Centeno: the CGD will have 19 members – Observer

The Finance Minister Mario Centeno, said the board of directors of Caixa Geral de Depósitos (CGD) will have 19 members, seven officers and 12 non-executive, adding that the names of all the team will be announced shortly.

“the Board of Directors [CA] that is proposed and will be in office in CGD will have a size smaller than that of other major banks operating in Portugal. 19 CA elements are divided into seven officers and 12 non-executive, “said Finance Minister Mario Centeno at a press conference in Lisbon.

In comparison, Mario Centeno gave as an example, BPI, which has 23 members in the CA, of which seven executives, as well as the BCP, which has 20 members, seven executives.

“that is, in case we have a lower CA but being less is exactly what is needed in order to function in case all control commissions which are made by non-executive, “he said.

the official stressed that the role of non-executive is to control the activities of the executive Committee, by these elements “have to be more numerous than the Executive Committee before taking any decisions that have effective control” of that committee.

“And then they are sufficient for them to be on committees risk, strategy, audit, appointments and assessment that all banks have, “he said, considering the number” absolutely appropriate “to the objective of increasing effectiveness of the public bank in the Portuguese banking system.

on the duties of this team, Mário Centeno explained that it is necessary for the national supervisor and European, as well as the evaluation committee that exists in CGD, speak out about the names, “which is coming soon.”

Asked about the workers, Mario Centeno said also that “the goal is to have a treatment remuneration and career identical to that which is the banking sector in Portugal,” without further details.

the official spoke on all stages scheduled for the process of recapitalization of CGD:. appointment of the new CA, change the governance structure of CGD, business plan and capitalization

and he stressed that all these steps have It is considered “one by one in this sequence, so that the whole process follow what the competition and supervisory authorities established for any bank in any European country.”

the amendment to the public manager status on the administration of CGD, aims to put the financial institution “under the same conditions as its competitors in the market”, as well as the change in governance that will follow, also intends to align the criteria to industry practices.

minister also said he plans to “continuity in the restructuring plan of CGD”, which aims to put the institution in the future “on a path of meaningful and effective support to the financing of the economy in Portugal.”

“All these stages end with a capitalization plan that will respond to the capital needs of the case and which is also provided at this time. This is also intended to enable CGD to meet the criteria that all banks have to meet in this matter, “he said.

Mario Centeno not yet confirmed the value of four billion euros that have been pointed out in under capitalization.

“what we hope is that the new CA to look into this issue and we believe that there are ways to generate internal capital in Box. The result of the capitalization is the result of what is the business plan and the Caixa governance plan, “he said.

Furthermore, he added that” the objective of this action on CGD is the capital the State has there place to be seen as an investment “and therefore” have to return. “

Mario Centeno reiterated that no talks with Director General of the European Competition Commission, but said the “calendar is not hard.”

last week it was reported that the Government had virtually closed the new management team of CGD. According to then advanced information by the Business Journal, the future leader of the public bank, Antonio Domingues, will feature Leonor Beleza and Rui Vilar as vice presidents, with non-executive positions.

As for the Executive Committee, besides Antonio Domingues (former financial manager of Banco BPI), include Emidio Pinheiro. – chairman of Banco de Fomento Angola (BFA), which is controlled by BPI

the new team should have, as administrators do not executives with Peter Norton, former CEO of Impresa group, and Bernardo Trindade, former Secretary of State for Tourism in the government of José Sócrates, according to advanced the newspaper.