Luis de la Calle
About Luis de la Calle
Luis de la Calle (age 65) is an Independent Director of The Mexico Fund, Inc. (MXF), serving as a Class I Director with a term expiring in 2027; he was nominated and elected at the 2024 annual meeting and appears as a sitting director in the 2025 proxy . He is the managing director and founding partner of De la Calle, Madrazo, Mancera, S.C. (CMM) and brings deep expertise in economics, regulatory processes, and international trade, with prior government service as Mexico’s undersecretary for international trade negotiations and experience as a World Bank country economist and academic .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| De la Calle, Madrazo, Mancera, S.C. (CMM) | Managing Director & Founding Partner | Since July 2004 | Strategic advisory on economy, regulatory processes, international trade |
| Mexico Ministry of Economy | Undersecretary for international trade negotiations | Not disclosed | Cross-border regulatory and economic analysis |
| World Bank | Country Economist | Not disclosed | Economic analysis; policy expertise |
| Various academic institutions | Professor | Not disclosed | Teaching and research in economics/regulatory topics |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Corporación Inmobiliaria Vesta, S.A.B. de C.V. | Board Member | Since 2012 | Public company governance (Mexico) |
| Grupo Aeroméxico, S.A.B. de C.V. | Board Member; President of the Audit Committee | Since 2005 | Financial oversight; audit leadership |
| Comisión Federal de Electricidad (CFE) | Board Member | 2015–2022 | Oversight at state-owned utility |
Board Governance
- Independence: Listed as an Independent Director under the 1940 Act and NYSE standards .
- Class/Term: Class I Director; term expires 2027 .
- Attendance: In FY2024, the Board held 4 regular meetings; committees held 6 meetings; each director attended ≥75% of aggregate meetings of the Board and assigned committees .
- Executive sessions: Independent Directors regularly convene executive sessions, including with and without the CCO; Audit Committee meets with auditors without management present .
- Board leadership: Chairman is Independent (Emilio Carrillo Gamboa); Independent Directors constitute ≥75% of the Board .
| Committee | Membership | Chair Role |
|---|---|---|
| Audit Committee | Member | Not Chair (Chair: Jonathan Davis; Audit Committee Financial Expert) |
| Contract Review Committee | Member | Not Chair (Chair: Claudia Jañez) |
| Nominating & Corporate Governance Committee | Member | Not Chair (Chair: Claudio X. González) |
| Valuation Committee | Alternate Member | Not Chair (Chair: Richard B. Vaughan) |
Fixed Compensation
| Component | Amount | Policy Details | FY2024 Aggregate Paid (Luis de la Calle) |
|---|---|---|---|
| Annual Director Retainer | $26,000 per director | Effective policy with fee cap at 0.11% of AUM; Chairman +$7,000; Audit Chair +$5,250 | $29,500 total aggregate for FY2024 |
| Board Meeting Fee | $2,000 per meeting in-person; $1,000 if attended by telephone | Reimbursement of out-of-pocket expenses | Included in aggregate |
| Committee Meeting Fee | $1,000 per Committee or telephonic special Board meeting | Independent Directors only | Included in aggregate |
- Ownership alignment policy: Half of the annual retainer must be used to buy Fund shares on the market until a $100,000 position is reached; Retained Shares must be held during Board tenure (waivers possible) .
Performance Compensation
| Performance-Linked Element | Metric/Target | Weight/Payout | Status |
|---|---|---|---|
| Equity awards (RSUs/PSUs/options) | Not applicable | — | None disclosed for Directors; compensation consists of retainer and meeting fees |
| Cash bonus tied to performance metrics | Not applicable | — | None disclosed |
| Performance metrics (TSR, EBITDA, ESG) | Not applicable | — | None disclosed |
Other Directorships & Interlocks
| Company | Role | Interlock/Conflict Considerations |
|---|---|---|
| Corporación Inmobiliaria Vesta, S.A.B. de C.V. | Director | Potential information-flow interlock with Mexican listed real estate; MXF’s Code of Ethics requires directors to be free of conflicting relationships |
| Grupo Aeroméxico, S.A.B. de C.V. | Director; Audit Committee President | Strong audit expertise; potential interlock with Mexican listed airline; Board states directors are independent of adviser and principal service providers |
| Comisión Federal de Electricidad (CFE) | Former Director (2015–2022) | Prior public-sector governance; no adviser-related ownership by independent directors |
Expertise & Qualifications
- Economics, regulatory, and international trade expertise from government service as undersecretary and World Bank economist; academic experience as professor .
- Significant board and governance experience; financial oversight via Aeroméxico Audit Committee presidency .
- Cross-border regulatory analysis and strategy through CMM consulting leadership since 2004 .
Equity Ownership
| Metric | As of Dec 31, 2024 |
|---|---|
| Shares owned (beneficial) | 1,344 |
| Ownership as % of shares outstanding | <1% (Less than 1% per proxy) |
| Dollar range of Fund equity | $10,001–$50,000 (at $13.20 price on 12/31/2024) |
| Adviser/affiliate securities owned (independent directors/immediate family) | None (for all independent directors) |
| Stock ownership guideline | Must purchase Fund shares using half of retainer until $100,000; retain during tenure |
| Guideline status | Below $100,000 threshold; subject to ongoing purchase requirement |
Governance Assessment
- Strengths: Independent status; multi-committee engagement (Audit, Contract Review, Nominating; Valuation alternate) suggests strong involvement and oversight capacity . Audit leadership experience at Aeroméxico bolsters financial literacy on MXF’s Audit Committee .
- Attendance: Meets Board standard (≥75% of aggregate meetings); Board and committees held 8 meetings total in FY2024 .
- Alignment: Required share purchase policy fosters alignment; current holdings ($10k–$50k; 1,344 shares) indicate active accumulation since election .
- Conflicts/Risk indicators: No ownership in adviser or affiliates by independent directors; Board Code of Ethics requires freedom from conflicting relationships . Potential interlocks with Mexican public companies (Vesta, Aeroméxico) warrant monitoring against MXF portfolio exposures; Board policies and independence framework mitigate risk .
- RED FLAGS: None disclosed specific to de la Calle (no pledging/hedging of Fund stock disclosed; no related-party transactions or tax gross-ups disclosed for directors) .