PORTUGAL Law and Practice Contributed by: Susana Braz, Jaime Costa and Tomás Simões, Santiago Mediano e Associados, SP, RL
Afterwards, the respective UBO declaration must be filed with the RCBE within 30 days of
External auditors: • serve as one of the primary protectors of corporate governance in any entity; • report the state of a company’s financial situation and certify the validity of financial reports that may have been released. All the information must be accurate and reliable; • introduce policies to ensure accountability in the company; • help promote corporate governance by con - ducting periodic risk assessment; • review the security measures that a firm has in place against corporate fraud or corruption; and • analyse the overall risk tolerance of the firm and all the initiatives of the company for miti - gating risks. 7.2 Requirements for Directors Concerning Management Risk and Internal Controls Directors are required to prepare several docu - ments assessing management risk and internal controls, such as the management report, the attachment to the accounts, the non-financial statements, the annual report on corporate gov - ernance and the interim management report. Such documents are afterwards either explained or submitted for the shareholders’ approval. Please refer to 1.3 Corporate Governance Requirements for Companies With Publicly Traded Shares and 3 Management of the Com- pany .
the company’s incorporation. Publicly Available Information
Acts and facts registered in the commercial reg - istry office are publicly available, including the documents filed therewith. The aim of the Com - mercial Registry Office is to publicise the legal situation of companies and other commercial entities. Powers of the Registry Office Registration requests are assessed under the principle of legality – ie, the feasibility of the reg - istration application to be made by transcription must be assessed according to the applicable legal provisions, the documents presented, and previous registrations, particularly verifying the legitimacy of the interested parties, the formal regularity of the titles, and the validity of the acts contained therein. In essence, only facts that are legally subject to registration, and that are properly substantiated through adequate documentary evidence, may be recorded in the official registry.The registrar’s role is to qualify the act by confirming the legal validity of the request and the adequacy of the supporting documents. Once the registrar is satisfied that the legal requirements have been met, the act is entered into the registration system. 7. Audit, Risk and Internal Controls 7.1 Appointment of External Auditors The appointment of an external auditor is required in the cases mentioned in 4.1 Board Structure .
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