PremiumOne fifth of management positions in listed companies are in accumulation

28 directors accumulate positions in several companies listed on the Lisbon stock exchange. Accumulation is permitted by market rules and points to the cross-cutting nature of some economic groups in Portugal, which are shareholders in several companies. Small shareholders' association argues that executive directors should not accumulate positions outside their business group.

Almost a fifth of management positions at companies listed in Portugal are in accumulation. A total of 28 directors occupy 67 positions in a universe of 370 listed in Portugal. These managers occupy executive and non-executive positions in more than 50% of the companies that trade on Euronext Lisbon: in 20 of the 38 companies in the two Portuguese stock indexes.

These values ​​contrast with those revealed in the last study carried out in Portugal on the accumulation of positions. In a report related to 2014, but published in March 2016, the CMVM revealed that in "only 20 of the 422 positions in the management bodies were held by directors who did not exercise functions in any other company". In other words, about 95% of the directors of listed companies in 2014 held positions in other companies.

One explanation for the lower percentage found by Jornal Económico (JE) is that this analysis only focused on the accumulation of positions in listed companies, leaving out companies outside the Lisbon stock exchange.

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