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Shareholder meeting 22 June 2007 The 2007 Annual General Meeting of Portugal Telecom, SGPS, S.A. took place, in 22 June 2007. Were present or represented shareholders corresponding to 53.4% of the voting rights, the following matters were discussed and approved:

Proposals

For

Against

Abstain

Prior Item. Election of the Vice-Chairman of the General Meeting of Shareholders, Mr. Eduardo Augusto Alves Vera-Cruz Pinto, following the resignation of the former Vice-Chairman of the General Meeting. 77.47% 0.00% 22.53%
1. Amendment to the articles of association of Portugal Telecom in light of the amendments to the Portuguese Companies Code made by the Decree-Law no. 76-A/2006 of 29 March which, notably, aims at the implementation of the Anglo-Saxon governance model in Portugal Telecom, with the Company’s supervision to be carried out by an Audit Committee composed of members of the Board of Directors and by a statutory auditor. 92.17% 4.07% 3.76%
2. Change in the composition of the Board of Directors from 21 (twenty-one) to 23 (twenty-three) members and election of Mr. Rafael Luís Mora Funes and Professor José Guilherme Xavier de Basto as members of the Board of Directors to complete the 2006-2008 term-of-office. 93.79% 0.39% 5.82%
3. Election of the Directors Mr. João Manuel de Mello Franco, Mr. Thomaz de Mello Paes de Vasconcellos and Professor José Guilherme Xavier de Basto as members of the Audit Committee for the 2006-2008 term of office. Mr. João Manuel de Mello Franco was appointed as Chairman of the Audit Committee for such term of office. 99.98% 0.01% 0.01%
4. Election of the company P. Matos Silva, Garcia Jr., P. Caiado & Associados, SROC, represented by Mr. Pedro João Reis de Matos Silva, as Statutory Auditor and of the company Ascensão, Gomes, Cruz & Associado – SROC, represented by Mr. Mário João de Matos Gomes as alternate Statutory Auditor, for the 2006-2008 term of office. 99.99% 0.00% 0.01%
5. Authorisation for the Board of Directors to increase the share capital, on one or more occasions, through capital contributions in cash, up to the amount of Euro 15,000,000, with the favourable opinion of the Audit Committee and after a resolution has been passed by the General Meeting of Shareholders fixing the parameters to which such share capital increase or increases shall be subject. As a result of this resolution, the amendment to paragraph 3 of Article Four of the Articles of Association has also been approved. 99.98% 0.01% 0.01%
6. Election of Mr. Álvaro João Duarte Pinto Correia, Mr. João Manuel de Mello Franco and Mr. Francisco Adelino Gusmão Esteves de Carvalho as members of the Compensation Committee in substitution of the resigning members. 77.45% 0.00% 22.55%

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