The Corporate Governance of the PSI 20 Companies: Evaluation of Compliance with the Recommendations of the CMVM

Maria da Conceição da Costa Marques


The Commercial Companies Code and the Securities Code itself (CVM) contain a set of recommendations concerning the system of rules of conduct to be taken into account in the exercise of direction and control of companies listed on Portugal.

Based on a report by the Centre for Applied Studies of the Catholic University of Lisbon on corporate governance in 2011, based on data for 2010, was considered a sample of companies that are listed on a regulated market as defined Portuguese Euronext Lisbon Stock Exchange and, as such, subject to the recommendations of the Portuguese Securities and Exchange Commission (CMVM).

The PSI-20 (Portuguese acronym for Stock Index) is the main benchmark of market shares in Portugal and reflects the evolution of the prices of 20 issues of shares and larger liquidity selected from the universe of companies admitted to trading on Euronext Lisbon.

For each of the companies comprising the PSI-20 index was determined the degree of compliance with the recommendations of the CMVM and it was possible to observe that, in general, the degree of compliance with the recommendations was high.

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Journal of Management and Sustainability   ISSN 1925-4725 (Print)   ISSN 1925-4733 (Online)


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