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Corporate Governance Report_2010
2
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CONTENTS��
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1. CORPORATE�GOVERNANCE�REPORT��
�
1.1. COMPLIANCE�WITH�REGULATION�No.�49/2007��
1.2. COMPLIANCE�WITH�THE�PORTUGUESE�STOCK�MARKET�REGULATORY�
CODE�
�
�
2. PUBLISHING�OF�INFORMATION�� �
3. COMPANY�BODIES�–�DUTIES,�TERMS�OF�OFFICE�AND�REMUNERATIONS�� �
4. SHAREHOLDER�VOTING�AND�REPRESENTATION�RIGHTS� �
5. CORPORATE�RULES� �
6. MANAGEMENT�AND�RISK�CONTROL�SYSTEMS� �
7. HUMAN�RESOURCES�� �
8. INFORMATION�SYSTEMS�� �
9. RESEARCH,�DEVELOPMENT�AND�INNOVATION�� �
10. INVESTOR�RELATIONSHIPS� �
11. FULFILMENT�OF�THE�ANNUAL�OBJECTIVES�ESTABLISHED�BY�THE�
SHAREHOLDER���
12. ANNEX�DETAILING�BOARD�OF�DIRECTOR�REMUNERATIONS� �
Corporate Governance Report_2010
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1. DECLARATION OF COMPLIANCE
�
portway� –� Handling� de� Portugal,� S.A.,� whose� shares� are� held� 100%� by� ANA,�
S.A.,�follows�the�instructions�laid�out�in�the�Resolution�of�the�Council�of�Ministers�
No.� 49/2007,� of� 28�March,� in� particular� those� stated� in� Chapter� II,� relating� to�
principles�of�good�governance�directly�addressed�to�State-owned�companies.�
�
In�particular,�it�should�be�noted�that�it�has�not�yet�been�considered�appropriate�to�
appoint�a�client�ombudsman�under�the�terms�of�the�above-mentioned�Resolution�
because� of� the� specificity� of� the� handling� business,� operating� within� a� fully�
competitive� market,� in� accordance� with� the� Community� regulations� upon� this�
subject� (Directive� 66/97)� and� the� use� of� the� contractual� freedom� of� clients�
operating�within�it�(airline�companies).��
�
Thus,� all� the� rules� relating� to� the� respective� compliance� are� respected,� namely�
with�regard�to�the�principle�of�publishing�information�about�relevant�facts�relating�
to� the�economic,� financial�or�asset�position�of� the� company,�duly� confirmed�by�
the�shareholder.�
�
�
1.1 COMPLIANCE WITH RESOLUTION No. 49/2007
�
In�order�to�explicitly�detail�the�level�of�compliance�of�this�Annual�Report�with�the�
framework� set� out� by� Resolution� no.� 49/2007,� we� provide� the� following� table�
that,� in� accordance� with� the� various� stipulations,� details� the� Report’s� chapter�
detailing�compliance.�
�
�
�
�
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Corporate Governance Report_2010
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RESOLUTION 49/2007 Report Chapter
0. Declaration of Compliance 1
1. Corporate mission, objectives and policies Chapter 1.1 of the Sustainability Report
2. Internal and external regulations to which the company is subject
5.1 and 5.2
3. Information on relevant transactions with related entities
2.5
4a) Procedures adopted for the procurement of goods and services
n.a
4b) List of key suppliers 2.6
5a) Members of company bodies, functions and duties 3.1., 3.2.2 and 3.3
5b) External Auditor 2.4
6. Remunerations of company body members 3.1.3,3.2.2,3.3.2 and Annex I of this report
7. Analysis of sustainability across the economic, social and environmental facets
6 and the Sustainability Report
8. Compliance with principles of good governance 3.3.3
9. Code of ethics 2.1
10. Client purveyor n.a.
�
1. 2 COMPLIANCE WITH THE PORTUGUESE STOCK MARKET
REGULATORY CODE
Despite�not�being�a�publicly�listed�company,�and�hence�not�directly�covered�by�
the�recommendations�handed�down�by�the�CMVM�–�the�Portuguese�Stock�
Market�Regulatory�Authorities,�portway,�whose�shares�are�held�100%�by�ANA,�
has�broadly�been�in�observance�of�the�recommendations�applicable,�taking�into�
account�its�statute�as�a�State-owned�company.�
�
CMVM Regulation Management Report
Chapter
0. Declaration of compliance 1
I. Annual General Meeting
3.1
1 Composition, term of office and remuneration 3.1.2 and 3.1.3
2 Shareholder voting and representation rights 4
3 Information on general meeting intervention on remuneration policies involving the awarding of shares and the attribution of retirement benefits and the respective performance evaluation criteria
n.a.
Corporate Governance Report_2010
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II. Company and Audit Bodies
Section I – General Themes
1
Organograms or functional charts detailing the respective division of competences between the various company bodies and department within the framework of corporate decision making, including information on the scope of competences delegated, in particular, as regards daily company management duties
2.1
2 Identification and composition of specialist commissions with competences for company management and auditing 2.1
3 Description of the risk control system in effect at the company 3.3.3 and 6
4 Indication as to the existence of company body operational regulations 5
Section II – Board of Directors 3.2
5 The characterisation of the Board of Directors, specifically the identities of the members sitting on the board, distinguishing executive from non-executive members, and independent from non-independent members
3.2.2
6 Identification of the main economic, financial and juridical facets that the company faces in its activities 6
7 Description of the operational procedures of the Board of Directors, specifically detailing: 3.2
a) Board of Director powers particularly as regards deliberations over raising
equity capital 3.2.1
b) Information on the Board of Director policy for rotating positions, especially in
terms of the director responsible for finance as well as the rules applicable to nominating and replacing members of boards of directors and auditors
n.a.
c) Number of meetings held by the boards of directors and auditors as well as
reference to the provision of their respective minutes
3.2.1
d) Differentiation between executive and non-executive members and, of these identifying those members in compliance should the rules of incompatibility be applied as stipulated by no. 1 of article 414-A of the Corporate Company Code, with the exception of that set down in line b), and the independence criteria under the auspices of no. 5 of article 414 of the Corporate Company Code
n.a.
8
Indication of the procedural rules in effect for the appointment of non-executive directors and the measures taken to ensure the non-interference in this process by executive directors as well as functions held by Board of Directors members in other companies, and set out separately to those held in companies belonging to the same group.
n.a.
Corporate Governance Report_2010
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Section III – General and Supervisory Council, Commission for Financial Affairs and Fiscal Board n.a
9 Fiscal Board. n.a.
Section IV – Remuneration
10
Indication of the annual amount of remuneration provided to members of company boards of directors and auditors on an individualised basis, including fixed and variable remuneration and regarding the latter, details on its different source components, and the percentage deferred and the percentage already paid out.
3.2.3 and Annex I
11
Information on how such remuneration is structured so as to enable alignment between the interests of board members with the long term company interests as well as on the grounds for such performance evaluation and the disincentives to the over-adoption of risk
n.a.
12 Information relating to the criteria and means of variable remuneration payment n.a.
III. Information and Auditing
1 Description of the trends in shares listed taking into account specifically:
a) The issuing of shares and other tradable assets that provide rights to the
subscription or acquisition of shares n.a.
b) The published results n.a.
c) The payment of dividends made by share category and detailing the net share
value. n.a.
2 Description of the main characteristics of share award schemes and share acquisition options adopted or in effect for the year.
n.a.
3
Description of the core features to businesses and operations carried out between, on the one hand, the company and, on the other, members of its management and audit boards, holders of qualified stakes or companies owned or group members whenever such are financially significant for either of the parties involved.
n.a.
4 Reference to the existence of an Investor Support Office or some similar service with mention of: n.a.n.a.n.a.n.a.
a) Office functions
b) Type of information available to the Office
c) Means of access to the Office
d) Online company website;
e) Identification of market relations representatives
5
Indication of the amount of annual remuneration paid to the auditor and other individual or collective entities belonging to the same network supported by the company and/or collective persons either owned or group members, in addition to discriminating the amounts attributable to:
a) Legal auditing services 3.3. and
b) Other reliability guarantee services 2.4
Corporate Governance Report_2010
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c) Fiscal consultancy services
d) Services other than legal auditing services
Where the auditor renders services under the terms of lines c) and d), description needs providing as to the means undertaken to safeguard auditor independence.
