Portugal to reshuffle PT governance model

Portugal to reshuffle PT governance model


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The government is negotiating plans to possibly change the corporate governance model at Portugal Telecom SGPS, Jornal de Negocios reported. A spokesman for Mario Lino, the public works, transport and telecoms minister told the business daily that PT’s governance model is “not untouchable.” Some of the alterations in PT includes the abolition of the role of chairman currently held by Finance Minister Ernani Lopes. Zeinal Bava, the finance director, will give up that role and will succeed Lopes as chairman and will also be as chairman of TMN mobile telephone divisions, the report said. Any changes will be put up for voting at PT’s annual meeting on April 21, Jornal de Negocios said.


According to a report in Diario Economico, Henrique Granadeiro recently appointed to the executive committee of Portugal Telecom SGPS, will succeed Miguel Horta e Costa as chief executive and is already preparing a shake-up of the management committee. Earlier this month, PT announced that Granadeiro would oversee strategy and regulation in collaboration with Horta e Costa, as well as being responsible for human resources.


The other new executive committee member, Rodrigo Costa, who joined PT from Microsoft Corp, took over management of the group’s wireline division.


The government has a golden share in PT, giving it the right to name the chairman and veto the CEO. However the government is yet to decide whether to renew Horta e Costa’s contract. The European Commission has launched an action against the government to end the golden share.

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