Board of Directors

BYMA BOD (Administrative Body) is composed by twelve regular members and their corresponding alternates –appointed by Shareholder’s Meeting for three fiscal years and renewed on an annual basis, provided that they are eligible for re-election only once in a consecutive manner.

Four out of the twelve members are Independent Directors in compliance with the CNV Regulations (2013), Title II, Chapter III, Article 11. Additionally, no Director shall be an employee of BYMA pursuant to the company’s BOD Rules.

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Ernesto Allaria Chairman

VER MÁS

Mandate Expiration Date: 12/31/2025
Status: Non-executive Director
Alternate Director: Mateo Brito

Chairman of the Executive Committee

Ernesto Allaria earned a Business Administration degree from Universidad Católica Argentina (University) and brings to the Board his expertise and knowledge of Financial Trusts, Mathematical Finance and Futures Markets added to his strong track record as Capital Market expert.
He has been Chairman of Allaria S.A. since 1999.
He also serves as Director of Allaria Fondos Administrados SGFCI S.A., Alternate Director of Argenpymes SGR, Chairman of Allaria Latam Inversiones S.A., Chairman of Caja de Valores S.A., Chairman of Instituto Argentino de Mercado de Capitales S.A., Chairman of Tecnología de Valores S.A, Alternate Director of BYMA Virtual S.A. and Member of the Consulting Board of Bolsa de Comercio de Buenos Aires (Buenos Aires Stock Exchange).
Prior to that, Ernesto Allaria has served as Director, Treasurer and Vice-Chairman of Mercado de Valores de Buenos Aires, Member of the Counsellor Board and Vice-Chairman of Bolsa de Comercio de Buenos Aires (Buenos Aires Stock Exchange) and Director of Argenclear S.A.

Marcelo Menéndez Vice Chairman

VER MÁS

Mandate Expiration Date: 12/31/2025
Status: Non-executive Director
Alternate Director: Gonzalo de la Serna

Member of the Executive Committee and of the Committee of Corporate Governance

Marcelo earned a Public Accountant degree and a post-graduate Capital Market Expert degree from Universidad Católica Argentina (University).
In the last five years, he has been serving as Chairman of SBS Trading S.A. and SBS Asset Managment Sociedad Gerente de Fondos de Inversión (Investment Funds Copmany).
Since 1999, he also serves as President of the Board of SBS Group.
Marcelo is currently Caja de Valores S.A. Chairman and a founding member of Quicktrade.com.
In the past, he has served as Director of Mercado de Valores de Buenos Aires and of Banco de Valores S.A.
He was also Counselor of Bolsa de Comercio de Buenos Aires and Vice-President of first rank.

Alexander Zawadzki Regular Director

VER MÁS

Mandate Expiration Date: 12/31/2026
Status: Non-executive Director
Alternate Director: Sebastián Arena

Chairman of the Risk Committee and Member of the Executive Committee

Alexander earned a degree in Business Administration from Universidad de San Andrés (University).
Since 2008, he has served as Director of Schweber Securities S.A., and as it’s Chairman as from 2023.
Since 2017, he also serves as Vice President of Tecnología de Valores S.A., Vice President of BYMA Virtual S.A., Vice President of Caja Fiduciaria S.A., Alternate Director of Caja de Valores S.A., Alternate Director of Instituto Argentino de Mercado de Capitales S.A. and Alternate Director of Tecval Software.
He is a Professor of Capital Markets at Universidad Austral and, from 2015 to 2017, he had served as Director of Mercado de Valores de Buenos Aires S.A. (Merval), also holding the position of Treasury Director, and Director of Mercado Argentino de Valores S.A. (MAV) from 2017 to 2019.

