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ZON Multimédia – Serviços De Telecomunicações E Multimédia, SGPS, S.A. 2011 Corporate Governance Report 1

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ZON Multimédia – Serviços De Telecomunicações E Multimédia, SGPS, S.A. 2011 Corporate Governance Report 1 ZON Multimédia – Serviços de Telecomunicações e Multimédia, SGPS, S.A. 2011 Corporate Governance Report 1 ZON Multimédia – Serviços de Telecomunicações e Multimédia, SGPS, S.A. TABLE OF CONTENTS 2 2011 Corporate Governance Report ZON Multimédia – Serviços de Telecomunicações e Multimédia, SGPS, S.A. 00 DECLARATION OF COMPLIANCE 4 01 GENERAL MEETING 14 1. Composition and workings of the general meeting 14 2. Participating in the general meeting and exercising voting rights 14 3. Quorum and decisions (including changes to the articles of association) 16 4. Information made available about the general meeting 17 5. General meeting intervention regarding: 17 6. Measures regarding company control 18 7. Measures that may interfere with the success of takeover bids 19 02 ADMINISTRATIVE AND SUPERVISION BODIES 21 1. General topics 21 2. Organisational diagrams showing the division of liabilities 22 3. Administrative body: Board of directors and executive committee 24 4. Specific commissions set up by the company 36 5. Corporate supervision – Audit commission and chartered accountant 38 6. Remuneration commission 43 7. Internal regulations and code of conduct 44 8. Board and audit committee member remuneration policy 46 9. Directors’ remuneration 49 10. Risk control system 50 11. Irregularity communication policy 55 03 INFORMATION 56 1. Capital structure and main shareholders 56 2. Limits on the transmission of shares, shareholder agreements and share ownership 58 3. Share quotations 59 4. Distribution of dividends... 60 5. Share or option distribution plan 60 6. Relevant dealings with members of the company committees, qualified shareholders or with group companies or others under the control of the company 63 7. Investor Relations 64 8. External auditors 66 ANNEX I 68 2011 Corporate Governance Report 3 ZON Multimédia – Serviços de Telecomunicações e Multimédia, SGPS, S.A. 00 Declaration of Compliance ZON Multimédia is firmly committed to creating sustainable value for its shareholders. It is aware of the growing importance of corporate governance for the day to day life of any company and society in general. Zon Multimédia intends to be a benchmark in terms of governance and how it informs stakeholders about the company, constantly and actively improving this practice. This report complies with the obligation to publish a detailed annual report into the structure and practice of corporate governance pursuant to article 245-A of the Securities Code (SC) that applies to companies, which are located or working in Portugal, that issue shares that are traded on the regulated market. The report also gives the structure and workings of the corporate governance adopted by the company in compliance with the Portuguese Stock Exchange Commission (CMVM) into the governance of quoted companies as published in January 2010 along with best international practice in corporate governance. It has been drawn up in accordance with the provisions contained in article 7 of the SC and article 2 point 1 of CMVM regulation 1/2010. These texts are available from www.cmvm.pt. The company has adopted the CMVM recommendations on the governance of quoted companies, published in January 2010. Note that unlike in the previous governance report, ZON now complies with recommendation I.6.1 since on 23 December 2011 the shareholders requested a general meeting, which was held on 30 January 2012, where they decided to "eliminate article 12 points 6, 7 and 8 of the company articles of association and renumber points 9 to 14 in that article.” This decision eliminated the precept that limited voting rights by not counting the votes issued by a shareholder of ordinary shares personally of through a representative in their own name or representing another shareholder that exceeded 10% of all he votes corresponding to the share capital, and consequently ZON adopted recommendation I.6.1. Likewise, ZON Multimédia now considers that having removed the statutory precept referred to above, it can consider adopting recommendation I.3.3 regardless of the fact that the ZON Multimédia articles of association do not establish the principle that each share corresponds to one vote, this does not stop that recommendation from being adopted inasmuch as: (i) that principle is merely preferential, so not following it does not necessarily mean not complying with the recommendation; (ii) the fact that the articles of association attribute one vote to every 400 shares does not breach the proportionality between the number of shares held and the voting rights. Below are the chapters of this Corporate Governance Report where they describe the measures taken by the company to comply with the CMVM recommendations. 