Grupo Famsa has established Corporate Practices and Audit Committees, in accordance with the Mexican stock market regulation, to safeguard the best interests of its stockholders through optimal management and adherence to the best corporate governance practices.

Audit Committee

The Audit Committee was established following the resolutions of the Company’s Shareholders’ Meeting held on April 28, 2006. Since its inception, and in accordance with the Mexican stock market regulation, all its members have been independent, and two of them qualify as financial experts. The Audit Committee is currently comprised of the following members:

Name Position
Roberto Gutierrez Garcia Chairman
Salvador Llarena Arriola Member
Jorge Luis Ramos Santos Member

The Audit Committee’s responsibilities include:

  • Evaluate the internal control and audit system of the Company;
  • Submit an annual report on its activities for the approval of the Board of Directors and Shareholders’ Meeting;
  • Discuss and review the financial statements of the Company and, when applicable, recommend their approval by the Board of Directors; and,
  • Ensure the compliance with the resolutions of the Shareholders’ Meetings and of the Board of Directors.

Corporate Practices Committee

The Corporate Practices Committee was created in compliance with the resolutions adopted at the Company’s Shareholders’ Meeting held on December 14, 2006. Since its inception, and in accordance with the Mexican stock market regulation, all the members of the Corporate Practices Committee have been independent. The Corporate Practices Committee is currently comprised of the following members:

Name Position
Jorge Luis Ramos Santos Chairman
Salvador Llarena Arriola Member
Salvador Kalifa Assad Member

The Corporate Practices Committee's responsibilities include:

  • Evaluate the performance of the key executives;
  • Submit an assessment on relevant related parties’ transactions to the Board of Directors;
  • Call Shareholders’ Meeting and ensure that all relevant points are included in its respective agenda; and,
  • Support the Board of Directors in the various parts of the regulatory reporting process.
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