Our commitment to deliver value to our stockholders rests on a clear recognition that, as a public company, we are stewards of other people’s money. They invest with us to achieve superior long-term returns at acceptable risk. We have never—and will never—lose sight of that fact.

We are committed to abide by the laws and regulations of every jurisdiction in which we operate. Our shares are listed on the Mexican Stock Exchange and on the New York Stock Exchange ("NYSE"), and as such, we adhere to all applicable Mexican regulations and NYSE and U.S. Securities and Exchange Commission requirements for foreign issuers, including the Sarbanes-Oxley Act of 2002.

Nonetheless, we recognize that our strict adherence to the law is not enough to run a growing, global organization. Beyond compliance, our commitment—to ourselves, our investors, and to all of our stakeholders—is to manage CEMEX with integrity. Everything we do rests on this foundation.

Our financial culture and management style are open and transparent. Through our regular meetings, reports, guidance, conference calls, and personal interactions, we vigorously work to keep our investors fully and fairly informed of our activities and to ensure our financial disclosure meets the highest ethical standards.

While our board of directors is ultimately responsible for supervising the overall operation of our company, all of our employees play a critical role in enforcing good governance and financial reporting practices. We, therefore, encourage them to comment on our reporting methods and processes and to voice any concerns.

We know that to succeed we must not just do the right things, but do them the right way. Hence, our code of ethics works to ensure that all of our employees abide by the same high standards of conduct in their daily interactions. The code governs our relationships with all of our stakeholders, including such important areas as workplace safety, environmental responsibility, confidentiality, conflicts of interest, financial controls, and preservation of assets.

Finally, we firmly believe that, as managers of a public company, our economic interests should always be aligned with those of our shareholders. Thus, we have adopted stock-based compensation plans that ensure that our managers acquire and retain over time an ownership interest in CEMEX.

We have established governance and management practices that are consistent with our relentless commitment to creating long-term stockholder value. These practices are part of the reason that we have grown from a regional Mexico-based company to a global industry player. They are part of the reason that we are regularly one of the most profitable of our global industry peers. And they are a part of the reason that we are well-positioned for an even more productive future.