Fresnillo Plc
FRES:LN
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Company Profile
Fresnillo is the world's largest primary producer of silver and Mexico's second largest gold producer. It became the first Mexican company to have its primary listing in London when it floated here in May 2008. The group has three producing mines, all in Mexico.
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Corporate
Board of Directors
Octavio Alvídrez
Chief Executive Officer
Mr Alvídrez has extensive experience within the mining industry and prior to being appointed Chief Executive Officer of Fresnillo plc was General Manager of the Madero mine, one of Mexico\'s largest zinc mines operated by Peñoles. Mr Alvidréz joined the Peñoles Group in August 1988. Since then he has held a number of senior operational and financial positions across Peñoles and Fresnillo, including that of Treasurer, Head of Investor Relations in London and Head of Procurement. He is a graduate of the Universidad de Guanajuato (Mexico), where he gained a degree in Mining Engineering, and holds an MBA from The Wharton School (US).
Mario Arreguín
Chief Financial Officer
Mr Arreguín joined Fresnillo plc from Industrias Peñoles, where he was Chief Financial Officer for 11 years and Group Treasurer for the six years prior. Before joining Peñoles, Mr Arreguín worked in investment banking at Valores Finamex and in Project Management at Dupont México. Mr Arreguín holds a bachelor of chemical engineering degree with honours and received his MBA from the University of Chicago. He also completed the Stanford Executive Program at Stanford University.
Roberto Díaz
Chief Operating Officer
Following a long career in the mining industry, Mr Diaz first joined Peñoles in 1977 and following roles with other groups, rejoined Peñoles in 2007. He has previously served as Fresnillo\'s Vice President of Operations and Vice President of Project Development. Roberto Diaz holds degrees in mining engineering from the University of Guanajuato and the Colorado School of Mines, as well as MBAs from ITAM (Mexico City) and Tulane University (USA).
David Giles
VP, Exploration
Mr Giles was previously employed by Peñoles where he worked for 30 years and had undertaken a number of senior management positions including Vice President of Exploration. Before joining Peñoles, he worked for AMAX, Corona Gold and Tormex. Mr Giles has a bachelor of applied science and engineering degree in geology from the University of Toronto, and holds an MBA from ITESM University in Mexico. He is an officer of the Society of Economic Geologists and the Mexican Association of Mining, Metallurgical and Geological Engineers.
Alberto Baillères
Non-Executive Chairman - Nominations Committee Chairman, Remuneration Committee Member
Mr Baillères has been on the board of Industrias Peñoles since 1962 and has served as Chairman since 1967. He holds extensive experience and knowledge of both the Group and the Mexican markets in which it operates and has overseen the development of both the Fresnillo Group and its associated companies that provide essential services to the Group from both the investor and the supervisory perspectives. The Baillères family first acquired an interest in Peñoles in 1962 and Mr Baillères is currently the controlling shareholder. In addition to Peñoles, as part of the BAL group of companies, Mr Baillères has interests in Grupo Palacio de Hierro, a chain of department stores mainly located in Mexico City, Grupo Nacional Provincial, a leading Mexican insurance company, Grupo Profuturo, a pensions and annuities business, and other businesses relating to financial services and agriculture. Mr Baillères became non-independent Non-executive Chairman on 15 April 2008. Mr Baillères holds numerous other board appointments, being the Chairman of the Board of Directors of Grupo Nacional Provincial, Grupo Profuturo, Valores Mexicanos Casa de Bolsa, Crédito Afianzador, Grupo Palacio de Hierro, and a member of the Board of Fomento Económico Mexicano (FEMSA), a leading international beverage producer and distributor, Grupo Televisa, Grupo Kuo/Dine and BBVA Bancomer. Mr. Baillères is also currently President of Grupo BAL and President of the Board of Trustees of Asociación Mexicana de Cultura, A.C. and Instituto Tecnológico Autónomo de Mexico (ITAM). In addition, Mr Baillères is a member of the Consejo Mexicano de Hombres de Negocios and also of Fundación para las Letras Mexicanas, A.C.