Gabriel Martino (*) Regular Director

VER MÁS

Mandate Expiration Date: 12/31/2025
Status: Independent Director elected in that condition
Alternate Director: Mariano Fiorito (*)

Member of the Executive Committee

Gabriel Martino earned a Public Accountant degree from Universidad Católica Argentina (University) and a MBA degree from IDEA.
He has been founder and Chairman of BFLinvest since May 2020, one of the co-founders of Argencon and Independent Outside Director of Bolsa de Comercio de Buenos Aires (BCBA).
He has started his professional career serving as trainee in Roberts Group, Argentina, in 1989.
He was a trading desk officer from 1990 to 1995 and also served as Head of Trading in 1992.
The Roberts Group transferred him to the United States of America in 1996 to represent the company and to be in charge of the local Broker Dealer.
In 2001, Gabriel was appointed Deputy Head of Global Markets in HSBC Argentina.
Two years later he was promoted as Head of Global Markets and appointed to HSBC Bank Argentina Executive Committee.
In 2010, he also served as Head of Global Markets in HSBC Mexico and as a member to the Group’s Executive Committee in that country.
He has also served as Chairman of HSBC Argentina by the beginning of 2012.
In October 2019, he moved to London as Group Managing Director and Independent Outside Director of Group CEO.
In 2020 he founded BFLinvest, his family office, and co-founded Clave en Americas.

Luis E. Álvarez Regular Director

VER MÁS

Mandate Expiration Date: 12/31/2025
Status: Non-executive Director
Alternate Director: Tomás Vassolo

Member of the Business Ethics and Audit Committee and Nominations and Remunerations Committee

Luis Álvarez is the Vice chairman of Álvarez y Cía. Actividades Bursátiles S.A, Vice-Chairman of Caja de Valores S.A.(Central Securities Depository) since April 2017 and he is also a Board Member of Instituto Argentino de Mercado de Capitales (Capital Markets Institute). Chairman of BYMA Virtual S.A., Tecval Software S.A. and alternate Director of Tecnología de Valores. Prior to that, he served as Director Secretary of Mercado de Valores de Buenos Aires, Member of the Consulting Board of Bolsa de Comercio de Buenos Aires (Buenos Aires Stock Exchange), Secretary and Alternate Member of the Board of Cámara de Agentes de Bolsa (Broker-Dealers Chamber).

Roberto D'Avola (*) Regular Director

VER MÁS

Mandate Expiration Date: 12/31/2024
Status: Independent Director elected in that condition
Alternate Director: María Julia Díaz Ardaya (*)

Member of Business Ethics and Audit Committee

Roberto D’ Avola earned a Business Administration degree from Universidad Argentina de la Empresa (University) and a Master degree in Business Administration focused on Finance and International Businesses in New York University. Group Head, corporate finance in Latin Securities (Uruguay).
He has served as Managing Director, Head of Banking for Argentina, Uruguay, Paraguay and Bolivia of J.P. Morgan Chase Bank, Buenos Aires Branch, from 2015 to 2019.
He was Managing Director, Head of Latin America Debt Capital Market of J.P. Morgan Securities New York from 2007 to 2015 and Managing Director, Head of Equity Markets and Capital Structure Arbitrage Strategies of Dillon Read Capital Management, New York, from 2004 to 2007.
Roberto D’ Avola has also served as Managing Director, Head of Fixed Income and Equity Derivatives Marketing for Latin America of HSBC Securities New York from 2002 to 2004.
Prior to that, he was Managing Director, Head of Global Equity Linked Products Marketing for Latin America of Marrill Lynch & Co., New York, from 2000 to 2002, and Executive Director, Head of Latin America Equity Derivatives Marketing of UBS Securities, from 1994 to 2000.

