FEMSA seeks to generate profitable, consistent growth year on year while exhibiting the highest standards of corporate governance and ethical business principles. As such, we uphold rigorous practices of transparency, accountability and disclosure for all our stakeholders.

Our corporate practices comply with the laws of all countries where we operate. In Mexico and the United States, for example, we comply with all applicable standards, rules and regulations, including the Mexican Securities Law (Ley del Mercado de Valores) and the Sarbanes-Oxley Act. Additionally, we observe the recommendations of the Mexican Code of Best Practices, issued by the Business Coordinating Council (Consejo Coordinador Empresarial).

Code of Ethics
Our Code of Ethics forms the basis of FEMSA’s approach to corporate governance, characterized by a culture of respect, honesty and integrity. The Code establishes the fundamental principles and norms that guide us in our ethical behavior in relation to our shareholders, customers, suppliers, authorities, civil society organizations, the environment, community and everyone we interact with. It also indicates the mechanisms to report any breach, behavior or practice that does not adhere to our Code of Ethics and corporate policies. The Code, approved by the Board of Directors, applies to directors and collaborators in all countries where we operate.

Likewise, we ask our suppliers of goods and services to adhere to the FEMSA Supplier Guiding Principles, which describe our expectations as they relate to sustainability, including labor rights, the environment, community and ethics and values.


FEMSA’s Board of Directors is responsible for determining the Company’s corporate strategy; defining and supervising the implementation of its vision and values, and approving related operations, including those outside the ordinary course of business.

In 2019, the Board of Directors was made up of 20 directors, of which 83% were men and 17% were women, supported by one Secretary and one Alternate Secretary, neither of whom are members of the Board of Directors. In accordance with our bylaws and the Mexican Securities Law, at least 25% of the members of our Board of Directors are independent.

Series B Directors

José Antonio Fernández Carbajal C
Executive Chairman of the Board of Directors of FEMSA
Elected in 1984
Alternate: Federico Reyes García C

Javier Gerardo Astaburuaga Sanjines C
Vice-President of Corporate Development of FEMSA
Elected in 2006

Bárbara Garza Lagüera Gonda
Private investor and president of the acquisitions committee of the FEMSA Collection
Elected in 1998
Alternate: Mariana Garza Lagüera Gonda

Eva María Garza Lagüera Gonda
Private investor
Elected in 1999
Alternate: Othón Páez Garza

José Fernando Calderón Rojas
Chief Executive Officer and Chairman of the Board of Directors of Franca Servicios, S.A. de C.V., Servicios Administrativos de Monterrey, S.A. de C.V., Regio Franca, S.A. de C.V., and Franca Industrias, S.A. de C.V.
Elected in 1984
Alternate: Francisco José Calderón Rojas

Alfonso Garza Garza
Vice President of FEMSA Strategic Businesses
Elected in 2001
Alternate: Juan Carlos Garza Garza

Maximino José Michel González
Chief Executive Officer of 3H Capital Servicios Corporativos, S.A. de C.V.
Elected in 1996
Alternate: Bertha Paula Michel González

Francisco Javier Fernández Carbajal C
Chief Executive Officer of Servicios
Administrativos Contry, S.A. de C.V.
Elected in 2004

Alberto Baillères González
Chairman of the Board of Directors of Industria Peñoles, S.A.B. de C.V., Grupo Nacional Provincial, S.A.B., Fresnillo Plc, Grupo Palacio de Hierro, S.A.B. de C.V., Grupo Profuturo, S.A.B. de C.V. and subsidiaries, Controladora Petrobal, S.A. de C.V., Energía BAL, S.A. de C.V., Energía Eléctrica BAL, S.A. de C.V., and Tane, S.A. de C.V.
Elected in 1989
Alternate: Alejandro Baillères Gual

Ricardo Guajardo Touché B, C, I
Chairman of the Board of Directors of Solfi, S.A. de C.V.
Elected in 1988

Alfonso González Migoya A, I
Chairman of the Board of Directors of Controladora Vuela Compañía de Aviación, S.A.B. de C.V. and managing partner of Acumen Empresarial, S.A. de C.V.
Elected in 2006