4 2011 Corporate Governance Report ZON Multimédia – Serviços de Telecomunicações e Multimédia, SGPS, S.A. CMVM RECOMMENDATION COMPLIANCE REPORT I – General Meeting: I.1 Presiding Board of the General Meeting 1.1. The chairperson of the presiding board of the YES Chapter 1 general meeting has the proper human and logistic Point 1 resources as required. 1.2. The remuneration of the chairperson of the YES Chapter 1 presiding board of the general meeting must be Point 1 published in the annual corporate governance report. I.2 Participation in the General Meeting 2.1. The notice imposed for the presiding board to NOT APPLICABLE Chapter 1 receive declarations of deposit or blockage of the Point 2 shares to participate in the general meeting must not be longer than five working days 2.2. If the general meeting is suspended, the company NOT APPLICABLE Chapter 1 shall not require blocking during the period of time Point 2 until the session is resumed, or with the advance notice required for the first session. I.3 Voting and exercising voting rights 3.1. Companies should not foresee any statutory YES Chapter 1 restrictions to voting by mail or, when adopted and Point 2 admissible, voting by email. 3.2. The statutory time limit for receiving voting YES Chapter 1 declarations by mail must not be more than three Point 2 working days before the general meeting. 3.3. Companies must ensure proportionality between YES Chapter 1 voting rights and shareholdings, preferably through Point 2 a statutory provision where one vote is attributed to each share. Companies do not comply with this proportionality in cases where: i) there are shares without voting rights; ii) they decide that voting rights are not counted above a certain number, when issued by a single shareholder or shareholders related to them. I.4 Quorum and decisions 4.1. Companies must not set a quorum to take decisions YES Chapter 1 that is higher than foreseen by law. Point 3 I.5 Minutes and information on the decisions taken 5.1. Summaries of the minutes of general meetings or equivalent documents must be made available to YES Chapter 1 shareholders on the company's Internet site within Point 4 five days of the general meeting, though it does not have to include privileged information. The information must include the decisions that were taken, the capital represented and the results of the votes. This information must remain on the Internet site for at least three years. 2011 Corporate Governance Report 5 ZON Multimédia – Serviços de Telecomunicações e Multimédia, SGPS, S.A. I.6 Measures regarding company control 6.1. Any measures adopted to hinder the success of YES Chapter 1 takeover bids must comply with the interests of the Point 7 company and its shareholders. A company’s articles of association that foresee a limit on the number of votes that can be held or exercised by a single shareholder individually or together with other shareholders must also foresee that at least once every five years the general meeting must decide whether to maintain this provision - without quorum requirements that are more demanding than those legally required - and this decision will be taken by all the votes issued without that limitation being used. 6.2. No defensive measures shall be adopted that would YES Chapter 1 automatically degrade the company 's assets in the Point 6 case of a change of control or membership of the board of directors, which would hinder the free transmission of shares and free assessment of board member performance by the shareholders. II – Board and supervisory bodies: II.1 General topics II.1.1. Structure and liability 1.1.1. The management body must assess the annual YES Chapter 2 report on the model of corporate governance that Point 1 was adopted, identifying any constraints in the workings and proposing ways to overcome them. 1.1.2. Companies must establish internal control and YES Chapter 2 management systems to safeguard their value and Point 10 improve the transparency of their corporate governance that let them identify and manage risk. These systems must contain, at least the following components: i) the strategic aims of the company regarding accepting risks; ii) identification of the main risks connected with the specific activity they conduct and events that could cause risks; iii) assessment and measurement of the probability of each of the potential risks occurring; iv) risk management to align the risks actually incurred with the strategic option of the company regarding the assumption of risks; v) control mechanisms to follow the risk management measures that were adopted and how effective they are; vi) adoption of internal information and communication mechanisms regarding the various system components and risk alerts; vii) periodical assessment of the system and adoption of modifications that appear necessary. YES Chapter 2 1.1.3. The management body must ensure the internal Points 5 and control systems and risk management are set up 10 and work properly, while the supervisory body is responsible for assessing these systems and 6 2011 Corporate Governance Report ZON Multimédia – Serviços de Telecomunicações e Multimédia, SGPS, S.A.
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