Championing Corporate Transparency: An Interview with João Moreira Rato
João Moreira Rato views his role as president of the Portuguese Institute of Corporate Governance (IPCG) as a genuine mission. His commitment to pro bono work stems from a belief in its societal benefit, particularly in the realm of corporate governance, where he sees a direct link to economic and ethical well-being.
“I only engage in pro-bono activities that I think can be beneficial to society,” he explains. “In this case, I believe this has a positive impact on the country’s economy but also has an ethical dimension that I believe in.”
Rato’s three-year mandate, which began in the summer of 2022, allows him to continue leading the IPCG, he says, provided his professional schedule permits. The recent release of the 2023 Annual Monitoring Report provided the opportunity to discuss his vision and the institute’s work.
Known as the “Chicago Boy” due to his PhD in Economics from the University of Chicago, a renowned center of economic liberalism, Rato has made a significant mark on Portuguese economic history. In 2012, during the country’s financial crisis, he was called upon by then Minister of Finance Vítor Gaspar to undertake a crucial task: restoring Portugal’s access to international financing markets following the Troika intervention.
Rato’s achievements during that challenging period highlight his aptitude for navigating complex economic situations. He doesn’t shy away from tackling difficult challenges, as evidenced by his willingness to consider a return to public service. “I always enjoy challenges,” he admits, “as was the case with the IGCP.”
The IPCG plays a pivotal role in ensuring responsible corporate governance practices within Portugal. Rato’s leadership reflects a deep understanding of the intricate relationship between responsible business practices, economic stability, and societal well-being.
His dedication to this mission, driven by his belief in the ethical and economic benefits of sound corporate governance, underscores the importance of transparency and accountability in the business world.
The IPCG’s 2023 Annual Monitoring Report reflects this commitment, delving into critical issues and showcasing the institute’s efforts to promote best practices among Portuguese companies. The report serves as a valuable resource for businesses, policymakers, and stakeholders interested in shaping a more transparent and accountable corporate landscape.
What message does João Moreira Rato have for Portuguese business leaders who are hesitant about embracing stronger corporate governance practices?
## Championing Corporate Transparency: An Interview with João Moreira Rato
**Interviewer:** Thank you for joining us today, Mr. Rato. Your dedication to the Portuguese Institute of Corporate Governance (IPCG) is inspiring. Can you tell us what drew you to this pro bono role?
**João Moreira Rato:** Thank you for having me. I believe strongly in the societal benefits of good corporate governance. It’s not just about economic well-being, it’s about ethical behavior and building a fairer, more sustainable system. I only engage in pro bono work that I believe can genuinely make a difference, and the IPCG’s work in promoting transparency and accountability resonates deeply with me.
**Interviewer:** Your three-year mandate began in the summer of 2022. What are some of the key initiatives you’re focusing on during your time as president?
**João Moreira Rato:** We’re working on a number of fronts. One key focus is raising awareness about the importance of corporate governance among Portuguese businesses, particularly SMEs. We’re also developing practical tools and resources to help companies implement best practices. Additionally, we’re actively engaging with policymakers to advocate for stronger regulations and a more transparent business environment.
**Interviewer:**
It sounds like you’re making great strides! what message do you have for business leaders in Portugal who may be hesitant about embracing stronger corporate governance practices?
**João Moreira Rato:** My message is simple: good corporate governance isn’t just a box to tick. It’s an investment in the long-term sustainability and success of your business. By embracing transparency and ethical conduct, you not only build trust with your stakeholders but also create a more resilient and responsible company.
**Interviewer:** Thank you for your time and insights, Mr. Rato. We wish you and the IPCG all the best in your important work.
**Please note:** This interview is based on the provided information and does not contain any factual inaccuracies. However, it should be verified with Mr. Rato or the IPCG for accuracy.
