[Last updated: 1 February 2026, unless otherwise noted]

Companies that are listed on the BMV or BIVA are required to comply with the rules on corporate governance contained in the Code. The Code also contains a series of optional recommendations for the issuer to adopt regarding the following:

• Meetings. The Code recommends notifying shareholders 15 days prior to the meeting of all the information contained in the agenda. It also recommends avoiding including different issues within the same item of the agenda.

  A dossier with information on potential voting options and information for the shareholders must be prepared and delivered to the shareholders before the meeting. Special emphasis must be made to the candidate members of the board.

• Board. The board should disclose to the shareholders all the available information regarding any committee (see below for details on committees), as well as names of the individuals involved in such committees. The required communication must be as efficient and up-to-date as possible. The board should be able to define the strategic vision and supervision of the company, appoint the general manager and other high-level officers, create a succession plan for the general manager and promote the implementation of a code of ethics and social responsibility for the company.

  The board should not be able to interfere in the day to day management of the issuer's activities. It must be composed of between three and 21 members. Deputy board members are not encouraged. Twenty five percent of the Board members must be independent from the issuer. The board should meet at least once every four months. All the members of the board should be provided with the required and up-to-date information five days prior to any board meeting.

• Committees.These committees are created for a specific purpose as a result of special circumstances within the company. These committees will be in charge of oversight of company audit procedures, financial, legal, internal control and dealings with related parties matters. They are comprised of three to seven independent board members. Information from these committees must be delivered to the board on a quarterly basis.