Paulina Garza Lagüera Gonda
Private investor
Elected in 2009

Ricardo Ernesto Saldívar Escajadillo B, C, I
Private investor
Elected in 2006

Alfonso de Angoitia Noriega I
Co-Chief Executive Officer of Grupo Televisa, S.A.B.
Elected in 2015

Miguel Eduardo Padilla Silva
Chief Executive Officer of Fomento Económico Mexicano, S.A.B. de C.V.
Elected in 2014

Series D Directors

Armando Garza Sada I
Chairman of the Board of Directors of Alfa, S.A.B. de C.V., Alpek, S.A.B. de C.V. and Nemak, S.A.B. de C.V.
Elected in 2003
Alternate: Enrique F. Senior Hernández C, I

Moisés Naím B, I
Honorary member of the Carnegie Endowment for International Peace; producer and host of Efecto Naim; author and journalist
Elected in 2011
Alternate: Francisco Zambrano Rodríguez A, I

Michael Larson I, C
Chief Investment Officer for William H. Gates III
Elected in 2010

Robert Edwin Denham B, C, I
Partner at Munger, Tolles & Olson LLP
Elected in 2001

Víctor Alberto Tiburcio Celorio I, A
Independent consultant
Elected in 2018

Non-Member Board of
Directors Positions

Carlos Eduardo Aldrete Ancira Secretary of the Board of Directors

Alejandro Gil Ortiz Alternate Secretary of the Board of Directors

Audit Committee  A
Corporate Practices Committee  B
Strategy and Finance Committee  C
Independent Director  I

Board Committees

The members of the following committees support the Board of Directors by analyzing strategic issues critical to the success of the business. They provide recommendations related to the focus areas shown below, including economic, social and environmental matters.

Audit Committee *

Responsible for:

  • Receiving, preserving, and resolving the accuracy and integrity of quarterly and annual financial statements in accordance with accounting, internal control and auditing requirements, including the presentation of confidential and anonymous reports by employees regarding accounting practices or doubtful audits;
  • Reviewing the appointment, compensation, retention, and oversight of the independent auditor, who reports directly to the Audit Committee; and
  • Identifying and following-up on contingencies and legal proceedings.

Corporate Practices Committee *

Responsible for:

  • Preventing or reducing the risk of operations carried out that could damage the value of the Company or benefit a particular group of shareholders;
  • Approving policies related to the use of Company assets or transactions with related parties; approving the compensation scheme for the Chief Executive Officer and key executives; and
  • Supporting the Board of Directors in the preparation of reports on accounting practices.

Strategy And Finance Committee

Responsible for:

  • Evaluating the investment and financing policies of the Company;
  • Assessing the risk factors to which the Company is exposed, as well as evaluating its management policies;
  • Making recommendations on the Company dividend policy;
  • Analyzing the Company’s business units and strategic alternatives for growth; and
  • Making recommendations to the Board of Directors on annual operation plans and strategic projects for the business units.

* All committee members are independent directors, as required by the Mexican Securities Law, applicable U.S. Securities Laws and applicable NYSE listing standards.


Our management team drives business growth by creating economic, social, and environmental value for all our stakeholders. Each of our executive leaders has significant professional experience within the industries where our businesses operate.

José Antonio Fernández Carbajal
Executive Chairman of the Board of Directors of FEMSA
Mr. Fernández began his career at FEMSA in 1988, serving in various positions, including CEO of OXXO. He was appointed CEO of FEMSA in 1995 and Chairman of the Board in 2001, serving in both positions until January 2014. He is also Chairman of the Board of Coca-Cola FEMSA. In 2010, he was appointed Vice-President of Heineken Holding NV’s Board of Directors and Chairman of Heineken’s Americas Committee. Since 2012, Mr. Fernández has been Chairman of the Board of Tecnológico de Monterrey, where he has served as Vice Chairman since 1997. In 2017, he was elected as a full-term member of Massachusetts Institute of Technology (MIT) Corporation, where he contributes to the Dean for Student Life and Dean for Undergraduate Education committees. Currently, he also participates as a board member of Industrias Peñoles. He holds a degree in Industrial Engineering and Systems from Tecnológico de Monterrey, where he earned an MBA in 1978 and has been a professor for more than 20 years.