Eduardo Tapia Regular Director

VER MÁS

Mandate Expiration Date: 12/31/2024
Status: Non-executive Director
Alternate Director: Fernando Terrile

Member of the Nominations and Remunerations Committee

Eduardo Tapia is a Businessman. Throughout his professional career, he has founded and managed several local and international financial services companies.
He is currently the controlling shareholder and President of Latin Securities Group.
He manages Latin Securities, ex AR Partners, a continuing company of Raymond James Argentina.
He is also the founder and Chairman of Latin Securities S.A., Broker in Uruguay Stock Exchange and in Latin Securities Inc., and broker dealer in the United States.
He is co-founder and Chairman of Delta Asset Management in Argentina.
He is also Alternate Director of Caja de Valores S.A.
He was Vice-Chairman of Bolsa de Comercio de Buenos Aires Merval S.A. from 2008 to 2012 and Merval Director from 2014 to 2016.
He started his professional career in Banco Mildesa (Bank) (currently: Banco Patagonia).
He then served as Country Manager for Argentina in the British Bank: Barings Brothers and as Director of Barings Securities in London (1991-1995).
From 1995 to 1998, he was Regional Executive Director of Caspian Securities for Latin America.
By the end 1998 he partnered with the American Bank Raymond James to create three joint ventures in Argentina y in Uruguay: Raymond James Argentina, RJ Delta and RJ Latin Advisors.
Eduardo Tapia earned a University degree on Geological Sciences at the School of Exact Sciences, University of Buenos Aires.

Andrés Edelstein (*) Regular Director

VER MÁS

Mandate Expiration Date: 12/31/2026
Status: Independent Director elected in that condition
Alternate Director: Paula Bujía (*)

Business Ethics and Audit Committee Member

Andrés Edelstein holds a Certified Public Accountant degree from Universidad Argentina de la Empresa (UADE University).
He has completed his specialization studies in Finance and holds a Master's degree in Business Administration from Kellogg School of Management, Northwestern University, United States of America. Andrés is also a founding partner of EMT & Asociados (Consulting Firm).
He had previously served as Secretary of Public Revenues of the Nation and as Partner of PwC Argentina for more than 15 years, where he held a position overseeing International Tax practices.
He served as BYMA Director from 2019 to 2020, and as Chairman of the Supervisory Committee from 2021 to 2023.
He is co-author of books on tax matters, permanent collaborator of specialized magazines and newspapers, both local and international, and he has published more than 300 articles.
Among other roles, he served as chairman of the International Tax and Transfer Pricing Committee of the Professional Chamber of Economics of the City of Buenos Aires, vice chairman of the Tax Studies Committee of said entity, member of the Board of Directors of the Argentine Association of Taxes (AAEF) and of the Argentine Federal Administration of Public Revenues (AFIP).

Claudio Zuchovicki Regular Director

VER MÁS

Mandate Expiration Date: 12/31/2024
Status: Non-executive Director
Alternate Director: Juan Ignacio Abuchdid

Member of the Risk Committee

Claudio Zuchovicki earned a Business Management University degree at UADE and a post-graduate degree in Capital Markets under the University of Buenos Aires (UBA) and the IAMC Academic Plan.
His has gained wide experience and knowledge on Futures and Options at the Chicago Board of Trade, on Futures in agricultural products at the CME (Chicago Mercantile Exchange) and on Alternative Energies at San Diego, California, USA.
He is currently the Secretary General at the Ibero-American Federation of Stock Exchanges and Securities Markets (FIAB for its Spanish acronym), Academic Director of the Finance Laboratory at UADE University, Professor at the Postgraduate Course of Studies under the UBA-Securities Market Academic Plan, Professor at the Master in Finance course of studies at CEMA University and Lecturer at Bolsa de Comercio de Buenos Aires (BCBA) and Instituto Argentino de Mercado de Capitales (IAMC) Foundation.
He is Silvercloud Advisor S.A. (brokerage) founding partner.
In the media and press, he is currently a writer for La Nación and TV and radio columnist on current affairs programs.

