Board of Directors

Latinex

Board of Directors

The Board of Directors of Latinex is made up of eleven (11) Directors, where at least two (2) are Independent Directors as established in the Articles of Incorporation and the Bylaws of the company, and at least four (4) are women, thus complying with the percentage of participation of women required by Law 56 of July 11, 2017 (minimum 30%).

The Directors are chosen by the General Meeting of Shareholders that is held annually. The election of Directors is carried out in staggered periods, so that there is always continuity in management.

The officers of the company (President, Vice President, Secretary and Treasurer) are chosen annually by the Board of Directors itself.

The Board of Directors is constituted as follows:

Name	Role	Period	Text
Arturo Gerbaud de la Guardia	Independent Director / President	2023-2025	Graduated in Law and Political Science from the Universidad Santa María la Antigua and has a Master of Laws (LL.M.) from the Duke University School of Law, Durham, North Carolina, United States. He has more than 30 years of experience in legal practice, mainly in the areas of banking and finance, capital markets, and mergers and acquisitions. From 1990 to date he has worked at the firm Alemán, Cordero, Galindo & Lee, of which he has been a partner since 1992. He is a member of the Panama Bar Association and from 2003 to 2019 he was a member of the Board of Directors of the Superintendency of Banks of Panama. Panama.
Roberto Brenes	Director/Vice President	2023-2025	He holds a Master's Degree in Business Administration with an emphasis in Finance and Operations Research from Columbia University and a Bachelor's Degree in Administration and Economics from the Monterrey Institute of Technology. He has more than 50 years of experience, mainly in the banking and stock market areas. He is currently Director of Canal Bank and President of Singular Securities. From 2003 to October 2015, he held the position of Executive Vice President and General Manager of the Panama Stock Exchange, SA (today the Latin American Stock Exchange, SA) and from 1999 to 2003 he was Commissioner of the National Securities Commission of Panama (today the Superintendency of the Securities Market of Panama). He was General Manager of Canal Bank from 2016 to 2019.
Mónica García de Paredes de Chapman	Director / Secretary	2023-2025	She holds a bachelor's degree from The George Washington University School of Business and a Master's in Business Administration from INCAE Business School. She has more than 30 years of experience in the Financial Sector and more than 15 years of participation as a member of Boards of Directors. From 2008 to 2010, she was the president of the Chamber of Issuers of Panama and president of the Association of Directors of Panama (ADP) from January 2022 to December 2023. She is the founder and president of the Psoriasis Foundation of Panama. Currently, she is a member of the Boards of Directors of Global Bank Corp., Progreso, SA, Aseguradora Global, Global Valores, SA, Fondo Global de Inversiones, SUR Fund and Nuevos Hoteles de Panamá. She is president of the Corporate Governance and Sustainability Committee and the Anti-Money Laundering Prevention Committee and a member of the Risk Committee of Global Bank. At Latinex, he chairs the Sustainability and CSR Committee and participates in the Corporate Governance, IT and Investment Committees.
Carlos Antonio Mendoza V.	Director/Treasurer	2024 - 2026	He received his undergraduate education from Harvard University, where he earned a Master of Public Policy from the John F. Kennedy School of Government and a Bachelor of Arts in Economics from Harvard College. He has over 30 years of experience in the financial sector and the stock market. He is currently Director of Corporate Finance for ASSA Compañía de Seguros. For 16 years, as part of the Inversiones Bahía team, he actively participated as an investment banker in private equity investments and mergers and acquisitions in the banking, insurance, telecommunications, media, air transportation, retail, distribution and energy sectors. Previously, he worked at Banco Continental de Panamá and Wall Street Securities. At the latter, he led the development, registration and listing of the first mutual fund that invested in shares of Panamanian companies, as well as two other funds. He began his professional career at Chase Manhattan Bank.
Christine Ariane Müller S.	Director	2024-2026	She has a double bachelor's degree in Economics and Psychology from the University of Pennsylvania and a Master's in Business Administration from IESE Business School. He has more than 15 years working in the areas of estate planning, finance, risk management, and corporate governance. She is the Founder and General Manager of Atlas Solutions, a company that provides corporate, legal, and financial services for people and institutions. Previously, Ms. Müller worked in the areas of wealth management at Merrill Lynch, UBS, and in the treasury of Banco General, SA. She is a Director of Banco Delta, SA, where she participates in various Committees and chairs the Human Resources Committee. She is an active member of the Panama Directors Association and provides advice to family businesses.
