RA Sonae 59.indd

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2.1. Governance Model “The issues of governance and the transparency of a company in relation to markets is one of the corner stones of a credible and sustainable market economy. It is up to all of us to contribute towards preserving the credibility and sustainability of the economic model in which the organisation of our society is placed.... ...[we are] increasingly responsible for the transparency and the way in which we prepare, control and communicate relevant information to the markets. We know that this information is vital for investors and financiers to take decisions”. Belmiro de Azevedo, XX Economic Round Table Meeting, November 2002, Barcelona “ ... we have consistently taken, over the years, clear decisions in favour of free and fair trade, transparent reporting to the authorities and society, internal social cohesion within the group, and have actively supported international organizations dedicated to spreading principles of good governance. We were the first Portuguese company to join the World Business Council for Sustainable Development, and we were also one of the founding fathers of the Portuguese Chapter of the Council. We have also joined the European Corporate Governance Institute” Belmiro de Azevedo, IV Top Managers’ Meeting – Sonae Sierra, December 2004 Hand in hand with the growth of the Sonae Group has been a constant concern to adopt best worldwide management practices in relation to governance and sustainable development, as well as the need to understand the signals coming from international organisations in order to anticipate management trends and potential business opportunities. Our values and principles which were finalised and published in 1999 reflect this reality, and are, currently, wholly compatible with the demands of international society. Sonae seeks to associate itself with leading international organisations, requiring management to strive to continually update and improve itself, in order to meet the expectations of our various stakeholders and of society in general. Sonae Group Share Capital Ownership Efanor Investimentos, a family holding company, of which Belmiro de Azevedo is chairman, holds a majority stake in Sonae SGPS. It held approximately 53% of the shares and 56% of the voting rights at 31 December 2006. Sonae SGPS is listed in Lisbon on the Euronext stock exchange. The remaining free float is widely held. Although the Sonae Group is controlled by Belmiro de Azevedo through a majority stake in the share capital and voting rights, the Group is not run as a typical family business, where bloodlines can take precedence over individual merit and family issues can confuse business affairs. In our opinion, the existence of an active and involved reference shareholder also brings greater stability to management, allows a consistent and longer term view to be taken, facilitates the process of motivating employees and brings greater willingness to seek and adopt innovation, while at the same time promoting a balanced and equitable approach to all of our shareholders and other stakeholders. It also means that there are no conflicts resulting from the sharing of power between controlling shareholders or from the separation of the interest of shareholders and management. Responsibilities are focused and very clear and a management system based on trust and transparency becomes an imperative. Sonae Holding Structure A management team supported by one key shareholder needs to include the very best managers available. They should possess a high level of drive, curiosity and a desire to learn about new ideas and concepts, and they should be brave enough to question the status quo and to propose new approaches to business. It is fundamental that there should be open and transparent discussions among management about business strategy and its operational implementation. Therefore, Sonae has developed procedures to ensure that: . strategies are evaluated . day to day management is analysed critically . risks are monitored . there is a continuously developing internal control system 10 Sonae SGPS, S.A. Sustainability Report 06
“It is crucial that the company is able to implement internal procedures that allow strategies to be evaluated, management to be followed up on and critically appraised, risks to be monitored and internal control systems implemented. And at the same time, ensure sustainability in the medium/long term, by adopting environmental, social and labour policies which preserve natural resources and place value on human capital.” Belmiro de Azevedo, XX Economic Round Table Meeting, November 2002, Barcelona Sustainability Report 06 Sonae SGPS, S.A. 11
Page 1: 06 Sustainability Report Sonae SGPS
Page 4 and 5: The publication of our first Sonae
Page 6 and 7: Sonae was founded in 1959 in the wo
Page 8 and 9: The Group portfolio is currently st
Page 12 and 13: . business is sustainable in the me
Page 14 and 15: © Klaus Post
Page 16 and 17: Environment in the Governance Model
Page 18 and 19: 3.1. Sonae Holding’s role in rela
Page 20 and 21: “There is no business that can ju
Page 22 and 23: 3.3. Managing New Risks: Strategic
Page 24 and 25: We would emphasise that the Audit a
Page 26 and 27: 26 Sonae SGPS, S.A. Sustainability
Page 30 and 31: Internal Audit reorganization and c
Page 34 and 35: Modelo Continente Managing Risks Co
Page 36 and 37: Sonaecom Sonaecom’s Business Cont
Page 38 and 39: 6.2. Eco-Efficiency Environmental a
Page 40 and 41: Waste .Reduction Reuse of Transport
Page 42 and 43: Limpo Shopping Centre recognises th
Page 44 and 45: Sonaecom Improvements in electrical
Page 46 and 47: 6.3. Business Chain The Sonae Group
Page 48 and 49: Sonaecom Sonaecom includes environm
Page 50 and 51: 6.4. Human Capital Human capital ha
Page 52 and 53: “Learning is very important for p
Page 54 and 55: Modelo Continente With more than 25
Page 56 and 57: 6.5. Stakeholder Dialogue The Sonae
Page 58 and 59: Sonae Sierra Sonae Sierra has been
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Sonaecom Stakeholder and issue anal
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6.6. Community Involvement Sonae be
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Sonae Sierra Sonae Sierra has a str
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Sonae Capital Environmental educati
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7. New Risks transformed into New M
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Troiaresort Troiaresort is being de
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Since 2000, a protocol has existed
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For more information about sustaina
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