94
Corporate Governance Report
The Company’s articles of association at present re-
quire in their 20
th
article, number 1, that sharehold-
ers prove to the company their ownership and deposit
of shares up to five working days before the date the
Annual General Meeting is held, being applicable the
record date system. The 49/ 2010 Law Decree the 19th
May has changed the Securities Code, introducing new
rules applicable to the General Meeting´s sharehold-
ers participation, having eliminated the need to block
shares as a condition of participation in the General
Meeting.
I.5. Indication of the applicable rules for share-
blocking should the General Meeting be suspended.
Under 20
th
Company’s Association Articles, nº 3, if the
meeting is suspended, the Company does not oblige the
shares or subscription titles to be blocked during the
entire period until the session is resumed, the ordinary
prior notice required upon first summons is sufficient.
I.6. Number of shares that equals a vote.
Each share of the Company equals one vote, under 21
st
nº 1 of the Association Articles.
1.7 The existence of statutory rules which provides
the existence of shares that do not confer voting
rights or stating that no voting rights are count-
ed over a certain number when issued by a single
shareholder or shareholders related to it.
In the article 20º nº 2 of the Company’s Association Arti-
cles is stated that the shareholders of preference shares
without voting rights and bondholders may not par-
ticipate in general meetings, being represented by the
same common representative.
I.8. The existence of statutory rules on the exercise
of voting rights, including constitutive or deliberat-
ing quorums or systems for equity rights.
According to article 23
rd
of the Association Articles, for
the General Meeting to be able to meet and deliberate
upon first summons it is indispensable that sharehold-
ers holding shares comprising more than fifty percent
of the share capital be present or represented. Under
21
st
n.1 and 2 of the Association Articles, each share
equals a vote and the deliberations in the General Meet-
ing will be taken by a simple majority, except if the law
demands differently.
I.9. Existence of statutory rules on the exercise of
voting rights via postal voting.
Statutory rules exist about exercising the postal voting
right in art. 22
nd
nºs 3 to 11, postal voting limits are inex-
istent. The Company provides a postal vote bulletin, indi-
cating the necessary procedures for exercising this voting
right, under the model provided in
I.10. Availability of a model format for exercising the
voting right by postal means.
The company provides a format for exercising the post-
al voting right. This form is posted on the company’s
website,
.
I.11. A deadline requirement for the receipt of the
postal bulletins and the date on which the General
Meeting is held.
Postal votes can be received up to three days before the
General Assembly is held in terms of the 22
nd
nº 4 of the
Association Articles.
I.12. The exercise of voting rights by electronic
means.
The exercise of voting rights by electronic means is still
not available. Note that up till now the Company has
not received any solicitation or expression of interest by
shareholders or investors with the purpose of providing
such a function.
I.13. Shareholder’s possibility of access on the com-
pany’s website to the minutes extracts of the Gen-
eral Meeting in a five days period after the meeting
