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A presente dissertação versa sobre a questão da utilização dos stock buybacks como política de remuneração das sociedades anónimas e os potenciais conflitos de interesse que podem surgir entre administradores e acionistas. Este é um instrumento pouco utilizado em Portugal, pelo que surgiu a necessidade de realizar um estudo amplo que cobrisse as várias problemáticas que lhe são associadas, através da análise de obras de origem nacional e anglo-saxónica. O nosso estudo começou por compreender a sua génese e os motivos que levam uma sociedade anónima a adquirir ações próprias, bem como as metodologias que empregam para conseguir tal efeito. Seguidamente aferimos a sua admissibilidade no regime legal nacional e comunitário, bem como a sua utilização como política remuneratória das empresas, culminando com os mecanismos utilizados no CSC que procuram tutelar os direitos dos acionistas associados com a separação de ownership and control nas estruturas modernas e complexas das sociedades atuais.
This thesis analyses the problems regarding the use of stock buybacks as a remuneration policy for private limited companies and the underliyng conflicts of interest between executives and shareholders. Buybacks are not common in Portugal, wich obliged us to carry out a broad study covering the different problems associated with them, through the study of various papers of portuguese and anglo-saxon origin. Our study began by understanding its genesis and the reasons that lead a public limited companiy to acquire its own shares, as well as the methodologies they use to achieve this effect. Finally, we measured its admissibility under the national and european legal regimes, as well as their use as a remuneration policy for companies, culminating with the mechanisms used in the CSC that aim to protect the shareholders rights associated with the separation of ownership and control in the modern and complex structures of current companies.
This thesis analyses the problems regarding the use of stock buybacks as a remuneration policy for private limited companies and the underliyng conflicts of interest between executives and shareholders. Buybacks are not common in Portugal, wich obliged us to carry out a broad study covering the different problems associated with them, through the study of various papers of portuguese and anglo-saxon origin. Our study began by understanding its genesis and the reasons that lead a public limited companiy to acquire its own shares, as well as the methodologies they use to achieve this effect. Finally, we measured its admissibility under the national and european legal regimes, as well as their use as a remuneration policy for companies, culminating with the mechanisms used in the CSC that aim to protect the shareholders rights associated with the separation of ownership and control in the modern and complex structures of current companies.
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Keywords
Stock buybacks Remuneração Administradores Acionistas Remuneration Executives Shareholders