�
Corporate Governance Report_2010
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2. PUBLISHING OF INFORMATION
�
portway�–�handling�de�portugal,�S.A.�forms�part�of�the�group�controlled�by�ANA,�
the�company�that�currently�holds�100%�of�its�equity�capital.�
�
Just� like�the�other�companies�in�this�group,�it�is� linked�to�the�airport�sector,�and�
endowed�with� the� objective� of� undertaking� the� activity� of� ground�handling� (its�
core� activity),� as� well� as� providing� internal� and� external� training� services� and�
rendering�services�to�third�parties�(a�secondary�activity).�
�
This�activity�is�governed�by�its�own�legal�system,�as�established�in�Decree-Law�No.�
275/99,� of� 23� July,�whereby� licensing� is� required� from� the�National� Institute� of�
Civil�Aviation�(INAC).�
�
portway� is� licensed� to� undertake� ground�handling� activities� at� four� Portuguese�
airports�–�Lisbon,�Porto,�Faro�and�Funchal�–�until�2011.�
�
The�composition�of�the�company�and�its�respective�organic�structure�–�see�point�
1.1� of� this� current� report� –� are� portrayed� through� recourse� to� functional�
organogram�descriptions� of�portway,�with� the� information� required�within� the�
framework� of� norms� of� good� corporate� practice,� specifically� as� regards� the�
shareholder,�management�and�audit�structures,�set�out�below.�
�
�
�
�
�
�
�
�
�
�
Corporate Governance Report_2010
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2.1. Organisational and Functional Structure
�Following� decision� by� the� Board� on� 23/09/2009,� a� Central� Operations� Department�was� founded� and� launched� on� 1st�October�2009.�Following�decision�by� the�Board�on�03/03/2010,� its�director�was�exonerated� from�her�position�with� the�position�of� the�Central� Operations� Director� remaining� vacant� with� duties� in� the� meanwhile� undertaken� by� member� of� the� Board� of�Directors,�Dr.�Joana�Oliveira�Freitas,�
BUSINESS UNITS
Coordination�and�execution�of�Ground�Handling�at�Lisbon�Airport.�
DUH LIS
Handling� Management� –�
SLisboa�
DUH OPO
Handling� Management� –�
SHandling�Porto�
Coordination� and� execution� of� Ground� Handling� at� Francisco� Sá�
Carneiro�Airport.�
DUH FAO
Handling� Management� –�
SHandling�Faro�
DUH FNC
Handling� Management� –�
SHandling�Funchal�
Coordination�and�execution�of�Ground�Handling�at�Faro�Airport.�
Coordination� and� execution� of� Ground� Handling� at� Santa� Cruz,�
Funchal.�
Corporate Governance Report_2010
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FUNCTIONAL AREAS
CORPORATE CENTRE
DCO
DCO
QUALITY &
ENVIRONMENT
TRAINING
SAFETY
DCS & WT�
Coordination,�monitoring� and� evaluation� of� quality� and� environment�
related�activities�and�their� respective�management�and�audit�systems,�
client�support�services,�and�complaint�management.�
Facilitating� safety� within� the� scope� of� the� FAL/SEC� National�
Commission,� accompanying� the� verification� of� the� effectiveness� of�
the�emergency�plans�in�effect.�
DFA
Financial Department
DRH Human Resources
Department
Preparation�of� the�accounts�and�financial� reporting,�coordinating�and�
consolidating� the�process�of�drafting�annual�budgets,�controlling�and�
reporting;�global�risk�management.
Definition� and� proposal� of� a� human� resource� strategy� and� policy�
fostering� employee� development� and� interacting� with� their�
representatives,� salary� processing,� training� and� occupational�
healthcare.
Responding� to� the� training� needs� of� internal� clients,� in� coordination�
with�the�HRD�and�external�entities�in�accordance�with�the�national�and�
international�regulatory�framework�for�compliance�management�of�the�
internal�and�external�handling�schedule�and�training�programs.�
Secretarial,� administrative� and� Board� support� services� in� addition� to�
company�management,�archives�and�daily�bureaucratic�tasks.�
SECRETARIAT�
Operational�support�programs�for�airplane�handling�by�portway�and�
operational� implementation� of� the� DCS/WT� (Departure� Control�
System/World�Tracer)�system,�employee�training�in�this�field.�
DCO
Central Operations
Department
Responsible�for�the�perfection�of�all�operational�type�business�processes�in�
terms�of�the�control�and�optimisation�of�resources�and�from�a�perspective�
of� raising�profitability.�The� transversal�management�of� the�Handling�Units�
and� the�Departments�of�Human�Resources,�Engineering�and�Maintenance�
and�the�Systems�and�Communication�areas.
Corporate Governance Report_2010
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�
�
�
�
�
There�are�currently�two�specific�Committees:��
�
-�Ethics�Committee;�
�
-�Committee�for�Social�Responsibility�and�Sustainability.�
Ethics Committee
In�accordance�with�Section�5.3�of�this�Report,�portway�has�adopted�ANA’s�Code�
of�Ethics�and�Conduct.�
�
portway’s�Ethics�Committee�is�composed�of�a�president�and�four�members�(three�
of� which� are� company� employees),� specifically� the� member� of� the� Board� of�
Directors� responsible� for� Financial� and� Administrative� Management� serving� as�
president,� the� Director� of� Engineering� and� Maintenance,� the� Financial� and�
Administrative� Director,� the� Handling� Sales�Manager,� the� Faro� Director� of� Unit�
Handling�and�the�Official�Chartered�Accountant�as�members.�
The� deliberation� of� the� Board� of� Directors� to� expand� the� composition� of� this�
committee�was�also�due�to�the�respective�expansion�in�its�respective�competences�
as�well�as�due�to�the�commitments�assumed�within�the�scope�of�best�practices�in�
the�fields�of�Corruption�and�Associated�Risks�Management.�Within�the�scope�of�
DEM�
Engineering and
Maintenance Department
Procurement� of� equipment,� coordinating� and� monitoring� of�
maintenance�activities,�Planning�and� implementing� infrastructural�and�
other� projects,� Planning� and� implementing� information� and�
communication�systems,�software�and�hardware.�
M&S
Sales Department
Market� surveys� and�management� of� the� client� portfolio,� Prospecting,�
negotiation� and� sale� of� services;� Development� and� promotion� of� the�
company’s� public� relations;� Management� and� dissemination� of� the�
company’s�external�image.�
Corporate Governance Report_2010
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these� commitments,� portway� has� drafted� a� Management� Prevention� Plan�
covering�the�risks�of�corruption�and�similar�infringements�and�proceeding�to�draft�
an�annual�report�dedicated�to�implementation.
�
Portway’s�Ethics�Committee�has�the�following�main�responsibilities:�
�
• To� collaborate� in� the� internal� and� external� dissemination� of� the�Code�of�
Ethics�and�Conduct�at�portway s.a.�
• To� act,� impartially� and� independently� of� the� company’s� management�
bodies,�in�such�a�way�as�to�ensure�compliance�with�the�Code�of�Ethics�and�
Conduct�at�portway s.a.�
• To� clarify� doubts� that� may� be� raised� regarding� the� interpretation� and�
application�of�the�Code�of�Ethics�and�Conduct.�
• To�express� its�opinion�on�any�questions�relating�to�the�application�of� the�
principles� of� the� Code� of� Ethics� and� Conduct,� raised� by� the� Board� of�
Directors�or�by�any�employee.�
• All� the� competences� for� the� management� of� corruption� and� associated�
risks,�especially�in�ensuring�regular�audits,�by�the�shareholder�and�by�third�
parties,� their� respective� accompaniment� and� identifying� improvement�
opportunities� and� presenting� measures� for� the� improvement� of� risk�
management�through�a�pro-active�prevention�policy.
Committee for Social Responsibility and Sustainability��
�
This� is�composed�of�three�managers�chosen�from�amongst�the�managers�
of�the�Corporate�Centre�(Head�Office)�and�the�Business�Units,�specifically,�
the� Financial� Director� as� its� president� and� the� Directors� of� Human�
Resources�and�the�Lisbon�Handling�Unit,�as�members.�
�
�
�
�
Corporate Governance Report_2010
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�
Its�main�responsibilities�are:�
�
� To� recommend� priorities� and� identify� best� practices� in� terms� of� Social�
Responsibility�to�be�applied�at�portway;�
� To�influence�the�adoption�and�implementation�of�the�priorities�identified�in�
an�integrated�manner�in�Business�Processes.�
2.2 Shareholder Structure
�
As�of�31�December�2010,�the�equity�capital�of�portway,�S.A.�was�held�100%�by�
ANA,�S.A.�
2.3 Distribution of Dividends
In�2010,�portway�did�not�obtain�any�dividends.�
�
It�was�proposed�that�the� loss�recorded�should�be�transferred�to�the�carried�over�
earnings�account.�
2.4 Auditors
Since� it� is� a� subsidiary� of� ANA,� S.A.,� portway� is� subject� to� regular� auditing�
procedures� undertaken� by� the� shareholder’s� Auditing� Department,� and� its�
recommendations�are�implemented�whenever�proposed.��
�
