2020 Code

20/01/22

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 members …

20/01/22

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 89.9% of the …

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 quality of the …

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 …

Compliance with the 2020 Belgian Code on Corporate Governance (financial year 2020)

Description:

Study 48

Description:

In its study of March 2019, the FSMA took stock for the first time of non-financial reporting by large listed companies in Belgium. In that study, the FSMA drew attention to good practices and presented a number of recommendations regarding the quality of reporting non-financial information. Since …

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 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 for …

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 decided …

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 …

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