Alfonso de Angoitia Noriega
Liberty Latin AmericaAbout Alfonso de Angoitia Noriega
Independent director (Class III) at Liberty Latin America (LILA) since December 2017; age 63. He is Co-Chief Executive Officer of Grupo Televisa, S.A.B. (since January 2018) and Executive Chairman of TelevisaUnivision; previously Executive Vice President of Televisa (since May 2000) and CFO (1999–2003). A founding partner of the law firm Mijares, Angoitia, Cortés y Fuentes, S.C. LILA’s board identifies him as an independent director .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Grupo Televisa, S.A.B. | Co-Chief Executive Officer | Jan 2018–present | Senior leadership of major Spanish-language media and cable operator |
| TelevisaUnivision | Executive Chairman | Current | Strategic oversight of combined media platform |
| Grupo Televisa, S.A.B. | Executive Vice President | May 2000–Jan 2018 | Corporate leadership |
| Grupo Televisa, S.A.B. | Chief Financial Officer | 1999–2003 | Financial stewardship |
| Mijares, Angoitia, Cortés y Fuentes, S.C. | Founding Partner | Prior to 1999 | Corporate law expertise |
External Roles
| Company/Institution | Role | Since | Notes |
|---|---|---|---|
| Grupo Televisa, S.A.B. | Director | Apr 1997 | Public company directorship |
| Univision Communications Inc. | Director | Dec 2010 | Board service; company referenced in LILA proxy as “other public company directorship” |
| Grupo Financiero Banorte, S.A.B. de C.V. | Director | Apr 2015 | Public company directorship |
Board Governance
- Committee assignments: Audit Committee member; designated an “audit committee financial expert” by the Board .
- Committee chairs: None at LILA (not a chair of Audit, Compensation, Nominating, or Executive committees) .
- Independence: Listed among LILA’s independent directors .
- Attendance/engagement: In 2024, LILA held 5 Board, 6 Audit, 4 Compensation, 1 Nominating, and 3 Executive meetings; every director attended at least 75% of Board and applicable committee meetings. Nine of ten directors attended the 2024 AGM .
- Executive sessions: Independent directors met in two executive sessions in 2024 .
Fixed Compensation (Director)
| Component | 2024 Amount (USD) | Detail |
|---|---|---|
| Annual cash retainer | $100,000 | Standard non-employee director retainer |
| Audit Committee member fee | $10,000 | $10k for Audit or Compensation membership; he is on Audit |
| Equity grant (RSUs) – LILA | $48,504 | Part of $150,000 combined director RSU award (1:2 LILA:LILAK) |
| Equity grant (RSUs) – LILAK | $97,953 | Part of $150,000 combined director RSU award |
| Change in deferred comp earnings | $1,606 | Change in nonqualified deferred comp earnings |
| Total 2024 compensation | $258,063 | Sum of items; includes sub-lines for stock awards |
Additional compensation mechanics:
- Directors may elect to take quarterly cash fees in shares; Mr. de Angoitia took approximately $53,269 in shares in 2024 .
- Annual director RSUs vest fully on March 15 of the following year .
Performance Compensation
- LILA does not use performance-based pay for directors; annual director equity is time-based RSUs (LILA and LILAK) vesting one year after grant .
- No director-specific performance metrics, options, or PSUs disclosed for Mr. de Angoitia (option awards “—” in the 2024 director table) .
Other Directorships & Interlocks
| Company | Type | Potential Interlock Consideration |
|---|---|---|
| Grupo Televisa, S.A.B. (Co-CEO; Director) | Media/cable | Media distribution leadership experience; LILA proxy reports no related-party transaction with Televisa |
| TelevisaUnivision (Executive Chairman) | Media | Content distribution exposure; no related-party transactions disclosed by LILA |
| Grupo Financiero Banorte, S.A.B. de C.V. (Director) | Banking | Financial expertise; no LILA related-party transactions disclosed |
Note: LILA’s “Certain Relationships and Related Party Transactions” section discloses a consultant engagement unrelated to Mr. de Angoitia; no transactions involving him or his affiliated entities are reported .
Expertise & Qualifications
- Designated Audit Committee Financial Expert; deep finance and governance experience .
- Senior executive leadership across media distribution and telecommunications in Latin America; legal background as founding law firm partner .
- Regional expertise across Latin America and the Caribbean, aligned with LILA’s footprint .
Equity Ownership
| Security | Beneficially Owned (2/28/2025) | Notes |
|---|---|---|
| LILA (Class A) | 35,457 | Includes RSUs scheduled to settle within 60 days: 3,937 LILA |
| LILAB (Class B) | — | None reported |
| LILAK (Class C) | 78,385 | Includes RSUs scheduled to settle within 60 days: 7,874 LILAK |
| Director RSUs outstanding (12/31/2024) | 7,874 LILA; 15,748 LILAK | Director award inventory at year-end |
| Q1-2025 fees-in-shares election | 1,467 LILA; 2,932 LILAK | Shares taken in lieu of cash retainer for quarter ended Mar 31, 2025 |
Pledging/hedging:
- Insider Trading Policy applies to directors; prohibits short sales; hedging/monetization transactions require pre-clearance; no specific prohibition on hedging; no pledging disclosed for Mr. de Angoitia (a separate director has pledged shares, noted elsewhere) .
Governance Assessment
Strengths
- Independent director with strong regional and industry expertise; member of a financially sophisticated audit committee and designated as an audit committee financial expert, supporting oversight of financial reporting and controls .
- Attendance threshold met; board held extensive committee activity; independence reinforced by executive sessions of independent directors .
- Alignment signals: elected to receive a portion of fees in stock; holds LILA/LILAK equity; director equity is time-based and vests annually, reinforcing continuity and alignment .
Watch items / potential conflicts
- Concurrent senior leadership at Televisa/TelevisaUnivision (media/content) while LILA operates telecom/cable networks may create perceived conflicts in carriage/content negotiations; LILA reports no related-party transactions involving him or affiliates for 2024–2025 .
- Multiple external commitments (Televisa, TelevisaUnivision, Banorte) may constrain time; however, proxy discloses he met attendance thresholds and remains independent .
- Company-wide policy does not categorically ban hedging (requires pre-clearance), which some investors view as a governance soft spot, though short sales are prohibited .
Context: Shareholder voice on pay/governance
- Say-on-pay support of ~93% at 2024 AGM; frequency set to every three years (most recent program changes retained) .
Overall implication for investor confidence
- His audit committee role and financial expert designation bolster board oversight quality; equity-taking behavior enhances alignment. The lack of disclosed related-party transactions mitigates conflict concerns despite prominent media roles. Attention should remain on time commitments and any future commercial dealings between LILA and Televisa/TelevisaUnivision.