Corporate Governance Regulations, 2010

Portugal Current 1999

Recommendations by the the Portuguese Securities Market Commission (CMVM) on Corporate Governance have evolved since the 1990s with a 1999 version that recommended public disclosure of compliance with the recommendations. CMVM Regulation 07/2001 obliged companies issuing shares which were admitted to trading on a regulated market to disclose annual information on various aspects linked with corporate governance. Of particular importance is information related to the level and means of compliance with the present recommendations, or to non-compliance and the reasons thereof. In 2003 a further update was published, so as to make the annual report on corporate governance more complete. In 2005, the dominant tone of the amendments introduced was related to the improvement of the internal control systems of companies. Today the regulation (1/2010) promotes greater transparency in the areas of remuneration, irregularities disclosure policy and qualifications of directors. It expects greater disclosure in an Annual Corporate Governance Report. 

Scope

Governance

Industry sectors covered by the instrument

All/none specified

Organizations covered by the instrument

All reporting entities

Issuer type

Financial Regulators

Type of instrument

Legislation

Mandatory or voluntary

Mandatory

The geographical scope

National/federal

Project Partners