Our Shareholders’ Meeting is the responsible for the designation or appointment of the members of the Board of Directors in compliance with the Company’s Bylaws and Code of Ethics, and the Ley Mexicana de Valores (Mexican Securities Law).
The Board of Directors is responsible for the legal representation of the Company and may carry out all the operations inherent to the Company’s corporate purpose and those that are not reserved to another body. In particular, the Board of Directors makes and approves all Company policies.
In accordance with the Company’s Bylaws, the Board of Directors has powers to perform acts of ownership, administration and to subscribe credit facilities; it also has powers to act in the name of Company for matters related to lawsuits and collections and to grant general or special powers to any person, for whatever matter it deems appropriate, relating to the administration and business that the Company carries out, of any nature.
Likewise, the Board of Directors has appointed the Audit and Corporate Practices Committees to support its activities, comprised by our Independent Board Members.
Corporate Practices Committee
The primary function of the Corporate Practices Committee is to issue its opinions to the Board of Directors on matters related to the Ley Mexicana de Valores (Securities Market Law) and Vinte’s Bylaws, as well as transactions with related parties.
Likewise, it is responsible for supporting the Board of Directors in the preparation of annual reports, as well as Board reports, issuing opinions and approving comprehensive remunerations of the Company’s key executives.
Some of the responsibilities of the Audit Committee are to assess the performance of Vinte’s external auditor, and review the opinions or reports prepared or issued by it, being able to hold meetings with it when it deems appropriate, as well as discuss the fiancial statements of the Company with the persons responsible for its preparation and review, to recommend or not its approval..
Among its activities, it must also ensure that the Chief Executive Offier complies with the resolutions adopted at the General Shareholders’ Meetings and of the Board of Directors, as well as calling to General Shareholders’ Meetings, request periodic meetings with the relevant offiers and inform the Board of Directors on signifiant irregularities detected.
At the time of preparation of this report, Vinte did not have a Sustainability Committee, the area responsibility for the preparation of the quarterly, annual and sustainability reports is the Finance Department, reporting directly to the Board of Directors.
However, the Company is committed to establish the Sustainability Committee, which will be responsible for the review and approval of the sustainability report for subsequent years, as well as decision-making on environmental, social and economic matters.