- Recent developments (as of July 2025)
- Global markets and public equity ownership 2.2. Public equity ownership by investor category 2.3. Ownership concentration by market
- Corporate governance and institutional framework
- The rights of shareholders and key ownership functions
- The board of directors
- Corporate sustainability
OECD Corporate Governance Factbook 2025: Portugal
Table of contents
This Country Note consolidates information published in the 2025 edition of the OECD Corporate Governance Factbook. Along with the summary of recent developments, it provides an overview of Portugal’s corporate governance framework and related information benchmarked against 51 other jurisdictions covered by the Factbook, including all OECD and G20 members.
The information in this document is as of 31 December 2024 unless otherwise specified.
For further details, please refer to the OECD Corporate Governance Factbook 2025.
In 2023, CMVM Regulation Nr. 1/2023 (Issuers’ Regulation) entered into force, consolidating the disclosure duties of listed companies and the regime applicable to public takeover bids, with the purpose of simplifying the regulatory framework. This Regulation followed the 2021 revision of the Portuguese Securities Code, which introduced several simplification measures and modernised the legal regime, including in the area of takeover bids, as well as new tools to promote access to capital markets – most notably the introduction, for the first time in Portugal, of multiple-voting shares (following the OECD Capital Market Review Portugal 2020, “Mobilising Portuguese Capital Markets for Investment and Growth”).
In February 2025, the Portuguese Securities Market Commission (CMVM) published its Strategic Plan for 2025-2028, announcing several initiatives with direct relevance to corporate governance. The Plan sets out a vision for a capital market that creates value and well-being, built on the pillars of knowledge, trust, development and results, intending to, amongst others, reinforce governance standards across supervised entities, namely through enhanced data-driven supervision of governance requirements and strengthened risk-based models built on high-quality information to ensure more effective monitoring of governance practices.
In July 2025, the Portuguese Institute of Corporate Governance (IPCG) published a list of guidelines for the governance of State-Owned Enterprises (“SOE”s). The guidelines are organised under the following headings: the State and the exercise of its Shareholder´s rights, the nomination and remuneration of SOE managers, how should the State and the SOEs relate, SOE-specific duties and internal control system. The guidelines are published on IPCG´s website.
|
No. of listed companies in Dec 2024 |
Change since Dec 2021 |
Market capitalisation in Dec 2024 |
Ratio to GDP |
||
|---|---|---|---|---|---|
|
Portugal |
35 |
|
-12.5% |
USD 89 bn |
30.6% |
|
OECD members |
21 618 |
|
4.3% |
USD 92 518 bn |
136.5% |
|
World |
46 086 |
|
11.3% |
USD 124 536 bn |
112.7% |
Note: “World” covers 98 jurisdictions. “OECD members” covers 38 countries.
Source: OECD Capital Market Series Dataset. IMF.
Source: OECD Capital Market Series Dataset.
Source: OECD Capital Market Series Dataset.
* The Portuguese securities code requires listed companies to adopt a corporate governance code, and the code in force has been issued by a private entity, the Portuguese Institute of Corporate Governance (IPCG).
** The monitoring of the corporate governance code is conducted under a protocol established with the Portuguese Securities Market Commission (CMVM).
The categories that the jurisdiction fits into are highlighted in blue.
The bold numbers and words indicate country-specific additional information.
The numbers within parentheses indicate the number of jurisdictions applicable to each category.
For further information on the methodologies used for the categorisations, please see the OECD Corporate Governance Factbook 2025.
* Some jurisdictions belong to multiple categories because of the additional requirements other than a percentage of shareholding.
* Jurisdictions where mandatory takeover bid rules exist are included.
** Where a jurisdiction has multiple thresholds, the lowest threshold is highlighted in blue. In Portugal, the 33% threshold is highlighted, although a 50% threshold also applies.
*** Some jurisdictions belong to multiple categories.
**** Value defined by an independent expert under certain conditions.
* Some jurisdictions belong to multiple categories.
* As of 6 November 2025, the CSRD is not yet transposed into Portuguese Law. Thus, its rules are not legally binding but rather recommended by the Regulator.
* Some jurisdictions belong to multiple categories.
* Some jurisdictions belong to multiple categories.