Submitted by: Homex
Posted: Oct 09, 2007 – 05:21 PM EST
Oct. 09 /CSRwire/ - Homex, the only Mexican homebuilder with full SEC registration and NYSE listing, is the first Mexican company to be admitted to the organization consisting of 13 other leading Latin American companies
As a participant Homex will represent, nationally and internationally, its experience and best corporate governance practices in Mexico
CULIACAN and SINALOA, Mexico, Oct. 9 /PRNewswire-FirstCall/ -- Desarrolladora HOMEX, S.A.B. de C.V. (Homex or the Company) (NYSE: HXM, BMV: HOMEX) announced today that it will be part of the Companies Circle of Latin American Corporate Governance Round Table organization, supported by the OECD (Organization for Economic Cooperation and Development), International Finance Corporation (IFC) and Global Corporate Governance Forum.
The Company Circle was formed in 2005, and has international recognition for bringing together Latin American companies and industry leaders who have adopted good corporate governance practices, while their experiences and input can constitute a reference and example for any company around the world.
Homex's admission to this association was announced during the 3rd annual meeting of the Companies Circle Round Table, led by Roque Benavides, President of the association and President and CEO of Compania de Minas Buenaventura SAA, a Peruvian Company. Eustaquio de Nicolas, President of Homex's Board of Directors, attended the meeting held in Medellin, Colombia, from October 9 to 11.
"Ten years ago we began our institutionalization process, our efforts and good corporate governance practices have brought us numerous benefits internally at Homex and to our operations, and it has also helped us gain the investment community's confidence, along with that of our shareholders and suppliers and the recognition of several national and international institutions. Our admittance to the Round Table supports our good corporate governance practices and adds to our corporate governance achievements. Recently, for example, Homex was granted an award by Affinitas (an international alliance for Ibero-American law firms) and the independent law firm, Garrigues, for being the public company with the highest corporate governance standards in Latin America. Homex is proud to represent Mexico in such an important organization," commented Eustaquio de Nicolas.
Among other criteria, the admission committee of this Circle, made up of CEOs of member companies, considered the measures adopted by Homex to institutionalize and improve its corporate governance practices, the Board of Directors' structure, the impact of the Company in its national context, as well as the awards and recognition obtained nationally and internationally.
Besides being a public company since 2004, Homex is currently the only Mexican homebuilder fully listed in NYSE, which explains why its practices and operations comply with stricter rules applicable to non-foreign issuers at NYSE, as well as being compliant with the highest standards of the Best Corporate Practices Code recommended by the National Banking and Securities Commission in Mexico (CNBV) and the Mexican Stock Exchange (BMV).
Homex has obtained numerous recognitions for its corporate practices; notable achievements are those of its social responsibility activities and good corporate governance, all to be shared as a member of the Companies Circle of Latin American Corporate Governance Round Table, which is the main objective of the association.
"Being a member of an organization supported by the OECD has positive repercussions for our Company and Mexico. It is a great opportunity to learn, share, and benefit from other Latin American companies' experience. We, as part of the group, will be contributing to how other foreign companies manage themselves and do business," concluded Eustaquio de Nicolas.
Desarrolladora Homex, S.A.B de C.V. is a leading, vertically-integrated home development company focused on affordable-entry level and middle-income housing in Mexico. It is one of the most geographically diverse home builders in Mexico. Homex has a leading position in the top four markets in the country and is the largest builder in Mexico based on number of homes sold and net income.
For additional corporate information, please visit the Company's web site at http://www.homex.com.mx