Luis Armando Alvarez
About Luis Armando Alvarez
Luis Armando Alvarez has served as an independent director of Maquia Capital Acquisition Corporation (MAQC) since May 2021, chairing the Audit Committee and being designated the board’s “audit committee financial expert.” He is President of MXC, a boutique investment bank, and previously was CEO of Banco Actinver, Managing Director at Santander Bank, and a senior executive at IXE Grupo Financiero. He holds a degree in Accounting and a Master’s in Finance from Universidad del Valle de México .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| MXC (boutique investment bank) | President | Apr 2019–present | Oversees global operations |
| Banco Actinver (BMV: ACTINVRB) | Chief Executive Officer | Jan 2013–Apr 2019 | Led bank operations |
| Santander Bank, S.A. (NYSE: SAN) | Managing Director | Jul 2011–Dec 2013 | Investment banking, advisory, capital raising |
| IXE Grupo Financiero | General Director, Institutional Sales; Government/Federal Entities | Jan 2002–Jun 2011 | Investment banking, derivatives, asset management |
External Roles
| Organization | Role | Status | Notes |
|---|---|---|---|
| MXC | President | Current | Boutique investment bank leadership |
Board Governance
- Committee assignments: Audit Committee Chair; member, Compensation Committee (initially) .
- Independence: Board determined Alvarez is an “independent director” under Nasdaq and SEC rules .
- Financial expertise: Board designated Alvarez as an “audit committee financial expert” .
- Audit Committee charter highlights: auditor oversight, pre-approval of services, audit partner rotation, annual auditor independence report, and prior approval of related-party transactions (Item 404) .
- Board structure/tenure: Classified board; Alvarez is a Class II director; re-elected at the May 20, 2024 annual meeting .
- Meeting attendance: Company “encourages” director attendance at annual meetings; 2024 was the second annual meeting; specific attendance rates not disclosed .
Fixed Compensation
| Component | Amount/Policy | Period | Notes |
|---|---|---|---|
| Non-employee director cash/equity | Not paid prior to initial business combination | SPAC phase | “No compensation of any kind… will be paid to stockholders, officers, directors or affiliates prior to consummation of an initial business combination” . |
| Committee chair/member fees | Not paid prior to initial business combination | SPAC phase | Policy applies during SPAC phase . |
| Meeting fees | Not paid prior to initial business combination | SPAC phase | Policy applies during SPAC phase . |
Performance Compensation
| Metric/Plan Feature | Disclosed? | Notes |
|---|---|---|
| Performance metrics (e.g., revenue, EBITDA, TSR) | Not applicable | No director compensation is paid pre-business combination per SPAC policy, so no performance-linked director pay applies . |
| Options/RSUs/PSUs | Not applicable | No grants disclosed for directors during SPAC phase . |
| Clawbacks/CoC terms | Not disclosed | No director pay disclosed in SPAC phase . |
Other Directorships & Interlocks
| Company | Public/Private | Role | Overlap/Interlock Risk |
|---|---|---|---|
| MXC | Private | President | Potential deal-advisory interlock if MXC were involved with MAQC counterparties; Audit Committee charter requires prior approval of related-party transactions . |
| Banco Actinver | Public (Mexico) | Former CEO | Historical role; no current interlock disclosed . |
| Santander Bank | Public | Former Managing Director | Historical role; no current interlock disclosed . |
No current public-company board roles beyond MAQC are disclosed for Alvarez .
Expertise & Qualifications
- Senior banking leadership across investment banking, capital markets, asset management; fits Audit Chair and “financial expert” designation .
- Accounting and finance academic credentials (Accounting degree; Master’s in Finance, Universidad del Valle de México) .
Equity Ownership
| Holder | Class A Shares | Class B Shares | % of Outstanding | Notes |
|---|---|---|---|---|
| Luis Armando Alvarez | — (none disclosed) | — (none disclosed) | — | Beneficial ownership table lists no holdings for Alvarez as of Jan 3, 2025 record date . |
| Sponsor (Maquia Investments North America, LLC) | 2,712,458 | 2,128,715 | ~92.7% of common stock combined | Sponsor control and high insider voting power; public shares heavily redeemed . |
Insider Trades
| Filing Date | Form | Reporting Name | Transaction Date | Securities Owned (post) | URL |
|---|---|---|---|---|---|
| 2021-05-04 | Form 3 (Initial Statement) | Alvarez Luis Armando | 2021-05-04 | 0 | https://www.sec.gov/Archives/edgar/data/1844419/000110465921061255/0001104659-21-061255-index.htm |
- No Form 4 transactions by Alvarez were retrieved in 2021–2025; only initial Form 3 on appointment [Form 3 record via insider-trades skill].
Shareholder Voting Signal
| Proposal | For | Against | Abstain | Date |
|---|---|---|---|---|
| Election of Luis Armando Alvarez (Class II Director) | 5,506,100 | 23,442 | 0 | May 20, 2024 |
| Ratification of Marcum LLP (auditor) | 5,529,541 | 1 | — | May 20, 2024 |
Governance Assessment
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Strengths:
- Independent director; Audit Committee Chair and designated “financial expert” under SEC rules .
- Audit Committee charter includes robust controls: audit oversight, pre-approval of services, auditor independence reviews, and prior approval of related-party transactions (important in SPAC contexts) .
- Strong re-election support at 2024 annual meeting suggests investor confidence in board composition .
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Risks and red flags:
- Zero disclosed personal share ownership—limited “skin-in-the-game” alignment, while Sponsor collectively controlled ~92.74% of voting power on the 2025 special meeting record date .
- SPAC governance stressors: extensive redemptions and charter extension process with filing remediation and a noted scrivener’s error; SEC staff comment letter referenced, indicating process risk that the board (including Audit Chair) had to navigate .
- Concentrated Sponsor control could diminish independent director influence despite formal independence .
- Family relationship on board/management (COO is son of a director), increasing related-party scrutiny; Audit Committee’s authority to pre-approve related transactions is essential mitigation .
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Related-party transactions: No Alvarez-specific related-party transactions disclosed; the Audit Committee pre-approves any Item 404 transactions and reviews legal/regulatory matters .
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Attendance and engagement: The company encouraged director attendance and held its second annual meeting in 2024 to cure a Nasdaq deficiency; specific attendance rates for Alvarez not disclosed .
Overall, Alvarez’s deep banking experience and audit chair role are governance positives for financial oversight, but low ownership alignment and Sponsor voting control pose investor-confidence risks during the SPAC extension phase .