1. The shareholders’ general meeting, or a committee appointed by it, is responsible for fixing the remuneration of each director, taking into account the functions performed and the company’s economic situation.
1 - Compete à assembleia geral de accionistas ou a uma comissão por aquela nomeada fixar as remunerações de cada um dos administradores, tendo em conta as funções desempenhadas e a situação económica da sociedade.
2. The remuneration may be fixed or may consist partly of a percentage of the profits for the financial year, but the maximum percentage allocated to directors must be authorised by a clause in the articles of association.
2 - A remuneração pode ser certa ou consistir parcialmente numa percentagem dos lucros de exercício, mas a percentagem máxima destinada aos administradores deve ser autorizada por cláusula do contrato de sociedade.
3. The percentage referred to in the preceding paragraph does not apply to distributions of reserves or to any part of the profit for the financial year that could not lawfully be distributed to the shareholders.
3 - A percentagem referida no número anterior não incide sobre distribuições de reservas nem sobre qualquer parte do lucro do exercício que não pudesse, por lei, ser distribuída aos accionistas.
The competence of the general meeting or its committee, the requirement of a clause in the articles for the maximum profit percentage, and the exclusion of reserves and non-distributable profit from that percentage are retained.
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Unofficial English translation prepared by BCA Portugal for reference. Only the Portuguese text published in the Diário da República has legal force. Editorial notes are ours and are not part of the statute.