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explanatory note

02/03/16

Explanatory note on related party transactions

In February 2015, the Financial Services and Markets Authority (FSMA) published a study on the disclosure by listed companies about relations and transactions with related parties. Following this, the Corporate Governance Committee, the FSMA, and the Institute of Company Auditors established an …

Related party transactions

In February 2015, the Financial Services and Markets Authority (FSMA) published a study on the disclosure by listed companies about relations and transactions with related parties. Following this, the Corporate Governance Committee, the FSMA, the Institute of Chartered Auditors and the Belgian …

(Re)appointment of the external auditor

The latest European developments regarding the audit profession express the wish to strengthen the quality and transparency of the external audit. In response to these developments, the Committee has published a practical rule hereto. The 'pratical rule for the procedure regarding nomination and …

Internal control and risk management

The law of 6 April 2010 regarding the reinforcement of corporate governance of listed companies has introduced a new obligation by bringing in a description of the main features of the company's internal control and risk management systems. This description needs to be disclosed in the Corporate …

Practical rules for high-quality explanations (2016 version)

Belgian listed companies are by law obliged to apply the 2009 Belgian Code on Corporate Governance. Companies can deviate from the 2009 Code, however, they must clearly indicate which parts of the 2009 Code they depart from and specify the reasons for such departure. The flexibility provided by the …

Comments on the impact of legislation to the 2009 Code

The law of 6 April 2010 on the reinforcement of corporate governance in listed companies sets out legal obligations for listed companies, amongst which the obligation to disclose a Corporate Governance Statement. The legal obligations of this particular law have an impact on the 2009 Code, more …

Remuneration reporting

The law of 6 April 2010 obliges listed companies to set up a remuneration report and describes the elements that should be taken up in this report. This replaces essentially Principle 7 of the Belgian Code on Corporate Governance 2009 regarding the remuneration. An important remark is that the grid …