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1、Board MonitorMexico 2023CEO&Board of Directors PracticeIn 2022,there was a steep increase in seats on top Mexican boards going to first-time public board directors and a decline in the share of seats going to directors with CEO experience.About the reportThis report is part of Heidrick&Struggles lon
2、g-standing study of trends in board composition in markets around the world.Produced by our global CEO&Board Practice,these reports track and analyze trends in non-executive director appointments to the boards of the largest publicly listed companies in Australia(ASX 200),Belgium(BEL 20),Brazil(BOVE
3、SPA),Canada(TSX 60),Colombia(COLCAP),Denmark(OMX Copenhagen 25),Finland(OMX Helsinki 25),France(CAC 40),Germany(DAX and MDAX),Hong Kong(Hang Seng),Ireland(ISEQ),Italy(FTSE MIB),Japan(TOPIX Core 30),Kenya(NSE Top 40),Mexico(BMV IPC),the Netherlands(AEX),New Zealand(NZX 10),Norway(OBX),Poland(WIG 20),
4、Portugal(PSI 20),Saudi Arabia(Tadawul),Singapore(STI 30),South Africa(JSE Top 40),South Korea(KOSPI 50),Spain(IBEX 35),Sweden(OMX 30),Switzerland(SMI Expanded),the United Arab Emirates(ADX and DFM),the United Kingdom(FTSE 350),and the United States(Fortune 500).Information about executives is gather
5、ed from publicly available sources,BoardEx,and a Heidrick&Struggles proprietary database.Thanks to the following Heidrick&Struggles colleagues for their contributions to this report:Lewis AdamsMexico CityLydia PerazaMexico City Carlos VazquezMexico CityWelcome to Board Monitor Mexico 2023A tipping p
6、oint for Mexican boards4A preference for fresher perspectives6Snapshot of 2022 findings5Diversity stalling9Looking forward11Professional experience7HEIDRICK&STRUGGLES3 A tipping point for Mexican boardsAs the Mexican economy is easing out of an economic slowdown,this is a critical moment for boards
7、to make a strategic shift from protection measures and cost efficiency into a growth mindset.Many large Mexican companies are at a tipping point:they need to conduct a strategic review and consider expanding into other marketsfor growth,greater capital access,and risk diversificationprimarily the Un
8、ited States,Latin America,and Europe.Going global,however,will also require companies to rethink their approaches far beyond business strategy and into areas such as talent,culture,and risks including cybersecurity,geopolitics,and sustainability.Mexico is gradually developing reforms in corporate go
9、vernance,focusing on independence and diversity of board members,though at a slower pace compared to other regions.We have seen more organizations opening up their boards to independent directors with no family or other close ties to company leadership,a clear sign of professionalization.We also not
10、ed a steep increase in the share of seats going to first-time public board directors and a decline in the share of seats going to directors with CEO experience;boards are more open to complementing existing broad executive acumen with direct experience navigating digitally driven transformations and
11、 emerging risks.When it comes to diversity,gender representation has been at the main focus of DE&I initiatives in Mexico because the country is at a different level when it comes to the diversity of the talent pool:in 2022,the labor force participation rate among women in Mexico was only 45.7%,comp
12、ared to 50.9%in Colombia and 53.6%in Brazil.1 But Mexican businesses should also consider how to expand DE&I goals beyond gender diversity on boards and workforce.Thus far,we have seen only a few,early signs of companies considering a broader definition of diversity.So how did Mexican boards2 approa
13、ch hiring new directors in 2022?2 The analysis in this report includes 35 companies from the BMV IPC and an additional 6 companies from the BIVA.1“Gender Data Portal,”The World Bank,accessed October 12,2023,genderdata.worldbank.org.BOARD MONITOR MEXICO 20234 HEIDRICK&STRUGGLES5 Snapshot of 2022 find
14、ingsNumber of appointments30Career experience C-suite experience Experience(%)Current or former CEO experienceFirst-time public board experience:67Previous public board experience:330RetiredActive0100Active vs.retired(%)Current or former CFO experienceGender balance(%)6337WomenMen35%43%17%Share of c
15、ompanies with a new appointmentNationality(%)Average age56404713NationalNon-nationalN/AOther previous experience(%)C-level previous experience(%)CybersecurityInternationalSustainability executive experienceSustainability committee experienceCEOCFOCOOOther C-level401743730740MBA53%Education(%)Bachelo
