ANNUAL REPORT 2016
b) The shareholder ATPS-SGPS, SA. provided administrative and management services to
the Group and in 2016 received from the investee Ibersol, Restauração, SA. a total of
800,000.00 euros for such services. One of the obligations of ATPS-Sociedade Gestora
de Participações Sociais, SA. under the service agreement with Ibersol, Restauração, SA.
is to ensure that the directors of the Company António Carlos Vaz Pinto de Sousa and
António Alberto Guerra Leal Teixeira perform their duties without the Company having to
incur additional expense. The Company does not directly pay any remuneration to any of
its executive directors. Given that ATPS-Sociedade Gestora de Participações Sociais, SA. is
controlled in equal parts by the directors António Carlos Vaz Pinto de Sousa and António
Alberto Guerra Leal Teixeira, out of the above mentioned total of 800,000.00 euros paid in
2016, each director received the amount of 400,000.00 euros. The non-executive member
receives annual remuneration of 6,000.00 euros.
In view of the above, it is not possible to issue a statement on the remuneration policy of
the members of the governing body of the company, particularly not a report containing
the information mentioned in article 2.3 of Law 28/2009.
c) The remuneration of the members of the Audit Committee for 2015 was set at a fixed
annual amount, payable twelve times a year. The individual members received the following
annual remuneration:
Chairman
– Joaquim Alexandre de Oliveira e Silva: 8,785.92 €;
Vice-Chairman
– António Maria de Borda Cardoso: 8,785.92 €;
Director
– Eduardo Moutinho dos Santos: 8,785.92 €;
The general principles
observed are essentially those that follow from the law, taking into
account the activities actually performed by the above persons, the Company’s economic situ-
ation and the usual terms and conditions in comparable situations. The functions performed
by each member of the corporate governing bodies were considered in the most broadest
sense of the activity actually performed, using the level of responsibility as an assessment
parameter. The weighting of the functions is considered in a broad sense, in the light of vari-
ous factors, particularly the level of responsibility, the time spent and the value the member’s
institutional role added to the Group. The size of the company and the degree of complexity of
the assigned functions is also an important aspect. The combination of the above mentioned
factors and assessment thereof serves to guarantee not only the interests of the post holders
but also those of the Company.
The remuneration policy
we submit to the shareholders of the Company for approval is
therefore based on the above mentioned parameters, consisting of the remuneration of the
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