Company: VIST
Filing Date: 2025-04-09
Form Type: 20-F
Source: 0001193125-25-076856
Chunk: 112

Company: Vista Energy, S.A.B. de C.V.
Filing Date: 2025-04-09
Form: 20-F
Item: Item 16G
Chunk 112
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ITEM 16G.   CORPORATE GOVERNANCE
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Corporate Governance Practices 
Companies listed on the NYSE must comply with the corporate governance standards provided under Section 303A of the NYSE Listed Company Manual. As a foreign private issuer, we are permitted to follow home 

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country practices in lieu of Section 303A, except that we are required to comply with Sections 303A.06, 303A.11 and 303A.12(b) and (c) of the NYSE Listed Company Manual. Under Section 303A.06, we must have an audit committee that meets the independence requirements of Rule 10A-3 under the Exchange Act. Under Section 303A.11, we must disclose any significant ways in which their corporate governance practices differ from those followed by domestic companies under NYSE listing standards. Finally, under Section 303A.12(b) and (c), we must promptly notify the NYSE in writing after becoming aware of any non-compliance with any applicable provisions of this Section 303A and must annually make a written affirmation to the NYSE. 
The table below briefly describes the significant differences between our Mexican corporate governance rules and the NYSE corporate governance rules. 

Section   NYSE Corporate Governance Rules                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   Mexican Corporate Governance Rules                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
303A.01   A listed company must have a majority of independent directors. “Controlled companies” are not required to comply with this requirement.                                                                                                                                                                                                                                                                                                                                                                                          A listed company must have at least 25% of independent directors. All listed companies must comply with this requirement.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
303A.02   No director qualifies as “independent” unless the board of directors affirmatively determines that the director has no material relationship with the listed company (whether directly or as a partner, shareholder, or officer of an organization that has a relationship with the company), and emphasizes that the concern is independence from management. The board is also required, on a case-by-case basis, to express an opinion with regard to the independence or lack of independence, of each individual director.   The shareholder’s meeting of a listed company in which a director is appointed or ratified, or where such appointment or ratification is informed, must affirmatively determine whether such director qualifies as independent. Under the Mexican Securities Market Law (i) shareholders that individually or as a group control the listed company, (ii) officers, employees or examiners of the listed company or its affiliates;