Our board of directors is composed of twelve members appointed in accordance with our by-laws. Alfa and Ford agreed to provide Ford the right to designate two members of our board of directors.
Pursuant to the Mexican Securities Market Law, at least 25% of the directors of a public company are required to be independent. Unless otherwise provided in our by-laws, any vote by the board of directors generally requires a majority of directors as a quorum and a majority of those present for approval of any decision. There is no expiration date for a director’s term of office, although directors may be elected, removed or ratified on a yearly basis at our annual shareholders’ meeting. Each director is allowed to continue in his or her position until a new director is appointed, or until his or her death, resignation or removal.