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Corporate Governance Report
On 12/31/2011 Ibersol, SGPS, SA., held
2,000,000 own shares, corresponding to 10%
of the share capital, with a global value of
purchasing of 11,179,643,00 euros.
During the financial year of 2011 the company made
no transactions of it’s own shares.
III.3. Identification of the shareholders that detain
special rights and a description of those rights.
At Ibersol, SGPS, SA, there are no shareholders or
shareholder categories that hold special rights.
III.4. Possible restrictions on share-transfer, i.e.
consent clauses for their disposal or restrictions
on share-ownership.
At Ibersol, SGPS, SA., there are no restrictions of any
kind on share transfer or ownership.
III.5. Shareholder agreements which the company
may be aware of and thatmay restrict the transfer
of securities or voting rights.
The company is unaware of the existence of any
shareholder agreement that may lead to restrictions
in the matter of transfer of securities or voting rights.
III.6. Rules applicable to the amendment of the
articles of association.
At Ibersol, SGPS, SA., there are no special rules
concerning the amendment of its statutes. The
general system resulting from the Commercial
Companies Code shall be applicable.
III.7.Controlmechanismsforapossibleemployee´s-
-shareholder system in as much as the voting
rights are not directly exercised by them.
At Ibersol, SGPS, SA., there are no mechanisms for
employee participation in its capital.
III.8. Description concerning the evolution of the
issuer’s share price and taking the following into
account:
a) The issuance of shares or other securities that
entitle the subscription or acquisition of shares;
b) The outcome announcement;
c) The dividend payment for each share category
including the net value per share.
In the year 2011, the shares of Ibersol SGPS, SA.,
registered a devaluation of 50% face to a devaluation
of PSI 20 of 27.6%. The maximum value of
€
8,59 per
share was attained on the 19th January 2011, and
the minimum value of
€
4,05 per share was attained
on the 14th December 2011. The highest number of
shares traded in one session was on the 1st March
2011, when 83,213 shares were negotiated.