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Legal recognition of the 2020 Code
On 17 May 2019, the Royal Decree of 12 May 2019 laying down the corporate governance code to be complied with by listed companies was published in the Belgian Official Gazette. From now on, Belgian listed companies will be required to designate the Belgian Corporate Governance Code 2020 as a reference code within the meaning of Article 3:6(2)(4) of the Companies and Associations Code.
With this the Royal Decree of 6 June 2010 laying down the corporate governance code to be complied with by listed companies has been repealed.
The same transitional arrangement is provided for as in the Act of 23 March 2019 introducing the Companies and Associations Code and containing various provisions. As a result, the Royal Decree of 12 May 2019 applies to new legal persons as of 1 May 2019 and existing legal persons as of 1 January 2020, unless they have decided to comply with the Companies and Associations Code before that date. Existing companies must apply this decree to the annual accounts relating to financial years ending on 1 January 2020 or later, unless the company in question has already voluntarily amended its articles of association in line with the new Companies and Associations Code before that date.