Continuing its longstanding commitment to develop its corporate governance towards global best practices, Cemex has announced a series of significant corporate governance changes.
Beginning with Cemex’s ordinary general shareholders meeting scheduled to be held on 24 March 2022, each director candidate will stand for election on an individual basis, meaning that voting at the meeting will no longer be on a ‘group slate’ basis. Additionally, as part of the company’s ongoing focus on effective board structure, a proposal for the meeting to reduce the size of the board from 15 to 12 members has been presented.
If approved, this will result in the proportion of board members considered independent under Mexican securities law criteria increasing to 75 per cent.
“Despite a challenging macro environment, Cemex has made significant progress in achieving its Operation Resilience goals over the last two years. Importantly, these goals are not just about a fortified capital structure, but they also reposition our company toward sustainable growth with a robust bolt-on investment strategy and an accelerating climate action agenda. All of this leads to a more resilient Cemex equipped to face the new challenges and social needs of the post pandemic world. With today’s announcement, we are further strengthening the company by continuing to evolve our corporate governance towards global best practices. This effort builds on years of gradual improvements that you should expect to continue over the next few years”, said Rogelio Zambrano, Cemex’s Chairman of the Board of Directors.
