Pedro Manuel Zorrilla Velasco
About Pedro Manuel Zorrilla Velasco
Pedro Manuel Zorrilla Velasco has served as a director of Maquia Capital Acquisition Corporation (MAQC) since May 2021. He previously served as Co-Chief Executive Officer and Chief Operating Officer of the Mexican Stock Exchange (BMV) from June 2001 to March 2018, following a prior role as Technical Director at the Mexican Banks Association from May 1995 to June 2001. He holds a Bachelor’s degree in Economics from Instituto Tecnologico Autonomo de Mexico and a Master’s in Public Administration from Harvard University’s John F. Kennedy School of Government .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Mexican Stock Exchange (BMV) | Co-CEO and COO | Jun 2001 – Mar 2018 | Senior leadership in market operations and governance |
| Mexican Banks Association | Technical Director | May 1995 – Jun 2001 | Industry policy/technical leadership |
External Roles
| Organization | Role | Since | Listing/Type |
|---|---|---|---|
| Consorcio ARA (BMV: ARA) | Director | May 2020 | Public company (Mexico) |
| EXITUS Capital | Director | May 2020 | Private financial services (Mexico) |
| Mexican Auto Dealers Association | Director | May 2020 | Industry association (Mexico) |
| Operadora Valmex de Fondos de Inversion | Director | May 2020 | Authorized investment fund operator (Mexico) |
Board Governance
| Topic | Detail |
|---|---|
| Independence | The Board has determined Mr. Zorrilla is independent under Nasdaq listing rules and applicable SEC rules . |
| Board classification | MAQC’s Board is divided into two classes with two-year terms, corrected by certificate in Oct 2022 . |
| Committees | Audit Committee member; committee comprised of Luis Armando Alvarez (Chair), Pedro Manuel Zorrilla Velasco, and Luis Antonio Marquez-Heine; all independent and financially literate; Alvarez designated “audit committee financial expert” . |
| Compensation Committee | Not a member; compensation committee comprised of Luis Antonio Marquez-Heine (Chair) and Luis Armando Alvarez . |
| Independent director sessions | Independent directors will have regularly scheduled meetings with only independent directors present . |
| Meeting attendance | Specific attendance rates not disclosed; MAQC noted this Annual Meeting was the second annual meeting . |
Fixed Compensation
| Component | Amount/Policy |
|---|---|
| Annual cash retainer | None; “none of our officers or directors has received any cash compensation for services rendered to the Company” . |
| Committee membership fees | None prior to initial business combination . |
| Committee chair fees | Not applicable; Mr. Zorrilla is not a chair . |
| Meeting fees | None prior to initial business combination . |
Performance Compensation
| Component | Detail |
|---|---|
| Equity awards (RSUs/PSUs) | None reported for Mr. Zorrilla; beneficial ownership table shows no shares for him . |
| Options | None reported for Mr. Zorrilla; beneficial ownership table shows no holdings . |
| Performance metrics | Not applicable; directors not compensated prior to business combination . |
| Clawbacks / COI provisions | Not disclosed for directors; however sponsor indemnity and trust protections are described at the company level . |
Other Directorships & Interlocks
| Company | Role | Potential Interlocks/Conflicts |
|---|---|---|
| Consorcio ARA (BMV: ARA) | Director | None disclosed with MAQC counterparties . |
| EXITUS Capital | Director | None disclosed . |
| Mexican Auto Dealers Association | Director | None disclosed . |
| Operadora Valmex de Fondos de Inversion | Director | None disclosed . |
Expertise & Qualifications
- Economics (ITAM) and MPA (Harvard Kennedy School) with deep capital markets leadership as BMV Co-CEO/COO .
- Audit committee experience; Board determined financial literacy (committee-level) and designated an audit committee financial expert (Alvarez) .
Equity Ownership
| Holder | Class A Shares | % of Class A | Class B Shares | % of Class B | Approx. % of Outstanding Common Stock |
|---|---|---|---|---|---|
| Pedro Manuel Zorrilla Velasco | — | — | — | — | — |
| Company total outstanding (record date context) | 2,848,121 | — | 2,371,813 | — | 5,219,934 |
| Sponsor (Maquia Investments North America, LLC) | 2,712,458 | 95.2% | 2,128,715 | 89.75% | 92.7% |
Notes:
- Sponsor and directors collectively held approximately 92.74% of issued and outstanding shares on the record date for the Jan 2025 meeting .
- Beneficial ownership table for directors shows “—” (no holdings) for Mr. Zorrilla .
Governance Assessment
-
Positive signals:
- Independent director status and audit committee membership enhance oversight, including responsibility for related-party transaction review and auditor independence .
- Board maintains independent director-only sessions, supporting independent oversight quality .
-
Neutral/structural considerations:
- Directors, including Mr. Zorrilla, received no cash compensation prior to a business combination (typical SPAC practice), limiting immediate pay-for-performance assessment .
- Board classified into two classes with two-year terms; continuity balanced with regular elections .
-
Red flags / risk indicators:
- No reported equity ownership for Mr. Zorrilla reduces immediate “skin-in-the-game” alignment, though common in SPAC pre-combination phases .
- Sponsor and insiders collectively hold ~92.74% of shares, concentrating voting power and potentially overshadowing independent director influence on shareholder matters .
- Sponsor’s extensive financial interests (founder shares, private placement units, promissory notes convertible into units) create structural conflicts vis-à-vis completion of a business combination, though these are disclosed; audit committee oversight is relevant .
Related-party exposure context: Sponsor deposits, indemnities, and promissory notes (up to $5,063,103, with up to $1,500,000 convertible into units) highlight alignment pressures to close a business combination; directors received no cash compensation during the SPAC phase . The audit committee charter assigns pre-approval and related-party transaction review responsibilities to the committee .
Compensation transparency: MAQC discloses that no compensation of any kind will be paid to existing stockholders, officers, directors or affiliates prior to the consummation of an initial business combination , and specifically that none of the officers or directors has received cash compensation . No director equity awards or ownership guidelines are disclosed for Mr. Zorrilla .