Board committees
CORPORATE GOVERNANCE
BOARD COMMITTEES
Board committees are specialized technical bodies that support the Board of Directors by conducting in-depth analyses of critical areas of the business to enable more informed decision-making. At Grupo Aval, these committees are used strategically to strengthen corporate governance, mitigate risks, and ensure rigorous oversight of regulatory, financial, and ethical matters.
- Audit Committee
- Risk Committee
- Corporate Affairs Committee
- Technology and Innovation Committee
- Environmental, Social, and Governance Committee
- Compensation Committee
- Corporate Governance Committee
Audit Committee
This technical body supports the Board of Directors in overseeing the company’s accounting and financial systems, ensuring the adequacy of the internal control system through strategic reporting, advisory, and monitoring activities.
Composition: Composed exclusively of three independent members of the Board of Directors.
Secretariat: Led by the Corporate Legal Vice President.
Permanent guests: The Internal Audit Manager, the Corporate Controller Vice President, and the Statutory Auditor (who attend with the right to speak but not to vote).
In this way, the committee at Grupo Aval ensures maximum transparency, rigor, and integrity in the presentation of the organization’s financial reports.
Risk Committee
The primary function of this committee is to assist the Board of Directors in overseeing and fulfilling its responsibilities regarding the comprehensive risk management of the entire Aval Business Group.
The committee is composed of three members of the Board of Directors: Fabio Castellanos Ordóñez, who serves as chair, along with Jorge Silva Luján and Andrés Escobar Arango. In terms of technical management, the Corporate and Group Risk Manager serves as the committee’s secretary, with the Corporate Vice-President of Risk and Compliance participating as a permanent guest.
Through this oversight structure, the Grupo Aval committee ensures proactive mitigation of environmental risks, protecting shareholders’ equity and ensuring the Group’s long-term financial stability.
Corporate Affairs Committee
Its primary function is the strategic review and monitoring of the work carried out by Grupo Aval’s corporate comptroller’s office and its subsidiaries.
This body is composed of three members of the Board of Directors: Esther América Paz Montoya, who serves as chair, Álvaro Velásquez Cock, and Fabio Castellanos Ordóñez. For operational purposes, the Corporate Legal Vice-President serves as the committee’s secretary, and the Corporate Compliance Vice-President attends the meetings as a permanent guest.
Through this meticulous oversight, the committee at Grupo Aval ensures rigorous and transparent institutional control, promoting proper alignment and best practices in corporate governance across all Group companies.
Technology and Innovation Committee
This committee is composed of three members of the Board of Directors and includes the Corporate Vice-President of Technology, who serves as its secretary.
Its primary function is to make strategic decisions based on information reported by management regarding the systems, new technologies, and digital transformation of Grupo Aval and its affiliates.
It is also responsible for evaluating and reporting to the Board of Directors on the investments and operating expenses—both planned and incurred—necessary for the proper implementation of these strategies.
Members: Luis Carlos Sarmiento Gutiérrez (Chair), Mauricio Salgar Hurtado, and Jorge Silva Lujan.
Environmental, Social, and Governance Committee
Its primary function is to promote the incorporation of ESG criteria into the strategy, management, and decision-making of Grupo Aval and its subsidiaries. It also monitors initiatives, goals, and results in these areas, helping to strengthen responsible and sustainable management that is aligned with the expectations of stakeholders.
The committee is composed of three independent members of the Board of Directors, and the Corporate Vice-President of Sustainability and Strategic Projects serves as secretary.
Members: Luis Fernando López Roca (Chair), Andrés Escobar Arango, and Mauricio Salgar Hurtado.
Compensation Committee
This committee is responsible for assisting the Board of Directors in defining and overseeing the organization’s compensation policies, ensuring that they are aligned with the company’s strategy, corporate objectives, and the creation of sustainable value.
Among its main responsibilities are setting the compensation for the Company’s President and establishing the guidelines for the compensation of senior executives and other employees. The committee is composed of members appointed by the Board of Directors.
Members: Luis Carlos Sarmiento Angulo and Mauricio Cárdenas Müller.
Corporate Governance Committee
Its primary function is to serve as the body responsible, in the first instance, for reviewing and evaluating transactions that may involve conflicts of interest (actual or potential) between Grupo Aval, the entities and related parties of the Aval Business Group, and their managers or decision-makers. It is also responsible for reviewing the status of the company’s implementation of best practices to assist the Board of Directors in the process of continuously improving its corporate governance standards.
In this way, the committee at Grupo Aval safeguards institutional transparency, prevents ethical risks, and ensures strong operational alignment in all of the Group’s strategic decisions.
Members: (I) President of the Company, (II) Corporate Financial Vice-President, (III) Corporate Technology Vice-President, (IV) Corporate Vice-President of Legal Affairs, and (V) Corporate Risk and Compliance Vice-President, (VI) Corporate Sustainability and Strategic Projects Vice-President, and (VII) Corporate Financial Assets and Efficiency Vice-President.