Miguel Eduardo Padilla Silva
Chief Executive Officer of FEMSA
Mr. Padilla joined FEMSA in 1997 and was named to his current position in January 2018. Previously he served as Chief Financial and Corporate Officer of FEMSA, CEO of FEMSA Comercio, CEO of FEMSA Strategic Businesses, and FEMSA’s Planning and Control Officer. He earned a Bachelor’s degree in Mechanical Engineering from ITESM and an MBA from Cornell University. He also completed executive management studies at IPADE Business School.

Javier Gerardo Astaburuaga Sanjines
Vice President of Corporate Development of FEMSA
Mr. Astaburuaga joined FEMSA in 1982. Among other positions in the Company, he has held the position of co-CEO of FEMSA Cerveza, Director of Sales for Northern Mexico, CFO of FEMSA Cerveza, and Chief Financial and Corporate Officer of FEMSA. He has held his current position since April 2015. He studied Public Accounting at ITESM.

Alfonso Garza Garza
Vice President of Strategic Businesses of FEMSA
Mr. Garza joined FEMSA in 1985 and held various positions including CEO of FEMSA Empaques. In 2009 he was appointed to his current position. He is President of the Monterrey Metropolitan Water Fund, Vice-Chairman of the executive commission of the National President of the Employers Confederation of Mexico (Coparmex). He is a member of the Board of Directors of FEMSA, ITESM, Grupo Nutec, S.A. De C.V. He is also an alternate member of the Board of Directors of Coca-Cola FEMSA. He graduated from ITESM in in Industrial Engineering and completed postgraduate coursework at IPADE Business School.

Roberto Campa Cifrián
Vice President of Corporate Affairs of FEMSA
Mr. Campa joined FEMSA in 2019, after a long career in the public, private, and social sectors. He has served in the federal government of Mexico as Secretary of Labor and Social Welfare, Undersecretary of the Interior, and Head of the Federal Consumer Protection Agency. He has also served as a representative in the Mexico City Legislative Assembly and as a federal congressional representative. He holds a law degree from Universidad Anáhuac, where he is also a professor of “Macroeconomic Theory” and President of the Federation of Student Societies.

José González Ornelas
Vice President of Administration and Corporate Control of FEMSA
Mr. González joined FEMSA in 1973 and assumed his current position in 2001. His previous roles have included CFO of FEMSA Cerveza, Director of Planning and Corporate Development of FEMSA, and CEO of FEMSA Logística. He serves as Secretary of the Audit Committee of both FEMSA’s and Coca-Cola FEMSA’s Boards of Directors, and is a member of the Board of Productora de Papel, S.A. He holds a Bachelor of Arts degree in accounting from Universidad Autónoma de Nuevo León, and he completed postgraduate studies in Business Administration at IPADE Business School.

John Anthony Santa Maria Otazua
Chief Executive Officer of Coca-Cola FEMSA
Mr. Santa Maria was appointed to his current position in 2014. He joined Coca-Cola FEMSA in 1995 and served in several senior management positions since then, including COO of the Company’s Mexico Division, and Strategic Planning and Commercial Development Officer. He earned a Bachelor’s degree and an MBA with a major in Finance from Southern Methodist University.

Daniel Alberto Rodríguez Cofré
Chief Executive Officer of FEMSA Comercio
Mr. Rodríguez joined FEMSA in 2015 as Chief Financial and Corporate Officer, and was named to his current position in January 2016. Prior to joining the Company he was CFO and CEO of CENCOSUD (Centros Comerciales Sudamericanos, S.A.), among other senior finance and management positions in Latin America, Europe, and Africa. He is an alternate member of the Boards of Coca-Cola FEMSA and FEMSA. He holds a forest engineering degree from Austral University of Chile and an MBA from Adolfo Ibáñez University.