The Belgian Committee for Corporate Governance today published the new Belgian Corporate Governance Code (“2020 CG Code”).
The 2020 CG Code puts greater emphasis on sustainable value creation (with implications for remuneration policy) and raises the bar in terms of diversity and non-financial reporting. The code intends to be less formalistic than its predecessor and allow companies to better address their specific circumstances.
As before, the code is based on the principle of ‘comply or explain’ but a more elaborate explanation is required.
The new Code will apply to reporting years beginning on or after 1 January 2020 (but companies may already choose to apply the Code for reporting years beginning on or after 1 January 2019.
Click here to view the press release
Click here for the 2020 Belgian code on corporate governance
Click here for the Key changes compared to the 2009 code.