Download Banking in Portugal by Anabela Sérgio (auth.) PDF

Download Banking in Portugal by Anabela Sérgio (auth.) PDF

By Anabela Sérgio (auth.)

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Accordingly, CGD, despite being a stateowned company, is widely seen as a “listed” company in which every Portuguese has a stake (notwithstanding that it does not have any kind of direct shareholding). The benchmark should, in accordance, be the rules applied to listed banks in Portugal, enhancing the transparency and the perception of the market (all the stakeholders) regarding the independence of the management from the political environment. Against this background, the classic governance model and its results were revisited and CGD decided to change to the Anglo-Saxon model.

From Basel II to Basel III and the evolution of the banking sector The Basel Committee on Banking Supervision made an announcement in September 2010 about the revision of minimum capital requirements to higher levels. A transition period for the adoption of the new levels was also established. Reinforcement of the required capital is essentially linked with the Core Tier 1 ratio. Simultaneously, new improvements were introduced concerning the items eligible for this measure in what, conventionally, was termed own funds’ positive elements.

28 Banking in Portugal BES’s governance model BES was probably the bank that underwent the fewest changes in its governance paradigm and philosophy. As already outlined, BES was a traditional, family-controlled bank with a subsidiary that several years ago had taken the opportunity to have some stock listed on the New York Stock Exchange (up to June 200414 ). This listing obliged BES to adopt the governance and listing rules of the NYSE and to embed in its board of directors an audit commission, composed of non-executive independent directors.

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