Democracy, hard times

That of December 14, 2022 will go down in history as an ominous morning for democratic life in Mexico.

The powerful machine of the party in power and its allied parties approved the so-called Plan B of the federal government to carry out the electoral reform.

And the legislative session in the Chamber of Deputies the following day, where the initiatives were finally approved, was the complement of the same event in two stages.

The reform initiative proposed by President Andrés Manuel López Obrador represents the final straw for the respected and trusted citizen electoral body, the National Electoral Institute.

In addition to the profound damage that it implies for the national democratic system, the approved electoral reform represents a setback of 30 years in electoral political matters.

It is a reform that violates the Mexican Political Constitution and that will lead to a deep and long legal battle that in due course will have to be defined by the Supreme Court of Justice of the Nation.

It is a reform that weakens the electoral body and puts the organization and credibility of the 2024 elections at risk.

It represents the return of Mexico to those times in which the government organized and manipulated the electoral processes.

That of December 14 was a day that will remain inscribed in the saddest pages of the Mexican legislature.

And at the same time it represents a watershed in which society, the one that took to the streets to demonstrate with the cry of #ElINENoSeToca; the same one that surpassed the opposition political parties and business organizations, will promote an intense defense of the current democratic system.

In the days and hours before, the business organizations, Concamin and Coparmex and even the CCE, expressed their concern about what was already anticipated would happen: the approval of the presidential initiatives.

Democracy has a value as intangible as it is immeasurable for the national productive life. It is part of the rule of law.

A new chapter is just beginning that is yet to be written and not necessarily from the official narrative. to time.

Kessel, Chairman of Scotiabank

The Mexican Georgina Kessel Martínez was appointed as the new president of the board of directors of Grupo Financiero Scotiabank, a subsidiary of the Canadian The Bank of Nova Scotia.

He replaces Guillermo Babatz Torres, also a Mexican, who resigned on November 18, but will continue to be a member of the controller’s board of directors.

These are two Mexicans who today hold senior executive positions in international companies.

And in both cases it is also about two Mexicans who were formerly high officials in the Mexican government.

Kessel and Babatz have something in common, a high level of training and knowledge that have allowed them to stand out in the public and private spheres. And they are recognized and valued, locally and internationally.

They are a couple of compatriots, whose careers allow us to understand the meaning of what is described as the value of human capital.

Kessel Martínez, has been an independent director of the institution since January 2014 and also participates in the Audit and Corporate Practices committees, as well as Corporate Governance. She also heads the Risk Committee.

In addition, Kessel participates in the governing body of Fresnillo, the largest primary silver producer in the world and belonging to Grupo Bal, since May 2018. He is also part of the board of directors of the Spanish energy company Iberdrola.

In the public administration, among other public positions, she was Secretary of Energy from 2006 to 2011, during the six-year term of Felipe Calderón Hinojosa.

Kessel has been undeservedly publicly criticized by President López Obrador for her participation in the board of directors of the Spanish company Iberdrola.

The former Mexican official was invited – and accepted once more time than required by law had elapsed – to participate as a shareholder counselor, to monitor the company.

Kessel’s arrival at the highest position at Scotiabank México undoubtedly represents enormous value for the financial firm and for the country.

glimpses

As expected, Banxico raised its interest rate by 50 base points to place it at 10.5%. The message is that inflationary pressures continue and the high level of core inflation is worrying. Consequently, increases in the price of money will continue to bring down inflation.