These proposals address Banco de Portugal’s concern that credit institutions’ senior management is independent and acts in strict compliance with sound and prudent management criteria, safeguarding in particular the funds entrusted to the institutions and ensuring that institutions have internal governance models conducive to sound and prudent management. 5.
Perimeter of supervision  On 30 June 2014, Banco de Portugal was the supervisory authority of Espírito Santo Group on a consolidated basis, based on the consolidated position of Espírito Santo Financial Group, S.A. (ESFG), the holding company with head office in Luxembourg, which took the role of parent undertaking as defined under the legal framework in force.