2308_ShareholderInformation.jpgShareholder Information
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Dividend Policy

Dividend declarations and payments are determined based on recommendations from the Board of Directors and, under Mexican law must be approved by a majority of the shareholders participating at the Annual General Ordinary Stockholders’ Meeting.  


Dividends are paid from the Company’s net income, once taxes and legal reserves have been accounted for, and can account for up to 20% of our paid in capital1, once employees’ portion of the profits from prior fiscal year have been reserved.  The same rights to receive dividends or any type of distribution apply to every outstanding share of our paid in capital at the time at which the dividend or any type of distribution is declared.


Dividend payments may be subject to certain restrictions established within credit agreements that the Company has entered into or may enter into as part of its financing activities, and to other limitations that are defined further described on pages 89-90 of our 2014 Annual Report submitted to the Mexican Stock Exchange.








1Applicable law states that the Company must allocate 5% of its net income to a legal reserves fund, until that fund has reached an amount equivalent to 20% of the Company’s paid in capital. The remaining net income can then be distributed as dividends once the majority of votes have been reached at the General Ordinary Shareholder’s Meeting and provided that all prior years’ losses have been absorbed.