The CEO of the independent fund manager, created together with the former Minister of Economy, Pires de Lima, lamented that Portugal does not adopt mechanisms to encourage investment, like its European counterparts.
“It was necessary to channel the savings of the Portuguese to invest in the economy. Maria Luís Albuquerque, who has been catechizing Europe on this, is faced with numerous difficulties even with financial literacy”, he reiterated.
Sérgio Monteiro also regretted that investors are mistreated in the country. “We do not treat our small investors well, in the capital market rules. We are always controlling OPA (public takeover offer) rules, a new strategic investor enters, but there is never an OPA. Small investors always feel mistreated in relation to the dominant investor who makes a deal behind the scenes. Regulators, perhaps, have a tendency to protect themselves and create regulation through regulation that then does not reach small investors”, he explained.
Regarding taxation, he pointed the finger at the State for the excessive taxation of capital gains. “In the case of large-scale operations, there is a limitation on the deduction of interest for tax purposes. Now, in large-scale operations, where we can seek resources from Banco de Fomento, we then have a tax barrier preventing these movements”, he claimed.
Sérgio Monteiro also defended that the State should “invest in the country and its growth”. “Today, with the country stabilized from a financial point of view, it is incomprehensible how the Social Security Financial Stabilization Fund (FEFSS) does not invest in capital, in some of the large infrastructure projects. It is money from pensions and a part of the capital that should be allocated. It is incomprehensible how the FEFSS does not invest in capital”, he reinforced.
