Enrique Castillo Sánchez Mejorada

About Enrique Castillo Sánchez Mejorada

Independent director of Southern Copper Corporation since 2010; age 68. Serves on the Audit, Sustainability, and Compensation Committees, and is designated as one of SCCO’s special independent directors under the company’s controlled-company governance framework. Background spans senior leadership in Mexican banking and private equity; holds a Bachelor’s degree in Business Administration from Anáhuac University in Mexico City .

Past Roles

External Roles

Board Governance

• Independence: Classified by SCCO as one of its special independent directors; Board reaffirmed independence determinations in Jan 2025 for six independent directors, including Enrique Castillo Sánchez Mejorada .
• Committees:
  • Audit Committee: Member; committee composed entirely of independent directors; met five times in person and once via videoconference in 2024 with 100% attendance by all members. Audit Committee created a related-party transactions subcommittee (three members) in 2017, which held five videoconferences in 2024 with 100% attendance .
  • Sustainability Committee: Member; chaired by Vicente Ariztegui Andreve; met four times in 2024 .
  • Compensation Committee: Member alongside the Chairman (Germán Larrea), CEO (Oscar González Rocha), and director Leonardo Contreras; met one time in 2024 .
• Tenure: Director since July 26, 2010; Audit Committee service since April 18, 2013 .
• Controlled company context: SCCO is a “controlled company” under NYSE rules (Grupo Mexico owns ~88.9% as of Dec 31, 2024) and relies on exemptions; hence the Compensation Committee is not fully independent .
• Attendance: In 2024, each member of the Board attended or participated in at least 75% of board and committee meetings; Board met four times in 2023 with 100% attendance by all directors .

Fixed Compensation

• Policy: Non-employee directors receive $20,000 per year and $13,000 for each in-person Board meeting; committee attendance fee $6,000; $1,000 if participation is by teleconference; paid quarterly since Q2 2021 and conditioned on attendance; expenses reimbursed .

Performance Compensation

• Equity structure: Directors’ Stock Award Plan grants 1,600 shares upon first election and 400 shares per quarter thereafter, contingent on attendance at every Board meeting for the quarter; subject to shareholder approval, 200 additional shares are granted at year-end contingent on full-year Board meeting attendance; awards are not subject to vesting and are valued at grant-date closing price .

2024 Quarterly Stock Awards (Grant-date valuation)

2025 Directors’ Stock Award Plan (as of Mar 27, 2025)

Other Directorships & Interlocks

• Compensation Committee interlocks: The Compensation Committee includes representatives of Grupo Mexico (Chairman and CEO) plus Enrique as the independent member; SCCO discloses interlocks/insider participation and references Related Party Transactions .
• Special Nominating Committee: Enrique is one of three special independent directors nominated by this committee; special independents are required per SCCO’s Certificate based on float ownership .

Expertise & Qualifications

• Financial expertise: Board determined Audit Committee members, including Enrique, are independent and financially literate; Audit Committee Financial Expert designation is held by Messrs. Palomino and Ariztegui (not Enrique) .
• Education: Bachelor’s degree in Business Administration, Anáhuac University, Mexico City .
• Sector experience: Extensive leadership in financial services, telecommunications, and private equity; current advisory role with General Atlantic .

Equity Ownership

Beneficial Ownership (as of Mar 27, 2025)

Directors’ Stock Award Plan Holdings (as of Dec 31, 2024)

Note: The beneficial ownership table (Mar 27, 2025) and Directors’ Stock Award Plan holdings (Dec 31, 2024) reflect different reporting bases/dates; SCCO reports all nominees/directors have sole voting and investment power over beneficially owned shares .

Governance Assessment

• Positives:

  • Special independent director with long tenure and broad financial-sector experience; independence reaffirmed in Jan 2025 .
  • Serves on fully independent Audit Committee; documented 100% committee attendance in 2024; participates in oversight of internal controls and auditor independence; presence of related-party transactions subcommittee strengthens conflict review .
  • Director equity grants are contingent on attendance, reinforcing engagement and alignment; awards not subject to vesting and are granted quarterly/year-end per plan .

• Risks/RED FLAGS:

  • Controlled company status and reliance on NYSE exemptions result in a non‑independent Compensation Committee; Enrique serves alongside Chairman and CEO, increasing potential for perceived conflicts in executive pay decisions .
  • Multiple external board and committee roles across major Mexican corporates and institutions may raise time-commitment concerns for some investors, though SCCO reports minimum attendance thresholds were met and committee attendance was strong in 2024 .
  • SCCO’s related-party transaction framework indicates reliance on Audit Committee review and a subcommittee; while enhanced controls exist, continued vigilance is required given the parent-company ownership concentration (Grupo Mexico at 88.9%) .

• Alignment:

  • 2024 director compensation for Enrique consisted of cash fees ($136,000) and four quarterly stock awards, totaling $305,556; equity grants are attendance‑gated and valued at grant-date closing prices, providing direct participation in shareholder outcomes while incentivizing engagement .
  • Beneficial ownership in SCCO at 2,847 shares (<0.5% of outstanding), with additional shares reflected under the Directors’ Stock Award Plan holdings as of year-end 2024, supports some alignment but is modest relative to company scale .