Furthermore,�portway� is� subjected� to� an� annual� external� audit,�which� it� orders�
directly.�Currently,�it�uses�the�services�of�the�auditing�firm�Ernst�&�Young.�
�
Corporate Governance Report_2010
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Where� possible� structural� deficiencies� are� identified� and� reported,� or� if�
shortcomings� or� irregularities� are� detected� and� deemed� serious,� that� company�
draws� up� recommendations� for� improvement� that� are� accepted� and�
implemented.��
�
The�services�contracted� from�Ernst�&�Young� resulted� in�costs�of�K�19,215.90� in�
2010�(2009�fees�and�50%�of�2010).�
2.5 Relevant Transactions with Related Organisations
�
The�transactions�taking�place�with�other�related�organisations�from�the�group�
are�as�follows:�
�
• ANA�–�Aeroportos�de�Portugal,�S.A.�
Credit�–�K�9,359,202.51�
• ANAM�–�Aeroportos�e�Navegação�Aérea�da�Madeira,�S.A.�
Credit�–�K�491,054.92�
• NAER�–�Novo�Aeroporto,�S.A.�
Credit�–�K�0��
�
2.6 Suppliers with invoices totalling more than 1 million euros
The�suppliers�whose�invoices�totalled�more�than�1�million�Euros�(including�VAT),�
in�2010,�were�as�follows:�
Tax Number Title Amount (€) % 500700834�503299006�507485882�
ANA�Aeroportos�de�Portugal�S.A.�Select�Slot,�Lda�
6,197,905.96 2,611,356.31 1,133,244.52
32.41% 13.66% 5.93%
Corporate Governance Report_2010
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3. COMPANY BODIES – DUTIES, TERMS OF OFFICE AND
REMUNERATIONS
�
The�company’s�bodies�are:�
a) The�General�Meeting�
b) The�Board�of�Directors��
c) The�Supervisory�Board
3.1 The General Meeting
3.1.1 – Duties
The�General�Meeting�decides�upon�all�matters�for�which�it� is�given�responsibility�
by� law� and� by� the� Articles� of� Association,� including� the� special� responsibilities�
established�in�article�6.�
�
The� board� of� the� General� Meeting� is� composed� of� a� president� and� a� vice-
president.�
�
The�members�of�the�General�Meeting�serve�for�a�term�of�three�years,�renewable�
for�one�or�more�periods,�with�the�year�in�which�they�were�elected�counting�as�a�
full�year.�At�the�end�of�their�term,�members�remain�in�office�until�new�elections�
are�held.�
�
The�General�Meeting�is�held�whenever�convened�for�this�purpose�under�the�terms�
of�the�law.�
�
The� remunerations� and� reimbursements� of� the� company’s� directors� are�
established�by�the�General�Meeting.�
Corporate Governance Report_2010
19
3.1.2 – Remunerations
The�members� of� the�General�Meeting� are� not� paid� for� their� services� since� they�
already�receive�their�respective�remunerations�for�the�work�that�they�perform�at�
ANA,�S.A.�
�
�
3.1.3 – Terms of Office and Curricula
The�table�below�provides� information�about�the�members�of�portway’s�General�
Meeting,�showing�their�respective�positions,�dates�of�election�and�the�duration�of�
their�terms�of�office.��
�
This� point� requires� an� additional� note� regarding� the� change� in� the� respective�
composition�on�the�previous�year�and�within�the�course�of�the�same�2008/2010�
term�of�office.�
�
Hence,� and� following� the� resignation� of� a� previous� member� of� this� board,�
presented� and� accepted�by� the�Annual�General�Meeting� on�18�March� 2009,� it�
was� decided� that� through� to� the� end�of� the� ongoing� 2008/2010� triennial� new�
members�would�be�appointed�with� the�portway�Board�of� the�General�Meeting�
becoming�the�following:
Positions Board of the General Meeting Election Term
President� Dr.�Alda�Maria�de�Araújo�Ribeiro�Borges�Coelho� 18-03-2009� 2008/2010�Vice-�President� Dr.�Francisco�José�Lourenço�Sebastian� 18-03-2009� 2008/2010�
Corporate Governance Report_2010
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President of the Board of the General Meeting
Dra. Alda Maria de Araújo Ribeiro Borges Coelho
Age: 43�
Educational Background:
Degree�in�Economics,�Faculty�of�Economics,�Nova�University�of�Lisbon,�
1985/1989;�
�
Professional Activities:
Member� of� the� ANA�Aeroportos� de� Portugal,� S.A.� Board� of� Directors�with� the�
following� areas� of� responsibility:� Financial� Management.,� Corporate� Shared�
Services,� Juridical� Services� Department� and� the� Directorate� of� Auditing� and�
Organisation�(since�2008);�
General�Director�of�the�Portuguese�Rugby�Federation�(2007/2008);�
Director�of�Development�at�the�Jerónimo�Martins�Group�(2002/2006);�
Sourcing�Director�at�Gestiretalho�(2001/2002);�
Category�Manager�at�Gestiretalho�(2000/2001);�
Coordinator�of�the�Feira�Nova�Hypermarkets�project�(1998/2000).�
�
Also�holds�the�position�of:�
� Member� of� the� Board� of� Directors� of� ANAM,� Aeroportos� e� Navegação�
Aérea�da�Madeira,�S.A.�(since�2008).�
�
Corporate Governance Report_2010
21
Vice-president of the Board of the General Meeting
Dr. Francisco José Lourenço Sebastian
Age: 54�
Educational Background:
Degree�in�Law,�the�Faculty�of�Law,�the�University�of�Lisbon�-�1983;�
Specialist�post-graduate�course�in�Company�Management,�the�New�University�of�
Lisbon�-�2007;�
Attended�the�Senior�Company�Management�Program,�run�by�the�Association�of�
Higher�Company�Studies,�in�1997;�
Registered�with�the�Order�of�Lawyers�since�August�1984�with�Professional�Code�
number�5883.�
�
Professional Activities:
Director�of�Juridical�and�General�Litigation�Services,�ANA,�EP�and�ANA,�SA,�since�
May�1996;�
Responsible�for�the�Juridical�Department�of�Public�Market�Procurement,�ANA,�EP�
between�1995�and�May�1996;�
Held� functions� such� as� that� of� juridical� heritage� specialist� before� joining� the�
Directorate�of�Juridical�and�Litigation�Services,�ANA,�EP�between�1983�and�1995;�
Undertook�management� consultancy� at� ANA,� EP� (between� 1978� and� 1983),� a�
period� during� which� he� led� responsibility� for� negotiating� and� managing� the�
company�insurance�portfolio;�
Held,�under�a�freelance�regime,�functions�as�lawyer,�jurist�and�consultant�to�large�
transports� and� insurance� sector� companies,� including�Metropolitano� de� Lisboa,�
EP,�between�1983�and�1995;�
Participation� as� consultant� and� jurist� to� the� legislative� process� involved� in� the�
transposition�to�the�Portuguese�legislative�framework�of�various�European�Union�
directives� and� regulations� and� in� drafting� legislative� and� regulatory� projects�
approved�by�the�Republican�Government�(between�1997�and�2007);�
Participation�in�the�preparatory�work�and�drafting�the�various�diplomas,�including�
the�Code�of�Expropriations�and�the�Commercial�Company�Legislation;�
Corporate Governance Report_2010
22
Supervising� and� leading� negotiations,� drafting� and� signing� a� large� number� of�
international�subcontracting�contracts�for�major�public�construction�projects,�the�
supply�and�installation�of�goods�and�equipment;�
Supervising�various�services�rendering�public�and�private�procurement�procedures;�
Representing� the� private� sector� to� the� European�Commission� in� legal� processes�
launched�by�the�latter�entity;�
Sporadic�collaboration�as�a�specialist�legal�affairs�lecturer�at�the�New�University�of�
Lisbon�and�the�Higher�Economic�and�Management�Institute;�
�
Holds/held�the�following�roles:�
-� Member�of�the�Corruption�Inspection�Commission�of�ANA,�S.A.;��
-�� Representative� of� ANA,� S.A.� to� the� Committee� for� Legal� Affairs� of� ACI�
EUROPE�since�1996,�and�since�1997,�on�the�invitation�of�the�President�of�the�
respective�Board�and�nomination�by�the�ANA,�S.A.�Board�of�Directors�sitting�
on�its�Policies�Committee�along�with�various�other�similar�specialist�bodies�and�
task�forces�of�the�same�organisation�in�Europe�and�North�and�South�America�
(ACI-Europe,�ACI-NA�and�ACI-LAC);�
-�� Founding� member� of� the�World� Airport� Lawyers� Association� sitting� on� the�
Board�of�this�same�Association�since�2010;��
-� � �Member�of� the�Board�of� the� Institute�of�Corporate�Lawyers,�of� the�Order�of�
Lawyers�between�2005�and�2008;�
-�����Member�of�the�Iberian�Lawyer�In-house�Club�and�sitting�on�the�respective�jury�
that�decides�upon�the�most�prestigious�Iberian�law�awards�(since�2007);��
-����� Member� of� the� Company� Bodies� of� ANA,� S.A.� and� ANAM,� S.A.� between�
1996�and�2001;�
�
Corporate Governance Report_2010
23
3.2 Board of Directors
3.2.1 – Duties
The� Board� of� Directors� is� responsible� for� the� company’s� management� and�
representation�in�accordance�with�the�powers�and�duties�attributed�to�it�by�law,�
the�Articles�of�Association�or�the�General�Meeting.�
�
The� Board� of� Directors� is� composed� of� three�members,� elected� by� the�General�
Meeting.�Of�these�three�members,�one�acts�as�President,�while�the�other�two�act�
as�directors.�
�
The�members�of�the�Board�of�Directors�serve�for�a�term�of�three�years,�renewable�
for�up�to�a�maximum�of�three�occasions,�with�the�year�in�which�they�were�elected�
counting�as�a�full�year.�At�the�end�of�their�term,�members�remain�in�office�until�
