The Associação Mutualista Montepio Geral, with over 600,000 members, is set to hold elections for its governing bodies on December 19, covering the term from 2026 to 2029.
For the mutual association’s management (general assembly board, administration council, and fiscal council), there is a single list (list A), led by Virgílio Lima, who has been president of the mutual association since 2019.
For the assembly of representatives—a parliamentary-like body discussing the mutual association’s strategic issues, with 30 people elected by proportional method—two lists have been presented: list A, again proposing Vítor Melícias as the top candidate, and list B, headed by Mota Saraiva.
In an interview, Mota Saraiva expressed concerns over the disproportionate spending on the association’s board members (approximately 2.3 million euros in 2024), explaining that these salaries are benchmarked against those in the banking sector instead of the social economy, despite Montepio owning Banco Montepio.
“We advocate for alignment with the social sector and the earnings of board members from other associations rather than the banking sector. The Mutual Association should not be compared to banks,” stated the architect and university professor.
The candidate, who was part of an opposition list in the 2021 elections led by Eugénio Rosa, mentioned that list B has yet to decide on a salary cap but intends to address this issue in the assembly of representatives.
One review principle, he added, is raising the group’s minimum salary while ensuring the maximum salary is a proportion of it to motivate leaders to increase lower wages.
When asked why list B is not contesting management positions, Mota Saraiva explained the decision to let the current administration conclude projects like revising the mutual code with the government and focusing on the assembly of representatives for tasks such as statute revision, deemed essential for maintaining democratic values within the association.
List B aims to elect 16 representatives to gain a majority and push for transparency and accountability, enhanced by support from figures such as António Godinho and Pedro Corte Real, who have previously run with opposition lists.
Supporters of list B include notable personalities like Carvalho da Silva (former CGTP leader), Helena Roseta (former PSD and PS deputy), and Marina Gonçalves (former PS minister).
In the statutes revision, list B seeks to implement gender quotas, highlighting a dominance of older men in governing bodies.
“The mutual association comprises 58% women and 48% men. However, while our top four include two women and two men, Vítor Melícias’s list places the first woman at the eighth position [Guta Moura Guedes],” he remarked.
Regarding the news of ex-president Tomás Correia facing charges of breach of trust and money laundering, Mota Saraiva was cautious about management inspections of past actions, acknowledging efforts toward group enhancement and damage repair despite a problematic legacy.
“I believe we should not only remove those associated with Tomás Correia but also rectify the damages caused by the association’s overly commercial approach,” he stated.
Tiago Mota Saraiva criticized Vítor Melícias for previously aligning with Tomás Correia, suggesting Melícias assess his suitability to continue but stopping short of demanding his dismissal.
“Vítor Melícias was the right-hand man in general assemblies, blocking and ridiculing questions directed at Tomás Correia, who spoke loudly and humiliated questioning members,” he said.
Besides Tiago Mota Saraiva, list B includes candidates like Francisco Alhandra Duarte (former Montepio bank director), Marta Silva (cultural manager, current assembly representative), Ana Silva (researcher), and Carlos Areal (retired Montepio banker, current assembly representative), along with Andreia Galvão (deputy from BE).
The Associação Mutualista Montepio Geral reported a profit of 210 million euros in 2024, an increase of 87.5% from 2023.
