A N N U A L R E P O R T A N D A C C O U N T S - CMVM

Corporate Governance Report - 2008
Recommendation Adoption Remission
I.1.1
The Chairman of the General Meeting should have human resources and logistical support which are
adequate to his/her requirements, considering the economic situation of the company.
Yes
CHAPTER I
I.1.2
I.2.1
I.2.2.
The remuneration of the Chairman of the General Meeting should be disclosed in the Annual Report on
Corporate Governance.
The advance period for deposit or blocking of shares for the participation in the General Meeting imposed by
the by-laws should not be superior to 5 working days.
If the General Meeting is suspended, the company should not impose the blocking of shares for the whole
period until the session is resumed; the common advance period required for the first session should be
sufficient.
Yes I.3
Yes I.4
Yes I.5
I.3.1 Companies should not establish any statutory restriction on voting by post. Yes I.8
I.3.2 The statutory advance period for receiving the explanation of vote sent by post should not be of more than 3
working days.
Yes I.10
I.3.3 Companies should establish in their by-laws that a vote corresponds to one share. Yes I.6
I.4.1 Companies should not establish a constitutive or deliberative quorum superior to that established by law. No I.7
I.5.1
The minutes of the General Meetings should be made available to shareholders at the Company’s Website,
within 5 days, even if they are not considered privileged information under the law; the site should also have
the historic list of attendances and the agenda of meetings and deliberations made regarding meetings which
took place, at least, in the 3 previous years.
No
CHAPTER I
I.6.1
I.6.2
I.6.3
Any measures adopted with the purpose of preventing the success of public take-over bids should respect the
interests of the company and shareholders.
Corporation By-laws which, in compliance with the principle of the previous paragraph, foresee the limitation of
the number of votes that can be held or cast by a single shareholder, individually or in coordination with other
shareholders, should equally establish the consignation that, at least every five years, the General Meeting
should deliberate whether or not that statutory provision should be maintained – without any requirements of
aggravated quorum in relation to the legally established – and that in this deliberation all casted votes are
counted without that limitation being in force.
No defensive measures should be adopted with the purpose of automatically causing serious erosion to
company assets, in case of control transition or any change in the managing board composition, thus
prejudicing the free transmissivity of shares and the shareholders’ free assessment of the managing board
members’ performance.
Yes I.7
Yes I.7
Yes I.13
II.1.1.1 The Report of the Managing Board should have an evaluation of the adopted model, identifying any eventual
constraints to its operation and proposing action measures which they think are appropriate to overcome those
constraints.
II.1.1.2 Companies should create internal control systems, for an effective detection of risks connected to the company’s
activities, safeguarding its assets and for the benefit of the transparency of its corporate governance.
II.1.1.3 The managing and supervisory boards should have operation regulations, which should be disclosed in the
company’s Website.
Yes
Yes
No
II.1
II.4
II.6
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