new�elections�are�held.�
�
The�General�Meeting�of�3�March�2010�approved�the�election�of�Dr.�Joana�Oliveira�
Freitas�as�a�new�member�of� the�Board�of�Directors� following� the�submission�of�
the� resignation� from� the� aforementioned� position� of� Dr.� José� Tomás� Enes�
Baganha.�
�
It� was� similarly� agreed� that� the� nomination� of� Dr.� Joana�Oliveira� Freitas� to� the�
post�of�Director�would�remain�in�effect�through�to�the�end�of�the�term�in�effect,�
that�is,�through�to�31�December�2010.�
�
According�to�the�Articles�of�Association,�the�Board�of�Directors�meets�whenever�
convened�by� its�president,�and�also�whenever�convened�by� the�president�at� the�
request�of�the�two�directors�or�the�Supervisory�Board.��
�
�
Corporate Governance Report_2010
24
In� 2010,� the� Board� of� Directors�met� on� 26� occasions,� with� its� most� important�
decisions�being�outlined�in�the�respective�Annual�Report.�
�
3.2.2 – Terms of Office, Curricula and Areas of Responsibility
�
The�table�below�provides�information�about�the�members�of�portway’s�Board�of�
Directors,�showing�their�respective�positions,�dates�of�election�and�the�duration�of�
their�terms�of�office:�
* Terminating�his�term�by�resignation�at�the�General�Meeting�of�3/3/2010�and�substituted�by�Dr.�Joana�Oliveira�Freitas
President�
Eng. Carlos Odécio Nunes Madeira
Age:�50��
�Areas of responsibility:�Shareholder�relations�and�company�representation��
�Training:
- Degree� in� Civil� Engineering� from� the� Higher� Technical� Institute� of� the�
Technical�University�of�Lisbon�
- Master’s�Degree� in�Business�Management� from� the� Faculty�of� Economics�of�
the�New�University�of�Lisbon.��
- Postgraduate�course�at�the�University�of�Stanford�in�Palo�Alto,�California.��
Professional activities:
- Vice-President�of�ANA�–�Aeroportos�de�Portugal,�S.A.�
- Member�of�the�Board�of�Directors�and�President�of�the�Executive�Committee�
of�NAER,�Novo�Aeroporto,�S.A.�
Position Board of Directors Election Term of office
President� Eng.�Carlos�Odécio�Nunes�Madeira� 20-03-2008� 2008/2010�
Director�� Dr.�José�Manuel�Dias�dos�Santos� 20-03-2008� 2008/2010�Director�Director��
Dr.�José�Tomas�Gouveia�Enes�Baganha�Dr.�Joana�Oliveira�Freitas����������������������������������������������������
20-03-2008�03-03-2010�
2008/Mar.�10*��Dec.�2010�
Corporate Governance Report_2010
25
- President� of� the� Board� of� Auditors� of� ELO� –� Associação� Portuguesa� para� o�
Desenvolvimento�Económico�
- Secretary�to�the�Board�of�the�General�Meeting�of�Proforum�–�Associação�para�
o�Desenvolvimento�da�Engenharia.�
�
He�has�also�held�the�following�positions:�
- Visiting� lecturer,� from� 1993� to� 1995� on� the� MBA� Course� at� the� Catholic�
University�of�Lisbon,�and�more�recently�from�2003�to�2005�in�the�Training�of�
Executives�at�the�New�University�of�Lisbon.�
- Managerial� and� directorial� positions,� at� the� Nutrinveste� Group,� Águas� de�
Portugal�Group,�EDP�-�Electricidade�de�Portugal,�and�currently�at�ANA;�
- Management� consultant� (MAC� GROUP),� managing� projects� in� the� areas� of�
strategy� and� organisation� at� financial� services,� utilities� and� transport�
companies�in�Lisbon,�Chicago,�Madrid�and�Barcelona;�
- Project� Director� at� the� construction� company� Teixeira� Duarte,� where� he�
supervised�public�construction�works�on�dams�and�special�foundations;�
- Grant�holder�engineer,� specialising� in� roads�and�aerodromes�at� the�National�
Laboratory�of�Civil�Engineering;�
��
Corporate Governance Report_2010
26
Director (held office through to March 2010)�
Dr. José Tomás Gouveia Enes Baganha
Age:�65��
�
Areas of responsibility: No�specific�areas�of�responsibility �
�
Educational Background: Graduate� in� Law� from� the� Faculty� of� Law� of� the�
University�of�Coimbra,�1967;�
Special�degree� in�European�Law�from�the�“Institut�d´Étude�Européennes”�of�the�
Free�University�of�Brussels,�1990.
Professional Activities:�
Director�of�ANA�Consulting,�November�2008;�
Director�of�portway,�since�2005;�
Consultant�to�the�Board�of�Directors�of�ANA,�from�July�2004�to�2009;�
Member�of�the�Board�of�Directors�of�the�National�Institute�of�Civil�Aviation,�2001-
2004;�
Manager�of� the�Coordination�of�ANA’s� International� Policies� and�Affairs,� 1999-
2001;�
Vice-president�of�the�Macau�Civil�Aviation�Authority,�1994-1997;�
Government�Delegate�at�Air�Macau,�1995-1997;�
Human�Resources�Manager�at�ANA,�EP�1978-1988;�
Member�of�the�Steering�Committee�of�ANA,�EP�1977;�
Lawyer�at�the�Directorate-General�of�Land�Transport,�1972-1974;�
Occasional�collaboration� in�postgraduate�courses� in�Aviation�Law,�Air�Transport,�
Ground�Handling�and�the�Public�Regulation�of�Transport�between�2005�and�2008�
at�FDUC/UNL�and�ISEC;�
Legal�work�on�subjects�relating�to�air�transport,�civil�responsibility�in�aviation�and�
the� regulation� of� civil� aviation� in� specialist� publications� in�Macau,� Hong� Kong,�
Brazil�and�the�Netherlands.�
Corporate Governance Report_2010
27
Director
Dr. José Manuel Dias dos Santos
Age: 42�
�
Areas of responsibility: Finance� and� Administration,� Sales,� Quality,� Training,�
Safety/Security�and�Secretariat.
Educational Background: Degree� in� Law� (economic/legal)� from� the� Faculty� of�
Law�of�the�University�of�Lisbon,�1991;�Course�in�Company�Law,�1998;�
Attended�the�specialist�post-graduate�Airport�management�course�(2009/2010).�
�
Professional Activities:�
Director�at�portway,�since�2004;�
Human�Resources�Manager�of�portway,�S.A.,�from�2000�to�2004;�
Partner�in�the�MSM�Law�Firm,�March�2003.�
Consultant� to�the�Human�Resources�Department�of�ANA,�S.A.,� from�April�1997�
to�2000;�
Legal�assistance�to�companies�and�private� individuals�as�a� lawyer�enrolled� in�the�
Lisbon�District�Council�of�the�Portuguese�Bar�Association,�since�February�1994;�
Director� of� Sociedade� Geomáquina� –� Empreendimentos� e� Máquinas� s.a.� until�
February�2008.�
�
Corporate Governance Report_2010
28
Director (has held office since March 2010)�
Dr. Joana Oliveira Freitas
Age:�32��
Areas of responsibility:�Management�of�the�Handling�Units�(Lisbon,�Porto,�Faro�
and�Funchal),�Engineering�and�Maintenance,�Human�Resources�and�WT/DCS.�
�
Educational Background:� Degree� in� Economics,� the� Faculty� of� Economics,�
University�of�Porto,�2000;�
MBA�from�the�European�Institute�of�Business�Administration�-�INSEAD�(campuses�
in�France�and�Singapore),�2003.�
Professional Activities:�
Director�of�portway,�since�March�2010;�
Central�Director�of�portway�Operations�between�October�2009�and�March�2010;�
Consultant� to� the� Secretary�of� State�of� the� Treasury� and� Finance�of� the�17th�
Constitutional� Government,�Ministry� of� Finances,� between� January� 2008� and�
September�2009;�
Volunteer�business�consultant�for�TechnoServe,�Mozambique�(NGO�dedicated�
to�supporting�the�private�sector),�between�August�2006�and�January�2007;�
Management�consultant�at�McKinsey&Company,�participating�in�various�
telecommunications,�banking�and�insurance�sector�projects�in�terms�of�strategy,�
operations�and�marketing�and�undertaken�across�Portugal,�in�London�and�Rio�
de�Janeiro,�between�2000�and�2007.�
�
�
�
�
�
�
�
�
�
Corporate Governance Report_2010
29
3.2.3 Board of Directors Remunerations
The�deliberation�of�the�General�Meeting�of�3�March�2010�stipulated�that�through�
to�the�end�of�their�terms�of�office:�
�
• Total�and�global�gross�remuneration�of�the�directors�Dr.�José�Manuel�Dias�
dos� Santos� and� Dr.� Joana�Oliveira� Freitas� to� an� amount� of� K� 7,800.00�
(seven�thousand�and�eight�hundred�euros),�with�this�same�sum�including�
both� core� payment� as� well� as� any� other� type� of� certain� and� fixed�
remuneration�with� the� aforementioned� sum�only� not� incorporating� the�
family�and�meal�allowances�paid�out� in�accordance�with�the�framework�
in�effect�at�ANA,�S.A.;��
�
• �The� other� members� of� the� Board� of� Directors� are� not� paid� for� their�
services� as� they� already� receive� their� respective� remunerations� for� the�
work�that�they�perform�at�ANA,�S.A.�
�
Prior� to� the� aforementioned�meeting� deliberation,� and� in� accordance� with� the�
shareholder�decision�taken�in�2007,�the�remunerated�model�in�effect�through�to�
March�2010�for�the�exclusively�dedicated�member�of�the�board�of�directors�was:�
�
Dr.�José�Manuel�Santos�
Annual�Core�Remuneration�–�98,000.00�euros�
Monthly�meal�allowance�–�131.20�euros��
Seniority�payments�–�75.58�euros��
Family�Subsidy�Supplement�–�25.74�euros��
�
-� The� holding� of� non-remunerated� functions� is� stipulated� for� the� remaining�
members� of� the� Board� of� Directors� given� they� receive� their� respective�
remunerations�in�accordance�with�functions�held�at�ANA,�S.A.�
�
Corporate Governance Report_2010
30
Subsequently,�the�General�Meeting�of�3�March�2010�approved�the�attribution�of�
director�remuneration�in�accordance�with�the�following�terms:�
