By INSTITUTIONAL COMMUNICATION | EGADE BUSINESS SCHOOL
Boards of Directors in Mexico are facing key challenges to remain relevant and strategic in an environment of growing demands for sustainability, transparency, and diversity.
To support their development, EGADE Business School at Tecnológico de Monterrey presented the study Transforming Corporate Governance in Mexico: Perspectives and Challenges for Boards of Directors, which compiles practical recommendations based on data from the Mexican business ecosystem.
The study was conducted by Ricardo Murcio, leader of the Corporate Governance initiative at EGADE Business School, drawing on a national survey and direct insights from the Board Members Executive Education Program.
The report examines key gaps in board composition, agenda setting, and professionalization, providing concrete solutions for companies seeking to align their governance with their long-term strategy.
At the opening of the launch event, Murcio shared the study’s main findings:
“We conducted a quantitative analysis because we wanted to understand—directly from those involved in governance in Mexico—what is still lacking. If you have a well-structured board, you're safeguarding investor trust.”
The report highlights four key findings:
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There is an urgent need for boards to act as strategic drivers, rather than just overseeing financial results.
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Professional succession remains a core challenge to ensure business continuity, in both family-owned and non-family firms.
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Board diversity remains limited, with only 13% of board members being women and just 3% being independent.
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ESG criteria are gaining traction in publicly listed companies, while SMEs need support to professionalize their sustainability practices.
The event featured participation from María Ariza, CEO of BIVA; Rodrigo Badiola, Partner of Corporate Governance, Sustainability, and Family Business at Deloitte Mexico; and Osmar Arandia, Associate Dean of Executive Education at EGADE Business School.
Ariza underscored the connection between effective governance and access to capital:
“For corporate governance to drive growth, we need to strengthen our capital markets and attract more players and local fund managers. Market participation gives companies access to capital and enables them to transcend generations and transform to compete globally.”
Badiola stressed the need to evolve the board’s role beyond operational matters:
“We must clearly define our expectations of the board and fully understand its role. To make it more strategic, the agenda must be carefully designed, and operational matters delegated. Board diversity is key to aligning directors with the company’s real needs.”
Arandia emphasized that the study is rooted in direct experience with board member training and interaction with governance professionals:
“This study emerged from the practical experience we gain in our Board Members Executive Education Program and aims to be a strategic and useful tool for decision-making in Mexican companies.”
The presentation also explored success stories, common mistakes, and opportunities to enhance board professionalization. The panelists agreed that evolving corporate governance toward a strategic, diverse, and sustainable vision is essential for business resilience and growth.
“Boards that aren’t aligned with the long-term values, purpose, and strategy of their companies will be left behind,” warned Murcio at the end of the event.
Through this study, EGADE Business School reinforces its commitment to developing responsible and conscious leaders who are prepared to meet the demands of today’s and tomorrow’s corporate landscape. Beyond knowledge dissemination, the publication aims to drive tangible improvements in how Mexican companies structure and manage their governance bodies.
Read the full report.