José Antonio Montero M.	Independent Director	2024-2026	He holds an MBA from Cornell University and a BS in Aeronautical Studies from Embry-Riddle Aeronautical University. He has over 30 years of experience working in the financial area of the aviation sector. Mr. Montero has been Senior Vice President of Finance and CFO of Copa Holdings, SA since March 2013. He began his career with Copa Airlines in 1993 and has held various technical, supervisory and administrative positions within the Company, such as Flight Operations Manager, Director of the System Operations Control Center (SOCC) and, between 2004 and 2013, Director of Strategic Planning.
Gary Chong-Hon Cabada	Director	2024-2026	He holds an MBA (Corporate Finance and Strategy) from Georgetown University (The Robert Emmett McDonough School of Business) and a Bachelor of Science in Business Administration (Finance and International Business) from Villanova University. He has over 20 years of experience in the areas of investment banking, consulting, financial markets and securities. He currently holds the position of Vice President of Investment Banking at Banco General, S.A. Previously, Mr. Chong-Hon worked at KPMG Consulting, Inc. (Miami, FL) as a Financial Services Consultant for the Real Estate and Hospitality sectors. Additionally, he is Treasurer of Fundación Pro-Enfermos Contra el Cáncer (Fundacáncer) and Fundación Dona Vida.
Ana Graciela de Méndez	Director	2023-2025	Ms. Méndez holds a Master’s Degree in Finance from the A.B. Freeman School of Business at Tulane University (USA) and from the Business School at Universidad Francisco Marroquin (Guatemala); completed an Advanced Management Program from the Haas School of Business at UC Berkeley (USA); and holds a Bachelor’s Degree in Business and Economics with specialization in Economics and Mathematics, from Albertus Magnus College (USA). Since December 2017, she has served as Executive Vice President, Chief Financial Officer or CFO of Banco Latinoamericano de Comercio Exterior (Bladex), a Panama based multinational entity, specialized in trade finance in the Latin American and Caribbean Region, listed in the New York Stock Exchange (NYSE). She previously served in various capacities within Bladex, including executive positions in Finance, Commercial and Economic areas since 1990, when she joined the Bank.
Manuel Alemán Márquez	Director	2023-2025	He earned his Bachelor's degree in Economics from Purdue University in Indiana, USA and his MBA from Duke University in North Carolina, USA. From 2002 to 2005 he worked in the Treasury of Citibank, and then at Citivalores as a Stockbroker and Manager, focused on expanding the client base in Panama and the region. For 15 years he has been VPA at BG Valores, where he has been responsible for managing relationships with institutional, regional, and family office clients, and their investment portfolios. He leads a team of Stockbrokers in the UHNW segment. He is a member of the Investment Committee of the General Investment Fund. From 2018 to 2023 he represented the Financial Sector in the Chamber of Commerce, Industries and Agriculture as a Director and Dignitary. He also participated as a member of the Executive Committee, Banking Committee, and Digital Economy Committee. He has various accreditations from specialized courses in financial markets granted by investment banks and academic institutions.
Jorge Vallarino Ferrer	Director	2023-2025	He holds a Bachelor's degree in Finance from Florida International University in Florida. He has been a partner at Morgan & Morgan since 2015 and has more than 26 years of experience in different branches of the securities market and banking industry. He began his career with MMG Bank, looking after balance sheet operations and the trading desk. He currently serves as VP of Treasury & Finance at MMG Bank, where he also oversees the management of the MMG family of funds and the group's operational infrastructure. He holds a Securities Broker and Principal Executive license issued by the Superintendency of the Securities Market of Panama.
Maria del Carmen de Diego	Director	2024-2026	She has approximately more than twenty-five (25) years working in the areas of portfolio management and supervision of operational issues of financial products offered to clients. He studied at the Latin American University of Science and Technology (ULACIT), obtaining a Bachelor's Degree in Banking and Finance and a Master's Degree in Maritime Administration. He maintains a Stock Broker and Securities Analyst License granted by the Superintendence of the Stock Market and several certifications/courses related to KYC, FATCA, CRS. Since 2013, she has been VP of Private Banking at Prival Bank. Previously, she held the position of Financial Advisor – Private Banking at HSBC Bank Panama, Branch Manager at Primer Banco del Istmo, and Branch Manager at Primer Banco de Ahorros.