�
-�Dr.�José�Manuel�Dias�Santos�
Monthly�Core�Remuneration�–�7.800.00�euros�*�
Monthly�meal�allowance�–�145.80�euros��
Monthly�Family�Subsidy�Supplement�–�25.74�euros��
�
-�Dr.�Joana�Oliveira�Freitas�
Monthly�Core�Remuneration�–�7.800.00�euros�*�
Monthly�meal�allowance�–�145.80�euros��
�
*�As�from�October�2010,�these�amounts�were�subject�to�a�reduction�of�5%�in�their�gross�value�
subsequent�to�the�framework�established�by�the�Program�of�Stability�and�Growth�(PECII�approved�
by�Law�No.�12-A/2010,�of�30�June)�and�by�the�voluntary�decision�of�the�remunerated�members�of�
the�portway�Board�of�Directors�who�now�receive�a�monthly�sum�of�K�7,410.�
�
-�The�stipulation�that�the�services�of�the�other�members�of�the�Board�of�Directors�
would�be�unpaid,�as� they�already� receive� their� respective� remunerations� for� the�
work�they�perform�at�ANA,�S.A.�
�
In�appendix�I�of�this�report,�we�show�the�remunerations�and�other�costs�relating�
to� the�Board�of�Directors,� in� accordance�with� the� format� recommended�by� the�
Directorate-General�for�the�Treasury.�
3.2.4 Positions held in other Companies
President� Carlos� Madeira� performs� the� functions� of� Vice-President� of� ANA� –�
Aeroportos�de�Portugal,�S.A.,�and�President�of�the�Executive�Committee�of�NAER�
–�Novo�Aeroporto,�S.A.�He�also�holds�the�positions�of�President�of�the�Board�of�
Auditors�of�ELO�–�Associação�Portuguesa�para�o�Desenvolvimento�Económico�and�
Corporate Governance Report_2010
31
Secretary�to�the�Board�of�the�General�Meeting�of�Proforum�–�Associação�para�o�
Desenvolvimento�da�Engenharia.�
As�regards�the�remaining�members�of�the�Board�of�Directors,�Dr.�José�Manuel�Dias�dos�
Santos�also�holds�the�unpaid�position�of�President�of�the�Board�of�Auditors�of�ACAR�
(Aeroclube� de� Alverca� do� Ribatejo),� as� well� as� that� of� President� of� the� Board� of�
Management� of� the� Quinta� do� Carmo� Property� Owners’� Association.� He� holds� no�
other�executive�and�paid�positions�in�other�companies,�including�those�of�the�group,�
performing� his� functions� at� portway� on� the� basis� of� exclusive� dedication� to� the�
company.�
3.3 Supervisory Board
�
3.3.1 – Duties and Curricular
The� auditing� of� the� Company’s� business� is� the� responsibility� of� a� Supervisory�
Board,� a� role� that� is� currently� performed� by� the� company� “Pedro� Roque� &�
Crisóstomo� Real� –� SROC”� (No.� 125),� represented� by� Dr.� Pedro� Nuno� Ramos�
Roque,�with�the�company�“Jaime�Matos,�Castanheira�&�Martins�da�Silva,�SROC”�
(No.�167),�represented�by�Dr.�Jaime�Abrantes�Silva�Matos,�acting�as�its�substitute,�
in�accordance�with�the�legal�responsibilities�established�for�this�company�body.�
�
The� term� of� office� of� the� Supervisory� Board� is� for� a� period� of� three� years,�
renewable� up� to� a� maximum� of� three� times,� with� the� year� in� which� elected�
counting�as�a�full�year.�At�the�end�of�their�terms,�supervisors�will�remain�in�office�
until�such�time�as�a�new�decision�is�taken.�
Before� the� decision� taken� by� the� General� Meeting� of� 3� March� 2010,� the�
Company’s� business� was� already� audited� by� the� same� firm� of� auditors� “Pedro�
Roque� &� Crisóstomo� Real,� SROC”� (No.� 125),� represented� by� Dr.� Pedro� Nuno�
Ramos�Roque.�
Corporate Governance Report_2010
32
Sole Supervisor
Dr. Pedro Nuno Ramos Roque
Age: 45�
�
Educational Background: Graduate�in�Business�Organisation�and�Management�
from� ISEG� (UTL)� and�Master’s�Degree� in�Business�Management/MBA� from� ISEG�
(UTL),�1991;�
Professional Activities:�
�
State-registered� Auditor� (registered� on� the� List� of� State-registered� Auditors�
with�the�number�828,�since�15�March�1993);�
Managing�Director�of�“Pedro�Roque�SROC�Unipessoal�(registered�on�the�list�of�
Companies�of�State-registered�Auditors�with�the�number�125),�since�2009;�
Founding� Partner� and� Director� of� Pedro� Roque� &� Crisóstomo� Real,� SROC�
(registered� on� the� list� of� Companies� of� State-registered� Auditors� with� the�
number�125),�since�July�1994;�
Chartered�accountant;�
Expert�in�court�processes;�
A�lecturer�in�Accounting�and�Auditing�since�1990,�on�both�Undergraduate�(at�
ISCAL-IPL,�ISMAG,�ISEG-UTL�and�Universidade�Lusíada)�and�on�Master’s�Degree�
and� Postgraduate� Courses� (IST-UTL,� ISEG-UTL,� Universidade� Lusíada,�
OVERGEST�and�INDEG-ISCTE);�
Trainer� on� the� Preparatory� Course� for� State-registered� Auditors� ROC� (1995)�
and�a�speaker/trainer�in�training�activities�promoted�by�CTOC;�
President�of� the�Examination�Jury�of� the�Chamber�of�Chartered�Accountants,�
since�2004;�
Coordinator�of�the�Chamber�of�Chartered�Accountants�for�the�area�of�Training�
in�Accountancy�and�Consultancy�in�Accountancy�(external�consultants);�
Member� of� the� Registration� Board� (1998-2000),� the� Registration� Committee�
(2000-2005),� the� Technical� Training� Committee� (1998-2000)� and� the� SME�
Working�Party�(2006-…)�of�the�Association�of�State-registered�Auditors;�
Corporate Governance Report_2010
33
Member� of� the� Association� of� State-registered� Auditors,� the� Chamber� of�
Chartered�Accountants�and�the�Association�of�Economists.�
3.3.2 – Supervisory Board Remuneration
�
The�Decision�of� the�General�Meeting�of�20�March�2008�entrusted�the�Board�of�
Directors�with�the�responsibility�for�agreeing�the�remuneration�of�the�Supervisory�
Board�for�the�triennial�2008/2010.�In�accordance�with�the�rules�of�the�Chamber�
of�State-registered�Auditors,�a�contract�was�agreed�for�the�remuneration�for�the�
State-Registered� Auditor� of� 900� euros� per� month,� with� the� Company’s� Sole�
Supervisor�receiving�an�annual�salary�of�10,800�euros�in�2010.�
3.3.3 – General Governance and Internal Control Practices
In� the� course� of� its� ground� handling� activities,� and� fully� integrated� into� the�
operations� run� by� the� airport� management� company� ANA,� portway� has�
undertaken�its�actions�in�accordance�with�the�recommendations�set�out�under�the�
framework�of�good�corporate�governance,�maintaining�transparent� relationships�
with� the�market,� and�adopting� sustainable�development�practices.� Furthermore,�
the�low�levels�of�both�litigation�and�the�minimal�impact�of�court�action�should�be�
highlighted.�
�
In� particular,� portway� has� ensured� compliance� with� the� principles� of� good�
governance�as�stipulated�by�Resolution�No.�49/2007,�of�28�March�and�Resolution�
No.�70/2008,�of�22�April.�
�
In�terms�of�the� internal�normative�framework,�various�different�regulations�have�
been�reviewed�and�approved�covering�the�different�company�functional�areas.�In�
2010,� we� would� especially� highlight� the� revisions� of� the� manuals� for� Business�
Travel� and� Accommodation,� Limits� and� Rules� for� the� attribution� of� vehicles,�
Cashflow�and�Banking,�Invoicing,�Issuing�and�Controlling�Credit.�
�
Corporate Governance Report_2010
35
4. SHAREHOLDER VOTING AND REPRESENTATION RIGHTS
�
The� equity� capital� of� portway� is� represented� by� 17� million� shares� with� the�
nominal�value�of�K1.00�each,�registered�under�the�form�of�nominative�shares.�
�
The�company� is�not� listed�on�any�capital�market�and�has�only�one�shareholder,�
ANA.,�S.A.,�which�holds�100%�of�its�equity�capital�and�exercises�its�rights�at�the�
General� Meeting� through� its� designated� representatives� or,� in� legal� terms,�
through�unanimous�decisions�made�in�writing.�
�
Since�November�2009,�portway�equity�has�been�fully�subscribed.�
Corporate Governance Report_2010
37
5. CORPORATE RULES �
5.1 Applicable Legal Regime
�
portway�was�created�under�the�form�of�a�public�limited�company�by�public�deed,�
dated�2�May�2000.��
�
It�belongs�to�the�State�Enterprise�Sector�as�defined�by�Decree-Law�No.�558/99,�of�
17�December,�with�the�wording�attributed�on�its�republication�as�a�result�of�the�
implementation�of�Decree-Law�No.�300/2007,�of�23�August,�with�the�rules�of�the�
Statutes� of� the� Public� Manager� being� applied,� through� the� decision� of� the�
Shareholder.��
�
As� a�public� limited� company,� it� is� governed�by� the�Company�Code�and� related�
legislation,�and�is�bound�by�national�and�Community�legislation�regarding�ground�
handling�activity.�
�
In�its�ground�handling�activity,�it�is�also�subject�to�the�Community�regulations�on�
airport� activity,� safety/security,� competition,� environment,� ICAO� (International�
Civil�Aviation�Organization)�and�others.�
�
The�company’s�articles�of�association�establish�rules�relating�to�the�activities�of�the�
Board�of�Directors,�stipulating�that�this�body�should�meet�whenever�convened�by�
its�president�or�at�the�request�of�two�directors�or�of�the�auditors.�
�
The� Board� may� not� take� decisions� without� the� majority� of� its� members� being�
present� at� the�meeting.� These�members�may� not� decline� to� vote� and� no�more�
