proximity Americas have not yet been
included for the Sustainability Performance Targets (SPT).
1.1 Zero operational waste to landfill (Circular Economy).
Pursuant to the terms of both Bonds, they are linked to
FEMSA’s Sustainability-Linked Bond Framework, which was
adopted and published by the Company in connection to
the 2021 issuance of its Euro-denominated sustainability
linked notes in the international capital markets for €700
million in senior notes due in 2028, and €500 million in
senior notes due in 2033. This Framework is aligned with
the 2020 Sustainability-Linked Bonds Principles (“SLBP”), as
administered by the International Capital Market Association
(ICMA29), and it includes certain Sustainability Performance
Targets of the Company which are aligned with its overall
sustainability strategy priorities for 2030. As per the Bonds’
terms, the Sustainability Performance Targets’ satisfactory
completion will be verified by an accredited third party and
can be consulted in the following link:
https://femsa.gcs-web.com/es/sustainable-finance/.
About the FEMSA Sustainability-Linked Bond
In 2022 and 2021, FEMSA announced the placement of sus-
tainability-linked notes denominated in Mexican pesos and
euros in the Mexican and international capital markets, re-
spectively. The 2022 issuance was of Ps. 9,273,843,400.00. The
issued bonds were purchased by 33 institutional investors and
the issuance was oversubscribed 1.9x times. The transaction
was completed through a dual-tranche format with the tickers
FEMSA 22-2L and FEMSA 22L. The first tranche was issued at
an annual fixed rate of 9.65% (Mbono+0.45%) for an amount
of Ps. 8,446,384,600.00 due in 2032. The second tranche
was issued at an annual variable rate of TIIE28 + 0.10% for an
amount of Ps. 827,458,800.00 due in 2027.
1. Selection of Key Performance
Indicators (KPIs)
KPI 1: Percentage of total operational waste
diverted from landfills.
METHODOLOGY
This KPI s calculated in compliance with our Corporate Informa-
tion Policy and our internal consolidation manual for non-finan-
cial information. The business units report the total waste gen-
erated by type on a quarterly and annual basis (Non-hazardous
and Hazardous Waste) and the final disposal method. For
Non-Hazardous Waste, the disposal methods consider reuse
or recycling (which includes composting or anaerobic digestion,
incineration -with and without energy recovery-) and landfill.
For Hazardous Waste, the previous disposal methods apply
along with special management disposal and confinement, all
in accordance with environmental regulations.
› Total operational waste (in tonnes): is the sum of all types
of waste, excluding hazardous waste32.
› Total recycled or reused waste (in tonnes): is the sum
of the final disposal of each type of operational waste
classified as reused or recycled.
29 https://www.icmagroup.org/assets/documents/Regulatory/Green-Bonds/June-2020/Sustainability-Linked-Bond-Principles-June-2020-171120.pdf
30 Inorganic growth, such as Valora, is not included as part of the Sustainability Performance Targets (SPT).
31 A sample of the scope of the information was verified by Valora Consultores as an independent third party.
32 Due to local regulatory requirements, its final disposal methods could include landfill in controlled confinement, among others.
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1.2. Renewable energy
SCOPE
This KPI applies to 100% of FEMSA's Business Units existing
at the date of the SLB, including all organic growth over the
bond’s lifetime. By 2030, we expect to have annual electricity
consumption of more than 3.7 TWh (a 40% increase over our
2020 consumption of 2.6 TWh). During 2023, this KPI main-
tains 99% data coverage in all FEMSA workplaces.
KPI 2: Percentage of total electricity consumption
from renewable sources.
METHODOLOGY
This KPI is calculated in compliance with our Corporate
Information Policy and our internal consolidation manual for
non-financial information. The Business Units report on a
monthly, quarterly, and annual basis, the total electricity con-
sumption by type (renewable or non-renewable).
› Total electricity consumption (in MWh): is the sum of all
FEMSA's electricity consumption.