Latinex

Committees

Latinex maintains the following permanent Committees:

Audit committee:

The main function is to ensure the proper functioning of the internal control system and the integrity of the financial information of the Latin American Stock Exchange, SA. It will be made up of at least three (3) directors of the Latin American Stock Exchange, SA and by individuals who are not part of the Board of Directors but who have the necessary experience and/or knowledge to fulfill the functions and responsibilities. All members have the right to speak and vote. The General Manager and the Internal Auditor of the economic group, as well as advisors or any other guest determined by the Committee, will be invited to participate, with the right to speak.

Currently its members are:
- Roberto Brenes (President)
- Jorge Rafel Cano Quiroz (External Member)
- Ana Graciela de Méndez
- Jose Montero
- Maria Del Carmen de Diego
- Jorge Vallarino

Risk committee:

Its main function is to identify, establish and implement criteria to minimize the risks inherent to the operations carried out by the Latin American Stock Exchange, SA, based on best practices and international standards. It will be made up of at least three (3) directors of the Latin American Stock Exchange, SA and by people who are not part of the Board of Directors but who have the experience and/or knowledge necessary to fulfill the functions and responsibilities. All members have the right to speak and vote. The General Manager, Internal Control Officer of the economic group and Compliance Officer, as well as advisors or any other guest determined by the Committee, will be invited to participate, with the right to speak.

Currently its members are:
- Arturo E. Carvajal (President and External Member)
- Roberto Brenes
- Gary Chong-Hon
- Christine Müller
- Ana Graciela de Mendez
- Maria del Carmen de Diego

Ethics and Compliance Committee:

Its main function is to plan, coordinate and ensure compliance with current legislation on the Prevention of Money Laundering, Financing of Terrorism and Financing of the Proliferation of Weapons of Mass Destruction, as well as ensuring that Members and Issuers of securities comply with all internal company rules. It will be made up of at least three (3) directors of the Latin American Stock Exchange, SA and by people who are not part of the Board of Directors but who have the experience and/or knowledge necessary to fulfill the functions and responsibilities. All members have the right to speak and vote. The General Manager, Compliance Officer and Internal Auditor of the economic group, as well as advisors or any other guest determined by the Committee, will be invited to participate, with the right to speak.

Currently its members are:
- Rafael Moscarella (President and External Member)
- Arturo Gerbaud
- Christine Müller
- Jose Montero

Technology Committee:

Its main function is to promote the technological development necessary for the management of the company's business. It will be made up of at least two (2) directors of the Latin American Stock Exchange, SA, who holds the Executive Vice President of Latinex Holdings, Inc., the Systems Project Manager and Systems Security Officer of the operating companies of the economic group. and an advisor or specialist in the matter. Other managers of the operating companies and other specialist advisors that the members of the Committee consider necessary to hire and/or invite may be invited to participate in this Committee, all with the right to speak, but without vote.

Currently its members are:
- Gary Chong-Hon (President)
- Monica Chapman
- Christine Müller
- Alejandro Carbonell (External Member)
- Manuel Alemán Márquez
- Lilia Liu (External Member)

Latinex