Investors
Pursuant to the NOS articles of association, the Board of Directors comprises a maximum of 23 members, elected by the Shareholders at a General Meeting by a majority of votes cast.
The term of office of the Directors is three years, the year of their appointment counting as a full calendar year.
The members of the NOS Board of Directors in office were elected at the General Meeting of April 11, 2025, for the 2025-2027 term.
The resolutions of the Board of Directors are passed by majority the votes cast, the Chairman having the casting vote.
Regulations of the Board of Directors
During 2024, the current Board of Directors met 6 times.
On 3 of March 2022, was aprove the Internal Policy for Selecting Members of the Management and Supervisory Bodies
The Board of Directors comprises the following members:
Member | |
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Chairman | Ângelo Paupério |
Chief Executive Officer | Miguel Almeida |
Director Member of the Executive Committee | Filipa Santos Carvalho |
Director Member of the Executive Committee | Jorge Graça |
Director Member of the Executive Committee | Luís Nascimento |
Director Member of the Executive Committee | Manuel Ramalho Eanes |
Director Member of the Executive Committee | Daniel Beato |
Non-Executive Director | António Lobo Xavier |
Non-Executive Director | Catarina Tavira Van-Dúnem |
Non-Executive Director | João Dolores |
Non-Executive Director | Cláudia Azevedo |
Non-Executive Director Independent | Rita Rodrigues |
Non-Executive Director Independent Coordinator of Non-Executive Directors | Rosa de Freitas Soares |
According to the Corporate Governance Code of the Portuguese Institute of Corporate Governance, adopted by the Company, members of the Board of Directors are considered independent when they are not associated with any specific interest group within the company and are not in circumstances that could compromise their impartiality in analysis or decision-making. Specifically, a member is deemed not independent under the following circumstances:
i. Having carried out, continuously or intermittently, functions in any corporate body of the company for more than twelve years, with this period being counted regardless of whether or not it coincides with the end of the mandate;
ii. Having been an employee of the company or of a company that is controlled by or in a group relationship with the company in the last three years;
iii. Having, in the last three years, provided services or established a significant business relationship with the company or with a company that is controlled by or in a group relationship with the company, either directly or as a partner, director, manager or officer of a legal person;
iv. Being the beneficiary of remuneration paid by the company or by a company that is controlled by or in a group relationship with the company, in addition to remuneration stemming from the performance of the functions of director;
v. Living in a non-marital partnership or being a spouse, relative or kin in a direct line and up to and including the 3rd degree, in a collateral line, of directors of the company, of directors of a legal person owning a qualifying stake in the company or of natural persons owning, directly or indirectly, a qualifying stake;
vi. Being a holder of a qualifying stake or representative of a shareholder that is holder of a qualifying stake.
Under the law and the NOS articles of association, the Board of Directors has delegated the day-to-day management of the Company on an Executive Committee.
The Executive Committee members are chosen by the Board of Directors, and the Committee comprises a minimum of three and a maximum of seven directors.
Resolutions of the Executive Committee are passed by majority the votes cast, the Chief Executive Officer has the casting vote.
During 2024, the Executive Comittee met 40 times.
Consult Document
The Executive Committee comprises the following members:
Member | |
---|---|
Chief Executive Officer | Miguel Almeida |
Member of Executive Committee | Filipa Santos Carvalho |
Member of Executive Committee | Jorge Graça |
Member of Executive Committee | Luís Nascimento |
Member of Executive Committee | Manuel Ramalho Eanes |
Member of Executive Committee | Daniel Beato |
The role of the Remuneration Committee, elected by the shareholders at a General Meeting, is to define and fix the remuneration of the Company's corporate officers. In performing this task the Remuneration Committee monitors and assesses, on an ongoing basis and with the support of the Appointments and Assessment Committee, the performance of the Directors, checking the extent to which the proposed objectives have been achieved.
During 2024, the Remuneration Committee met 1 time.
Remuneration Committee Regulations
Consult the Remuneration Committee Regulations here.
Remuneration Policy
Consult the Remuneration Policy here approved by a majority of 84,1118% of the votes cast at the annual general meeting held on 11 April 2025.
Member | |
Chairman | João Nonell Günther Amaral |
Member | Mário Leite da Silva |
NOS, SGPS, SA ("NOS" or "Company") has a firm commitment to creating sustained value for its Shareholders.
Considering corporate governance as a tool of competitiveness and value creation and aware of the growing importance of this matter to the everyday business and to society in general, NOS intends to be a reference model, both national and international, as concerns not only the governance model but also as to how it discloses corporate information to its stakeholders, while continuing to be active in ongoing improvement of its practices.
Accordingly, to carry on its duties more effectively, the NOS Board of Directors has created several committees responsible for the performance of specific functions of the Board of Directors.
Corporate Governance and Sustainability Committee
In accordance with applicable best practices, the directors that comprise the Corporate Governance and Sustainability Committee have recognised qualifications, skills and experience appropriate to the consideration of the corporate governance model adopted, to verification of its effectiveness and to the proposed adoption of measures directed at constant improvement.
Corporate Governance and Sustainability Committee Regulations
During 2024, the Corporate Governance and Sustainability Committee met 2 times.
