Wet betreffende de bekendmaking van niet-financiële informatie en informatie inzake diversiteit door bepaalde grote vennootschappen en groepen
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On 30 November 2015, GUBERNA, FEB and EY organized an expert working group around the 'comply or explain' principle. In this working group, three concrete themes were discussed, namely: The application of the 'comply or explain' principle in general; The process that occurs in the …
On 23 April 2010, the law on the enhancement of corporate governance for listed companies and autonomous public undertakings, and on the amendment of the rules with regard to the prohibition against pursuing functions in the banking and financial sector, was published in the Belgian Official Gazette.
Each listed company is now obliged to include in its annual report a specific section on corporate governance.
Listed companies are also required to establish a remuneration committee. The remuneration committee is composed exclusively of non-executive directors, the majority of whom are independent directors. The board of directors must ensure that the remuneration committee has the necessary expertise with regard to the remuneration policy.
The Belgian Corporate Governance Code has also been imposed as the reference code for listed companies. Listed companies will be held to assign the Code as their reference code according to article 96, § 2, 1° of the Code on Companies.
The law on quota of women in the board of directors has been adopted. At least one third of the board of directors must be of the opposite gender. The required minimum number is rounded off to the nearest whole number.
The law also contains sanctions which apply to members of the board of directors and newly appointed members respectively.
Companies must also provide an overview in the annual report of efforts made to ensure that at least one third of the members of the board are of the opposite gender.