PART II – CORPORATE GOVERNANCE ASSESSMENT
1. DETAILS OF THE CORPORATE GOVERNANCE CODE IMPLEMENTED
According to article 2 of CMVM Regulation 4/2013, EDPR informs that the present Report has been drafted under the Recommendations of CMVM’s Corporate Governance Code published on July 2013. The CMVM Corporate Governance Code and its Regulations are available at CMVM website (www.cmvm.pt).
2. ANALYSIS OF COMPLIANCE WITH THE CORPORATE GOVERNANCE CODE IMPLEMENTED
The following table shows the CMVM recommendations set forth in the code and indicates EDPR’s compliance with it and the place in this report in which they are described in more detail.
During 2017 EDPR continued its consolidation task as to the Company’s governance principles and practices. The high level of compliance with the best governance practices by EDPR was once again recognized by an initiative of Deloitte, the UK-based financial services firm, which rewards the best investor relations performance among companies listed on Euronext Lisbon: the annual IRG Awards Gala. This awards recognize the year’s greatest accomplishments in the Portuguese business and financial markets, based on policies and attitudes of transparency, the quality of the information produced and its investor relations. EDPR once again, has been awarded for the Best Annual Report in the non-financial sector at the Investor Relations & Governance Awards, which took place September 19th in Lisbon, for excellence in accuracy, transparency, thoroughness and clarity.
EDPR has been recognized with several IRG awards and nominations in past years. This is the third consecutive year in which the company has won the award for Best Annual Report in the Non-Financial Sector, and its seventh time overall.
Also in order to comply with the Recommendation II.2.5 of the Portuguese Corporate Governance Code, and according to the results of the reflection made by the Nominations and Remunerations Committee, the governance model that was adopted has been ensuring an effective performance and articulation of EDPR Social Bodies and proved to be adequate to the Company’s governance structure without any constraints to the performance of its checks and balances system adopted to justify the changes made in the governance practices of EDPR.
The explanation of CMVM’s recommendations that EDPR does not adopt or that the Company deems not applicable, reasoning and other relevant comments as well as reference to the part of the report where the description may be found, are in the table below.
In this context, EDPR states that it has adopted the CMVM recommendations on the governance of listed companies provided in the Portuguese Corporate Governance Code, with the exceptions indicated below.