16、rs degreeMasters degreeJDPhDN/A10340343Note:Numbers may not sum to 100%,because of rounding.Note:The analysis in this report includes 35 companies from the BMV IPC and an additional 6 companies from the BIVA.Nationality(%)MexicanFrenchBritishAmericanIndianPuerto RicanArgentinItalo-BrazilianVenezuela
17、nN/A4020733333313A preference for fresher perspectives There was a small uptick in the number of director appointments at BMV and BIVA companies.All 2022 appointments went to directors who are active in their executive roles,tapping into the experience of leaders who have to deal with the same chall
18、enges as the board in real time.This is an outlier:aside from Mexico,the share of seats going to active directors ranged from 75%in Portugal to 31%in Ireland.1007496BOARD MONITOR MEXICO 20236 Number of board seats filled,20202022(%)202020212022Active executives,20202022(%)202020267718We a
19、lso saw a significant increase in the share of seats that went to first-time directors,from 18%in 2021 to 67%in 2022.In our view,both these trends reflect a notably increased appetite for bringing on directors with experience driving digital growth,transformation,strategy,or risk mitigationissues th
20、at are at the top of boards agendas.Other in-demand areas of executive experience include operations and strategy,along with regional leadership.The share of seats going to directors with strategy experience is significantly above average compared to the other markets we have analyzed,but in line wi
21、th many Mexican companies market expansion ambitions.Professional experience When it comes to professional experience,we saw a continuing decline in the share of seats that went to directors with CEO experience.The share of seats going to directors with CFO experience saw a modest uptick,which follo
22、ws a trend we have observed on boards in many countries in periods of economic uncertainty.CEOCOOChief strategy officerRegional president/CEOChief corporate development officerCFOChief investment officerDivision president/CEOChief revenue officerChief development officerChief logistics officerChief
23、planning officerChief risk officerChief accounting officerChief administrative officerChief compliance officerChief corporate social responsibility officerChief credit officerChief diversity officerCHROCMOChief medical officerCTOGeneral counselMost frequent executive backgrounds(%)2020202
24、202033373337333733HEIDRICK&STRUGGLES7 Current or former CEO experienceCurrent or former CFO experienceFirst-time public board members,20202022(%)CEO and CFO trends,20192022(%)None of the directors in the 2022 cohort had cybersecurity experience,which is an area in wh
25、ich Mexican boards will likely need to get increasingly involved,because Mexico was one of the countries hit the hardest by cyberattacks in 2022.3 The level of sustainability experience was also quite low,and at a time when the pressure to act in a sustainable manner has been increasing from regulat
26、ors,customers,investors,and employees alike.On another note,considering the ambition of many Mexican companies to expand into international markets,it was encouraging to see the share of seats going to directors with international experience jump from 32%in 2021 to 40%in 2022.Cybersecurity experienc
27、eSustainability experienceInternational experience 0%40%7%7%Industry experience,by board industry(%)Business servicesConsumerFinancial servicesIndustrialLife sciencesTechnology OtherOverall37271357573Industrial222256100Financial services50008333Consumer47877132777When it comes to industry experience
28、,Mexican boards showed a preference for directors with experience in the same sector as the board and organization;at the same time,financial services backgrounds were highly valued in each sector.3“Mexico is one of the top victims of cyberattacks in Latin America,”Mexico News Daily,Decem
29、ber 27,2022,.BOARD MONITOR MEXICO 20238 Sustainability executive experienceSustainability committee experience333736Diversity stalling Gender representation among new directors has held almost steady for the past three years.There are some sector variations,with financial services sector reaching pa
30、rity and only one-third of appointments going to women in the consumer and industrial sectors.202020212022Share of new appointments going to women,20202022(%)Gender diversity,by industry(%)MenWomenConsumerFinanical ServicesIndustrial503333675067HEIDRICK&STRUGGLES9 Younger than 454545.95054.95559.960
31、64.96569.970 or olderN/AAge distribution,2021 vs.2022(%)3432BOARD MONITOR MEXICO 202310 The average age of new directors rose sharply compared to 2021,going from 53 to 56 years.This is despite a significant increase of directors who are active or have no prior board
