Company: CTTRF
Filing Date: 2025-04-30
Form Type: 20-F
Source: 0001292814-25-001765
Chunk: 178

Company: Controladora Vuela Compania de Aviacion, S.A.B. de C.V.
Filing Date: 2025-04-30
Form: 20-F
Item: Item 4A
Chunk 178
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 a description of the authority of our directors, see Item
10: “ Additional Information-Memorandum and Articles of Association - Provisions of Our By-laws and Mexican Law Relating to Directors.”

Duty of Care and Duty of Loyalty

The LMV imposes duties of care and of loyalty on directors.

For a description of the duties of care and loyalty of our
directors, see Item 10: “ Additional Information - Memorandum and Articles of Association - Provisions of Our By-laws and
Mexican Law Relating to Directors.”

Restructuring of Committees of the Board of Directors

On April 21, 2023, our shareholders approved a plan (the “ April
2023 Committee Restructuring Plan”) to amend our by-laws and restructure the two committees of our board of directors. The audit
and corporate governance committee was split into two committees: (i) the audit committee and (ii) the corporate governance committee.
Additionally, the compensation and nominations committee ceased to exist and the corporate governance committee assumed its compensation
and nomination duties.

Audit Committee

The LMV requires us to have an audit committee, which must
be comprised of at least three independent members. The audit committee was established in April 2023 as a result of the 2023 Committee
Restructuring Plan. We believe that all of the members of the audit committee are independent under the LMV and Exchange Act Rule 10A-3.

The audit committee’s principal duties are to:

  call shareholders meetings and request the inclusion of matters in the agenda;  

  supervise and evaluate our external auditors and analyze their reports (including their opinion of our annual report);  

  analyze and supervise the preparation of our financial statements and make recommendations to the board of directors on their approval;  

  inform the board of directors of the status of our internal controls, our internal audit and their adequacy;  

  supervise the execution of related party transactions and transactions representing 20% or more of our consolidated assets being undertaken  

  render its opinion to the board of directors regarding transactions with related parties;  

  request reports from our executive officers or independent experts whenever it deems appropriate;  

  investigate and inform the board of directors of any irregularities that it may encounter;  
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  receive and analyze recommendations and observations made by the shareholders, members of the board of directors, executive officers  

  supervise compliance by our chief executive officer of instructions