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18 - Portugal

Synopsis on corporate governance

from B - Europe

Published online by Cambridge University Press:  05 July 2013

By
Jorge M. Coutinho de Abreu
Edited by
Andreas M. Fleckner  and
Klaus J. Hopt
Andreas M. Fleckner
Affiliation:
Max-Planck-Institut für ausländisches und internationales Privatrecht, Germany
Klaus J. Hopt
Affiliation:
Max-Planck-Institut für ausländisches und internationales Privatrecht, Germany
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Summary

General information on corporate governance

Concept of corporate governance

Corporate governance is understood as the set of rules (legal, jurisprudential, deontological rules, articles of association), instruments, and questions concerning the management and control of companies.

Legal sources

The legal rules with respect to corporate governance in Portugal are principally found within the Code of Commercial Companies (Código das Sociedades Comerciais [“CSC”]), approved by Decree-Law 262/86, of September 2, 1986. The CSC contains legal rules that govern not only public limited liability companies, but also other types of company (general partnerships, private limited liability companies, limited partnerships). While the Code's structure and certain aspects of its regime are new, its genesis was highly influenced by EU law and German, Italian, and French laws. It has since been subject to various amendments. The most important of these, regarding corporate governance, was introduced by Decree-Law 76-A/2006, of March 29, 2006. Some influence of UK and US law is visible in this amendment.

Another important legal source in relation to corporate governance is the Code of Securities (Código dos Valores Mobiliários [“CVM”]), approved by Decree-Law 486/99, of November 13, 1999. It has been subject to some amendments, in particular those introduced by Decree-Law 357-A/2007, of October 31, 2007. The Code regulates securities, shares and public takeover bids (including mandatory public takeover bids), other financial instruments, forms of organic negotiation of financial instruments, and the supervisory powers given to the Commission on the Securities Market (Comissão do Mercado de Valores Mobiliários [“CMVM”]), the public authority responsible for the capital market; the CVM also contains a special regime concerning so-called “open companies” (namely, listed companies).

Type
Chapter
Information
Comparative Corporate Governance
A Functional and International Analysis
 , pp. 788 - 821
Publisher: Cambridge University Press
Print publication year: 2013

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References

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  • Portugal
  • Edited by Andreas M. Fleckner, Max-Planck-Institut für ausländisches und internationales Privatrecht, Germany, Klaus J. Hopt, Max-Planck-Institut für ausländisches und internationales Privatrecht, Germany
  • Book: Comparative Corporate Governance
  • Online publication: 05 July 2013
  • Chapter DOI: https://doi.org/10.1017/CBO9781139177375.023
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  • Portugal
  • Edited by Andreas M. Fleckner, Max-Planck-Institut für ausländisches und internationales Privatrecht, Germany, Klaus J. Hopt, Max-Planck-Institut für ausländisches und internationales Privatrecht, Germany
  • Book: Comparative Corporate Governance
  • Online publication: 05 July 2013
  • Chapter DOI: https://doi.org/10.1017/CBO9781139177375.023
Available formats
×

Save book to Google Drive

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Google Drive.

  • Portugal
  • Edited by Andreas M. Fleckner, Max-Planck-Institut für ausländisches und internationales Privatrecht, Germany, Klaus J. Hopt, Max-Planck-Institut für ausländisches und internationales Privatrecht, Germany
  • Book: Comparative Corporate Governance
  • Online publication: 05 July 2013
  • Chapter DOI: https://doi.org/10.1017/CBO9781139177375.023
Available formats
×