Measuring our ESG impact

Our Approach to ESG Reporting

Millicom’s environmental, social, governance (ESG) and fiscal reporting practices are vital in creating long-term business value. We strive to communicate effectively about our business performance and the sustainable value we create for our key stakeholders: investors, customers, employees and communities. 

We ground our approach in the most widely accepted principles and practices while allowing flexibility to respond to emerging issues and risks, and the social and environmental challenges we face in our markets. This allows us to achieve year-to-year consistency, and to adapt our approach as our strategy, capabilities and operating context evolve. 

Our “Shape and Lead” approach, allow us to: 

  • More fully align Millicom’s ESG reporting to the company’s strategic priorities 
  • More effectively use various reporting standards, frameworks and guidelines 
  • Identify improvements that may take longer than one reporting cycle to introduce 

Our Annual Report is mapped against Global Reporting Index (GRI) and Sustainable Accounting Standards Board (SASB) standards. Furthermore, we annually publish a comprehensive overview of our approach to Climate-related Governance, Strategy, Risk Management and Metrics & Targets, as per the TCFD recommendations in our CDP Report.      

How we identify material issues

Our stakeholders help us identify our most material environmental and social impacts. We use their feedback to inform our CR Framework, strategy and our annual report content. In addition to our ongoing stakeholder engagement, in 2020, we conducted a materiality assessment focused on COVID-19 and the impact the pandemic has had on our identified CR issues and overall approach. 

For more details on our latest Materiality Assessment, please click here. 

Stakeholder Engagement

Stakeholders Engagement Our stakeholders help us identify our most material ESG topics. We use their feedback to evaluate our ESG approach and strategy and feed our ESG annual report content.

Our key stakeholders

We engage a diverse group of stakeholders to inform our purpose, strategies and actions—from the customers who use our services, to the communities we work in, to the employees and investors who make everything we do possible. We strive to operate a business that creates shared value for the four key groups that are critical to our business success: investors, customers. employees, and communities. We communicate regularly with these and other stakeholders, at both the global and country levels, through multiple channels (such as in-person meetings, surveys, calls and others) We also analyze yearly questionnaires and assessments from ESG rating agencies. This helps us monitor our performance and address gaps in our reporting.

Our approach towards our key stakeholders can be briefed as follows:

          Investors: We believe Millicom can serve as an investment vehicle for development in Latin America, helping us tap into the region’s tremendous potential and strengthen our business. As our fixed and mobile networks reach more communities, we aim to continually grow our revenue and cash flow to create sustainable            value for shareholders.

          Our CEO and other executives participate in regular “road shows” to meet with investors on topics such as Millicom’s risk management framework and the company’s financial and non-financial performance. This year, we noted an increase in ESG inquiries, focused on external reporting, climate change, digital education,              diversity, equity and inclusion and our ESG-Linked financing.

          Customers: Our digital highways empower people and businesses to aim higher, achieve more and reap the benefits of the digital economy. We strive to keep our products and services affordable so we can continue to open doors to learning, employment, commerce, entertainment, social interaction and civic                              involvement. We conduct global and country-level surveys to help enhance our customer service platform.

          Communities: We depend on the communities in Latin America as deeply as they depend on us. Through our ESG initiatives, we create new social and economic opportunities and reinforce Millicom’s standing in the community. We also partner with and/or sit on the board of leading multi-stakeholder bodies and NGOs to            amplify our long-term impact, including the Partnership for Central America (PCA), the ITU/UNESCO Broadband Commission for Sustainable Development, the Meridian International Center, IREX, the U.S.-Colombia Business Council and the U.S. Chamber of Commerce.

          Examples of interaction with communities include our participation in ESG events, our engagement with NGOs and others (i.e.: think tanks, academia and other experts) and input gathered from community partners who work with us and users of our Responsible Leadership in Action programs (such as child online                      protection, 'conectadas', 'maestr@s conectados' and others.

           Employees: We fulfill our purpose by sustaining an inclusive corporate culture that attracts talented people, values their diversity, inspires them to excel and rewards their accomplishments. Our culture is driven by what we call Sangre Tigo. It’s a shared belief in the purpose behind our work, a collective passion for                     making our customers the center of everything we do, a tireless commitment to doing what’s right, and a deep sense of unity.


We engage employees through surveys, town hall meetings and our Sangre Tigo workshops. These interactions provide insights on topics such as organizational culture, values, and diversity and inclusion.

We also work closely with our suppliers to strengthen our supply chain (see Section starting on page 75 for further details).


For more details visit our Reporting Center and Annual Report.

Other ESG Reports

Date Description


Mar 12, 2024 2023 SASB Index PDF
Mar 12, 2024 2023 GRI Index PDF
Aug 29, 2023 2022 Sustainability Bond Progress report PDF
Jun 30, 2023 2022 EU Taxonomy 2022 EU Taxonomy
Mar 17, 2023 2022 LED Report [SPA] 23019 - LED_02-16-23_ES.pdf
Mar 01, 2023 2022 LED Report PDF
Feb 28, 2023 2022 SASB Index PDF
Feb 28, 2023 2022 GRI Index PDF
Feb 27, 2023 2022 SDG Report 2022 SDG Report
Feb 22, 2023 2022 CDP Report 2022 CDP Report
May 26, 2022 2021 Sustainability Bond Progress report PDF
Mar 01, 2022 2021 GRI Index PDF
Aug 01, 2022 2021 CDP Report 2021 CDP Report
Mar 01, 2022 2021 SASB Index PDF
Mar 01, 2022 2021 LED Report PDF
Mar 01, 2022 2021 LED Report [SPA] PDF
Mar 01, 2022 2020 CDP Report PDF
Jan 01, 2020 2020 LED Report PDF
Jan 01, 2020 2020 LED Report [SPA] PDF
Jan 01, 2020 2020 SASB Index PDF
Jan 01, 2020 2020 Sustainability Bond Progress report PDF
Jan 01, 2020 2020 GRI Index PDF
Jan 01, 2019 2019 GRI Index PDF
Jan 01, 2019 2019 Second-party opinion report from SUSTAINALYTICS - Sustainability Bond PDF
Mar 18, 2019 2019 Sustainability bond framework PDF
Jan 01, 2019 2019 Sustainability Bond Progress report PDF
Jan 01, 2019 2019 Sustainability Bond Prospectus PDF
Jan 01, 2019 2019 LED Report PDF
Jan 01, 2019 2019 LED Report [SPA] PDF
Jan 01, 2018 2018 LED Report [SPA] PDF
Jan 01, 2017 2017 LED Report PDF
Jan 01, 2018 2018 LED Report PDF
Jan 01, 2016 2016 GRI G4 Index PDF
Jan 01, 2016 2016 LED Report PDF
Jan 01, 2014 2015 GRI G4 Index PDF
Jan 01, 2015 2015 CR Report PDF
Jan 01, 2014 2014 CR Report PDF
Jan 01, 2013 2013 CR Report PDF
Dec 01, 2011 2012 CR Report PDF
Jan 01, 2015 2015 LED report PDF