These committees have three statutory members and one alternate member, all of them independent.

Primary responsibilities:

• Selecting the independent auditor for the Company and establishing fees.
• Ensuring the existence of a proper internal control scheme for the Company that meets any and all applicable accounting and legal provisions, and reviewing Company transactions with related parties.
• Reviewing the financial statements and ensuring they are a true and accurate reflection of the financial situation for the Company. They also have a set procedure for receiving, retaining, and responding to claims concerning accounting practices and controls, and any audit issues. Moreover, said committees have the necessary resources for, and are authorized to retain the services of counsel and/or any other outside adviser needed to perform their duties.
• Reducing the risk of conducting operations such that could affect Company worth or could result in the granting of favored conditions to any one group of shareholders.
• Approving policies for the use of properties pertaining to the net worth of the Company.
• Authorizing transactions with related parties, remuneration for the Chief Executive, and remuneration policies regarding relevant company officers.

Our core values -integrity, respect for the individual, customer service, and the pursuit of excellence- set us aside from the rest and are the cornerstone of our culture. We categorically state that these values are absolutely non-negotiable, with no exceptions whatsoever. All associates are responsible for fully understanding and complying with our Statement of Ethics, which establishes the corporate guidelines for compliance with said values. G4-HR9

The Ethics Office in our Company reports to the Vice President for Ethics and Compliance, whose primary duty is to disseminate and promote a culture of ethical behavior, strict compliance with legal provisions that govern us, and for handling any and all ethics-related inquiries and cases received.

We are committed to maintaining a work atmosphere that encourages our associates to voice any concerns regarding possible violations with our Statement of Ethics, and any repercussions against any associate who presents such concerns are strictly prohibited.

Integrity is of the utmost importance for us at Walmart de México y Centroamérica. Our continued success depends on all of us adopting the commitment to do what is right by our customers, our communities, and the well-being of our business.

Our Compliance Program is based on 14 Compliance areas, in which we work on six elements: leadership, standards & controls, training, communication, risk analysis, and monitoring & response. Our focus continues to be the increase in the maturity of the program in each of them. The Ethics and Compliance Vice Presidents, in Mexico and Central America report to the VPs for Latam Ethics and Compliance, and have a team of 310 associates who are experts in the 14 areas of the program. Continuous Improvement is the area in charge of monitoring key business units and providing training, conducting follow-up, and designing correction plans regarding compliance issues identified during their store visits.

The Compliance Responsibilities Matrix, Annual Electronic Certification, ongoing training for our associates, third-party intermediaries and commercial partners, as well as the incorporation of compliance indicators for top management –which impact their performance evaluations- are all fundamental mechanisms within the assurance process for said program. In 2016, Anticorruption trained some 38,800 associates, and over 1,200 suppliers.

The Board of Trustees has 10 members, of which four are independent Trustees, and they meet four times a year.

In 2016, the Walmart Mexico Foundation was evaluated by Filantrofilia, a not-for-profit civil association that grades institutional development and social impact trends. We obtained a score of 3.68 out of a possible 4, which corresponds to A+ as compared to international best practices. Said score is an evaluation of four general areas: governance and strategy, communication, management, and operation and programs. Of these results, the estimate for return on social investment means that for every peso that the Walmart Mexico Foundation invested in 2015, a total of 7.41 pesos in favor of the Company was generated in a single year.

In Mexico the Director for Corporate Responsibility reports directly to the VP for Corporate Affairs. In Central America, this area is overseen by the Director of Corporate Affairs, who reports to the VP & COO of Central America.

In keeping with our vision, strategic inclusion of Corporate Responsibility in our business dealings is considered absolutely necessary. Consequently, we have a Corporate Responsibility Committee whose duties include defining long-term strategy for the Company, adjusting business processes, and decision-making pertinent to each of the material subjects. During Committee sessions, special attention is paid to understanding the meaning of Corporate Responsibility for their specific work areas, and acting in accordance with the same.