› Total electricity consumption from renewable energy
(in MWh): is the sum of total electricity consumption
generated by renewable sources. As of March 2023, FEMSA
uses the following generation technologies: wind energy,
solar energy and biomass from organic waste33.
In 2023 FEMSA started to use energy attribute certificates (e.g.,
renewable energy certificates ("RECs"), or similar. Our strategy to
achieve our renewable energy goals will prioritize self-generation
and power purchase agreements ("PPAs"). FEMSA may use other
methods of sourcing renewable energy in select markets in the
future only when self-generation or PPAs are not available or
suitable for our operations.
2. Calibration of Sustainability Performance
Targets (SPT).
2.1. Zero Operational Waste to Landfill
(Circular economy)
SPT 1.1: Increase the percentage of waste
diverted from landfills to 65% by 2025.
SPT 1.2: Increase the percentage of waste
diverted from landfills to 100% by 2030
2023 Result
In 2023 we increased the coverage of information to include
OXXO Chile Stores, and we worked on the implementation of
the circular economy strategy to meet the goal. A reduction in
the amount of waste destined for landfills was achieved, thanks
to the commitment made by businesses to reach this goal. A
prominent example of this effort is the work done by the Proxim-
ity division in OXXO stores, which throughout 2023 collaborated
closely with its waste collection service providers. This joint effort
allowed for the strengthening of processes and the expansion
of their service coverage, resulting in an increase of the waste
diverted from landfill to reuse or recycle from 5% to 16% in OXXO
stores, and 72% to 80% in OXXO distribution centers.
KPI 1: Zero operational
waste to sanitary landfills
2019
2020
2021
2022
2023
2025 SLB Target
52.0%
53.0%
53.0%
68.7%
73.4%
65.0%
2030 SLB Target
100.0%
68.7
73.4
Baseline
In 2019 we established a plan to commit to achieving zero
operational waste to landfill by 2030. The baseline year for
this plan is 2019, due to the validation of the data collection
methodology used.
52.0
53.0
53.0
33 FEMSA may, in the future, utilize other renewable energy sources, such as tidal power, small-scale hydroelectric power (less than 25MW), or biomass from sustainably sourced feedstock that do not compete with food sources. In some
geographies, FEMSA may not be able to purchase renewable energy through power purchase agreements or on-site generation or distributed energy. In these contexts, FEMSA may choose to purchase green tariffs or renewable energy credits.
We will disclose the sources of renewable energy consumed in our integrated annual report.
2019
2020
2021
2022
2023
Percentage %
OPERATIONAL WASTE DIVERTED FROM LANDFILLS
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2.2. Renewable energy
3. Bond Characteristics
4. Reporting
SPT 2.1: Increase annual renewable electricity
supply to 65% by 2025.
SPT 2.2: Increase annual renewable electricity
supply to 85% by 2030.
Baseline
FEMSA set 2017 as the baseline year to include a track record
of at least a 3-year baseline before setting the commitment
year in 2021. The commitment was set at 2020 to align a 10-
year timeframe for this target to the United Nations Sustain-
able Development Goals’ timeline.
2023 Result
In 2023 we were able to increase our percentage of renew-
able energy by adding wind energy in Imbera and our KOF
operations in Uruguay and Brazil. We also started a distribut-
ed generation project by installing solar panels in 80 different
sites. Finally, to cover sites in countries where regulations
do not allow us to buy renewable energy from the grid, we
acquired renewable energy certificates.
60.0
61.0
58.0
62.4
Unless otherwise indicated in specific offering documents,
FEMSA is not required to use its Sustainability-Linked Bonds’
net proceeds for investments in green or social projects. If
one of the SPTs has not been reached at the target obser-
vation date, as per the annual reporting published following
the target observation date, FEMSA will have to pay a higher
interest rate on its securities. The mechanism for payment
of such interest rate will be specified in the final terms of the
securities offered.
