Bank of Portugal Governor Forced to Divest Shares After ECB Review
ECB Review Prompts Divestment of Shares by Bank Governor
LISBON, April 27 (Reuters) - Bank of Portugal Governor Alvaro Santos Pereira bought shares in Galp and Jeronimo Martins shortly after taking office last year but later reversed the transactions following a European Central Bank review, the country's central bank said on Monday.
Details of Share Purchases
Publico newspaper reported earlier that Santos Pereira purchased shares in the Lisbon-listed oil company and retailer in December, two months after stepping into his role as governor and joining the ECB's Governing Council.
Disclosure and Declaration of Interests
The investments were disclosed in his declaration of interests to the ECB in January, the Bank of Portugal said.
ECB Discussions and Divestment
According to the central bank, the governor had increased his holdings as part of "the management of his financial investment portfolio," but the purchases were unwound following discussions with the ECB.
The divestment process was recently completed, it said, without specifying whether he made any profit or loss.
ECB Code of Conduct and Implications
Rules for Senior Officials
Under the ECB's Code of Conduct, effective since January 2023, senior officials are barred from acquiring shares in individual companies after taking office and are generally required to invest in diversified funds to prevent conflicts of interest.
Reporting and Editorial Credits
(Reporting by Sergio Goncalves; editing by Andrei Khalip and Tomasz Janowski)