than�one�director�may�be�represented�by�another�person�at�each�meeting.�
�
�
Corporate Governance Report_2010
38
portway�has�its�own�regulations�and�internal�rules�that�must�be�implemented,�as�
well� as� its� own� appropriate� procedures.� The� most� important� of� these� are:�
provisions� relating� to� acquisitions,� levels� of� responsibility,� separation� of� the�
functions� of� ordering,� implementation,� control� and� payment,� supplementary�
work,�absenteeism,�training,�recruitment�and�selection,�travel�expenses,�expenses�
with�mobile� telephones� and� communications,� fuel,� company� vehicles,� uniforms,�
presentation,�individual�safety�equipment�and�a�code�of�ethics�(cf.�Section�4.3.�of�
this�report).�
5.2 Code of Ethics and Conduct
�
As� fully�owned�by�ANA,�S.A.,�portway�opted� to�adopt� the�company’s�Code�of�
Ethics�and�Conduct.�
�
The�Code’s� content� is� fully� available� on� the�ANA�website� –�www.ana.pt� –� and�
covers� the� following� fields:� purposes� of� the� Code� and� the� framework� for�
application�through�an�Ethics�Commission,�publication�of�the�Mission,�Vision�and�
Values� of� the� company,� general� principles� for� behaviour,� relationships� with�
stakeholders� and� other� interested� parties� in� company� performance� and�
exemplifying�the�explicitly�forbidden�practices�and�behaviours.��
�
The�aims�of�the�Code�may�be�summarised�as�follows:�
• To�inform�all�employees�of�the�company’s�guiding�values�and�principles�
and�the�rules�of�conduct�that�must�be�adopted�in�the�performance�of�their�
day-to-day�business;�
• To�strengthen�the�feeling�of�a�shared�culture;�
• To�encourage�employees�to�question�if�their�normal�behaviours�and�
procedures�are�in�keeping�with�the�company’s�values�and�principles;�
• To�establish�criteria�for�the�hierarchical�organisation�of�the�values�and�rules�
of�conduct�in�order�to�reduce�the�risk�of�a�conflict�of�interests�in�decision-
making�processes.�
Corporate Governance Report_2010
40
6. MANAGEMENT SYSTEM AND RISK CONTROL
�Given�the�nature�of� its�activity,�portway�does�not�benefit� from�the�existence�of�
instruments�that�can�protect�it�against�all�the�risks�inherent�in�its�business.��
�
These�risks�for�the�company’s�activity�have�been�clearly�identified�and�are�part�of�
its�policy.�They�are�essentially�related�with�the�following�areas:�market,�economy,�
finance,�social�and�political�situation,�regulations�and�operations.�
�
It�should�be�added�that�the�airport�sector�has�undergone�major�transformations�in�
recent� years� and� decisively� contributing� towards� aggravating� the� level� of� risk�
exposure�especially� taking� into�account� the� rising� importance�of� low�cost�airline�
companies,�the�recent�traffic�flow�shocks,�in�addition�to�the�trend�to�move�away�
from�the�exclusively�state-owned�sphere,�especially�in�Europe.�
�
Thus,� in� view� of� the� company’s� size� and� complexity,� portway� has� created� a�
system� for�monitoring� the�main� risks,�which�enables� it� to�monitor� and�manage�
the�above-mentioned�risk�categories:�
�
1. Market Risks
�
Risks� arising� from� the� evolution� in� the� volume� of� air� traffic� are� analysed� every�
fortnight� by� the� Board� of� Directors� as� part� of� its� review� of� the� company’s�
commercial� performance�and�managed� through�adjustments�made� to� the�main�
controllable� costs� (for� example,� labour� costs�within� the� limits� permitted� by� the�
legislation�governing� labour� relations),� in� accordance�with� the� expected� level� of�
activity.� In� the� longer� term,� these� risks� are�managed�within� the� context� of� the�
company’s� strategic� decisions� regarding� investment� (for� example,� in� handling�
equipment)�and�installed�capacity�(for�example,�in�the�areas�rented�as�premises).�
�
�
�
Corporate Governance Report_2010
41
�
2. Economic and Financial Risks
�
The� impacts� arising� from�macroeconomic� variables� on� the� company’s� potential�
growth�(evolution�of�GDP�–�both�in�Portugal�and�in�the�countries�from�which�the�
air� traffic�originates,�population,� tourist�potential,�exchange� rates,� interest� rates,�
etc.)� are� examined� by� the� Board� of� Directors� and� the� Financial� Department� at�
monthly� meetings� held� to� assess� the� company’s� performance� and� to� exercise�
control� over� the� budget.�When� considered� appropriate,� these�potential� impacts�
are� incorporated� into� the�decision-making�process� for� the�next� relevant�periods,�
through� interventions� in� the� financial� area� (guarantees�provided�by�clients,�cash�
collection�and�cash�flow)�or�in�the�operations�area�(enforcement�of�the�payment�
clauses�of�contracts,�amongst�others).��
3. Socio-political Risks
�
This� type�of� risk� is�continually�managed�by� the�Managers�of� the�Handling�Units�
and� by� the� safety/security�manager� operating� in� the� context� of� the� Safety� and�
Security�activities�for�which�they�are�responsible,�in�conjunction�with�the�National�
Institute�of�Civil�Aviation�(INAC),�the�security�authorities�and�airline�companies.�
�
4. Environmental Risks
�
Direct�environmental�risks�are�permanently�identified�and�managed�by�portway’s�
Quality�and�Environment�area�as�part�of�its�certification�procedure�in�accordance�
with�the�standard�ISO�14001.�Environmental�risks�occurring�outside�the�company�
(for� example,� the� risks� of� losing� traffic� or� other� risks� arising� from� new�
environmental� regulations,� alterations� to� the� schedules�of� time� slots�because�of�
impositions�made�regarding�noise�or�pollution)�are�managed�through�attempts�to�
lessen�their�impacts�on�the�demand�for�the�company’s�services,�with�the�adoption�
of�appropriate�commercial�and�operational�measures.�
�
Corporate Governance Report_2010
42
5. Regulatory Risks
�
This� type� of� risk� is� of� lesser� importance� for� the� company� since,� in� the� current�
legislative�framework,�portway�is�licensed�to�engage�in�its�activity�until�2011.�This�
licence� will� be� extended� by� the� Regulator� as� long� as� its� majority� shareholder�
continues�to�be�the�airport�operator�(ANA).�Indirect�regulatory�risks�are�examined�
and� incorporated� into�the�general�budgetary�procedures�and�managed�every�six�
months�as�part�of� the�company’s�medium-term�budgetary�control�and�planning�
operations.�
�
6. Operational Risk
�
This� type�of� risk� is�considered�to�be�of� the�utmost� importance�for�portway.�For�
this� reason,� its� analysis� and� management� is� undertaken� on� a� monthly� basis�
through� cooperation� between� the� Board� of� Directors,� the� Managers� of� the�
Business� Units� and� the�Managers� of� the�Human� Resources,� Financial� and� Sales�
Departments,�as�well�as�by� those� responsible� for� the�area�of�Quality,� through�a�
study�of�the�operations�area�and�the�company’s�cost�position�(controllable�costs�
and�non-controllable� costs).� The�already�mentioned�meetings�held� to�assess� the�
company’s� performance� result� in� measures� to� reduce� risk� that� are� then�
implemented�by�the�Handling�units�with�the�support�of�central�services.��
�
In� compliance� with� the� Recommendation� from� the� Council� of� Prevention� and�
Corruption,� in� 2009,� portway� set� out� its� Management� Risk� Prevention� Plan,�
including�Corruption�and�Associated�Infringements,�and�publishing�the�respective�
annual�implementation�plan�in�2010.�
�
�
�
�
�
Corporate Governance Report_2010
44
7. HUMAN RESOURCES�
�
In�2010,�human�resource�management�at�portway�was�particularly� impacted�by�
the�quantity�and�the�complexity�of�the�various�challenges�faced�by�the�company�
and�airport�sector�in�general�and�Ground�Handling�in�particular.�
In�reality,�as�already�mentioned,�the�influence�of�Social Economic Factors (sector�
crisis�with�the�collective�dismissal�of�over�three�hundred�employees�in�the�sector�
in� Faro,�with� turbulent� relationships�with� social�partners,� especially�worsened�at�
the�end�of� the�year�due� to�decisions�of�a�political�nature�but� impacting�on� the�
state-owned� business� sector�with� a� general� strike,� the� announcement� of�wage�
cuts�and�the�freezing�of�career�promotion�rises�in�2011�and�as�stipulated�by�the�
terms� of� the� state� budget),�Operational Factors (the� volcanic� ash� cloud,� poor�
weather�conditions�closing�a�series�of�airports�with�the�consequent�cancellation�of�
flights,� strikes� by� air-traffic� controllers,� floods� in� February� on� the� island� of�
Madeira,� etc.),� Market Factors (the� opening� of� the� Ryanair� base� in� Faro),�
Organisational Factors (projects� in� terms� of� internal/quality� organisation,�
reviewing� manuals/regulations� for� Recruitment,� Records� and� the� Processing� of�
Wages,� information� technology� and� the� public� procurement� regime),� not� only�
maintained�but�strengthened�the�need�for�portway�to�stand�out�for�the�level�of�
