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Periodic disclosure obligations
In order to provide an overview on the ongoing main activities and development of their business strategy, there are a few of disclosure obligations that must be fulfilled by listed companies.
In particular, listed companies are required to periodically disclose:
This provides investors with the necessary information on the development and continuity of listed companies activity.
1. Financial information
Before disclosing the financial report the Company shall assess the need to disclose an inside information statement (results announcement) pointing out the main relevant features of its financial information in order to ensure that all investors are provided at the same time with the relevant financial information data.
How must the information be disclosed?
The information required by law, such as the one resulting from MAR, must be disclosed on CMVM and the Company’s website; information required by Euronext rules must be made available to Euronext for posting it on its website. The information shall be made freely and easily available in English or in Portuguese.
2. Corporate governance
Corporate governance practices are some of the most elementary features of the Company’s ability to prosecute its purpose. Dedicating time and effort to the process of implement the best practices with regards to internal procedures might represent the difference between having a resilient long-term structure or incurring in potentially undesirable risks emerging at any time.
In its path to access capital markets, companies shall assess the need to reinforce its internal procedures and organization, assuring compliance with legal requirements to become a listed Company, but also trying to align them with the best practices considering the Company’s specificity.
Corporate Governance standards derive from the Portuguese Companies Code; the Portuguese Securities Code; CMVM Regulation no. 4/2013 and the Corporate Governance Code of the Portuguese Institute of Corporate Governance (IPCG).
Duties related with the convening of general shareholders meetings
Each Company must promptly make public in its website notices for General Meetings of shareholders, as well as the documents provided to them.
Reporting duties on corporate governance practices: Annual Information on Corporate Governance
Each Company must inform the Euronext of changes to its senior executives’ team, the Board composition, and its beneficial owners, and complete and disclose to Euronext a certificate confirming that these changes have been properly notified, on an annual basis or upon request.
3. Ad hoc disclosure obligations
Being a listed Company implies that the development of the business might bring specific milestones of relevance to shareholders and other potential investors which may be important for their decision to invest or divest in your Company. As such, the existence of a widespread community of investors as well as the need to ensure simultaneous access to relevant information, justifies the imposition of certain ad hoc information disclosure duties whenever some relevant events occur. Under such circumstances, the Company is promptly required to disclose such relevant information, for instance inside information, trading of own shares, management transactions, as well as information on the evolution of its share capital structure (qualifying holdings).
Inside information, own shares and management transactions
Corporate or Securities events
The Company must inform Euronext of corporate events in respect of the securities, at least 2 trading days before such action. Such information must be disclosed to Euronext in a timely manner in advance of such corporate event to allow it to take appropriate technical measures.
Such events include:
Company’s website
The Company must maintain an updated website with all the information published on CMVM’s website, as well as all the information that might be relevant to shareholders.
Considering that the website is a powerful and real time communication tool, issuers attention should focus on the disclosure of the legally required information as well as providing an easy and fast access to the relevant information required by investors.
4. Other obligations
Mutual cooperation with Euronext and CMVM
Both CMVM and Euronext will be cooperative with the Issuer, being continuously available to provide assistance and reply to any relevant queries – CMVM may be contacted through Issuers Department (+351 213 177 079 or [email protected]).
Whenever listed on any market, the Company must also be open and cooperative with CMVM and Euronext, providing full and prompt responses to requests, as well as complying with the reporting duties set up in the applicable laws.
