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Board of Directors


The Board of Directors of the Stock Exchange is composed of 11 Directors, where at least two (2) are Independent Directors, who are chosen by the Annual Shareholders Meeting of Latinex, Inc. The election of Directors is carried out for staggered periods, so that there is always continuity in management.

The Society's officers (President, Vice President, Secretary and Treasurer) are elected annually by the Board of Directors.

The Board of Directors is constituted as follows:

Name Post Period Text
Arturo Gerbaud de la Guardia Independent Director / President 2023-2025 He holds a degree in Law and Political Science from the Universidad Santa María la Antigua and a Master of Laws (LL.M.) from Duke University School of Law in Durham, North Carolina, United States. He has over 30 years of experience in legal practice, primarily in the areas of banking and finance, capital markets, and mergers and acquisitions. Since 1990, he has worked at the firm Alemán, Cordero, Galindo & Lee, where he has been a partner since 1992. He is a member of the Panamanian Bar Association and served on the Board of Directors of the Superintendency of Banks of Panama from 2003 to 2019.
Carlos Antonio Mendoza V Director / Vice President 2024-2026 He completed his undergraduate education at Harvard University, where he earned a Master of Public Policy from the John F. Kennedy School of Government and a Bachelor of Arts in Economics from Harvard College. He has more than 30 years of experience in the financial sector and the securities market. He is currently Director of Corporate Finance at ASSA Compañía de Seguros. For 16 years, as part of the Inversiones Bahía team, he actively participated as an investment banker in private equity investments and mergers and acquisitions in the banking, insurance, telecommunications, media, air transport, retail, distribution, and energy sectors. Previously, he worked at Banco Continental de Panamá and Wall Street Securities. At the latter, he led the development, registration, and listing of the first mutual fund that invested in Panamanian company stocks, as well as two other funds. He began his professional career at Chase Manhattan Bank.
Monica Garcia de Paredes de Chapman Director / Secretary 2025-2027 She holds a bachelor's degree from The George Washington University School of Business and an MBA from INCAE Business School. She has over 30 years of experience in the financial sector and has served on boards of directors for over 15 years. From 2008 to 2010, she served as president of the Chamber of Issuers of Panama and president of the Association of Directors of Panama (ADP) from January 2022 to December 2023. She is the founder and president of the Psoriasis Foundation of Panama. She currently serves on the boards of directors of Global Bank Corp., Progreso, SA, Aseguradora Global, Global Valores, SA, Fondo Global de Inversiones, SUR Fund, and Nuevos Hoteles de Panamá. She also serves as chair of the Corporate Governance and Sustainability Committee and the Anti-Money Laundering Committee, and as a member of Global Bank's Risk Committee. At Latinex, he chairs the Sustainability and CSR Committee and participates in the Corporate Governance, IT, and Research Committees.
Ana Graciela de Méndez Director / Treasurer 2025-2027 She holds a Master's degree in Finance from the AB Freeman School of Business at Tulane University (USA) and the Business School of Francisco Marroquín University (Guatemala). She completed a Senior Management Program at the Haas School of Business at UC Berkeley (USA) and earned a Bachelor's degree in Business and Economics with a minor in Economics and Mathematics from Albertus Magnus College (USA). Since December 2017, she has served as Executive Vice President of Finance (CFO) of Banco Latinoamericano de Comercio Exterior (Bladex), a multinational entity based in Panama specializing in foreign trade finance in Latin America and the Caribbean, listed on the New York Stock Exchange (NYSE). Previously, she held various positions within Bladex, including executive positions in Finance, Business, and Economics since 1990, the year she began her career at the Bank.
Christine Ariane Müller S. Director 2024-2026 She holds a dual bachelor's degree in Economics and Psychology from the University of Pennsylvania and an MBA from IESE Business School. She has over 15 years of experience in the areas of estate planning, finance, risk management, and corporate governance. She is the Founder and CEO of Atlas Solutions, a provider of corporate, legal, and financial services to individuals and institutions. Previously, Ms. Müller worked in wealth management at Merrill Lynch, UBS, and in the treasury of Banco General, SA. She is a Director of Banco Delta, SA, where she serves on various committees and chairs the Human Resources Committee. She is an active member of the Association of Female Directors of Panama and provides consulting services to family businesses.
José Antonio Montero M Independent Director 2024-2026 He holds a Master's degree in Business Administration from Cornell University and a Bachelor's degree in Aeronautical Studies from Embry-Riddle Aeronautical University. He has over 30 years of experience working in the financial field of the aviation sector. Mr. Montero has been the Senior Vice President of Finance and CFO of Copa Holdings, SA since March 2013. He began his career with Copa Airlines in 1993 and has held various technical, supervisory, and administrative positions within the company, including Flight Operations Manager, Director of the System Operations Control Center (SOCC), and, between 2004 and 2013, Director of Strategic Planning.
Gary Chong-Hon Cabada Director 2024-2026 He holds a Master's degree in Business Administration (Corporate Finance and Strategy) from Georgetown University (The Robert Emmett McDonough School of Business) and a Bachelor of Science in Business Administration (Finance and International Business) from Villanova University. He has over 20 years of experience in the areas of investment banking, consulting, financial markets, and securities. He currently holds the position of Vice President of Investment Banking at Banco General, S.A. Previously, Mr. Chong-Hon worked at KPMG Consulting, Inc. (Miami, FL) as a Financial Services Consultant for the Real Estate and Hospitality sectors. He is also the treasurer of the Fundación Pro-Enfermos Contra el Cáncer (Fundacáncer) and the Fundación Dona Vida.
Roberto Brenes Director 2025-2027 He holds a Master's degree in Business Administration with an emphasis in Finance and Operations Research from Columbia University and a Bachelor's degree in Administration and Economics from the Monterrey Institute of Technology. He has more than 50 years of experience, primarily in banking and securities. He is currently a Director of Canal Bank and President of Singular Securities. From 2003 to October 2015, he served as Executive Vice President and General Manager of the Panama Stock Exchange, SA (now the Latin American Stock Exchange, SA). From 1999 to 2003, he served as Commissioner of the National Securities Commission of Panama (now the Superintendency of the Securities Market of Panama). He served as General Manager of Canal Bank from 2016 to 2019.
Manuel Alemán Márquez Director 2025-2027 He earned his Bachelor's degree in Economics from Purdue University in Indiana, USA, and his MBA from Duke University in North Carolina, USA. He has 22 years of experience in the financial sector. From 2002 to 2005, he worked in the Treasury at Citibank, and then at Citivalores as a Stockbroker and Manager, focused on expanding Citivalores' client base in Panama and the region. For the past 15 years, he has been a VPA at BG Valores, where he has been responsible for managing relationships with institutional, regional, and family office clients, as well as their investment portfolios. He currently leads a team of Stockbrokers in the UHNW segment. He is a member of the Investment Committee of the General Investment Fund. From 2018 to 2023, he represented the Financial Sector at the Chamber of Commerce, Industries, and Agriculture of Panama as a Director and Officer. He also served as a member of the Executive Committee, the Banking Committee, and the Digital Economy Committee.
Jorge Vallarino Ferrer Director 2025-2027 He holds a Bachelor's degree in Finance from Florida International University in Florida. He has been a partner at Morgan & Morgan since 2015 and has over 26 years of experience in various branches of the securities market and banking industry. He began his career with MMG Bank, overseeing balance sheet operations and the trading desk. He currently serves as Vice President of Treasury & Finance at MMG Bank, where he also oversees the management of the MMG family of funds and the group's operational infrastructure. He holds a Securities Broker and Senior Executive license issued by the Panamanian Securities Market Superintendency.
Maria del Carmen de Diego Director 2024-2026 He has more than twenty-five (25) years of experience in the areas of portfolio management and supervision of operational issues of financial products offered to clients. He studied at the Latin American University of Science and Technology (ULACIT), obtaining a Bachelor's Degree in Banking and Finance and a Master's Degree in Maritime Administration. He holds a Stockbroker and Securities Analyst License granted by the Superintendency of the Securities Market and several certifications / courses related to KYC, FATCA, CRS. Since 2013, he holds the position of VP of Private Banking at Prival Bank. Previously, he held the position of Financial Advisor - Private Banking at HSBC Bank Panama, Branch Manager at Primer Banco del Istmo and Branch Manager at Primer Banco de Ahorros.