technical� aptitude� of� its� resources� and� the� consequent� quality� of� services�
provided.�
�
This�management,�defined�from�the�outset�by�its�strong�commitment�to�Human�
Capital,�continued�in�accordance�with�the�following�guidelines:�
a) Continuous� training:� the� company� continued� to� invest� in� the�
continuous� upgrading� of� its� human� resources,� endowing� them� with�
know-how�and�the�necessary�tools�so�that,�from�a�commercial�point�of�
view,� the� company�was� able� to� cope�with� the�market� crises� and� the�
strong� competition� in� the� sector,� thereby� guaranteeing� employment,�
with� 2010� seeing� a� total� of� 24,506�hours� of� training� held� for� 2,023�
Corporate Governance Report_2010
45
employees�across�a�diversified�range�of�programs�and�contents�where�
the� main� innovation� came� with� the� launch� of� the� Handling�
Management� training� course� dedicated� to� senior� company�
management.�
b) Promotion� of� a� relationship� of� employee� dialogue� and� involvement:�
introduction� of� quarterly� operational� meetings� with� employees� from�
across� the� four� sites� and� all� areas� with� the� objective� of� sharing�
information�on�company�performance,� reflect�on� future�priorities�and�
celebrate�the�successes�attained.�
c) Promotion�of�multi-tasking�and�flexibility:�the�growing�quantity�and�the�
specific�nature�of�the�demands�made�by�the�airline�companies�handled�
implies� significant� investment� in� the� task� versatility� requirements� of�
each� employee� that� are� associated� with� the� aforementioned� major�
commitment�to�training�able�to�implement�the�multi-tasking�associated�
with� the� set� of� functional� needs� in� effect.� These� factors� furthermore�
come�in�addition�to�the�factor�of�flexibility�provided�by�the�workforce�
itself� (for� example:� part-time� working� regimes)� and� a� founding�
company�objective.�
d) Initiatives� aimed� at� improving� operational� performance:� in� 2010,� in�
close� articulation� with� its� teams,� a� series� of� internal� programs� were�
held�and�dedicated�for�example�to�combating�workplace�accidents�and�
absenteeism� as� well� as� the� steady� increase� in� operation� productivity.�
These�programs�counted�on�the�involvement�of�employees�whether�in�
terms� of� their� participation� or� their� involvement� in� design� and�
implementation� (Internal� Program� of� Operational� Performance�
Improvement,� the� “Don’t� Get� Hurt”� Program� against� Workplace�
Accidents� and� resulting� Absenteeism,� Operational� Performance�
Awards);�
e) Capitalising�on�the�know-how�of�internal�resources:�strengthening�the�
focus�on�commercially�developing�specialist�market�know-how�in�new�
Corporate Governance Report_2010
46
“formats”,� specifically� technical� consultancy� and� in-person�
Management�and�Handling�Management�training;�
Correspondingly,� and� demonstrating� the� practical� implementation� of� the�
guidelines�above,�we�would�highlight:�
-�The�growth�in� labour�competitiveness:�to�the�factors�of�Training,�Flexibility,�
Motivation� and� Quality,� combined� with� a� balanced� human� resource� cost�
contention�policy,�may�be�associated�as�a�natural�consequence�and�an�effect�
but� also� a� result� of� the� growth� in� the� competitiveness� of� the� labour� under�
employment;�
-� The� increase� in�Operational� Productivity: from� the� operational� perspective,�
there�were�once�again�notable�levels�of�Operational�Productivity�performance�
with�a�percentage�increase�of�around�9%�on�2009,�a�still�greater�achievement�
when�taking� into�account�a�24%�reduction� in�the�amount�of�supplementary�
work�contracted�by�operational�areas;�
-� Employment� stability� and� the� effective� average:� in� terms� of� the� Effective�
Average,� and� particularly� when� compared� with� the� growth� seen� in� recent�
years,�this�continued�to�demonstrate�a�trend�towards�stabilisation.�
Considering�the�Effective�Average,�and�always�taking�as�our�reference�the�Full�
Time� Equivalent� (FTE),� the� company� saw� this� indicator� rise� from� 1,047� to�
1,154,�up�by�107�on�comparison�with�the�same�period�of�the�previous�year�
and�representing�a�rise�of�10%�(employees�contracted�by�portway)�without�
making� any� significant� impact� on� the� respective� distribution/functional�
allocation�by�business�area�over�the�course�of�the�last�twelve�months.��
�
Human� resource� related� issued� are� covered� in� greater� detail� in� the� 2010�
Annual�Report�and�Accounts,�which�makes�up�part�of�annual�reporting.�
Corporate Governance Report_2010
48
8. INFORMATION SYSTEMS
portway�currently�runs�a�set�of�information�and�communication�systems�and�
technologies�that�cover�the�broad�majority�of�business�processes,�fundamental�
aiming� to� guarantee� two� core� objectives:� guaranteeing� the� operational�
reliability�of�the�different�sectors�(core�handling�functions)�and�responding�to�
the�requirements�of�an�internal�control�system�and�shareholder�reporting.�
�
Within�this�scope,� the�following�key� initiatives� took�place� in�2010�across� the�
field�of�information�technology�support�and�means�of�communication:�
�
• Continuation� of� the� new� information� technology� procurement� policy�
targeting� ergonomic� and� environment� friendly� equipment� and� boosting�
the� storage� capacity� (secondary� disks)� and� providing� the� user� with� the�
maximum�amount�of�memory� that� the� respective�operational� system�can�
run.� In� addition� to� computers,� investment� also� went� into� 19”� monitors�
with� the� larger� size� due� to� the� better� definitions� resulting� from� running�
new�graphical�applications;�
�
• Acquisition� of� portable� computers� and� an� interactive� board� for� the� new�
training�room.�Thus,�it�is�now�possible�to�utilise�new�applied�technologies�
in� training� programs� and�guaranteeing� a� high� level� of� flexibility� in� room�
layout;�
�
• Replacement� of� the� photocopiers� in� usage� in� the� headquarters,� the�
training� department,� Faro� HU� and� the� passenger� department� in� Lisbon�
with�multifunctional�devices�with�high�capacities�and�equipped�to�work�in�
network.� Hence,� it� was� possible� to� raise� the� installed� technological�
capacity,� rendering� more� functions� available� to� more� users� and� reduce�
costs�both�in�terms�of�printing�and�the�maintenance�associated;��
�
Corporate Governance Report_2010
49
• Acquisition�of�a�high�capacity�server�able�to�deal�with�the� IT�applications�
now�being�run�for�maintenance�management�and�the�electronic�control�of�
employee�timekeeping�and�punctuality.��
�
• S�Gateway�communication� replacement�of� the�message�system�“Sitatex”�
in� Lisbon� and� Porto� by� new� equipment� and� with� greater� capacity� and�
boosting�the�reliability�of�this�“critical�system”;�
�
• Migration� of� SITA� communications,� eliminating� X.25� communications� in�
Lisbon�and�Porto.�This�migration,� in�addition�to� improving�the�robustness�
of� communications� and� reducing� the� number� of� lines� and� devices�
necessary,� enabled� an� expansion� in� broadband,� raising� the� backup�
mechanisms� available� as� well� as� generating� a� sharp� reduction� in�
communication� costs� as� the� traffic� was� no� longer� paid� for� with�
communication� becoming� integrally� carried� out� under� the� IP�protocol.� In�
Faro,� the� backup� communications� mechanism� was� also� subject� to�
improvement;�
�
• Migration� of� the� “Sitatex”� message� system� in� operation� in� Lisbon� and�
Porto,�moving�to�version�7�that�runs�under�the�IP�protocol.�This�version,�in�
addition�to�being�technologically�more�developed,�ensures�integration�into�
the� “Clever� Ops”� system,� thereby� enabling� the� automatic� exchange� of�
messages;�
�
• Introduction�of�a�new�site�address�for�imported�cargo�in�Porto;�
�
• Migration� of� the� “Siccarga”� system� to� a� new� technological� platform�
enabling,� in� addition� to� reformulating� data� modelling� and� correcting�
existing�problems,�the�system�to�be�operationally�more�agile�and�easier�to�
maintain� and� overcoming� the� risks� and� limitations� inherent� to� obsolete�
technological�platforms;�
�
Corporate Governance Report_2010
50
• Implementation� and� launch� of� the� shift�management� system� “Scheduler�
Expert”�(ramp�and�passenger�departments�in�Faro�and�ramp�department�in�
Porto);��
�
• Resolution� of� the� technical� questions� necessary� for� the� ERP”Primavera”�
application� to�be�decentralised,�distributed�and�accessed�by� the�different�
handling�units;�
�
• Beginning�the�operational�launch�of�the�uniform�control�system�under�the�
auspices�of�the�ERP“Primavera”�system;�
�
• Beginning� the� development,� within� the� ERP“Primavera”� system�
framework,� of� a� module� for� supervising� and� controlling� temporary�
employees;�
�
