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Principaux changements du Code  

En 2007 et en 2008, la Commission Corporate Governance a réalisé deux consultations publiques sur la gouvernance d'entreprise. Le document résumant les principaux changements du Code 2009 est disponible uniquement en anglais.

TéléchargerTHE 2009 CODE: MAIN CHANGES


Introduction
The Corporate Governance Committee ("the Committee") believes that corporate governance will evolve with changing business circumstances and international financial markets requirements. A regular review of corporate governance practices and an adaptation of the recommendations are therefore required.

In September 2007, the Committee decided to review the Belgian Code on Corporate Governance ("the Code"). As a consequence, two public consultations were carried out. First, the Committee collected the views of the users of the Code. Secondly, the Committee consulted on a number of proposed amendments.

Both consultations were carried out before the outbreak of the financial crisis. Therefore, new  governance codes were criticized and many asked for legal intervention. In the same context, topical issues had an important influence on the review of the Code. Legal proposals, relating to the corporate governance statement, the remuneration committee and severance pay are still under discussion in Belgium. Furthermore, the law on the audit committee, including the criteria of independence for directors, has recently entered into force.

The Committee stresses the importance of self-regulation. Self-regulation provides a complement to legislation and offers flexibility which allows taking into account the specificities of a company. The financial crisis has shown how important confidence is. Good governance, based on transparency and accountability should reinforce the confidence of investors and financiers in companies and can benefit all other stakeholders.

The Committee expresses its gratitude to those who responded to its consultations. Each contribution has been carefully considered and has helped the Committee to adopt the 2009 Code.
This note gives an overall presentation of the main changes. Due to the general character of this note, it has unfortunately not been possible to answer all and each remarks of the respondents.

The Committee apologizes to those respondents who cannot find in this note a direct answer to their remarks.

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