The Corporate Governance Code of 2007 is a set of guidelines developed by the Portuguese Securities Market Commission (CMVM) to promote good corporate governance practices among companies listed on the Portuguese stock exchange. The code is based on internationally recognized principles and covers a range of topics, such as board composition and functioning, remuneration, and transparency. The code is not mandatory, but companies are expected to comply with it or explain why they have not done so. The code aims to increase transparency, accountability, and shareholder value, and to promote investor confidence in the Portuguese market. The code has been updated several times since its introduction in 2007.