Carlos Tavares and Paulo Macedo are two of the hot choices to replace directors at Caixa Geral de Depósitos whose mass resignation, or sacking, is expected in the next few days.
The current board, led by António Domingues, continue to refuse to disclose their tax records and income statements - a stance which is likely to contravene the rules in place for those running State-owned companies.
The Prime Minister, António Costa, and the President of the Republic, Marcelo Rebelo de Sousa, both are ready to drop Domingues and a Plan B team is being widely touted in the national press.
Expresso on Saturday favours Paulo Macedo, a former BCP director, and Carlos Tavares, a former Minister of the Economy and currently president of the Stock Market Regulator CMVM. Nuno Amado, the current president of BCP is also mentioned.
Everyone is waiting for the Constitutional Court to rule on whether withholding income statements is indeed in contravention of the long-established rules and until the verdict is in, uncertainty reigns at a bank that is desperately in need of some stability and sound management.
One possibility is that the Caixa directors will submit their income statements but that these will remain secret from the public, which makes a mockery of the rule that is there to ensure an open and transparent system of corporate governance.
The prime minister has denied the existence of any 'B' plans for Caixa but he would be foolish not to have a succession plan in place should Domingues and his fellow directors be deemed to be acting illegally in withholding their income statements.
As for the public, many are asking why the new directors find it necessary to withhold their financial information, what have they got to hide? They already are on vastly enhanced ‘millionaire salaries.’ Their desire for secrecy has not gone down well and is reminiscent of the age of ‘fat cat’ salaries and corporate abuse by bankers whose idea of public service has been to help themselves to as much public money as possible.
Whether Domingues and his team stay or go, their reputations are irrevocably damaged by their refusal to be treated as employees of a State-owned company and questions are being asked as to whether they were the right choices in the first place.
Pedro Ferraz da Costa, president of the Forum for Competitiveness, believes that if the Caixa board goes, another person has to take the consequences: the Minister of Finance, "there is no penalty other than this."
