Round Table Shareholder Governance (II)

11 juni 2019
Round Table
Mrs. Laetitia Boucquey (BlackRock Inc.), Mrs. Sandra Gobert (GUBERNA), Mr. Philippe Lambrecht (VBO-FEB), Mr. Emmanuel Leroux (Laga), Mr. Pierre Mottet (IBA), Prof. dr. Lutgart Van den Berghe (GUBERNA), Mr. Benoit Van den Hove (Euronext)
Deze activiteit is reeds afgelopen


The GUBERNA Centre for Shareholder Governance, together with its partners Ageas and Deloitte & Laga, organises a Round Table to debate one of the upcoming new developments in the new Code of Companies and Associations,, i.e. Loyalty Voting Rights.

In listed companies it will be possible, through the introduction of the new company law, to grant a double voting right to "loyal" shareholders (that is, shareholders holding their shares for at least two years without interruption). This so-called loyalty voting right has a double purpose. In the first place, the favouring of loyal shareholders aims to counter short termism and the promotion of a long-term vision. In the second place, it is intended to prevent controlling shareholders from deciding, for fear of loss of control, not to take the step to a stock exchange listing in circumstances where such a step would be appropriate from an economic point of view, and in particular with a view to financing the growth of the company.

During this round table we will discuss in depth the pro’s and cons of this instrument to reward loyal shareholders as well as important practical issues regarding, amongst others:

  • The definition of transparency levels & barriers and the organisation of the transparency on the evolution of the voting rights
  • The consequences of transfers of shares in case of heritage/family shares and the consequences of mergers and divisions.
  • The impact if one operates with certificates.
  • The position of the board and in particular the position of the independent director, when a controlling shareholder wants to introduce double voting rights.

We kindly invite you to this meeting on 11 June, 2019 (10.00-13.00) in Brussels (Ageas, Markiesstraat 1, 1000 Brussels).


10h00 Welcome

Introduction: Positioning the debate on double & multiple voting rights

by Prof. dr. Lutgart Van den Berghe (GUBERNA)


The legal aspects of double voting rights for listed companies - loyalty shares

by Philippe Lambrecht (VBO-FEB)


Why would a company adapt its bylaws to introduce double voting rights? The point of view of the leader of a listed company

by Pierre Mottet (IBA)


What is the opinion of the institutional investor? What requirements sound essential to accept a system of double voting rights?

by Laetitia Boucquey (Black Rock)


What is the opinion of the stock exchange? What are the main advantages for listing? What are the pitfalls to be aware of?

by Benoit Van den Hove (Euronext)


Applying the loyalty shares in practice – points of attention, 

by Emmanuel Leroux (Laga)


Panel debate with participation of Laetitia Boucquey (Black Rock), Philippe Lambrecht (VBO-FEB), Emmanuel Leroux (Laga), Pierre Mottet (IBA), Benoit Van den Hove (Euronext)

Moderated by Prof. dr. Lutgart Van den Berghe (GUBERNA)

11h50 Conclusions by Sandra Gobert, Executive Director GUBERNA
12h00 Q&A
12h15 Drinks & fingerfood



Markiesstraat 1
1000 Brussels

Vragen? Contacteer ons

 Inge Stoop
 09 210 92 74

Gerelateerde activiteiten

11 dec 2018

Round Table Shareholder Governance (I)

Mr Bart De Smet (Ageas & Commission Corporate Governance), Tom Franck (Cabinet Minister Johan Van Overtveldt), Mr Robbert Gerritsen (ISS), Mrs Sandra Gobert (GUBERNA), Mr Diederik Laman Trip (Stichting Financiële Instellingen NL), Emmanuel Leroux (Laga), Prof.dr.Lutgart Van den Berghe (GUBERNA), Mr Vincent Van Dessel (Euronext)
Round Table


20 feb 2020
24 mrt 2020

Round Table Shareholder Governance