POTENTIAL CHANGES TO CALCULATION
Both KPIs apply to 100% of FEMSA business units at the
issuance date of the Sustainability-Linked Bond and organic
growth projections are applied for the following years.
For purposes of the Sustainability Performance Targets and
the calculation of the Zero Operational Waste to Landfill and
Renewable Energy Percentages, certain potential events,
such as significant acquisitions or divestitures, or changes
in the regulatory environment, can substantially impact the
calculation of the KPI, and may require the restatement of the
SPT and/or pro-forma adjustments of baselines or KPI scope.
Any such readjustment will be communicated within FEMSA’s
annual reporting on the KPIs.
48.0
KPI 2: Renewable Energy
23.0
22.0
2017
2018
2019
2020
2021
2022
2023
Percentage %
TOTAL ELECTRICITY CONSUMPTION
coming from renewable sources
2017 Baseline
2018
2019
2020
2021
2022
2023
2025 SLB Target
2030 SLB Target
22%
23%
48%
60%
61%
58%
62.4%
65.0%
85.0%
Performance information will be kept public and available in
the Integrated Annual Report until the Sustainability Perfor-
mance Targets (SPT) for each Key Performance Indicator (KPI)
are achieved. The report will contain:
› Information on the performance of the selected KPI;
› Verification assurance report relative to the SPT outlining
the performance against the SPT and the related
impact, and timing of such impact, on a bond’s financial
performance; and,
› Any relevant information enabling investors to monitor the
progress of the SPT.
› Information may also include when feasible and possible:
› Illustration of the positive sustainability impacts of the
performance improvement; and/or
› Any re-assessments of KPIs and/or restatement of the SPT
and/or pro-forma adjustments of baselines or KPI scope.
5. Verification
FEMSA’s Sustainability-Linked Bond Framework was reviewed
by Sustainalytics who provided a second party opinion (‘SPO’),
confirming the alignment of the Framework with the Sustain-
ability-Linked Bond Principles (SLBP) 2020 as administered
by ICMA. The SPO will be made available on Sustainalytics
website and in the following link:
https://femsa.gcs-web.com/es/sustainable-finance/
Our performance on KPIs for waste diverted from landfills
and renewable electricity consumption during 2023 was
reviewed by Valora Sostenibilidad e Innovación as an inde-
pendent third party. For details of Valora Sostenibilidad e
Innovación review, please see the Appendix “Independent
Limited Assurance Report on Key Indicators of Sustainability
Performance” of this Report.
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DISCLAIMER
This Framework does not constitute a recommendation regarding any securities of FEMSA or any affiliate of FEMSA. This Framework is not, does not contain and may not be deemed to constitute
an offer to sell or a solicitation of any offer to buy any securities issued by FEMSA or any affiliate of FEMSA. Neither this document nor any other related material may be distributed or published in
any jurisdiction in which it is unlawful to do so, except under circumstances that will result in compliance with any applicable laws and regulations. Persons into whose possession such documents
may come must inform themselves about and observe any applicable restrictions on distribution. Any bonds or other securities that may be issued by FEMSA or its affiliates from time to time,
including any Sustainability-Linked Securities, shall be offered by means of a separate prospectus or offering document in accordance with applicable laws, and any decision to purchase any such
securities should be made solely on the basis of the information contained in any such prospectus or offering document provided in connection with the offering of such securities, and not on the
basis of this Framework.
