7991_CorporateGovernance.jpgCorporate Governance
  • BMV:CULTIBA
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Committees

The functions of the Board of Directors are supported by two committees:

Corporate Practices and Audit Committee

This committee is responsible for monitoring compliance with the controls established by the Management and of offering feedback on internal control efficiency. It mainly supervises that operations are executed and registered in accordance with the applicable general guidelines, criteria and financial information norms.

Its main functions are: (1) to propose external candidates to the Board of Directors and suggest the terms of the hiring and the scope of the office to be served, (2) to propose the basis for financial information development to the Board of Directors, (3) to collaborate in the outlining of the general guidelines for internal controls and performance assessment, (4) to monitor the undertaking of transactions with related parties, to supervise the activities of the CEO and the internal audit functions, as well as to submit an annual report to the Board of Directors, and (5) to suggest and gather the opinion of independent experts on the operations with related parties. This committee is also responsible for delivering its members’ opinions to the Board of Directors concerning the performance of our key relevant directors, for calling Shareholders’ Meeting and for helping the Board of Directors in the development of reports to be submitted to the General Ordinary Shareholders’ Meeting. 

 

Name Position
James A. Badenoch Berger         Chairman
Manuel Marrón González  
Ildefonso Ochoa Martínez  

 

As part of the 2014 General Meeting agreements, Cultiba's Compensation Committee's roles and responsibilities were incorporated into the Corporate Practices and Audit Committee's functions.

Compensation Committee

Prior to April 2014, Cultiba had a Compensation Committee, responsible, among other things, for reviewing and commenting on the integral compensation package of the CEO and other relevant directors.Every year, the Compensation Committee develops an annual report on its activities, submitting it to the Board of Directors.

As part of the 2014 General Meeting agreements, Cultiba's Compensation Committee's roles and responsibilities were incorporated into the Corporate Practices and Audit Committee's functions.