Summary
The Corporate Governance Code of 2003 is a set of recommendations issued by the Portuguese Securities Market Commission (CMVM) to promote good corporate governance practices among companies listed on the Portuguese stock exchange. The code covers topics such as board composition and functioning, remuneration, audit committees, risk management, shareholder rights, and disclosure of information. The code is based on internationally recognized principles and aims to enhance transparency, accountability, and shareholder value. While the code is not mandatory, companies are encouraged to adopt its recommendations to promote investor confidence and ensure the long-term success of their business. The code has been updated several times since its introduction in 2003 to reflect changes in best practices and market conditions.