CABO VERDE Law and Practice Contributed by: Nelson Raposo Bernardo, Joana Andrade Correia, Júlio Martins Júnior and Manuel Esteves Albuquerque, Raposo Bernardo & Associados
for the loss it has suffered, when the company has not filed it. 5.5 Disclosure by Shareholders in Publicly Traded Companies In companies listed on the stock exchange, the law establishes that anyone who reaches or exceeds a shareholding of 10%, 20%, one third, half, two thirds or 90% of the voting rights corresponding to the share capital of a public company, subject to Cape Verdean personal law, and anyone who reduces their participation to a value lower than any of those limits must, within four business days after the day of the occur - rence of the fact or its knowledge: • inform the General Audit of the Securities Market and the company of this fact; and • make the entities referred to in this section aware of the situations that determine the attribution to the participant of voting rights inherent in securities belonging to third par - ties. 6. Corporate Reporting and Other Disclosures 6.1 Financial Reporting Companies are required to file various docu - ments relating to their accounts for the previous financial year with the registrar of commercial companies. The filing covers the following documents: • the annual accounts; • the management report; • minutes of approval of the accounts for the year and application of results; • balance sheet, income statement and annex to the balance sheet and income statement;
• legal certification of accounts; and • opinion of the supervisory body, if such body exists. The management report is prepared by the directors and covers principally the company’s corporate governance arrangements, the perfor - mance of the company during the year under review, and the outlook for the coming year. 6.2 Disclosure of Corporate Governance Arrangements Corporate governance arrangements are dis - closed as part of the regulatory reports expected from companies. 6.3 Companies Registry Filings In Cabo Verde, the body responsible for com - pany incorporation and registration is the Com - mercial Registry Services, under the supervision of the Directorate-General of Registries, Notary and Identification ( Direção-Geral dos Registos, Notariado e Identificação ), which is part of the Ministry of Justice. The Commercial Registry does not act as a regu - latory or supervisory authority in the corporate governance sense. However, it exercises admin - istrative control over the legality and formal regu - larity of the documents submitted for registra - tion. Notably, the registry does not supervise the conduct of directors, shareholders, or internal affairs of companies, nor does it intervene in dis - putes unless by judicial order. Any updates to the constitutive documents dur - ing the life of the company must be filed with the companies registry. These updates and their related corporate documents are publicly avail - able and include amendments to the articles of association, changes to board composition,
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