2020 Code
2020 Belgian Code on Corporate Governance
The 2020 Belgian Code on Corporate Governance ('2020 Code') applies to companies incorporated in Belgium whose shares are admitted to trading on a regulated market (‘listed companies’) as defined by the Code on Companies and Associations.The 2020 Code is the third Belgian Code on…
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…
Entry into force of the 2020 Code
If a company has opted for the early implementation of the CCA between 1 May 2019 and 31 December 2019, which Code on Corporate Governance should it apply when drawing up its corporate governance report for the financial year starting in 2019? For example, should a listed company that has…
Explanatory note on sustainable value creation
The 2020 Code places emphasis on sustainable value creation. This involves an explicit focus on the long term, on responsible behaviour at all levels of the company and on the permanent consideration of the legitimate interests of stakeholders. More explicit expectations are also formulated in terms…
Explanatory note on the public report regarding the compliance with the 2020 Code
Principle 10 of the 2020 Belgian Code on Corporate Governance (the "Code") contains several provisions regarding public reporting on the application of the Code. The Corporate Governance Committee explains a number of these provisions in this note, in particular with regard to the…
Explanatory note on the relationship agreement
The new 2020 Belgian Code on Corporate Governance (2020 Code), which entered into force on 1 January 2020, contains a range of innovations for listed companies.One such innovation, namely the option to enter into a relationship agreement, is introduced in provision 8.7 as a topic of debate…
Explanatory note regarding the remuneration of non-executive directors and members of the executive management
Principle 7 of the 2020 Belgian Code on Corporate Governance contains a number of provisions regarding the remuneration of non-executive directors and members of the executive management. The Corporate Governance Committee comments on these provisions in this note. These should be read in conjunction…
Study on the compliance with the 2020 Code : The Committee raises the awareness of the listed companies
Every two years, GUBERNA and the FEB carry out a study of compliance with the provisions of the 2020 Belgian Code on Corporate Governance. In particular, this study enables the Corporate Governance Committee to understand how Belgian listed companies and their boards make use of the flexibility…
New study on sustainable value creation in Belgian listed companies
This new report presents the results of a study carried out by GUBERNA on the concept of “sustainable value creation” in Belgian listed companies. According to the 2020 Belgian Code on Corporate Governance, sustainable value creation involves an explicit focus on the…
New study report on the compliance with the 2020 Code
For the seventh time, GUBERNA and VBO FEB have conducted a joint study on compliance with the Belgian Corporate Governance Code ('Code'). This new edition is the first to focus on the 2020 Code. The results of this study can be summarised as follows: companies simply apply…
The Corporate Governance Committee publishes two new explanatory notes
Following the completion of the new study on compliance with the 2020 Code, the Corporate Governance Committee undertook the drafting of two new explanatory notes to clarify certain principles of the Code. The first explanatory note concerns the remuneration of non-executive directors and…
Publication of the English version of the 2020 Belgian Code on Corporate Governance
The English version of the 2020 Belgian Code on Corporate Governance has been published.
Study on sustainable value creation in Belgian listed companies
This report presents the results of a study on the concept of “sustainable value creation”…
Compliance with the 2020 Belgian Code on Corporate Governance (financial year 2022)
Every two years, GUBERNA and the FEB carry out a study of compliance with the…
Compliance with the 2020 Belgian Code on Corporate Governance (financial year 2020)
For the seventh time, GUBERNA and VBO FEB have conducted a joint study on compliance with…