32、experience.The rise is driven by a significantly lower share of seats going to directors under 45,which is consistent with the need to bring senior-level expertise to review strategic shifts.Average age,20192022(%)20202021202258.655.753.0Looking forwardThe shift from cost-cutting mode to market expa
33、nsion is prompting boards to reconsider how their board composition should reconfigure to ensure they are best equipped with the skill sets and experiences needed to make the right decisions for their companies today and in the future.Among the practices of best-in-class international boards are:Ens
34、uring a mix of perspectives and backgrounds:The decrease in the share of appointments going to directors with CEO backgrounds opens up the opportunity to bring in executives who could provide critical insights into areas that are shaping business strategy:people and talent,technology,or sustainabili
35、ty.Mexican boards had a strong preference for candidates with a strategy background,in line with a desire to expand their businesses.On the other hand,the low share of seats that went to directors with CHRO or CTO backgrounds(and cybersecurity experience)might hamper the successful implementation of
36、 talent strategies,digitization,or dealing with the increasing threat of cybersecurity.HEIDRICK&STRUGGLES11 Tapping into international talent:Attracting directors with international experience is vital for companies with ambitions to expand globally,and many board members we talked to are planning t
37、o tap into the rich yet underutilized Hispanic and Latino executive talent pool in United States.Forty percent of the board seats in 2023 went to directors with international experience,compared to 32%in 2021.ConclusionTo build a future-proof board,every company needs to shape its ideal mix of board
38、 experience,perspectives,and appropriate governance mechanisms based on its own stage of maturity,strategic goals,and organizational strengths and weaknesses.But the key principle of board composition remains unchanged:for competitive advantage,companies should maintain the overall strategic value o
39、f the board in its entirety,rather than focus on individual appointments.Keeping a tight focus on diversity:Many Mexican companies have made progress on the gender diversity front.However,they still have a significant gap to overcome as only 7.8%of the board seats listed on the Mexican Stock Exchang
40、e(BMV)are held by women.4 Aside from gender,boards are also increasingly looking at a wider range of ages to make sure that more generations are represented around the table,as many companies now have workforces that include five different generations.4 Sofa Garduo,“Boardrooms in Latin America lack
41、female representation,”Mexico Business News,mexicobusiness.news.BOARD MONITOR MEXICO 202312 CEO&Board of DirectorsPracticeHeidrick&Struggles CEO&Board of Directors Practice has been built on our ability to execute top-level assignments and counsel CEOs and board members on the complex issues directl
42、y affecting their businesses.We pride ourselves on being our clients most trusted advisor and offer an integrated suite of services to help manage these challenges and their leadership assets.This ranges from the acquisition of talent through executive search to providing counsel in areas that inclu
43、de succession planning,executive and board assessment,and board effectiveness reviews.Our CEO&Board Practice leverages our most accomplished search and leadership consulting professionals globally who understand the ever-transforming nature of leadership.This expertise,combined with in-depth industr
44、y,sector,and regional knowledge;differentiated research capabilities;and intellectual capital,enables us to provide sound global coverage for our clients.Leaders of Heidrick&Struggles CEO&Board PracticeBonnie Gwin New YRoberto Hall BCarlos Vazquez Mexico CLyndon A.Taylor CJeffrey Sanders New YNancie
45、 Lataille MPaulo Mendes Miami&So PAlice Breeden London Kit Bingham London Marion Fengler-Veith Zurich Tatiana Furtseva Kiev Imke Lampe Amsterdam Cheli Nachman Tel Aviv Nicolas von Rosty Munich Sylvain Dhenin Paris Marie-Hlne De Coster Benelux Patrik Hammar Stockholm Veronique Parkin Johannesburg Lui
46、s Urbano Madrid Stafford Bagot Dublin Merja Eskola Helsinki Lukasz Kiniewicz Warsaw Tobias Petri Copenhagen Flavio Zollo Milan Guy Farrow SAya Iinuma TMark Sungrae KimSMarkus Wiesner Dubai Richard Guest Dubai Maliha Jilani DLinda Zhang Shanghai Hnn-Hui HiiSFergus Kiel Sydney David Hui Hong Kong Suresh RainaMumbai GlobalAmericasEurope and AfricaAsia Pacific and Middle EastCopyright 2023 Heidrick&Struggles International,Inc.All rights reserved.Reproduction without permission is prohibited.Trademarks and logos are copyrights of their respective owners.Laryssa Topolnytsky,PhDT