Shareholder Structure

As of December 31, 2020, the capital stock of Grupo Acosta Verde was represented by 60,034,937 subscribed and paid shares, comprised by 60,033,332 Series A Shares and 1,605 Series B Shares (which represent the fixed portion of the capital stock).

Additionally, 15,666,667 Series A Shares (unregistered) will be held in the Company’s treasury, resulting in a total of 75,701,604 Shares (75,699,999 Series A Shares).

The Company’s major shareholders are the following:

Corporate Structure

Below is the corporate structure of Grupo Acosta Verde at year-end 2020:

Board of Directors

Acosta Verde’s supreme corporate governance body is our Board of Directors, which is comprised of 11 members, five of whom qualify as independent. Our directors are professionals with extensive business backgrounds, high moral standards, expertise, extraordinary vision, and proven ability.

Director Position Gender Age Years of
Jesús Acosta Verde Chairman Male 75 50
José María Garza Treviño Director Male 64 40
Mariano Menkes Director Male 32 9
Brian Finerty Director Male 45 21
Fernando Gerardo Chico Pardo Director Male 69 40
Federico Chavez Peón Mijares Director Male 54 31
Carlos Salazar Lomelín Independent Director Male 69 45
Paulino José Rodríguez Mendívil Independent Director Male 69 40
Javier Gerardo Astaburuaga Sanjinés Independent Director Male 61 38
David Contis Independent Director Male 62 40
Francisco Javier Garza Zambrano Independent Director Male 65 43
Hernán Treviño de Vega Corporate Secretary
Male 44 20


To support the functions of the Board of Directors, we have four committees

Audit and Corporate Practices Committee

  • Paulino Rodríguez
  • Javier Astaburuaga Sanjines
  • Francisco Javier Garza Zambrano (Chairman)

Investment Committee

  • José María Garza Treviño
  • Mariano Menkes
  • Federico Chávez Peón Mijares
  • David Contis

Compensation Committee

  • Jesús Acosta Verde
  • Mariano Menkes
  • Federico Chávez Peón Mijares
  • Paulino Rodríguez

Nominating Committee

  • Jesús Acosta Verde
  • Brian Finerty
  • Federico Chávez Peón Mijares
  • Francisco Javier Garza Zambrano

Corporate Secretary (non-member): Hernán Treviño de Vega

Management Team

Jesús Acosta Castellanos
Chief Executive Officer

Age: 44

Career at Acosta Verde: 20 years of experience at Acosta Verde serving as Commercial and Operations Director (2001 to 2015), and CEO since 2015

Education: Bachelor’s Degree in Business Administration from Monterrey Institute of Technology and Higher Education (Instituto Tecnológico y de Estudios Superiores de Monterrey, ITESM), with certifications from Harvard and Boston Universities

Professional experience: Financial Analyst at Violy, Byorum y Asociados (2000); Chairman of the Board of Museo Papalote Monterrey (2014-2018); and current regional advisor of Grupo Financiero Banorte (since 2016)

Hernán Treviño de Vega
Chief Operating and Legal Officer

Age: 44

Career at Acosta Verde: 11 years of experience as Chief Operating and Legal Officer

Duties: Responsible for the Legal, Collections, Human Development, Market Intelligence and Sustainability, and Internal Control departments

Education: Law Degree from the University of Monterrey, in addition to a variety of post-graduate studies in the fields of Law, Business Administration, and Finance at prestigious international universities such as Northwestern, Pennsylvania, Chicago and Stanford

Professional experience: Director of Legal and Government Relations for Latin America at the transnational company Owens Corning; and previously served as Senior Attorney and Commercial Lawyer

Edgar Maldonado de los Reyes
Chief Financial Officer

Age: 45

Career at Acosta Verde: 7 years of experience as Chief Financial Officer

Duties: Responsible for all financial and administrative matters of the Company, he is also involved in strategic planning issues

Education: Systems Administrator Engineer by the Autonomous University of Nuevo León (Universidad Autónoma de Nuevo León, UANL). He has certificates in Administration and Senior Management from Harvard Extension School and the PanAmerican Institute for High Business Management (Instituto Panamericano de Alta Dirección de Empresa, IPADE), and is a graduate of the Graduate School of Banking at Louisiana State University

Professional experience: Extensive experience in Grupo Financiero Banorte (1995 to 2013), holding positions as CFO of Inter National Bank (after participating in its acquisition) and Executive Director of Business Development in the United States. He also served on the board of directors of certain companies that are part of Grupo Banorte

Miguel Reyes Vidales
Director of Construction and New Projects

Age: 65

Career at Acosta Verde: 33 years of experience as Director of Construction and New Projects of Sendero shopping centers

Duties: Responsible for the planning, direction and execution of all construction projects and activities

Education: Architect by the UANL with a certification in Project Management and Strategy and Transformation by EGADE Business School

Professional experience: Project Manager at Constructora Veredalta Grupo Gentor (1985-1987) and at Contrusol (1982-1983). Also worked for E. Siller Valuadores Asociados (1983-1985)

Carlos Ruiz Santos
Commercial Director

Age: 46

Career at Acosta Verde: 14 years of experience as Commercial Director

Duties: Responsible for the commercialization of the Sendero shopping centers, the renewal of leasing contracts, creating new commercial relationships and synergies with national brands, and the validation and authorization of design proposals for all spaces in the shopping centers

Education: Bachelor’s Degree in Business Administration from ITESM and the Graduate School of Banking at Louisiana State University. He also holds certificates in the fields of Negotiation and Decision Making from Harvard Business School

Professional experience: Head of the U.S. maquila sector at GE Commercial Finance; Head of Corporate Banking and Credit Analyst of several branches at Grupo Financiero Banorte

Patricio Canales Martínez
Director of Property Management

Age: 55

Career at Acosta Verde: 3 years of experience as Director of Property Management

Duties: COO of Sendero shopping centers, he is also responsible for the Company’s Maintenance and Marketing area

Education: Law Degree from the UANL. He has an MBA from IPADE and an Ontological Coaching Certification from Newfield Consulting International

Professional experience: Commercial and Administration Director at the Shared Services Center of Grupo FEMSA; Deputy Commercial Director of Exports at Sigma Alimentos, a subsidiary of Grupo Alfa; and Marketing Manager for OXXO


We are committed to the highest standards of ethics, transparency, and integrity, which are reflected in all our decisions and actions.

The document that embodies this way of working is our Code of Ethics, which defines the behaviors expected from our employees in interpersonal relationships, with third parties and the environment, as well as on issues such as anti-corruption, prevention of money laundering, conflict of interest, gifts and hospitality, information security, and personal data protection.

We have an ethics hotline where employees can report any breaches of the Code of Ethics or any of our policies. We provide our employees with reliable and confidential reporting channels.

Ethics hotline 800-04-38422


(1)The Ethics Committee is integrated by the heads of the following departments: Efficiency of Shopping Centers, Administration and Finance, Legal and Development of Human Resources.