Article by Xavier Santana

In June 2025, the First Chamber of the Supreme Court of Justice of the Nation published, through the Federal Judicial Weekly (Semanario Judicial de la Federación), a binding precedent establishing a new mandatory criterion for corporations: all notices convening shareholders’ meetings must be published in the electronic system of the Ministry of Economy (PSM), without exception.

Jurisprudence 1a./J. 77/2025 (11th) confirms that this requirement cannot be replaced by provisions contained in the bylaws, even if they provide for alternative means such as newspapers, emails, or bulletin boards. Such mechanisms may remain in place, but only as supplementary, not substitutive, measures.

This criterion derives from Article 186 of the General Law of Commercial Companies (LGSM), amended in 2014, and was reaffirmed by the First Chamber when deciding Direct Amparo Review 1426/2020. In that case, a shareholders’ meeting was declared null because the company convened the meeting solely through a local newspaper, without complying with publication in the PSM.

This precedent marks a turning point in corporate practice, as any shareholders’ meeting convened without complying with this formal requirement may be challenged and declared null.

The Court’s decision redefines the notice of meeting as an essential act of transparency and publicity, elevating publication in the PSM to a condition of validity for shareholders’ meetings of corporations.

The Supreme Court held that notices convening general shareholders’ meetings of corporations must be mandatorily published in the System of Publications of Commercial Companies (PSM), and that bylaws may not establish substitutive means. This requirement, set forth in Article 186 of the LGSM, seeks to strengthen transparency and uniformity in corporate practice.

Companies that convene meetings solely through newspapers or through means provided for in their bylaws risk having their meetings declared null, making publication in the PSM an essential element for the validity of general shareholders’ meetings.

The Supreme Court further specified that all shareholders’ meetings of corporations must be convened through the System of Publications of Commercial Companies (PSM), without exception.

This criterion consolidates a uniform practice and reinforces transparency in corporate processes. Publication of meeting notices in the PSM ceases to be a mere formality and becomes a condition of validity for shareholders’ meetings.