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VIII Lisbon Debate Comunicação Rita maltez

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VIII Lisbon EACD Debate focused on "Financial communications: rebuilding trust and confidence", sponsored by Hotel Altis and Optimus, 9th november, 2011

VIII Lisbon EACD Debate focused on "Financial communications: rebuilding trust and confidence", sponsored by Hotel Altis and Optimus, 9th november, 2011

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  • 1. What are you talking about? Financial information Lisboa, Novembro de 2011 RITA MALTEZ Pares Advogados rm@paresadvogados.com
  • 2. About ten years ago, I was looking to investin Enron. Their prospectus was so thickthat I looked at it for about five minutesand I threw it in the garbage can. I wasn’tpatient enough to read it and I wasn’tbeing paid to read it. I did wind upinvesting, though, and about six monthslater the company collapsed.Jim Kaplan, CEO Integrity, GMI Blog, May 03, 2011 2
  • 3. Its not impossible to uncover what a company is hiding with cleveraccounting tricks--but its pretty darn tough.Often, balance sheet shenanigans that would send investors for the exitsare discovered only after a companys already facing serious consequencesin the guise of regulatory problems, class action litigation, a plunging stockprice or outright bankruptcy.Forbes, The Risk List Revisited 06.10.2010. 2
  • 4. We find that answers of deceptive executives have more references togeneral knowledge, fewer non-extreme positive emotions, and fewerreferences to shareholders value and value creation. In addition, deceptiveCEOs use significantly fewer self-references, more third person plural andimpersonal pronouns, more extreme positive emotions, fewer extremenegative emotions, and fewer certainty and hesitation words.Detecting Deceptive Discussions in Conference CallsDavid F. Larckery Anastasia A. ZakolyukinazJuly 29, 2010 2
  • 5. CFOs are involved in material accounting manipulations because theysuccumb to pressure from CEOs, rather than because they seek immediatepersonal financial benefit from their equity incentives.Why do CFOs Become Involved in Material Accounting Manipulations? 2
  • 6. Letter addressed to Berkshire Hathaway Inc’s shareholders by Warren Buffet:From the questions submitted, each journalist will choose the dozen or so he or she decides arethe most interesting and important. The journalists have told me your question has the bestchance of being selected if you keep it concise, avoid sending it in at the last moment, make itBerkshire-related and include no more than two questions in any email you send them.(…)Neither Charlie nor I will get so much as a clue about the questions to be asked. We know thejournalists will pick some tough ones, and that’s the way we like it.(…)Our goal, which we pursue both through these annual letters and by our meeting discussions, isto give you a better understanding of the business that you own.”Link: Berkshire Hathaway, inc 2
  • 7. “This consultation paper proposes a new, simpler framework for narrativereporting that will reduce burdens on companies that are currentlyproducing large, complex reports that lie unread by investors. We willremove outdated disclosure requirements that are of no use to investors orother stakeholders, and we will give companies the clarity that they need toproduce clear, useful reports for investors.”Department for Business and Inovation Skills, Sep 2010 2
  • 8. Shareholder’s right to information in Portuguese Companie’s Code: 2
  • 9. Shareholder’s right to information on Portuguese Companie’s Code: 2
  • 10. Market’s right to information on Portuguese Securities Code Quality of information1. Information relating to financial instruments, organized forms oftrading, financial intermediation activities, clearing and settling oftransactions, public offers of securities and issuers, should becomprehensive, true, current, clear, objective and lawful. 2
  • 11. Market’s right to information in Portuguese Securities Code 2
  • 12. Market’s right to information on Portuguese Securities Code Audited information1. Annual financial information contained in the accounts or prospectuses must be the subject of a report prepared by an auditor registered with the CMVM, where such accounts or prospectuses:a) Should be submitted to the CMVM;b) Should be published in relation to a request for admission to trade on a regulated market; orc) Complies with collective investment undertakings.2. If the documents referred to in the preceding number include business plans or forecasts on theeconomic and financial situation of the respective entity, the report of the auditor should clearly refer tothe respective assumptions, criteria and consistency.3. In the event of interim information or any quarterly or half-yearly financial information having beensubmitted to an audit or limited review, the audit or review report should be included, failing which sameshould be stated. 2
  • 13. Consultation Paper No. 1/2011The CMVM (Comissão do Mercado de Valores Mobiliários) has placed apaper on the Draft Understanding that aims to improve the quality ofdisclosure by issuers as regards summary financial information pursuantto Article 7 of the Securities Code. 2
  • 14. Privatizações 2
  • 15. Privatizações‘O modelo escolhido para as privatizações é completamente discricionário. Não implicaconcursos, consultas abertas ao mercado, nada que possa ser escrutinado pelos concorrentes epelos portugueses. O governo vai decidir por si, por razões que só ele define e avalia, e não temcontas a prestar a ninguém. Considerações como os “interesses estratégicos” são outra maneirade acentuar a discricionariedade com grandes palavras, cuja vacuidade pode servir para tudo.Isto é um absurdo, está diante dos nossos olhos, e passa incólume pela indiferença geral. Piorainda, o primeiro-ministro revela preferências em público, no caso da EDP, pelos brasileiros,ainda nem sequer está definida uma qualquer short list de concorrentes às privatizações. Acresceque a privatização da EDP parece ser uma das mais apetecíveis e que mais concorrência suscitaentre grandes grupos estrangeiros.’José Pacheco Pereira, Revista Sábado 2
  • 16. Privatizações“O PS vai apresentar propostas na especialidade para introduzir maior transparência nosprocessos de privatização definidos pela ‘troika e pelo Governo e contesta a forma como está adecorrer a venda dos 20% do capital que o Estado detém na EDP. Este é o único processo que jáestá em curso.O Diário Económico sabe que a falta de informação por parte do Governo sobre o processo deprivatização da eléctrica nacional está a causar indignação no Largo do Rato e Seguro já fez saberaos seus mais próximos colaboradores que o País e o maior partido da oposição deviam terconhecimento da forma como estão a decorrer as negociações com os candidatos. Não só emrelação ao projecto industrial da EDP e ‘governance da empresa, mas também outro tipo decontrapartidas que estejam a ser equacionadas para a economia nacional.”Diário Económico, 8 Novembro 2011 2
  • 17. 2