• Technical�and�functional�specification,�launch�of�tender�and�selection�of�an�
information� technology� system� for�maintenance�workshop�management.�
Hence,� this� makes� it� possible� to� bring� together� all� the� different�
maintenance�workshops�in�a�unique�and�centralised�platform;��
�
• Technical�and�functional�specification,�launch�of�tender�and�selection�of�an�
information�technology�system�for�electronic�control�over�staff�arrival�and�
departure�times�and�punctuality.�The�utilisation�of�a�digital�print�system�as�
a� biometric� control� associated� with� cross� referencing� with� the� shifts�
published� enables� the� effective� control� of� attendance� and�punctuality� to�
be�expanded�to�all�members�of�staff;��
�
• Adjudication�of�development�of�the�“Siccargo”�system�in�compliance�with�
European� Union� regulatory� measures� to� enable� the� introduction� of� “e-
paper”�mechanisms.� This� development�will� provide� for� e-communication�
with�the�customs�authorities�through�the�exchange�of�emails;�
�
Corporate Governance Report_2010
51
• Restructuring� the� analytical� accountancy� structure,� based� upon� the�
constant� flow� of� information� generated� by� the� IT� systems� in� effect.� The�
final� objective� involves� the� implementation� of� a� cost� and� profitability�
analytical�model;�
�
• Technical� and� functional� evaluation� of� the� criteria� and� requirements�
necessary�to�the�specification,�tender�and�implementation�of�an�integrated�
information� technology� system.�This� tool�will� enable�a� single�platform� to�
integrate� the� operational� information� that� supports� the� core� company�
activity;�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
Corporate Governance Report_2010
53
9. RESEARCH, DEVELOPMENT AND INNOVATION
The�handling�activities�undertaken�by�portway�do�not�provide�many�windows�of�
opportunity� for� the� implementation� of� policies� involving� scientific� and�
technological�innovation.�
�
For� this� reason,� and� in� view� of� this� context� of� a� clearly� limited� room� for�
manoeuvre,� the� company� has� been� developing� its� respective� policies� for�
economic,� financial,� social� and� environmental� sustainability� in� accordance� with�
the� undertakings� arising� from� the� Quality� and� Environment� Certifications�
obtained�in�conformity�with�the�standards�ISO�9001�and�14001.�
�
The� company� is� participating� in� the� following� innovation� projects,� amongst�
others:�
�
•�AAS�–�Integrated�Airport�Apron�Safety�Fleet�Management�(ASC);�
•� LOCON� –� Platform� for� an� inter-working� of� embedded� Localization� and�
Communications�systems�(AFR);�
•� Carrying� out� the� first� tests� of� the� “CUTE”� terminals� installed� in� vehicles�
circulating�on�the�ramp.�This�project�deploys�wireless�communication�and�enables�
recourse� to� all� the� functions� available� on� “CUTE”� terminals� to� be� provided�
alongside�planes�and�including�the�printing�of�documents;���
�
Corporate Governance Report_2010
55
10. INVESTOR RELATIONS �
portway s.a.�belongs�to�the�State�Enterprise�Sector�and�has�ANA,�S.A.�as�its�sole�
shareholder.�
�
The�shareholder�is�provided�with�periodical�information�based�on�a�specific�model�
of� reporting,� which�makes� it� possible� to�monitor� and� supervise� the� company’s�
performance�in�an�efficient�and�effective�manner.��
�
portway s.a.� regularly� updates� its� website� at� www.portway.pt,� on� which� it�
publishes� its� Annual� Report� and� Accounts,� as� well� as� all� other� information�
considered�relevant�for�the�performance�of�its�activity.��
�
The�disclosure�of�this� information,�amongst�other�data,�clearly�demonstrates�the�
company’s�commitment�to�providing�transparent�and�precise�information.��
�
The� company’s� relations� with� financial� markets� are� guaranteed� by� the� director�
encharged�with�financial�and�administration�management�in�association�with�the�
Financial�Department.��
�
� �
Corporate Governance Report_2010
57
11. FULFILMENT OF THE ANNUAL OBJECTIVES ESTABLISHED BY
THE SHAREHOLDER �
The�company’s�shareholder�established�specific�strategic�guidelines�for�the�Board�
of�Directors� for�2010.�These�represented�the�essential�coordinates�of� its�activity,�
as�well�as�demonstrating�its�commitment�to�management�of�the�highest�quality.�
�
In�order�to�assess�this�commitment,�a�set�of�specific�indicators�was�selected.�These�
are�established�by�the�Shareholder�annually.�
�
The� 3rd� March� 2010� General� Meeting� also� ruled� that� the� respective� level� of�
compliance� should� be� determined� by� a� third� party� entity,� nominated� for� this�
purpose.�
�
For� 2010,� the� following� Strategic� Objectives� were� set� within� a� perspective� of�
bringing�about�the�sustainable�development�of�portway:�
�
1. Client�satisfaction:��
a) Percentage� of� delays� attributable� to� portway� less� than� or� equal� to� 14�
minutes:�3%;�
b) Percentage�of�delays�attributable�to�portway�greater�than�14�minutes:>�=�
1%�
c) Percentage�of�baggage�process�irregularities�attributable�to�portway�lower�
than�or�equal�to�1%;�
2. Security�and�Safety�Prevention:��
a) Percentage�of�N�(NO)�responses� in�the� internal�Security�and�Safety�audits�
of�below�3%;�
b) Number�of�operational�audits�to�be�carried�out:�10;�
3. Business�success:�
a) Level�of�EBITDA�budgetary�compliance:�100%;�
b) Growth�in�core�activity�productivity�–�Handling:�3%;�
c) Growth�in�core�activity�productivity�–�Cargo:�3%;�
Corporate Governance Report_2010
58
4. Performance�Evaluation:�average�equal�to�or�greater�than�3.5%;�
5. Environmental�Policy:�Control�of�greenhouse�gas�emissions�(GGE)�of�GSE�and�
Diesel:�100%.�
�
Correspondingly,�the�level�of�compliance�with�these�objectives�shall�be�put�before�
the� shareholder� general� meeting� in� 2011,� following� evaluation,� audit� and� the�
issuing�of�an�opinion�by�a�third�party�entity�nominated�for�such�purpose.�
� �
Corporate Governance Report_2010
59
�
�
Unit €
�• *�Initial�bonus�of�K�12.250,00�divided�between�10�Directors�with�the�amount�of�K�1,000.00��• **�Includes�Seniority�Payments�and�Family�Subsidy�Complement�• ***�Vehicle�returned/sold�to�Mercedes�in�December�2009�for�the�amount�of�K�51,665.81�• ****�ANA,�S.A.�pension�fund
BOARD�OF�DIRECTORS��
Remunerations 2009 President Director
(serving exclusively as director) José M. Santos
Director
���1.�Remuneration�
Basic�salary� - 98,000.00� -
Accumulation�of�managerial�functions� - -� -
Complementary�Remuneration� - -� -
Representation�Expenses� - -� -
Management�Bonuses� - 2,250.00�*� -
Other� -� 1,369.30�**� -
���2.��Other�benefits�and�compensations�
Expenditure�on�the�use�of�telephones� - 4,722.08� -
Acquisition�cost�of�company�car - 56,223.54***� -
� - � -
Value�of�company�car�fuel�consumption - 4,736.75� -
� - � -
Travel�subsidy� - -� -
Meal�subsidy� � - 1,564.60� -
Other� � - - -
-
3.��Cost�of�social�benefits� - - -
Social�Security�–�Pension�(21.25%)� - 14,966.15� -
Complementary�pension�plans� - 3,466.38****� -
Health�Insurance� - 270.00� -
Life�Insurance� - -� -
Other� - - -
4.�Additional�Information��
Option�for�payment�of�original�salary�(y/n)� yes� No� Yes�Social�security�regime�� -� ��Company�Bodies� -�Compliance�with�paragraph�7�of�RCM�155/2005� - -� -
Year�of�purchase�of�company�car� - 2009� -
Use�of�house�with�the�position� - -� -
Performance�of�paid�work�outside�the�group� - -� -
Others� - - -
Corporate Governance Report_2010
60
�
BOARD�OF�DIRECTORS� � � �
Remunerations 2010 President Director
José M. Santos Director
Joana Freitas
� � � � � � ����1.�Remuneration�
Basic�salary� - 106,040.00� 106,440.00
Accumulation�of�managerial�functions� - -� -
Complementary�Remuneration� - -� -
Representation�Expenses� - -� -
Management�Bonuses� - -� -
Other� - 460.04�*� -
���2.�Other�benefits�and�compensations�
Expenditure�on�the�use�of�telephones� - 3,612.91� 1,036.94�Acquisition�cost�of�company�car� - 46,089.90� 51,880.85**�Value�of�company�car�fuel�consumption� - 2,717.24� 2,232.86�Travel�subsidy� �� �� �� - - -�
Meal�subsidy� - -�3.��Cost�of�social�benefits� - -�Social�Security�–�Pension�(21.25%)� � - 14,966.15� 25,318.77�Complementary�pension�plans� - 3,502.31***� -�Health�Insurance� � � - 270.00� 270.00
Life�Insurance� � � - - -
Other� �� �� �� - - -
4.�Additional�Information��
Option�for�payment�of�original�salary�(y/n)� Yes� No�� No� Social�security�regime� - Company�Bodies� General�Regime� Compliance�with�paragraph�7�of�RCM�155/2005� - -� -
Year�of�purchase�of�company�car� - 2009�� 2009�Use�of�house�with�the�position� - - -
Performance�of�paid�work�outside�the�group� - - -
Others� �� �� - - -
Unit�K�• *�Includes�Seniority�Payments�up�to�February�and�Family�Subsidy�Supplement�• **�Vehicle�acquired�under�a�Renting�regime�with�the�respective�monthly�payment�of�K�961.30��• ***�ANA,�S.A.�pension�fund��
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