Audit and Corporate Practices Committee Annual Report
Mexico City, March 15th, 2018
In accordance with Articles 58 articles of the Law to Regulate Financial Groups and 43 of the Stock Market Law, the Audit and Corporate Practices Committee (Committee) presents its annual report of activities for 2017.
The contents of this report shall refer to Grupo Financiero Banorte (GFNorte) and the following relevant institutions: Banco Mercantil del Norte, S.A., Casa de Bolsa Banorte Ixe, S.A. de C.V, Arrendadora y Factor Banorte, S.A. de C.V. SOFOM ER (Leasing and Factoring), Solida Administradora de Portafolios, S.A. de C.V. SOFOM ER, Seguros Banorte, S.A. de C.V.(Insurance company), Pensiones Banorte, S.A. de C.V. (Annuities company) and Banorte Ahorro y Previsión S.A. de C.V. (Long Term Savings).
I. In regards to auditing:
Taking into consideration the aforementioned elements, the ICS of GFNorte and its relevant entities is reported to function properly, and of those identified deficiencies or deviations, some have been corrected and others are in the process of being taken care of.
With respect to the functioning of Internal Audit, the area has maintained its independence, reasonably met its work program in accordance with best practices, and effectively monitored the implementation of measures to correct observations and take advantage of detected areas of opportunity.
II. In regards to Corporate Practices:
President of Audit and Corporate Practices Committee of Grupo Financiero Banorte, S.A.B. de C.V.