Decree-Law no. 89/2017, dated 28 July 2017, transposes into Portuguese legislation the directive of the European Union on disclosure of non-financial information by large companies and groups.
The new statute amends the Portuguese Corporate Code ("Código das Sociedades Comerciais") and the Securities Code ("Código dos Valores Mobiliários"), thereof resulting, notably, the following innovations:
- Large companies and parent companies of a large group which are public interest entities and that exceed on the closing date of their balance sheet the criterion of an average number of 500 employees during the financial year, shall include in the management report a non-financial statement. This statement shall contain information to the extent necessary for an understanding of the company's development, performance, position and impact of its activity in the environmental, social and corporate governance sectors;
- The Professional Attributes Certification System (“Sistema de Certificação de Atributos Profissionais” - SCAP) is created. The members of the management bodies of public (“Sociedade Anónima”) or private (“Sociedade por Quotas”) limited liability companies and cooperatives, as well as anyone with delegated powers, may electronically sign and authenticate the respective professional capacity, thus validating their professional status;
- The amendments shall apply to financial years beginning as from 1 January 2017.
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