The information and opinions contained in this Framework are provided as of the date of this Framework and are subject to change without notice. Neither FEMSA nor any of its affiliates assumes
any responsibility or obligation to update or revise such statements, regardless of whether those statements are affected by the results of new information, future events or otherwise. This Frame-
work represents current FEMSA policy and intent, is subject to change and is not intended to, nor can it be relied on, to create legal relations, rights, or obligations. This Framework is intended to
provide non-exhaustive, general information. This Framework may contain or incorporate by reference public information not separately reviewed, approved or endorsed by the FEMSA and accord-
ingly, no representation, warranty or undertaking, express or implied, is made and no responsibility or liability is accepted by the FEMSA as to the fairness, accuracy, reasonableness, or complete-
ness of such information. This Framework may contain statements about future events and expectations that are “forward looking statements” within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements are generally identified through the inclusion of words such as “aim,” “anticipate,” “believe,” “drive,” “estimate,” “expect,” “goal,” “intend,” “may,” “plan,”
“project,” “strategy,” “target” and “will” or similar statements or variations of such terms and other similar expressions. Forward-looking statements inherently involve risks and uncertainties that
could cause actual results to differ materially from those predicted in such statements. None of the future projections, expectations, estimates or prospects in this document should be taken as
forecasts or promises nor should they be taken as implying any indication, assurance or guarantee that the assumptions on which such future projections, expectations, estimates or prospects
have been prepared are correct or exhaustive or, in the case of assumptions, fully stated in the Framework. No representation is made as to the suitability of any Sustainability-Linked Securities to
fulfil environmental and sustainability criteria required by prospective investors.
This Framework does not create any legally enforceable obligations against FEMSA; any such legally enforceable obligations relating to any Sustainability-Linked Securities are limited to those
expressly set forth in the legal documentation governing each such series of Sustainability-Linked Securities. Therefore, unless expressly set forth in such legal documentation, FEMSA’s failure to
adhere or comply with any terms of this Framework, including, without limitation, failure to achieve any sustainability targets or goals set forth herein, will not constitute an event of default or breach
of contractual obligations under the terms and conditions of any such Sustainability-Linked Securities. Factors that may affect FEMSA’s ability to achieve any sustainability goals or targets set forth
