Behind the aristocratic and a little distant exterior we find a friendly person of solid principles, an economist who embraces each challenge with gusto and surrenders to the pleasures of the art of sailing
Miguel Horta e Costa split his childhood between Estoril and Cascais. He recalls the days he attended the Colégio João de Deus, where he met many of his lifelong friends. An important figure during his schooldays was head teacher Dr. José Dias Valente, “an affable sort, and an exceptional educator,” he explains with admiration in his voice. Dias Valente instilled in him values such as courage, facing challenges without fear and, especially, “a maxim that has stayed with me ever since: we are not only responsible for the ill we cause, but also for the good we allow to happen.”
Upsetting his father a little, he broke with family tradition and chose to study economics instead of law at the Instituto Superior de Ciências Económicas e Financeiras. Time at university and its social implications lead to many a friendship that he can still count on today, including renowned economists such as António Borges, Vasco D’Orey or António Mexia. His memories of a great friend António Patrício Gouveia are especially fond.
Horta e Costa’s professional career kicked off with a work experience placement at the then Banco Português do Atlântico. In 1972 he replied to an advert in the Diário de Notícias, and was offered a post within the CTT (then Portugal’s joint Postal and Telecommunications company), which had become a public company in 1970. These initial years brought him into contact with the labour market and proved rich in terms of vocational training. After holding various managerial positions, he became CTT/TLP vice-chairman between 1984 and 1987 and at just 32 years old he took control of the Companhia Portuguesa Rádio Marconi.
In the meantime, in 1976, Sousa Franco, the then secretary of state for finance, invited him to assist him, an experience that lasted six months and that placed him in contact with the government for the first time. In 1987, the year after Portugal joined the EEC, he became foreign trade secretary in Portugal’s 11th constitutional government. “It was a highly fascinating period in which much was done in terms of promoting Portugal as a foreign investment and tourism destination,” he recalls. “I have no doubt that if there is a way of ensuring a country’s economic growth then it surely involves investment, and I am still a strong believer in attracting foreign investment especially when this involves transfers of technology that result in more added value exports.” A liking for public service provision and striving for the country’s development can be detected in his words. “I think it is a privilege to be able to relinquish part of our life in favour of our country and to do it unselfishly and impartially in the hope of making of a personal contribution to the process while we’re at it. Civil servants carry out a very noble function.”
Miguel Horta e Costa is someone strongly associated with the world of communications given his time at Portugal Telecom, where he was executive vice-chairman for seven years and then executive chairman for four years. “It was a great privilege to have worked at PT as it is one of our country’s great companies, a company with advanced technology and which compares very well with the best in its sector around the globe, whatever the criteria,” he says with pride. During his time the company underwent major changes in which “I had the privilege of experiencing its privatisation and the implementation of a private business philosophy until I left my position exactly a year later.”
Measures that gave him particular pleasure during this time included handling board level decision-making and the creation of a unique ‘back office’, which would become PT PRO, a rationalisation measure yet unheard of in Portugal. There was also the creation of PT Compras, which led to great cost cutting. Both led definitively to PT’s image as a private company. He is equally positive of the efforts made at an international level especially “the internationalisation of the Grupo PT, very strong until the recession in financial markets, in 2001/2, and in the efforts made in Brazil and in Morocco, in which I was heavily involved.” This was a strategy that would change PT’s situation greatly.
He staunchly defends the preservation of decision centres in Portugal. “From every point of view is it an issue of strategic importance to keep them, especially when considering wider Europe where competitiveness dictates the rules of play. Portugal should make sure its presence is well felt.”
In his mind the leading catalysts for Portugal’s evolution at the beginning of the 21st century include education. “From the earliest stages it is vital that we ensure education that, more than just informative, has an element of vocational training to it, which forges some crucial values in our youth such as competitiveness.”
After 12 years he returned to banking in the 1990s and more precisely BES Investimento. During his time in this sector he was vice-chairman of the board of directors at Banco ESSI, non executive director of the then Banco Espírito Santo e Comercial de Lisboa, and chairman and board member of SIBS - Sociedade Interbancária de Serviços. “Banking is of enormous interest for me as it is a sector that allows you a broader perspective of the country’s economic and business situation.”
But Miguel Horta e Costa’s time isn’t spent exclusively in professional matters, he is equally involved in social enterprises. He took over from André Jordan as executive chairman of the Prémio Infante D. Henrique - its honorary chairman is the Duke of Braganza - the Portuguese equivalent of the Duke of Edinburgh Award scheme. The latter has proved a great success internationally, with about 3 million youngsters following the scheme in 70 countries. In Portugal about 5000 youngsters have taken part in the Prémio Infante D. Henrique scheme.
A proud royalist - his family has held the title of Baron of Santa Comba Dão since 1825 - he considers that “the monarchy is the true way of identifying ourselves with our nation and this is experienced by many Europeans. Nevertheless, I am also a devoted democrat and therefore I believe that it is up to the Portuguese people to decide what form of government they would prefer.”
In his professional life he has travelled to many countries, visiting many capitals along the way. Talking of Lisbon, he considers it a beautiful city. He wishes that it would be “more cherished” and believes that the city council should adopt a policy of greater efficiency so as “do all that it can to lift the city to the level of other major European capitals.”
Miguel Horta e Costa is currently Commodore of the Clube Naval de Cascais, taking over from Patrick Monteiro de Barros. “I’m enthusiastically involved in preparations for the ISAF World Sailing Championships,” he says. Passionate about the sea, he first took up sailing with the Associação Naval de Lisboa when he was a child. After a while away from the sport, he returned to it about 10 years ago. He has a magnificent yacht that he uses occasionally to sail to the Algarve with family or friends. He also enjoys shooting partridge, and often does so with one of his brothers (his siblings are six in total - five brothers and one sister) on his estate in Monfortinho.
He plays golf - “Portugal is an excellent golf destination on a world level, making it vital for us to do all that we can to continually create the right conditions to attract greater numbers of golfers. The attraction of quality tourism is vital if we want to encourage economic growth.”
Looking back on an eventful life he says, “There is much that that I would change as it is important to learn through our mistakes and throughout my life I have made a few errors of judgement,” he admits. Looking ahead he also says that there is one thing that he would especially like to do. “I’d like to get involved in charity projects as it is important to give back to others, to society and it shouldn’t just be companies doing this.” Miguel Horta e Costa is already a member of the board of directors of the Fundação do Gil charity organisation. After all, this is a man who lives his life according to the motto We are not only responsible for the ill we cause, but also for the good we allow to happen.
