Board committees
BOARD COMMITTEES
- AUDIT COMMITTEE
- RISK COMMITTEE
- CORPORATE AFFAIRS COMMITTEE
- CORPORATE GOVERNANCE COMMITTEE
- TECHNOLOGY AND INNOVATION COMMITTEE
- ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) COMMITTEE
- COMPENSATION COMMITTEE
AUDIT COMMITTEE
The Committee is composed of three independent members of the Board of Directors with experience in finance and internal control. The Corporate Vice President of Legal Affairs serves as Secretary, while the Internal Audit Manager, the Corporate Controller Vice President, and the Statutory Auditor participate as permanent guests with voice but without voting rights.
Its primary role is to support the Board of Directors in overseeing accounting and financial systems, ensuring that internal controls are adequate for the Company. It performs supervisory, reporting, and advisory functions.
Members: Esther América Paz Montoya (Chairwoman), Fabio Castellanos Ordóñez, and Luis Fernando López Roca.
RISK COMMITTEE
The Committee is composed of two independent members and one patrimonial member of the Board of Directors, with experience in finance, information security, and internal control. The Corporate and Conglomerate Risk Manager serves as Secretary, and the Corporate Vice President of Risk and Compliance participates as a permanent guest.
Its primary role is to assist the Board of Directors in fulfilling its oversight responsibilities related to risk management within the Aval Financial Conglomerate.
Members: Fabio Castellanos Ordóñez (Chairman), Jorge Silva Luján, and Andrés Escobar Arango.
CORPORATE AFFAIRS COMMITTEE
The Committee is composed of two independent members and one patrimonial member of the Board of Directors, with experience in finance, strategy, information security, and internal control. The Corporate Vice President of Legal Affairs serves as Secretary, and the Corporate Controller Vice President participates as a permanent guest.
Its primary role is to assist the Board of Directors in the review and follow-up of matters related to the planning and execution of activities carried out by Grupo Aval’s Corporate Controller Vice Presidency.
Members: Esther América Paz Montoya (Chairwoman), Fabio Castellanos Ordóñez, and Álvaro Velásquez Cock.
CORPORATE GOVERNANCE COMMITTEE
The Committee is composed of the Presidency and six Corporate Vice Presidencies of Grupo Aval. The Corporate Vice President of Legal Affairs additionally serves as Secretary.
Its primary function is to act as the first-level body responsible for reviewing and evaluating transactions that may present conflicts of interest or potential conflicts of interest among Grupo Aval, the entities comprising the Aval Financial Conglomerate, parties related to the Aval Financial Conglomerate, and managers or individuals with decision-making authority within the entities of the Aval Financial Conglomerate. It also oversees the implementation status of the Company’s corporate governance best practices and, based on these matters and those submitted for its consideration, supports the Board of Directors in the continuous improvement process related to the adoption of sound governance standards.
Members:
(i) Company Presidency,
(ii) Corporate Vice Presidency of Finance,
(iii) Corporate Vice Presidency of Information Technologies,
(iv) Corporate Vice Presidency of Legal Affairs,
(v) Corporate Vice Presidency of Risk and Compliance,
(vi) Corporate Vice Presidency of Sustainability and Strategic Projects, and
(vii) Corporate Vice Presidency of Financial Assets and Efficiency.
You may consult the Committee’s regulations here
TECHNOLOGY AND INNOVATION COMMITTEE
The Committee is composed of two independent members and one patrimonial member of the Board of Directors, with experience in finance, cybersecurity, and information security. The Corporate Vice President of Information Technologies serves as Secretary.
Its primary role is to make decisions based on the information reported by management regarding Grupo Aval’s and its subsidiaries’ strategies in the areas of technology systems, new technologies, digital transformation, and information security, as well as the investments and operational expenditures required and executed to develop these strategies and report them to the Board of Directors.
Members: Luis Carlos Sarmiento Gutiérrez (Chairman), Mauricio Salgar, and Jorge Silva Luján.
ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) COMMITTEE
The Committee is composed of three independent members of the Board of Directors with experience in Corporate Affairs, Government, Legal Matters, Energy, and Strategic Planning. The Corporate Vice President of Sustainability and Strategic Projects serves as Secretary.
Its main purpose is to promote the strategic integration of ESG matters into the operations of the Company and its subsidiaries by defining goals and objectives aimed at ensuring the Company remains a responsible and competitive organization that responds to the needs and expectations of its stakeholders.
Members: Andrés Escobar Arango, Mauricio Salgar, and Luis Fernando López Roca.
COMPENSATION COMMITTEE
The Committee is composed of Dr. Luis Carlos Sarmiento Angulo and Board member Mauricio Cárdenas Müller.