herein include (but are not limited to) market, political and economic conditions, changes in government policy (whether with a continuity of the government or on a change in the composition of
the government), changes in laws, rules or regulations, and other challenges.
femsa integrated annual report 2023 131
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Independent Limited Assurance Report – Non-Financial Information
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(cid:381)(cid:393)(cid:286)(cid:396)(cid:258)(cid:410)(cid:349)(cid:381)(cid:374)(cid:258)(cid:367)(cid:3)(cid:449)(cid:258)(cid:400)(cid:410)(cid:286)(cid:3)(cid:400)(cid:286)(cid:374)(cid:410)(cid:3)(cid:410)(cid:381)(cid:3)
(cid:367)(cid:258)(cid:374)(cid:282)(cid:296)(cid:349)(cid:367)(cid:367)(cid:3)(cid:349)(cid:374)(cid:3)(cid:410)(cid:381)(cid:374)(cid:374)(cid:286)(cid:400)(cid:3)
(cid:94)(cid:272)(cid:381)(cid:393)(cid:286)(cid:3)(cid:381)(cid:296)(cid:3)
(cid:272)(cid:381)(cid:373)(cid:393)(cid:367)(cid:349)(cid:258)(cid:374)(cid:272)(cid:286)(cid:3)
(cid:449)(cid:349)(cid:410)(cid:346)(cid:3)(cid:410)(cid:346)(cid:286)(cid:3)
(cid:272)(cid:396)(cid:349)(cid:410)(cid:286)(cid:396)(cid:349)(cid:258)(cid:3)(cid:400)(cid:286)(cid:367)(cid:286)(cid:272)(cid:410)(cid:286)(cid:282)(cid:3)
(cid:271)(cid:455)(cid:3)(cid:38)(cid:28)(cid:68)(cid:94)(cid:4)(cid:3)
(cid:894)(cid:94)(cid:437)(cid:271)(cid:400)(cid:286)(cid:272)(cid:410)(cid:349)(cid:381)(cid:374)(cid:400)(cid:895)(cid:3)
(cid:87)(cid:286)(cid:396)(cid:296)(cid:381)(cid:396)(cid:373)(cid:258)(cid:374)(cid:272)(cid:286)(cid:3)
(cid:349)(cid:374)(cid:282)(cid:349)(cid:272)(cid:258)(cid:410)(cid:381)(cid:396)(cid:3)
(cid:271)(cid:258)(cid:400)(cid:286)(cid:282)(cid:3)(cid:381)(cid:374)(cid:3)(cid:39)(cid:90)(cid:47)(cid:3)
(cid:876)(cid:3)(cid:94)(cid:62)(cid:17)(cid:3)
(cid:69)(cid:4)(cid:3)
(cid:69)(cid:4)(cid:3)
(cid:69)(cid:4)(cid:3)
(cid:69)(cid:4)(cid:3)
(cid:47)(cid:24)(cid:1005)(cid:3)
(cid:47)(cid:24)(cid:1005)(cid:3)
(cid:47)(cid:24)(cid:1005)(cid:3)
(cid:47)(cid:24)(cid:1005)(cid:3)
(cid:258)(cid:853)(cid:3)(cid:271)(cid:853)(cid:3)(cid:272)(cid:853)(cid:3)(cid:282)(cid:853)(cid:3)(cid:286)(cid:853)(cid:3)(cid:296)(cid:3)
(cid:1007)(cid:1004)(cid:1006)(cid:882)(cid:1005)(cid:1007)(cid:3)
(cid:69)(cid:4)(cid:3)
(cid:47)(cid:24)(cid:1008)(cid:3)
(cid:258)(cid:853)(cid:3)(cid:272)(cid:853)(cid:3)(cid:282)(cid:3)
(cid:1007)(cid:1004)(cid:1007)(cid:882)(cid:1007)(cid:1007)(cid:3)
(cid:258)(cid:853)(cid:3)(cid:271)(cid:3)
(cid:258)(cid:853)(cid:3)(cid:271)(cid:853)(cid:3)(cid:272)(cid:3)
(cid:1007)(cid:1004)(cid:1009)(cid:882)(cid:1005)(cid:1007)(cid:3)
(cid:1007)(cid:1004)(cid:1009)(cid:882)(cid:1006)(cid:1007)(cid:3)
(cid:258)(cid:3)
(cid:1007)(cid:1004)(cid:1010)(cid:882)(cid:1007)(cid:1007)(cid:3)
