Company: CTTRF
Filing Date: 2025-04-30
Form Type: 20-F
Source: 0001292814-25-001765
Chunk: 222

Company: Controladora Vuela Compania de Aviacion, S.A.B. de C.V.
Filing Date: 2025-04-30
Form: 20-F
Item: Item 9
Chunk 222
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Boards of directors of public companies are required to meet
at least four times during each calendar year and have the following principal duties:

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  determine general strategies applicable to the issuer;  

  approve guidelines for the use of corporate assets;  

  approve, on an individual basis, transactions with related parties, subject to certain limited exceptions;  

  approve unusual or non-recurrent transactions and any transactions that imply the acquisition or sale of assets with a value equal  

  approve the appointment or removal of the chief executive officer;  

  approve waivers in respect of corporate opportunities;  

  approve accounting and internal control policies;  

  approve the chief executive officers’ annual report and corrective measures for irregularities; and  

  approve policies for disclosure of information.  

Directors have the general duty to act for the benefit of
the issuer, without favoring any shareholder or groups of shareholders.

The LMV requires the creation of two committees, the audit
committee and the corporate governance committee, each of which must maintain at least three members appointed by the board of directors
and which members must all be independent (except for the corporate governance committee of corporations controlled by a person or group
maintaining 50% or more of the outstanding capital stock, where the majority must be independent). The audit committee (together with
the board of directors, which has added duties) replaces the statutory auditor ( comisario) that had been previously required under
the Mexican Corporations Law.

The corporate governance committee is required to provide
opinions to the board of directors, request and obtain opinions from independent third-party experts, call shareholders’ meetings,
provide assistance to the board in the preparation of annual reports and provide a report to the board of directors.

The audit committee’s principal role is to supervise
the external auditors of the issuer, analyze the external auditor’s reports, discuss yearly financial statements and, when applicable,
recommend their approval, inform the board of directors in respect of existing internal controls, require the issuer’s executive
to prepare reports when deemed necessary, inform the board of directors of any irregularities that it encounters, investigate breaches
of operating policies internal control and internal audit systems, supervise the activities of the issuer’s chief executive officer,
call shareholders’ meetings, and provide an annual report to the board of directors.

Disclosure of Shareholders’ Agreements

Any shareholders’ agreements containing non-compete
clauses, any agreements related to the sale, transfer or exercise of preemptive rights, any agreements