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Committees

Latinclear maintains the following permanent committees:

  • Audit Committee:

    The main function is to ensure the proper functioning of the internal control system and the integrity of the financial information of Central Latinoamericana de Valores, SA. It will be composed of at least three (3) directors of Central Latinoamericana de Valores, SA and by people who are not part of the Board of Directors but who have the experience and/or knowledge necessary to fulfill the functions and responsibilities. All members have the right to speak and vote. The General Manager and the Internal Auditor of the economic group, as well as advisors or any other guest determined by the Committee, will be invited to participate, with the right to speak.

    Currently its members are:

    • Roberto Brenes (President)
    • Jorge Rafel Cano Quiroz (External Member)
    • Ana Graciela de Méndez
    • Jorge Vallarino
    • José Montero
    • Maria del Carmen de Diego

  • Risk Committee:

    Its main function is to identify, establish and implement criteria to minimize the risks inherent to the operations carried out by Central Latinoamericana de Valores, SA, based on best practices and international standards. It will be composed of at least three (3) directors of Central Latinoamericana de Valores, SA and by individuals who are not part of the Board of Directors but who have the experience and/or knowledge necessary to fulfill the functions and responsibilities. All members have the right to speak and vote. The General Manager, Internal Control Officer of the economic group and Compliance Officer, as well as advisors or any other guest determined by the Committee, will be invited to participate, with the right to speak.

    Currently its members are:

    • Ana Graciela de Méndez (President)
    • Gary Chong-Hon
    • Christine Müller
    • Maria del Carmen de Diego

  • Ethics and Compliance Committee:

    Its main function is to plan, coordinate and ensure compliance with current legislation on the Prevention of Money Laundering, Financing of Terrorism and Financing of the Proliferation of Weapons of Mass Destruction, as well as to ensure that Members and Issuers of Securities comply with all of the Company's Internal Rules. It will be composed of at least three (3) directors of Central Latinoamericana de Valores, SA and by individuals who are not part of the Board of Directors but who have the experience and/or knowledge necessary to fulfill the functions and responsibilities. All members have the right to speak and vote. The General Manager, Compliance Officer and Internal Auditor of the economic group, as well as advisors or any other guest determined by the Committee, will be invited to participate, with the right to speak.

    Currently its members are:

    • Rafael Moscarella (President and External Member)
    • Arturo Gerbaud
    • Christine Müller
    • José Montero

  • Technology Committee:

    Its main function is to promote the technological development necessary for the management of the Company's business. It will be composed of at least two (2) directors of the Latin American Stock Exchange, SA, who occupies the Executive Vice Presidency of Latinex Holdings, Inc., the Systems Project Manager and Systems Security Officer of the operating companies of the economic group and an advisor or specialist in the matter. Other managers of the operating companies and other specialist advisors that the Committee members deem necessary to hire and/or invite may be invited to participate in this Committee, all with the right to speak, but without the right to vote.

    Currently its members are:

    • Gary Chong-Hon (President)
    • Manuel Alemán
    • Monica Chapman
    • Christine Müller
    • Alejandro Carbonell (External Member)
    • Lilia Liu (External Member)

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Management team