Annual Report 2010 - AdP

8. Code of Ethical Conduct
Remunerations and other rights
Principles Level of
compliance
State owned companies are required to:
• Annually publish, in accordance with the legislation
applicable, the total remuneration, variable and fixed,
paid to each member of the governing and
supervisory bodies, differentiating between executive
and non-executive functions.
• Annually publish all subsidies and fringe benefits,
specifically in regard to healthcare plans, vehicles and
other benefits granted by the company.
The AdP Group believes the goals of the mission conferred on the group by the Portuguese state can only be achieved through
strict compliance with the highest standards of ethical behaviour.
The AdP Group’s Code of Ethical Conduct is an expression of its commitment to ethical behaviour in its internal and external
relationships. It aims to strengthen ethical standards and create a working environment that fosters respect, integrity and fairness.
Total
Total
Prevention of conflicts of interest
Principles Level of
compliance
State company governing body members are required
to:
• Abstain from intervening in decisions involving their
own interests, specifically the approval of expenditures
they have made.
• At the beginning of each mandate, whenever called
upon to do so, members of the governing bodies
should declare to the management and supervisory
bodies and the General Inspectorate of Finance, any
important shareholdings that they may own in the
company, as well as any relevant relationships with
suppliers, customers, financial institutions or other
business partners that might generate conflicts of
interest.
Total
Total
Explanation
• Total remuneration, variable and fixed, paid to each
member of the governing and supervisory bodies,
is published annually in the Annual Report and
Financial Statements available on the AdP and state
business sector websites.
• All the benefits and bonuses received by each
member of AdP’s governing bodies are published
in the Annual Report and Financial Statements and
on the AdP and state business sector websites.
Explanation
• Members of the AdP Board of Directors are fully
aware of the regulations requiring them to abstain
from participating in discussions and deliberations
on certain subjects and comply fully with these
requirements in carrying out their duties.
• There are no incompatibilities between the
management positions and other functions
performed by members of the Board of Directors.
The members of the Board of Directors comply
with all the legal requirements regarding
notification of accumulated management posts. The
members of the Board of Directors, in accordance
with the stipulations of the Statute of Public Sector
Managers, notify the General Inspectorate of
Finance of all their shareholdings and ownership
interests, whether direct or indirect, in companies
where they hold management positions.
More than a commitment, the Code of Ethical Conduct reflects a desire for permanent improvement by a business group that sees
respect for the rights of employees, the responsibility of defending and protecting the environment, transparency in its external
relations and contributing towards sustainable development as the guiding principles of its activities.
AdP Group_Annual Report 2010_56|57