*This committee was created by the Board of Directors, but its members are not members of the Board.
AUDIT COMMITTEE
This technical body supports the Board of Directors in overseeing the company’s accounting and financial systems, ensuring the adequacy of the internal control system through strategic reporting, advisory, and monitoring activities. Composition: Composed exclusively of three independent members of the Board of Directors. Secretariat: Led by the Corporate Legal Vice President. Permanent guests: The Internal Audit Manager, the Corporate Controller Vice President, and the Statutory Auditor (who attend with the right to speak but not to vote). In this way, the committee at Grupo Aval ensures maximum transparency, rigor, and integrity in the presentation of the organization’s financial reports.
RISK COMMITTEE
The primary function of this committee is to assist the Board of Directors in overseeing and fulfilling its responsibilities regarding the comprehensive risk management of the entire Aval Business Group. The committee is composed of three members of the Board of Directors: Fabio Castellanos Ordóñez, who serves as chair, along with Jorge Silva Luján and Andrés Escobar Arango. In terms of technical management, the Corporate and Group Risk Manager serves as the committee’s secretary, with the Corporate Vice-President of Risk and Compliance participating as a permanent guest. Through this oversight structure, the Grupo Aval committee ensures proactive mitigation of environmental risks, protecting shareholders’ equity and ensuring the Group’s long-term financial stability.
CORPORATE AFFAIRS COMMITTEE
Its primary function is the strategic review and monitoring of the work carried out by Grupo Aval’s corporate comptroller’s office and its subsidiaries. This body is composed of three members of the Board of Directors: Esther América Paz Montoya, who serves as chair, Álvaro Velásquez Cock, and Fabio Castellanos Ordóñez. For operational purposes, the Corporate Legal Vice-President serves as the committee’s secretary, and the Corporate Compliance Vice-President attends the meetings as a permanent guest. Through this meticulous oversight, the committee at Grupo Aval ensures rigorous and transparent institutional control, promoting proper alignment and best practices in corporate governance across all Group companies.TECNOLOGY AND INNOVATION COMMITTEE
This committee is composed of three members of the Board of Directors and includes the Corporate Vice-President of Technology, who serves as its secretary. Its primary function is to make strategic decisions based on information reported by management regarding the systems, new technologies, and digital transformation of Grupo Aval and its affiliates. It is also responsible for evaluating and reporting to the Board of Directors on the investments and operating expenses—both planned and incurred—necessary for the proper implementation of these strategies. Members: Luis Carlos Sarmiento Gutiérrez (Chair), Mauricio Salgar Hurtado, and Jorge Silva Lujan.
ENVIRONMENTAL, SOCIAL, AND GOVERNANCE COMMITTEE
Its primary function is to promote the incorporation of ESG criteria into the strategy, management, and decision-making of Grupo Aval and its subsidiaries. It also monitors initiatives, goals, and results in these areas, helping to strengthen responsible and sustainable management that is aligned with the expectations of stakeholders. The committee is composed of three independent members of the Board of Directors, and the Corporate Vice-President of Sustainability and Strategic Projects serves as secretary. Members: Luis Fernando López Roca (Chair), Andrés Escobar Arango, and Mauricio Salgar Hurtado.
COMPENSATION COMMITTEE
This committee is responsible for assisting the Board of Directors in defining and overseeing the organization’s compensation policies, ensuring that they are aligned with the company’s strategy, corporate objectives, and the creation of sustainable value. Among its main responsibilities are setting the compensation for the Company’s President and establishing the guidelines for the compensation of senior executives and other employees. The committee is composed of members appointed by the Board of Directors. Members: Luis Carlos Sarmiento Angulo and Mauricio Cárdenas Müller.
CORPORATE GOVERNANCE COMMITTEE
Its primary function is to serve as the body responsible, in the first instance, for reviewing and evaluating transactions that may involve conflicts of interest (actual or potential) between Grupo Aval, the entities and related parties of the Aval Business Group, and their managers or decision-makers. It is also responsible for reviewing the status of the company’s implementation of best practices to assist the Board of Directors in the process of continuously improving its corporate governance standards. In this way, the committee at Grupo Aval safeguards institutional transparency, prevents ethical risks, and ensures strong operational alignment in all of the Group’s strategic decisions. Members: (I) President of the Company, (II) Corporate Financial Vice-President, (III) Corporate Technology Vice-President, (IV) Corporate Vice-President of Legal Affairs, and (V) Corporate Risk and Compliance Vice-President, (VI) Corporate Sustainability and Strategic Projects Vice-President, and (VII) Corporate Financial Assets and Efficiency Vice-President. *This committee was created by the Board of Directors, but its members are not members of the Board.