(cid:258)(cid:853)(cid:3)(cid:271)(cid:853)(cid:3)(cid:272)(cid:853)(cid:3)(cid:282)(cid:853)(cid:3)(cid:286)(cid:3)
(cid:1007)(cid:1004)(cid:1010)(cid:882)(cid:1008)(cid:1007)(cid:3)
(cid:3)
(cid:1005)(cid:3)FEMSA’s own performance indicator(cid:3)
(cid:1006)(cid:3)(cid:100)(cid:346)(cid:286)(cid:3)(cid:400)(cid:272)(cid:381)(cid:393)(cid:286)(cid:3)(cid:381)(cid:296)(cid:3)(cid:410)(cid:346)(cid:286)(cid:3)(cid:349)(cid:374)(cid:296)(cid:381)(cid:396)(cid:373)(cid:258)(cid:410)(cid:349)(cid:381)(cid:374)(cid:3)(cid:286)(cid:454)(cid:272)(cid:367)(cid:437)(cid:282)(cid:286)(cid:400)(cid:3)(cid:115)(cid:258)(cid:367)(cid:381)(cid:396)(cid:258)(cid:3)(cid:258)(cid:374)(cid:282)(cid:3)(cid:28)(cid:374)(cid:448)(cid:381)(cid:455)(cid:3)(cid:271)(cid:437)(cid:400)(cid:349)(cid:374)(cid:286)(cid:400)(cid:400)(cid:286)(cid:400)(cid:3)
(cid:1007)(cid:3)(cid:47)(cid:374)(cid:282)(cid:349)(cid:272)(cid:258)(cid:410)(cid:381)(cid:396)(cid:3)(cid:271)(cid:258)(cid:400)(cid:286)(cid:282)(cid:3)(cid:381)(cid:374)(cid:3)(cid:39)(cid:90)(cid:47)(cid:3)(cid:272)(cid:396)(cid:349)(cid:410)(cid:286)(cid:396)(cid:349)(cid:258)(cid:3)
(cid:1008)(cid:3)(cid:47)(cid:374)(cid:282)(cid:349)(cid:272)(cid:258)(cid:410)(cid:381)(cid:396)(cid:3)(cid:271)(cid:258)(cid:400)(cid:286)(cid:282)(cid:3)(cid:381)(cid:374)(cid:3)(cid:410)(cid:346)(cid:286)(cid:3)(cid:272)(cid:396)(cid:349)(cid:410)(cid:286)(cid:396)(cid:349)(cid:258)(cid:3)(cid:381)(cid:296)(cid:3)(cid:87)(cid:396)(cid:381)(cid:336)(cid:396)(cid:286)(cid:400)(cid:400)(cid:3)(cid:381)(cid:296)(cid:3)(cid:410)(cid:346)(cid:286)(cid:3)(cid:94)(cid:437)(cid:400)(cid:410)(cid:258)(cid:349)(cid:374)(cid:258)(cid:271)(cid:349)(cid:367)(cid:349)(cid:410)(cid:455)(cid:3)(cid:87)(cid:286)(cid:396)(cid:296)(cid:381)(cid:396)(cid:373)(cid:258)(cid:374)(cid:272)(cid:286)(cid:3)(cid:100)(cid:258)(cid:396)(cid:336)(cid:286)(cid:410)(cid:400)(cid:3)(cid:894)(cid:94)(cid:87)(cid:100)(cid:400)(cid:895)(cid:3)(cid:381)(cid:296)(cid:3)(cid:410)(cid:346)(cid:286)(cid:3)(cid:94)(cid:437)(cid:400)(cid:410)(cid:258)(cid:349)(cid:374)(cid:258)(cid:271)(cid:349)(cid:367)(cid:349)(cid:410)(cid:455)(cid:882)(cid:62)(cid:349)(cid:374)(cid:364)(cid:286)(cid:282)(cid:3)(cid:17)(cid:381)(cid:374)(cid:282)(cid:3)(cid:894)(cid:94)(cid:62)(cid:17)(cid:895)(cid:856)(cid:3)(cid:94)(cid:87)(cid:100)(cid:3)(cid:1006)(cid:855)(cid:3)(cid:90)(cid:286)(cid:374)(cid:286)(cid:449)(cid:258)(cid:271)(cid:367)(cid:286)(cid:3)
(cid:28)(cid:374)(cid:286)(cid:396)(cid:336)(cid:455)(cid:856)(cid:3)
(cid:1009)(cid:3)(cid:47)(cid:374)(cid:282)(cid:349)(cid:272)(cid:258)(cid:410)(cid:381)(cid:396)(cid:3)(cid:271)(cid:258)(cid:400)(cid:286)(cid:282)(cid:3)(cid:381)(cid:374)(cid:3)(cid:410)(cid:346)(cid:286)(cid:3)(cid:272)(cid:396)(cid:349)(cid:410)(cid:286)(cid:396)(cid:349)(cid:258)(cid:3)(cid:381)(cid:296)(cid:3)(cid:87)(cid:396)(cid:381)(cid:336)(cid:396)(cid:286)(cid:400)(cid:400)(cid:3)(cid:381)(cid:296)(cid:3)(cid:410)(cid:346)(cid:286)(cid:3)(cid