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Corporate Governance Report 2009

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Corporate Governance Report 2009 SONAE INDÚSTRIA, SGPS, SA Registered Office: Lugar do Espido, Via Norte, Maia, Portugal Registered at the Commercial Registry of Maia Registry and tax identification No. 506 035 034 Share Capital: € 700 000 000 Publicly Traded Company Corporate Governance Report 2009 24th February 2010 1 of 45 Contents 0. COMPLIANCE WITH CMVM RECOMMENDATIONS................................ 4 1. SHAREHOLDERS’ GENERAL MEETING .................................................... 10 1.1. Shareholders’ General Meeting: composition and duration of the mandate ...... 10 1.2. Remuneration of the Board of the Shareholders’ General Meeting ................... 10 1.3. Voting Rights and Shareholder Representations................................................ 10 2. CORPORATE GOVERNING AND AUDITING BODIES ............................. 12 2.1. Corporate Governing Bodies.............................................................................. 12 2.1.1 Board of Directors .............................................................................................. 13 2.1.2 Executive Committee ......................................................................................... 14 2.1.3 Statutory Audit Board......................................................................................... 16 2.1.4 Statutory External Auditor ................................................................................. 16 2.1.5 Company Secretary ............................................................................................ 16 2.2. Internal Control and Risk Management.............................................................. 16 2.2.1 Internal Control .................................................................................................. 16 2.2.2 Risk Management............................................................................................... 17 2.3. Regulations of the Governing Bodies................................................................. 23 2.4. Identification of the main economic, financial and legal risks to which the company is exposed in its activity...................................................................... 23 2.5. Powers of the Board of Directors ....................................................................... 24 2.6. Appointment and replacement of members of the corporate governing and auditing bodies.................................................................................................... 24 2.7. Board, Board Committees, Statutory Audit Board and Ethics Committee Meetings and attendance .................................................................................... 24 2.8. Independence of the members of the Board of Directors................................... 25 2.9. Professional qualification of the members of the Board of Directors in the last 5 years and shares held, date of first appointment and termination date............... 26 2.10. Other positions held by Sonae Indústria Directors as of 31st December 2009... 28 2.11. Identification, Independence, mandate, qualifications and professional activities of the Statutory Audit Board members and evaluation of the external auditor.. 32 2.11.1. Identification, Independence and mandate of Statutory Audit Board members. 32 2.11.2. Professional qualification of Statutory Audit Board members in the last 5 years and shares held ................................................................................................... 32 2 of 45 2.11.3. Other positions held by Sonae Indústria Statutory Audit Board members as of 31st December 2009............................................................................................ 33 2.11.4. Election and Evaluation of the External Auditor................................................ 34 2.12. Remuneration and Other Compensation of Board of Directors and Statutory Audit Board Members ........................................................................................ 34 2.13. Policy of Communication Irregularities ............................................................. 36 2.14. Committees with special competences............................................................... 38 2.14.1. Board Audit and Finance Committee (“BAFC”) ............................................... 39 2.14.2. Social Responsibility and Environment Committee (“SREC”) ......................... 39 2.14.3. Board Nomination and Remuneration Committee (“BNRC”)........................... 40 2.14.4. Board and Corporate Governance Officer.......................................................... 40 2.14.5. Ethics Committee ............................................................................................... 41 3. INFORMATION .................................................................................................. 41 3.1. Capital Structure................................................................................................. 41 3.2. Qualified Shareholding under Article 20 of the Portuguese Securities Code .... 41 3.3. Identification of the shareholders that detain special rights and a description of those rights.......................................................................................................... 42 3.4. Possible restrictions on share-transfer i.e. consent clauses for their disposal or restrictions on share-ownership.......................................................................... 42 3.5. Shareholder agreements which the company may be aware of and which may restrict the transfer of securities or voting rights................................................ 42 3.6. Rules applicable to the amendment of the Articles of Association.................... 42 3.7. Control mechanisms for a possible employee-shareholder system in as much as the voting rights are not directly exercised by them........................................... 42 3.8. Share Price performance in 2009........................................................................ 42 3.9. Dividend policy .................................................................................................. 44 3.10. Share and Share Options Schemes ..................................................................... 44 3.11. Transactions with Related Parties....................................................................... 44 3.12. Investor Relations............................................................................................... 44 3.13. Remuneration of the Statutory External Auditors .............................................. 45 3 of 45 CORPORATE GOVERNANCE REPORT 0. Compliance with CMVM Recommendations Sonae Indústria is committed to developing and implementing good corporate governance practices going beyond mere compliance with regulatory obligations. Sonae Indústria firmly believes that good governance reduces risk and creates shareholder value. Good governance should include responsible management practices and a broad-based concern about environmental, social and ethical issues. Sonae Indústria is subject to the Corporate Governance Code published by CMVM (the Portuguese Securities Market Commission) in September 2007, which is posted at http://www.cmvm.pt/NR/rdonlyres/11DE7CAE-FDB8-42D7-8A54- DB95FCB470D5/9127/PDFUnabridgedversionCorporateGovernanceRecommendat.pdf. Sonae Indústria has analysed all the recommendations included in this code and concluded that in some cases Sonae Indústria has not adopted some recommendations for the reasons which are described below. Degree of Recommendation Corporate Governance Report Compliance I. SHAREHOLDER'S GENERAL MEETING I.1. BOARD OF THE SHAREHOLDER'S GENERAL MEETING The Chairman of the Board of the Shareholders’ General Meeting shall be given adequate human and logistical I.1.1 comply 1.1 resources, taking the financial position of the company into consideration. The remuneration of the Chairman of the Board of the I.1.2 Shareholders’ General Meeting shall be disclosed in the comply 1.2. annual corporate governance report. I.2. PARTICIPATION AT THE MEETING The requirement to deposit or block shares before the I.2.1 General Meeting, contained in the Articles of Association, comply 1.3. shall not exceed 5 working days. Should the General Meeting be suspended, the Company shall not require share blocking during the full period until I.2.2 comply 1.3. the meeting is resumed, but shall apply the same period as for the first session. I.3. VOTING AND EXERCISING VOTING RIGHTS Companies should not impose any statutory restriction on I.3.1 comply 1.3. postal voting. The statutory advance deadline for receiving voting ballots I.3.2 comply 1.3. by post shall not exceed 3 working days. The Company’s Articles of Association shall respect the one I.3.3 comply 1.3. share-one vote principle. 4 of 45 Degree of Recommendation Corporate Governance Report Compliance I.4. QUORUM AND RESOLUTIONS Under Portuguese Company Law, at the first convening, there is no minimum quorum for a Shareholders’ General Meeting, unless the agenda includes a deliberation that requires a qualified majority vote of two thirds. In this case, a quorum of one third of the voting power is required. For example, a qualified majority vote is required to alter company by-laws or approve mergers, de-mergers, transformations, or dissolutions. At a Companies shall not set a constitutive or deliberative second convening there is no minimum I.4.1 quorum that exceeds the minimum required by Portuguese non-comply quorum in either case. Company Law. Sonae Indústria’s Articles
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