Good governance principles

CP complies fully with the Principles of Good Governance of State Business Sector Enterprises, pursuant to Decree Law133/2013, of 3 October along with current regulations and legislation.

CP fulfils its mission as well as the objectives which stipulate the required parameters of quality and respect for the principles of social responsibility, sustainable development and public service.

It threats its staff with respect, equality and integrity, actively contributing towards their professional appreciation. 

It treats its customers, suppliers and other stakeholders equally and has procedures regarding the acquisition of goods and services.

The Public service contract (in Portuguese) came into force on 28 November 2019. 

The signing of the CSP marks a new stage in CP's management model, with clearly defined objectives and targets for service provision. In return, the state will pay financial compensation when justified. On the other hand, the company will be permanently monitored and controlled by the state-appointed "Contract Manager".

The Public Service Obligations (PSO) are provided by the Urban/Suburban, Regional and Intercidades services, in a perspective of services integrated by geographical areas and grouped in so-called "Mobility Routes".

These PSO services are sold at contracted fares, and the rules for increasing these prices are also defined.

The contract provides for financial compensation for providing these services and quality goals and financial penalties if CP does not meet the defined quality standards.

The state acknowledges that the "Alfa Pendular" long-distance service is a Service of General Economic Interest (SGEI), but it is not covered by the contract's public service obligations, although CP is required to maintain a minimum offer, referred to in an Annex. CP has the right to operate the Alfa Pendular services in Portugal under market conditions and is free to define the respective fares and commercial policy.

The contract contains each party's rights and obligations and the characteristics of the public service to be provided.

The contract lasts for ten years and can be extended for another five years if CP provides significant assets (investments) to acquire rolling stock. This extension will be evaluated according to evidence of the investments made in the initial 10 years of the contract.

 The contract annexes are listed below: (in Portuguese)

  • National rail network where CP operates (Annex I);
  • Operating programme (Annex II);
  • Quality parameters (Annex III);
  • Fares (Annex IV - Confidential);
  • Financial model, methods and suppositions (Annex V - Confidential);
  • Current rolling stock (Annex VI - Confidential);
  • Investments and schedule (Annex VII);
  • Rail infrastructure engineering works (Annex VIII);
  • Penalties (Annex IX);
  • Personal and asset safety resources (Annex X - Confidential);
  • Indicators and statistics (Annex XI);
  • Alfa Pendular service (Annex XII).

We disclose information regarding public grants awarded in 2021 by CP - Comboios de Portugal, EPE, under the obligation arising from article 4 of Law no. 64/2013 of 27 August. (in Portuguese)



CP provides a specific channel for reporting irregularities where reports can be made in a confidential, independent, autonomous, secure and impartial manner under Law no. 93/2021 of 20 December, which establishes the general system for the protection of whistleblowers.

Whistleblowers benefit from the protection conferred by Law no. 93/2021 of 20 December when, in good faith and having serious grounds to believe that the information is accurate at the time of reporting or public disclosure, they say or publicly disclose an infringement, through the available means of denunciation.

The whistleblower’s identity, as well as the information that directly or indirectly allows their identity to be deduced, is confidential, and access is restricted to the bodies responsible for receiving or following up on the report of the irregularity.

The processing of personal data, including the exchange or transmission of personal data by the competent authorities, complies with the provisions of the General Data Protection Regulation and other legislation on processing personal data. For more information, please consult the CP privacy policy.

See the Whistleblower communication channel regulations. (in Portuguese)

See, for further details. (in Portuguese)

The CP Code of Ethics was revised in 2018 to incorporate a series of fundamental Company values and behavioural guidelines for its employees regardless of the bond they have with CP.

The mission of the Ethics Commission, which answers directly to the Chair of the Board of Directors, is, among others, to ensure that everyone if aware of the Code of Ethics and complies with it, to encourage the consolidation and knowledge of good practice in this area, to clarify any doubts about the matters it covers and to issue professional opinions related with its compliance. It also aims to increase ethics in the Company governance model.

Code of ethics

As CP's assets are of strategic importance and irreplaceable - for mobility in the country – it becomes a priority to ensure their sustainability through the implementation of the Asset Management System. 

As defined by the American Association of State Highway Transportation Officials (AASHTO), transportation asset management is a ‘strategic and systematic process of operating, maintaining and modernising physical assets effectively throughout their life cycle. It focuses on business and engineering practices for the allocation and use of resources, in order to make better decisions based on quality information and well-defined objectives’. 

Strategic instrument for coordinating the different approaches that support the organization's macro decisions, the management of the assets ensures the success of the objectives and the mission of CP. 

Customer service oriented, CP manages its own assets in order to achieve broader objectives such as improving mobility in the country, reducing costs for customers and environmental impact.

Therefore, it urges all elements at any level of the organization, focused on a clear ‘line of sight’ and in harmony with the strategic objectives, to ensure the continuous improvement of the Asset Management System (EMS) based on ISO 55001:2014 Asset Management Systems - Requirements. 

CP's asset management policy aims to establish the guidelines, objectives and competencies for the implementation of the Asset Management System. 

Essential for perceiving the relevant areas for production and concurrent increase in value for the Company, it is necessary as a means of achieving a balance between the costs, risks and expected performance of these assets, whether physical, human, financial, intangible or information. 

Operating through good practices, the system guarantees the desired and sustainable result, with great capacity to anticipate trends and opportunities, increasing competitiveness and, therefore, value for the customer and the country.

Find out here our Asset Management Policy.

  • Innovation Management Policy

At CP we believe that railroad transportation is the backbone of sustainable, technological and digital mobility, and for that reason we are committed to the development of innovative, sustainable and integrated services and solutions that ensure high levels of provision of services.

The environment in which CP operates is characterized by constant changes, market liberalization, new competitors, forthcoming new technologies, new regulatory requirements, and increasingly demanding Customers.

According to the norm NP ISO 56002:2019 – Innovation Management – Innovation Management Systems – Guidelines: ‘the innovative capacity of an organization is acknowledged as the key factor towards sustainable growth, economic viability, increased welfare, and development of the society’.

Being innovation a key factor in order to create corporate value, CP is committed to its goal of innovating in an increasingly efficient and effective manner, and is therefore intending to adopt an Innovation Management System (SGIN).

An Innovation Management System leads the organization into setting out its innovation vision, strategy, policy and goals, as well as the support for the processes required in order to achieve the intended results. It allows increasing the capacity of managing uncertainty and improving its sustainability and resilience.

The Innovation Management Policy establishes the intentions and directions of an organization – formally stated by its top management – in order to implement an Innovation Management System.

Find out here our Innovation Managemente Policy

Transactions with related parties

See Corporate Governance Report in Report and Accounts 

Other transactions

See Corporate Governance Report in Report and Accounts

State financial effort