The Audit Committee represents the shareholders, business partners and suppliers, and it is chaired by an independent member.
It is responsible for reviewing and discussing the Company’s financial statements and recommending their approval to the Board of Directors, providing follow up on the policies, procedures and corporate bylaws, identifying risks and opportunities, proposing the appointing of external auditors with international prestige, validating the risks taken in accordance with the policies adopted for the matter, among other powers. All the members of this committee are independent.
CORPORATE PRACTICES COMMITTEE
This Committee is responsible for reviewing and approving the policies on salaries and general remunerations of the Company, reviewing the profiles for the two highest levels of the Company, as well as monitoring the salaries and remuneration market of first and second level directors; reviewing and approving operations with related parties and other significant transactions, reviewing and approving policies for the use of the Company’s assets, members and relevant directors, among other powers. All the members of this committee are independent and they represent some interests of the shareholders and employees.
This Committee is responsible for dealing with and solving the disputes that may arise among other committees of the Company, reviewing and approving the annual budget and the general business strategies, reviewing and approving the monthly and comparative results against the annual budget, reviewing and approving investments of more than US$ 500,000 or their equivalent in pesos, reviewing and approving long-term contracts that involve amounts more than US$ 200,000 a year or their equivalent in pesos, among other powers. The Executive Committee represents some interests shareholders, business partners, customers, the community, suppliers and employees.
CREDIT, RISKS AND TREASURY COMMITTEE
This Committee represents shareholders, business partners and suppliers and is responsible for reviewing and monitoring the behavior of the Company’s loan portfolios, preparing and submitting proposals for provisions and reserves per business, establishing the relationship between loan portfolio terms and funding, reviewing and approving lines of credit, promoting and presenting operation risk policies in each area of the business, among other.
MAIN SHAREHOLDERS RIGHTS
In accordance with the Securities Market Law, our Corporate Bylaws contain several provisions to protect minority shareholders, including the following: Shareholders who represent at least 10% of the capital stock may:
I. Request that a General Stockholders’ Meeting be called
II. Request the postponement of voting on any matter about which they do not consider themselves sufficiently informed
III. Appoint and remove a member and his/her respective substitute