Committees
Our board of directors is supported by committees, which are working groups that analyze issues and provide recommendations to the board of directors regarding their respective areas of focus.
Below is a summary of our Board of Directors' committee structure and membership information. To read more about the committees, please click on committee names in the chart below.
Audit Committee
The Audit Committee is responsible for (1) reviewing the accuracy and integrity of quarterly and annual financial statements in accordance with accounting, internal control and auditing requirements, (2) the appointment, compensation, retention and oversight of the independent auditor, who reports directly to the Audit Committee and (3) identifying and following-up on contingencies and legal proceedings. The Audit Committee has implemented procedures for receiving, retaining and addressing complaints regarding accounting, internal control and auditing matters, including the submission of confidential, anonymous complaints from employees regarding questionable accounting or auditing matters. To carry out its duties, the Audit Committee may hire independent counsel and other advisors. As necessary, the company compensates the independent auditor and any outside advisor hired by the Audit Committee and provides funding for ordinary administrative expenses incurred by the Audit Committee in the course of its duties.
Each member of the Audit Committee is an independent director, as required by the Mexican Securities Law, the Securities Law in the United States (U.S. Securities Act of 1933) and applicable NYSE listing standards.
Members
Chairman of the board of directors of Controladora Vuela Compañía de Aviación, S.A.B. de C.V. (“Volaris”), and managing partner at Acumen Empresarial, S.A. de C.V
Operations and Strategy Committee
The Operations and Strategy Committee’s responsibilities include (1) evaluating the investment and financing policies of our company; (2) evaluating the risk factors to which our company is exposed, as well as evaluating its management policies; (3) making recommendations on our dividend policy; (4) strategic analysis and assessment of our business units and strategic alternatives for their growth and (5) making recommendations to our board of directors on annual operation plans and strategic projects for our business units and; (6) provide specific oversight on transformational initiatives.
Members
Corporate Practices and Nomination Committee
The Corporate Practices and Nomination Committee is responsible for preventing or reducing the risk of performing operations that could damage the value of our company or that benefit a particular group of shareholders. Additionally, this Committee is also responsible for the evaluation and nomination of candidates for Series D directors, the appropriate board composition by ensuring the board includes directors with the skills, experiences and capabilities required to provide effective oversight, and of providing to shareholders a summary of the evaluation and nomination process for directors.
The committee may call a shareholders’ meeting and include matters on the agenda for that meeting that it may deem appropriate, approve policies on the use of our company’s assets or related-party transactions, approve the compensation of the Chief Executive Officer and relevant officers and support our board of directors in the elaboration of reports on accounting practices.
Each member of the Corporate Practices Committee is an independent director.
Members
Partner of Munger, Tolles & Olson LLP law firm