Member | |
---|---|
Chairwoman | Cláudia Azevedo |
Member | António Lobo Xavier |
Member | Filipa Santos Carvalho |
Ethics Comittee
The role of the Ethics Committee is to keep, supervise, improve and update the Ethics Code, as well as suggest all the measures considered as adequate for the development of a company culture and professional ethics within the Company.
For this purpose, the Corporate Governance Commission has a committee (Ethics Committee) composed by: Non-Executive Director; the Chairman of the Fiscal Council; the Executive Director responsible for the Human Resources department.
During 2024, the current Ethics Committee met 4 times.
Member | |
---|---|
President | António Lobo Xavier |
Member | José Pereira Alves |
Member | Luís Nascimento |
Ethics Committee regulations
Consult the Ethics Committee regulations here.
Appointments and Assessments Committee
In line with best practices in corporate governance, as well as with the recommendations of the CMVM in this connection, the Board of Directors has established an Appointments and Assessment Committee, particularly to ensure competent, independent assessment of the performance of executive directors, to perform an overall assessment of the performance of the Board of Directors and of the various specialised committees, as well as to ensure timely identification of potential candidates with the profile required to perform duties as a director.
During 2024, the Appointments and Assessments Committee met 1 time.
Appointments and Assessments Committee Regulations
Member | |
---|---|
Chairman | Ângelo Paupério |
Member | Rosa de Freitas Soares |
Member | Rita Rodrigues |
Audit and Finance Committee
With a view to performing its duties the Audit and Finance Committee co-ordinates with the Board of Auditors in those areas that are the legal and statutory responsibility of this body.
Audit and Finance Committee Regulations
During 2024, the current Audit and Finance Committee met 5 times.
Member | |
---|---|
Chairwoman | Rosa de Freitas Soares |
Member | João Dolores |
Member | Rita Rodrigues |
The Board of the General Meeting of NOS, SGPS, SA, comprises the following members:
Members | |
---|---|
Chairman | António Agostinho Cardoso da Conceição Guedes |
Secretary | Maria Daniela Farto Baptista Passos |
Under the terms of the NOS articles of association, the company's supervision is entrusted to a Statutory Independent Audit Board and a Statutory Auditor or Firm of Chartered Accountants. The Statutory Independent Audit Board comprises three full and one alternate members, elected by the General Meeting of April 11, 2025, for the 2025-2027 term.
During 2024, the current Statutory Independent Audit Board met 11 times.
Member | |
---|---|
Chairman | José Pereira Alves |
Member | Susana de Jesus |
Member | Paulo Mota Pinto |
Alternate Member | Ana Aniceto da Fonte |
Under the terms of the NOS articles of association, the company's supervision is entrusted to a Board of Auditors and a Statutory Auditor or Firm of Chartered Accountants.
On February 24, 2022, the Statutory Audit Board approved the Regulation for the Provision of Services by Statutory Auditors
Statutory Auditor: | KPMG & ASSOCIADOS - Sociedade de Revisores Oficiais de Contas, S.A., represented by Pedro Jorge Quental e Cruz , OROC number 1765 |
Alternate Statutory Auditor: | Luís Miguel Pedrosa Guerra, OROC number 1769 |
Company Secretary: Francisco Magalhães Gonçalves Sousa Nazareth
Alternate Company Secretary: Joana Vitorino Mendes
Denominação: | NOS, SGPS, SA |
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Matriculada na Conservatória do Registo Comercial de Lisboa / NIPC: | 504 453 513 |
CAE: | 64202 |
Natureza Jurídica: | Sociedade emitente de ações admitidas à negociação em mercado regulamentado |
Data Constituição: | 1999 (Publicação no D.R. Nº 274 – III Série – 24-11-1999) |
Sede: | Rua Actor António Silva, nº 9 - Campo Grande, freguesia do Lumiar, 1600-404 Lisboa |
Capital Social: | 257.580.690,00 Euros |
NOS shares are admitted to trading on the Euronext Lisbon regulated market.
The articles of association of NOS, SGPS, SA ("NOS") define the duties, internal rules, working and actions of the Company's governing bodies. The articles of association also detail shareholder rights and how they can be exercised.
Consult the NOS Articles of Association and download the document, if you wish.
Consult here the Code of Ethics of NOS, SGPS, SA
Learn how the irregularities reporting process works.
Download this PDF for future reference.
To report to Statutory Audit Board, you may use one of the following communication channels:
- Post: Apartado 4035, Loja CTT Senhora da Hora, 4461 - 901 Senhora da Hora
- Mail: comunicar.irregularidades@nos.pt.
The NOS Governance Report aims to provide information on the structure and performance of the Company's governance. These reports are prepared in accordance with the recommendations of the CMVM. You may consult NOS Corporate Governance Report via the following link:
Governance Report 2024
You may also consult NOS's latest Corporate Governance Reports via the following links:
Governance Report 2023
Governance Report 2022
Governance Report 2021
Governance Report 2020
Governance Report 2019
Governance Report 2018
Governance Report 2017
Governance Report 2016
Governance Report 2015
Governance Report 2014
You may also consult ZON's latest Corporate Governance Reports via the following links:
Governance Report 2013
Governance Report 2012
Governance Report 2011
Governance Report 2010
Governance Report 2009
Governance Report 2008