Jaime Lomelín
Non-Executive Director - HSECR Committee
Mr Lomelín spent 36 years at Peñoles where he served as Group Vice President of the metals and chemicals division for four years and subsequently held the position as CEO for 21 years. He brings to the board an invaluable wealth of senior operational experience in the fields of mining and engineering. Mr Lomelín was appointed to the Board on 15 April 2008. Mr Lomelín holds a Bachelor of Science degree in chemical engineering from the Universidad Nacional Autónoma de Mexico (UNAM) and undertook business administration studies at the University of Wisconsin (1958-1959) as well as the AD2 program at the Instituto Panamericano de Alta Dirección de Empresas (IPADE) in 1975 and also the Stanford Executive Program at Stanford University (1984). Mr Lomelín is a member of the Board of Trustees of ITAM and an alternate director of Palacio de Hierro, Grupo Nacional Provincial, Valores Mexicanos Casa de Bolsa and is also Chairman of the Board of Trustees of the Chemistry School at the Universidad Nacional Autónoma de México (UNAM) as well as a member of the Fundación UNAM. Mr Lomelín is a director of the non-profit organisations, INNOVEC, (which promotes the teaching of science), the Mexican Mining Chamber and the Council of Economic Development of the State of Zacatecas.
Alejandro Baillères
Non-Executive Director
Mr Baillères has been Chief Executive Officer of Grupo Nacional Provincial, a leading insurance company in Mexico. He is also a director of several companies within Grupo BAL, including Industrias Peñoles S.A.B. de C.V., the controlling shareholder in Fresnillo. Mr Baillères is also an alternate director of Coca-Cola FEMSA, the largest beverage company in Mexico and serves of the Board of Trustees of ITAM.
Arturo Fernández
Non-Executive Director
Mr Fernández\' economics background, as well as his experience and connections with the Mexican public policy arena is coupled with plural external directorships across a number of sectors to provide the Board with commercial input and the macroeconomic perspective. Mr Fernández was appointed to the Board on 15 April 2008. Mr Fernández holds a bachelor of economics from ITAM as well as a PhD in economics from the University of Chicago. He has previously served as head of the tax policy office at the Mexican Ministry of Finance and as head of the economic deregulation office at the Mexican Ministry of Trade. Mr Fernández has been the rector of ITAM, an independent not-for-profit higher education institution for 20 years. Mr Fernández is a member of both the Board of Directors and the Executive Committee of Industrias Peñoles, Grupo Nacional Provincial, Grupo Profuturo, Group Palacio de Hierro, Valores Mexicanos Casa de Bolsa and Crédito Afianzador. He is also a member of the Board of Directors of Grupo Bimbo, Minera Penmont, Química del Rey and Tecnología del Agua (TECSA) and an alternate director of FEMSA and BBvA Bancomer.
Fernando Ruiz, Fresnillo Board of Directors Fernando Ruiz
Independent Non-Exec Member; Audit, Nominations and Remuneration Committees
Before joining Fresnillo plc, Mr Ruiz was managing partner of Chevez, Ruiz, Zamarripa y Cia., S.C., tax advisers and consultants. He contributes to the Board and Audit Committee proceedings through experience of audit and international accounting frameworks and a specialist knowledge of Mexican tax. Mr Ruiz was appointed to the Board on 15 April 2008. Mr Ruiz graduated from the Universidad Nacional Autónoma de Mexico (UNAM) with a degree in public accounting. He is a member of the Asociación Mexicana de Contadores Públicos and currently Chairman of the tax committee of the Consejo Mexicano de Hombres de Negocios. Mr Ruiz holds numerous board appointments, including Kimberly Clark de Mexico, Mexichem, Grupo Cementos de Chihuahua, Grupo Mexico, Grupo ICA and the Mexican Stock Exchange.
Guy Wilson
Senior Independent NED - Chairman, Audit Committee
Mr Wilson\'s distinguished career within a global audit firm and his experience of capital transactions and corporate actions provide the Board with an important international audit and accountancy perspective; invaluable in the strategic assessment of capital opportunities, and the wider fulfillment of Audit Committee duties, including the interaction with the financial reporting and audit processes. Mr Wilson was appointed to the Board on 1 July 2008. Mr Wilson joined the Board following his retirement from Ernst & Young LLP, where he was employed from 1967, becoming a partner in 1979. From 1972, he specialised in corporate transactions covering IPOs, public fund raising, acquisitions, disposals and defences against hostile bids. From 1989 to 1991, he was seconded to HM Treasury to assist with the privatisations of the UK water and electricity industries and Scottish electricity. From 2000 until joining Fresnillo plc, Mr Wilson primarily, but not exclusively, concentrated on transactions in the financial services sector.
