Regina García-Cuéllar
About Regina García-Cuéllar
Regina García-Cuéllar (age 54) is nominated as an Independent Class II Director of The Mexico Fund (MXF) for a term expiring in 2028; she is CEO of the Mexican Bank Association (since 2024) and serves on the boards of Grupo Rotoplas, Grupo Gigante, and Grupo Aeroportuario del Centro Norte (since 2024) . She previously served as Chief Strategy Officer at Izzi Telecom (2022–2023) and Managing Director of Customer Experience & Strategy at Citibanamex (2019–2022) . She holds an M.A. and Ph.D. in Economics from Harvard University, a B.A. in Economics from ITAM, and is a Fulbright and Ford McArthur Scholar; she is also President of the Harvard Foundation in Mexico and Co‑Chair for 50/50 Women on Boards in Mexico .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Izzi Telecom | Chief Strategy Officer | 2022–2023 | Strategy leadership |
| Citibanamex | Managing Director, Customer Experience & Strategy | 2019–2022 | CX and commercial strategy oversight |
External Roles
| Organization | Role | Since | Notes |
|---|---|---|---|
| Mexican Bank Association (ABM) | Chief Executive Officer | 2024 | Leads largest banking association; interlocutor with regulators |
| Grupo Rotoplas | Independent Director | 2024 | Public company in Mexico (proxy lists service on board) |
| Grupo Gigante | Independent Director | 2024 | Public company in Mexico (proxy lists service on board) |
| Grupo Aeroportuario del Centro Norte | Independent Director | 2024 | Airport operator; public in Mexico/ADR; proxy lists service on board |
| Harvard Foundation in Mexico | President | n/d | Scholarships/loans for Mexican students at Harvard |
| 50/50 Women on Boards, Mexico | Co‑Chair | n/d | Governance/diversity advocacy |
Note: In MXF’s “Other Directorships Held” column (U.S. reporting companies and registered funds), García‑Cuéllar reports “None,” reflecting SEC reporting criteria rather than the absence of Mexican public company boards .
Board Governance
- Independence and status: Nominated as an Independent Director (Class II); term to 2028 if elected .
- Committee assignments: None disclosed for the nominee; current committee rosters do not include García‑Cuéllar (Audit, Valuation, Contract Review, Nominating & Corporate Governance) .
- Board structure: Independent Chair (Emilio Carrillo Gamboa); Independent Directors regularly hold executive sessions; Audit, Contract Review, and Nominating committees are fully independent .
- Attendance baseline: In FY2024, each then‑serving Director attended ≥75% of Board/committee meetings; nominee was not on the Board during FY2024 .
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Annual Director retainer | $26,000 | Paid to each Director; interested Director (Osorio) not compensated |
| Chair of the Board retainer (additional) | $7,000 | Applies to Board Chair |
| Audit Committee Chair (additional) | $5,250 | Applies to Audit Chair |
| Board meeting fee | $2,000 per meeting; $1,000 if telephonic | In‑person vs. telephonic attendance |
| Committee meeting / telephonic special Board | $1,000 per meeting | Paid to Independent Directors |
| Fee cap policy | Director fees capped if aggregate exceed 0.11% of AUM (policy effective Mar 10, 2020) | Board discretion on duration |
| Aggregate FY2024 fees & reimbursements (context) | $437,707 | Total for Directors and officers |
- Stock purchase/ownership alignment policy: Half of the annual retainer must be used to purchase Fund shares on the secondary market until the Director’s holdings reach $100,000; Directors should retain these “Retained Shares” during Board tenure (waivers possible) .
Performance Compensation
| Performance-linked element | Metric | Target/Trigger | Status |
|---|---|---|---|
| None disclosed for Directors | N/A | N/A | MXF discloses cash retainers/fees; no performance‑based director pay or equity awards for Directors is described |
Other Directorships & Interlocks
| Company/Organization | Role | Public Company Status (per MXF proxy reporting criteria) |
|---|---|---|
| Grupo Rotoplas | Director | Not a U.S. reporting company; listed in biography, not in “Other Directorships Held” column |
| Grupo Gigante | Director | Not a U.S. reporting company; listed in biography, not in “Other Directorships Held” column |
| Grupo Aeroportuario del Centro Norte | Director | Not a U.S. reporting company; listed in biography, not in “Other Directorships Held” column |
- Potential interlocks/conflicts: MXF discloses that as of Dec 31, 2024, none of the Independent Directors/nominees (including García‑Cuéllar) or their immediate family members owned securities of the Adviser or its affiliates—reducing direct related‑party exposure .
Expertise & Qualifications
- Advanced economics training (Harvard M.A./Ph.D.; ITAM B.A.), plus Fulbright and Ford McArthur Scholar recognition .
- Leadership and sector expertise across banking (CEO of ABM), telecom (Izzi Telecom), and financial services (Citibanamex), with strengths in economic analysis, business intelligence, customer experience, and commercial strategy .
- Governance credentials include current independent directorships at prominent Mexican companies and leadership in governance advocacy organizations .
Equity Ownership
| Metric | Value | As of |
|---|---|---|
| Beneficial ownership (shares) | 0 | December 31, 2024 |
| Dollar range of Fund equity | $0 | December 31, 2024 |
| Percent of class | <1% (as noted by asterisk convention) | December 31, 2024 |
| Ownership of Adviser/affiliates | None (self and immediate family) | December 31, 2024 |
| Director share purchase policy | Must allocate 50% of annual retainer to buy MXF shares until $100,000 holdings; retain during tenure | Policy in effect |
Implication: If elected, García‑Cuéllar would be expected to build a position toward the $100,000 guideline via mandatory share purchases from retainer cash, improving alignment over time .
Governance Assessment
- Positives: Independent nominee with deep financial and regulatory experience (ABM CEO; Harvard Ph.D.), and multi‑sector operating background; supports Board effectiveness and risk oversight skill mix .
- Alignment: Strong ownership policy compels Directors to build and retain meaningful MXF share ownership; this should move her from $0 toward the $100,000 guideline if elected .
- Workload/time‑commitment: Multiple new external boards (Rotoplas, Gigante, OMA in 2024) plus ABM CEO role; however, MXF’s board‑service limits (≤5 public boards; stricter limit only for CEOs of public companies) are in place and Directors were in compliance as of Dec 31, 2024 .
- Conflicts/related‑party exposure: None disclosed for the nominee—no ownership in the Adviser or related entities; committees are structured with independence safeguards and regular executive sessions .
- Attendance baseline: The Board reports ≥75% attendance for then‑serving Directors in FY2024; the nominee was not yet on the Board, so attendance is N/A .
RED FLAGS to monitor post‑election: initial zero share ownership (alignment expected to improve via policy‑mandated purchases) ; potential time‑commitment strain given ABM CEO role and multiple directorships (within MXF’s board‑service policy as disclosed) .