The Company’s Compensation Committee is responsible for determining the compensation of the Company’s President, as well as establishing the parameters under which the President defines the compensation of senior executives and employees.
AUDIT COMMITTEE
The Committee is composed of three independent members of the Board of Directors with experience in finance and internal control. The Corporate Vice President of Legal Affairs serves as Secretary, while the Internal Audit Manager, the Corporate Controller Vice President, and the Statutory Auditor participate as permanent guests with voice but without voting rights.
Its primary role is to support the Board of Directors in overseeing accounting and financial systems, ensuring that internal controls are adequate for the Company. It performs supervisory, reporting, and advisory functions.
Members: Esther América Paz Montoya (Chairwoman), Fabio Castellanos Ordóñez, and Luis Fernando López Roca.
RISK COMMITTEE
The Committee is composed of two independent members and one patrimonial member of the Board of Directors, with experience in finance, information security, and internal control. The Corporate and Conglomerate Risk Manager serves as Secretary, and the Corporate Vice President of Risk and Compliance participates as a permanent guest.
Its primary role is to assist the Board of Directors in fulfilling its oversight responsibilities related to risk management within the Aval Financial Conglomerate.
Members: Fabio Castellanos Ordóñez (Chairman), Jorge Silva Luján, and Andrés Escobar Arango.
CORPORATE AFFAIRS COMMITTEE
The Committee is composed of two independent members and one patrimonial member of the Board of Directors, with experience in finance, strategy, information security, and internal control. The Corporate Vice President of Legal Affairs serves as Secretary, and the Corporate Controller Vice President participates as a permanent guest.
Its primary role is to assist the Board of Directors in the review and follow-up of matters related to the planning and execution of activities carried out by Grupo Aval’s Corporate Controller Vice Presidency.
Members: Esther América Paz Montoya (Chairwoman), Fabio Castellanos Ordóñez, and Álvaro Velásquez Cock.
CORPORATE GOVERNANCE COMMITTEE
The Committee is composed of the Presidency and six Corporate Vice Presidencies of Grupo Aval. The Corporate Vice President of Legal Affairs additionally serves as Secretary.
Its primary function is to act as the first-level body responsible for reviewing and evaluating transactions that may present conflicts of interest or potential conflicts of interest among Grupo Aval, the entities comprising the Aval Financial Conglomerate, parties related to the Aval Financial Conglomerate, and managers or individuals with decision-making authority within the entities of the Aval Financial Conglomerate. It also oversees the implementation status of the Company’s corporate governance best practices and, based on these matters and those submitted for its consideration, supports the Board of Directors in the continuous improvement process related to the adoption of sound governance standards.
Members:
(i) Company Presidency,
(ii) Corporate Vice Presidency of Finance,
(iii) Corporate Vice Presidency of Information Technologies,
(iv) Corporate Vice Presidency of Legal Affairs,
(v) Corporate Vice Presidency of Risk and Compliance,
(vi) Corporate Vice Presidency of Sustainability and Strategic Projects, and
(vii) Corporate Vice Presidency of Financial Assets and Efficiency.
You may consult the Committee’s regulations here.
TECHNOLOGY AND INNOVATION COMMITTEE
The Committee is composed of two independent members and one patrimonial member of the Board of Directors, with experience in finance, cybersecurity, and information security. The Corporate Vice President of Information Technologies serves as Secretary.
Its primary role is to make decisions based on the information reported by management regarding Grupo Aval’s and its subsidiaries’ strategies in the areas of technology systems, new technologies, digital transformation, and information security, as well as the investments and operational expenditures required and executed to develop these strategies and report them to the Board of Directors.
Members: Luis Carlos Sarmiento Gutiérrez (Chairman), Mauricio Salgar, and Jorge Silva Luján.
ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) COMMITTEE
The Committee is composed of three independent members of the Board of Directors with experience in Corporate Affairs, Government, Legal Matters, Energy, and Strategic Planning. The Corporate Vice President of Sustainability and Strategic Projects serves as Secretary.
Its main purpose is to promote the strategic integration of ESG matters into the operations of the Company and its subsidiaries by defining goals and objectives aimed at ensuring the Company remains a responsible and competitive organization that responds to the needs and expectations of its stakeholders.
Members: Andrés Escobar Arango, Mauricio Salgar, and Luis Fernando López Roca.
COMPENSATION COMMITTEE
The Committee is composed of Dr. Luis Carlos Sarmiento Angulo and Board member Mauricio Cárdenas Müller. The Company’s Compensation Committee is responsible for determining the compensation of the Company’s President, as well as establishing the parameters under which the President defines the compensation of senior executives and employees.