Juan Bordes
Non-Executive Director
Mr Bordes brings to the Board practical and extensive cross-sector business experience, including within financial services. His involvement with the wider BAL-Group helps supplement his external context, bringing group perspective to bear in the Board process. Mr Bordes was appointed to the Board on 11 January 2008. Mr Bordes holds a Bachelor of Science degree in chemical engineering from Universidad Nacional Autónoma de Mexico (UNAM) and attended the Stanford Executive Program at Stanford University. He also attended the Business Management Course at the Instituto Panamericano de Alta Dirección de Empresas (IPADE). Mr Bordes has been corporate director in Técnica Administrativa BAL since 1979. He was the CEO of Artes Gráficas Unidas from 1984-1986 and CEO of Fábricas de Papel Loreto y Peña Pobre from 1986-1989. Since 1989, Mr Bordes has been a member of both the Board of Directors and the Executive Committee of Industrias Peñoles, Grupo Nacional Provincial, Grupo Palacio de Hierro, Grupo Profuturo, Valores Mexicanos Casa de Bolsa, Crédito Afianzador, Profuturo GNP Afore, Profuturo GNP Pensiones, Médica Integral, Bal-Ondeo, Albacor and a member of the Board of Trustees of ITAM.
María Asunción Aramburuzabala
ndependent Non-Exec Member, HSECR Committee
Ms Aramburuzabala is currently Vice Chairman of Grupo Modelo, one of Mexico\'s largest breweries. She also serves on the boards of several companies in Mexico including Grupo Aeroméxico, Grupo Financiero Banamex, Banco Nacional de México, Tresalia Capital and KIO Networks. Her prior directorships include Grupo Televisa, Empresas ICA and América Móvil. She was educated at the Instituto Tecnológico Autónomo de Mexico (ITAM).
Rafael MacGregor
Non-Executive Director - Chairman, HSECR Committee
Mr MacGregor has a wide-ranging commercial experience across a number of sectors, including institutional financial services and the Mexican Stock Exchange. His knowledge of the external investment perspective, coupled with his wider BAL-Group involvement provides an invaluable contribution to the Board\'s strategic process. Mr MacGregor was appointed to the Board on 11 January 2008. Mr MacGregor holds a bachelor of science in business administration from ITAM and attended the Stanford Executive Program at Stanford University. Previous positions held by Mr MacGregor include CEO of Valores Mexicanos Casa de Bolsa (1994-1999); various positions, including corporate director, managing director and vice president of mutual funds at Grupo Financiero Inverlat (1985-1994), manager of investment strategies of Operadora de Bolsa, and investment assistant at Casa de Bolsa Banamex (1982-1983). Since 1999, Mr MacGregor has been a member of the Board of the Mexican Stock Exchange and is a former Vice Chairman of Mercado Mexicano de Derivados (MexDer). Mr MacGregor is the Chairman of Valores Mexicanos Casa de Bolsa, and member of the Board of Directors and the Executive Committee of Industrias Peñoles, Grupo Nacional Provincial, Grupo Palacio de Hierro, Grupo Profuturo, Crédito Afianzador, Mercardo Mexicano de Derivados Bal-Ondeo. He is also a member of the Board of Trustees of ITAM.
Bárbara Garza Lagüera
Independent Non-Exec Member, Nominations Committee
Bárbara Garza Lagüera is the President of the Acquisitions Committee of FEMSA Proyectos Culturales. She is a director of the following publicly listed companies: Coca-Cola FEMSA (KOF) and Fomento Económico Mexicano (FEMSA), the largest franchise bottler of Coca-Cola products in the world. She also serves as a director of Grupo Financiero BBVA Bancomer, Soluciones Financieras (SOLFI), and also on the boards of the not-for-profit organizations Patronato Museo Franz Mayer, Supervisory Commission of the Fondo Nacional para la Cultura y las Artes (FONCA), among others. Bárbara earned a bachelor\'s degree in business and an MBA degree from the Instituto Tecnológico de Estudios Superiores de Monterrey.
Jaime Serra Puche
Independent Non-Exec Member, Audit Committee
Mr. Serra Puche worked in the Mexican government where he served as Undersecretary of Finance, Secretary of Trade and Industry and Secretary of Finance. As Secretary of Trade and Industry he led the negotiation and implementation of NAFTA. Mr. Serra is a director of the following publicly listed companies: The Mexico Fund, Tenaris, Vitro and Alpek. His not-for profit boards included the Corporation of Yale University, where he currently co-chairs The President\'s Council on International Activities. Mr Serra earned his Master\'s in Economics from El Colegio de Mexico and a Ph.D. in Economics from Yale University.
Charles Jacobs
Independent Non-Exec Chairman, Remuneration Committee
Charles Jacobs is regarded as one of the UK\'s leading corporate lawyers, who also has extensive experience and knowledge in the mining sector. He is a senior corporate partner at the global law firm Linklaters LLP and has over 23 years of experience of advising companies, including in relation to their legal and regulatory requirements, general boardroom advice and corporate governance.