Ricardo Torres (**) Regular Director

VER MÁS

Mandate Expiration Date: 12/31/2026
Status: Non-executive Director
Alternate Director: Alejandra Naughton

Member of the Risk Committee

Ricardo Torres earned a Public Accountant degree from the University of Buenos Aires and a Master in Business Administration from the Business School of Universidad Austral (University).
He is one of the four co-founders of Pampa Energía, the largest independent energy integrated company in Argentina.
Ricardo Torres has also been Member of the Board of Directors of Pampa Energía since its creation in November 2005 and serves as Executive Vice-Chairman since 2017.
He has also served as Chairman of the Board and CEO of Edenor from March 2012 to June 2021.
He actively participates in education-related issues through Fundación Pampa (Foundation) and Fundación Diciembre (Foundation) –non-for-profit organizations.
He is President of Fundación Observatorio Argentinos por la Educación (Training and Education Foundation) and Treasurer of Fundación Colegio María de Guadalupe (Foundation).
Prior to that, he served as Co-CEO of Pampa until December 2016.
Ricardo Torres was also partner Director of Darwin Inversiones (Investment company) and from 1993 to 2001 he served as Member of the Board of Directors and CFO of IRSA, one of Argentina’s leading real estate companies.
He has also been a Professor of Taxes and Finance at the University of Buenos Aires - School of Economics.

María Angélica Grisolia Regular Director

VER MÁS

Mandate Expiration Date: 12/31/2024
Status: Non-executive Director
Alternate Director: Silvia Abeledo

Member of the Corporate Governance and Sustainability Committee

María Angélica earned a Lawyer and Attorney degree from Universidad Nacional de la Plata (University).
She has also earned an Expert in Compliance degree from IAE Business School and an International Certification in Compliance from ECI Ethics & Compliance Initiative.
She completed a specialization in International Humanitarian Law at Universidad del Salvador (University) and earned a Diploma in Energy Economics and Energy Efficiency at Instituto Argentino de la Energía (Institute).
She was an Academic Exchange student at the Faculty of Law, University of Ottawa, Canada.
She is currently Counselor and Treasurer of Bolsas de Comercio de Buenos Aires (Buenos Aires Stock Exchange), Vice-President of MEGSA –Mercado Electrónico de Gas S.A., Partner at ZBV Abogados in charge of the Finance, Banking and Capital Markets area and Professor of Thomson Reuters´ Corporate Lawyers Training Program.
She is a member of the Bar Association of the City of Buenos Aires, where she holds a Licence number to act as Lawyer, and is also a member of the Bar Association of the city of La Plata.
María Angélica actively participates as a member of the Legal and Tax Commission of the French Chamber and in Working Groups of the Argentine-Canadian Chamber of Commerce.
In the past, she served as Bolsa de Comercio de Buenos Aires´Counselor and Member of its Board of Directors, Partner at Beretta Godoy Law Firm, Manager of Corporate Affairs and Capital Markets at Banco Macro S.A., Member of the Lawyers Committee of Banks, Global Manager of Legal Affairs at OCASA Organización Courier Argentina S.A., Legal Affairs Director for South America at Grupo Televisa, Legal Manager at Editorial Atlántida S.A., Senior Lawyer at Bruchou, Bruchou, S.A., and member of the Legal Committee of the Argentine Chamber of Commerce, Senior Lawyer at Bruchou, Fenandez Madero & Lombardi (currently, Bruchou & Funes de Rioja), Legal Counsel at SEI Investments, a lawyer at Estudio Grisolia working with her father, and an Assistant Professor of Philosophy of Law at the Universidad Nacional de La Plata (University).

Alberto Ubertone Regular Director

VER MÁS

Mandate Expiration Date: 12/31/2026
Status: Non-executive Director
Alternate Director: Guillermo Gamble

Member of Risk Management Committee

Alberto Ubertone is currently Chairman of Ubertone y Cia. S.A., Independent Outside Director of Bolsa de Comercio de Buenos Aires (BCBA) until 2025, and he has been serving as Deputy Treasurer and Treasurer from 2019 until these days.
He has previously served as Treasury Director of Caja de Valores S.A. and Regular Director and Chairman of ARFEX S.A.

(*) Independent Directors per assignment thereof
(**) Independent Director per se