Corporate Governance

Informe anual FEMSA

At FEMSA, we follow the highest standards of corporate governance and ethical business practices. We have in place rigorous, accurate and reliable practices for disclosing information and delivering financial transparency and accountability. Our corporate practices comply with the laws of all countries where we operate. We also comply with all applicable standards, rules and regulations in Mexico and in the United States, including the Securities Market Law and the Sarbanes-Oxley Act. Aditionally, We also take into account the recommendations of the Code of Best Corporate Practices of the Business Coordinating Council (Consejo Coordinador Empresarial).

Board of Directors

FEMSA’s Board of Directors is responsible for establishing the company’s corporate strategy, defining and overseeing the implementation of its vision and values, and approving related-party transactions, including those outside the ordinary course of business. Our Board is comprised of 15 members, who are supported by a Secretary and his deputy, none of whom are members of the Board. According to our bylaws and the Securities Market Law, at least 25% of the members of our Board of Directors are independent.

Edificio FEMSA

Executive Team

The executive team is focused on driving business growth by creating economic, social and environmental value for the stakeholders. Each of our executive leaders has significant professional experience within the industries related to our business.

José Antonio Fernández Carbajal

Executive Chairman of the Board of Directors and Chiefe Executive Officer (CEO) of FEMSA

He began his career at FEMSA in 1988, serving in various positions, including CEO of OXXO. He was appointed CEO of FEMSA in 1995 and Chairman of the Board in 2001, serving in both positions until December 2013. He is also Chairman of the Board of Coca-Cola FEMSA, chairman of the board of trustees of Fundación FEMSA, A.C., and board member of Industrias Peñoles, S.A.B. de C.V.. He has been a member of the Board of Trustees of Tecnológico de Monterrey since 1990, where he served as Chairman of the Board from 2012 to 2023. In 2017, he was elected as a full-term member of MIT Corporation, where he contributes the Student Life and Undergraduate Education committees. He is also member of the Board of Global Advisors of the Council for Foreign Relations. He holds a degree in Industrial Engineering and Systems from Tecnológico de Monterrey, where he earned an MBA in 1978 and has been a professor for more than 20 years.

Francisco Camacho Beltrán

Chief Corporate Officer of FEMSA

He joined FEMSA in 2020 after a long track record in senior management positions in consumer product companies around the world, including Procter & Gamble and Revlon. In 2000, he joined Danone as head of its Bonafont water operations in Mexico. For the next 20 years, he held varying responsibilities in the water and dairy segments, while driving growth and innovation. In 2011, he became a member of Danone’s Executive Committee, leading the Global Customer Team and serving as Corporate Chief Growth and Innovation Officer. He was EVP and global head of the Essential Dairy and Plant Based business and responsible for Global Industrial Operations and Supply Chain.

Gerardo Estrada Attolini

Director of Administration and Corporate Control of FEMSA

He joined FEMSA in 2000 and was appointed to his current position in 2020. Previously, he served as Chief Financial Officer of FEMSA Cerveza and Corporate Finance Vice President of FEMSA. Prior to FEMSA, he served in various executive level positions in the finance functions of Mexican companies in the financial and industrial sectors. He holds an Accounting degree and an MBA from Tecnológico de Monterrey.

Jose Antonio Fernández Garza-Lagüera

Chief Executive Officer, Digital Division

He is currently the head of FEMSA Digital, overseeing FEMSA’s digital businesses, including fintech. He began his career in FEMCO in 2018 as Director of Strategic Planning for OXXO Mexico. Before joining FEMCO, he was General Manager of Coca‑Cola FEMSA’s Central America division from 2015 to 2018. Prior to that, he worked as CEO of FEMSA’s plastics division, Plásticos Técnicos Mexicanos, and manager of sales and operations in México City at HEINEKEN México. Prior to his work at HEINEKEN, he co-founded and ran Vestige Capital, a search fund based in Mexico seeking to acquire and operate small and medium-sized companies in Mexico. While at Vestige, he co-led the acquisition of BOMI Group de México a third-party logistic provider for the Mexican healthcare industry. He has taught a class on entrepreneurship and was the founding chairman of the board of the Entrepreneurship Institute in Tecnológico de Monterrey. He received his MBA from Stanford University Graduate School of Business and his Bachelor’s degree in Industrial Engineering from Tecnológico de Monterrey.

Roberto Campa Cifrián

Director of Corporate Affairs of FEMSA

He joined FEMSA in 2019, after a long career in the public, private, and social sectors. He has served in the federal government of Mexico as Secretary of Labor and Social Welfare, Undersecretary of the Interior, and Head of the Federal Consumer Protection Agency. He has also served as a representative in the Mexico City Legislative Assembly and as a federal congressional representative. He holds a law degree from Universidad Anáhuac, where he is also a professor of macroeconomic theory and President of the Federation of Student Societies.

