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Weekly Report - 21 February 2019 (WR-19-07)

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MEXICO | Pemex and CFE in need for greater corporate transparency. On 13 February, Mexican NGO México Evalúa, maintained that both the state-owned oil firm Pemex and the Comisión Federal de Electricidad (CFE), the state-owned electricity utility firm, lack clear corporate transparency. Indeed, only 28% of the examined variables in the case of Pemex, and 22% in the case of the CFE, recorded a ‘good’ or ‘excellent’ rating of best corporate transparency practices. The NGO’s recommendations were mostly aimed at strengthening the firm’s governing bodies, more specifically their board of directors, and called for a better system of checks and balances that could reduce the risks of corruption. Such reforms seem particularly relevant considering that, on 20 February, Mexico’s federal chamber of deputies rejected a government-proposed reform of Pemex’s board of directors, which was meant to centralise power and could have potentially increased the risks of political interference in Pemex’s decision-making apparatus.