:94)(cid:437)(cid:400)(cid:410)(cid:258)(cid:349)(cid:374)(cid:258)(cid:271)(cid:349)(cid:367)(cid:349)(cid:410)(cid:455)(cid:3)(cid:87)(cid:286)(cid:396)(cid:296)(cid:381)(cid:396)(cid:373)(cid:258)(cid:374)(cid:272)(cid:286)(cid:3)(cid:100)(cid:258)(cid:396)(cid:336)(cid:286)(cid:410)(cid:400)(cid:3)(cid:894)(cid:94)(cid:87)(cid:100)(cid:400)(cid:895)(cid:3)(cid:381)(cid:296)(cid:3)(cid:410)(cid:346)(cid:286)(cid:3)(cid:94)(cid:437)(cid:400)(cid:410)(cid:258)(cid:349)(cid:374)(cid:258)(cid:271)(cid:349)(cid:367)(cid:349)(cid:410)(cid:455)(cid:882)(cid:62)(cid:349)(cid:374)(cid:364)(cid:286)(cid:282)(cid:3)(cid:17)(cid:381)(cid:374)(cid:282)(cid:3)(cid:894)(cid:94)(cid:62)(cid:17)(cid:895)(cid:856)(cid:3)(cid:94)(cid:87)(cid:100)(cid:3)(cid:1005)(cid:855)(cid:3)(cid:127)(cid:286)(cid:396)(cid:381)(cid:3)
(cid:75)(cid:393)(cid:286)(cid:396)(cid:258)(cid:410)(cid:349)(cid:381)(cid:374)(cid:258)(cid:367)(cid:3)(cid:116)(cid:258)(cid:400)(cid:410)(cid:286)(cid:3)(cid:410)(cid:381)(cid:3)(cid:62)(cid:258)(cid:374)(cid:282)(cid:296)(cid:349)(cid:367)(cid:367)(cid:856)
(cid:3)
(cid:3)
femsa integrated annual report 2023 132
132
management report
management report
corporate governance
corporate governance
financial statements
financial statements
appendix
appendix
femsa integrated annual report 2023
Supplemental Information
Supplemental Information
Contact
Indices
Closing Statements
Contact
FEMSA Corporate Offices
Monterrey
General Anaya Nº 601 Pte.
Col. Bella Vista
Monterrey, Nuevo León, Mexico
C.P. 64410
Mexico City
Lago Alberto Nº 442
A Building, 2nd Floor,
Col. Anáhuac II Sección
Miguel Hidalgo
Mexico City, Mexico
C.P. 11320
Fundación FEMSA
General Anaya Nº 601 Pte.
Col. Bella Vista
Monterrey, Nuevo León, Mexico
C.P. 64410
Depositary Bank and Registrar
BNY Mellon Shareowner Services
P.O. Box 505000
Louisville, KY 40233-5000
Direct Mailing for overnight packages:
BNY Mellon Shareowner Services
462 South 4th Street, Suite 1600
Louisville, KY 40202
Toll free number for U.S. calls: +1 888 269 2377
International calls: +1 201 680 6825
www.mybnymdr.com
shrrelations@cpushareownerservices.com
General Counsel
Alejandro Gil Ortiz
General Anaya Nº 601 Pte.
Col. Bella Vista
Monterrey, Nuevo León, Mexico
C.P. 64410
Investor Relations
Juan Fonseca Serratos
Pamela Ortiz Sánchez
investor@femsa.com
Corporate Communications
Mauricio Reyes López
Erika de la Peña Ibarra
comunicacion@femsa.com
Sustainability
Víctor Manuel Treviño Vargas
Gabriel Adrián González Ayala
sostenibilidad@femsa.com
Independent Accountant
Mancera, S.C.
Integrante de Ernst & Young
Global Limited
Av. Ricardo Margain Zozaya Nº 335, Floor 14
Col. Valle del Campestre,
San Pedro Garza García,
Nuevo León, Mexico
C.P. 66265
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facebook.com/FEMSA/
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linkedin.com/company/femsa
tiktok.com/@somosfemsa
femsa integrated annual report 2023