Ian Marcel Craig García

Chief Executive Officer of Coca-Cola FEMSA

Mr. Craig joined Coca-Cola FEMSA in 2003 and was appointed to his current position in 2023. With over 27 years of experience in the beverage industry, he previously served in several senior management positions, including Chief Operating Officer of Brasil, Chief Operating Officer of Argentina, CFO and Strategic Planning Director of South America Division, CFO, Planning and Corporate Affairs Director of Mercosur Region, and Corporate Finance and Treasury Director of Coca-Cola FEMSA. Mr. Craig earned a Bachelor’s degree in Industrial Engineering from ITESM, an MBA from the University of Chicago Booth School of Business, and a Master’s degree in International Commercial Law from ITESM.

Raymundo Yutani Vela

Director of Human Resources

He was appointed Vice-President of Human Resources at FEMSA in 2018. He joined FEMSA Comercio in 1999 as Director of Human Resources, a position he held until 2014. Between 2014 and 2018, he was Director of Human Resources at Coca-Cola FEMSA. Before joining the company, he was Director of Human Resources North at Banca Serfín, today Santander. He is a graduate of the Public Accountant career and has a master’s degree in Business Administration from the Regiomontana University. Additionally, he completed the AD1 program at IPADE and is certified as a Coach by Newfield Consulting.

Carlos Arenas Cadena

Chief Executive Officer, Proximity Division

He began his career at FEMSA in 1984 and joined FEMSA Comercio in 2001 as Strategic Planning Manager. In 2007, he was promoted to the head of FEMSA Comercio’s Planning and Information Technology Department, followed by the Supply Chain Department for OXXO, and later the Commercial Department of OXXO. In January 2016, he was appointed Director General of OXXO Mexico and assumed his current role as of January 1, 2022. Up until 2020, he participated in the National Association of Self-Service and Department Stores (ANTAD) in Mexico and continues to be a member of the International Council and the Latin American Council of the Association For Convenience & Fuel Retailing (NACS). He graduated with a degree in Computer Science from the Universidad Autónoma de Nuevo León.

Daniel Belaúnde Arnillas

Chief Executive Officer, Health Division

He assumed the role of Chief Executive Officer, Health Division in 2022, following his role as CEO of Socofar, S.A. since 2016. He brings to this role more than 25 years of experience in global companies across three different markets: retail banking, retail-fashion, and the pharmaceutical industry. Prior to FEMSA, he supervised business units in multiple countries, including as general manager at Ripley Perú (2012-2016); as operations manager at Ripley Chile (2008-2012); and as commercial bank manager at Banco Santander Chile (1996-2008). He completed his studies in economics at the Universidad del Pacífico in Lima, Peru.

Constantino Spas Montesinos

Chief Executive Officer of FEMSA Negocios Estratégicos

He was appointed to his current position in 2023. Previously, he served as Chief Financial Officer and Strategic Planning Officer at Coca-Cola FEMSA. He has over 26 years of experience in the food and beverage sector in Latin America with a demonstrated track record in companies such as Bacardi, Kraft Foods, SAB Miller, Grupo Mavesa, and Empresas Polar. Mr. Spas earned a Bachelor’s degree in Business Administration from Universidad Metropolitana in Caracas, Venezuela, and an MBA from Emory University Goizueta Business School in Atlanta, Georgia.

Code of Ethics

Our Code of Ethics is the basis of FEMSA’s responsible business conduct, which is distinguished by our way of acting with respect, honesty and integrity. The code establishes the fundamental principles and standards that guide our ethical behavior in our relations with our shareholders, customers, suppliers, authorities, civil organizations, environmental, community and everyone who interacts with FEMSA. It also indicates the mechanisms to follow in the case of reporting any breach, conduct or practice that does not comply with the Code of Ethics and corporate policies.


The code, approved by the Board of Directors, applies to members of the Board and employees in all the countries where we operate. Also, we request our goods and services suppliers to stick to the Guiding Principles for Suppliers of FEMSA, which communicate what we expect from them in terms of labor rights, environment, community, ethics and values; in other words, how they manage their areas of sustainability.

Available documents

Código de Ética (Português)

Documentos disponíveis

Corporate Policies

In addition to the Code of Ethics, we have Corporate Policies which are an essential part of our corporate governance. There we establish the guidelines we should follow to conduct ourselves and develop with integrity and responsibility, becoming in a reference of our Culture.


These policies are mandatory for FEMSA and all its employees, and for its compliance we have established the required controls to prevent, identify, investigate, sanction and remedy any possible risk of violation.


At FEMSA we are committed to the values ​​we preach, which is why we share the following Corporate Policies with our stakeholders:

Supplier Guiding Principles


The mission of FEMSA is the simultaneous creation of economic and social value, therefore we seek that our operations and those of our suppliers are conducted with ethics and integrity, based on responsible business policies, principles and practices that comply with applicable legislation and best practices.


The Suppliers Guiding Principles were prepared based on FEMSA’s Code of Ethics and Corporate Policies and contain the minimum expectations that we required our suppliers to manage in key areas of Human and Labor Rights, Sustainability, Culture of Lawfulness, Information Security; therefore, it is the supplier’s responsibility, in its relationship with FEMSA, to adopt the necessary methods and practices to comply with the Guiding Principles contained in this document.

Available documents

Principios Orientadores para Fornecedores (Português)