in truth, women have long had substantial responsibility for family finances. marketing polls and survey data indicate that american women have a large role in consumption decisions undertaken by the typical household in today ’ s consumer markets. as household managers, women supervise the budget for and purchase of many of the highest - cost items consumed by american families. these items include food, clothing, child care, eldercare, health care, transportation, family communication networks ( including cell phone and computer purchases ), vacations, and, finally, financial services and products. one recent market survey reports that women account for 80 percent of all consumer purchasing decisions, making 93 percent of food purchases and 65 percent of auto purchases, for example. 6 because women engage in more of the family shopping, they are more consistently aware of price changes and inflation. women running households know just what it takes to make the budget stretch and how to navigate changing market prices, and they are engaged in more financial and consumer decisionmaking than at any other time in our social history. myth 2 : women are emotional about money. it is true that women often face important financial decisions as a result of emotional life events, such as divorce or widowhood. but those emotions do not necessarily carry through to the financial decisions themselves. just as women are more likely to ask for directions when they are physically lost, women are more likely than men to admit they do not know how to proceed and to seek out advice regarding the best financial path. in fact, in studies and surveys conducted with large groups of women, the emotion most often cited as accompanying a financial decision is uncertainty or worry about being unwise with money or possibly investing in something too risky. this is born out in study after study : women are more risk averse than men. 7 given that women have higher probabilities of outliving their partners, facing eldercare duties, and saving for their own retirement rather than being part of an employer - sponsored plan, it isn ’ t hard to understand this aversion to risk. bureau of labor statistics, u. s. department of labor, ( 2010 ) “ the unemployment situation, march 2010, ” press release, april 2, tables a - 1, a - 2, and a - 3, http : / / www. bls. gov / news. release / pdf / empsit. pdf. joan raymond, “ for richer, for poorer, ” american demographics, vol. 22, no. 7, pp. 58 –

began shortly after the end of the capital increase, with the resignation of the board members that also had senior roles in esfg and / or entities of the non - financial arm. following that, banco de portugal recommended that the dialogue between shareholders, above all between the two principal qualified shareholders, was broadened to include presentation of a consensual proposal on replacing the resigning board members. banco de portugal led this process in accordance with the principle that the new board members be independent, credible and the result of consensus of at least the two principal reference shareholders ( esfg and credit agricole ), and also that the members of the espirito santo family – due to their accumulation of roles – resign immediately upon appointment of the new board members. on 5 july, a consensual proposal was reached between esfg and credit agricole over the decision to co - opt the new ceo and cfo. this decision was later complemented on 11 july with a proposal from both shareholders to choose a new deputy ceo for the executive board. based on the shareholders ’ consensus, on 13 july banco de portugal ordered that the co - optation process be accelerated, and on the same day, the new members be co - opted, replacing the members of the espirito santo family. a new chairman of the board of directors, also proposed through shareholder consensus, will be chosen by the extraordinary general meeting to be held on 31 july. the shareholder consensus reached in the meantime also allowed proposals for statutory amendments to be submitted at the next extraordinary general meeting, designed to strengthen bes ’ s internal governance. these proposals address banco de portugal ’ s concern that credit institutions ’ senior management is independent and acts in strict compliance with sound and prudent management criteria, safeguarding in particular the funds entrusted to the institutions and ensuring that institutions have internal governance models conducive to sound and prudent management. 5. perimeter of supervision on 30 june 2014, banco de portugal was the supervisory authority of espirito santo group on a consolidated basis, based on the consolidated position of espirito santo financial group, s. a. ( esfg ), the holding company with head office in luxembourg, which took the role of parent undertaking as defined under the legal framework in force. recently, as a result of various events that led to the reduction of esfg ’ s stake in bes and the changes to the bank ’ s internal governance structure and above all