• Remuneration
Organisation type
  • Listed Company

How are board members remunerated in Belgian listed companies?

As stated in principle 7 of the 2020 Belgian Corporate Governance Code, listed companies “shall remunerate board members (and executives) fairly and responsibly”. The idea that board members should be remunerated has even been enshrined in the Belgian company law, for all types of companies, listed or not. However, it is not easy for companies, even listed ones, to determine the fair remuneration of their directors. 

Over the years, GUBERNA has conducted several studies on the remuneration of non-executive board members. This new remuneration report highlights the most recent picture of board remuneration in Belgian listed companies belonging to the BEL 20, BEL Mid and BEL Small indices. It delves into remuneration practices and levels for board members, chairs and even members and chairs of board committees. The report gives an update on previous research published in 2012, 2014 and 2017 and 2019. 

Hereunder is already a sneak preview of the main findings: 

  • Independent board members are always remunerated in Belgian listed companies, while (non-independent) non-executive board members are remunerated in most cases. Executive directors are remunerated for their board mandate in a minority of cases. 

  • In 2021, the cost of a board member was €88.221 in a BEL 20 company, €46.467 in a BEL Mid company and €31.050 in a BEL Small company (median values; on annual basis; all remuneration components except share-based) 

  • Board members (different from the board chair) in BEL 20 and BEL Mid companies are mainly remunerated with a fixed annual amount in combination with a fee per meeting, while board members in BEL Small companies mainly receive a fixed annual remuneration. 

  • In most companies, specific remuneration schemes exist for board chairs and for committee members / chairs. 

  • The 2020 Belgian Code on Corporate Governance recommends that non-executive board members receive part of their remuneration in shares of the company. 13,6% of the Belgian listed companies have mandatory share-based remuneration schemes for their board members, while 6,2% of the companies have an optional system. 

More information


The detailed study regarding the remuneration of non-executive directors can be acquired on demand for the following prices: 

  • Included in the institutional and journey memberships 

  • 250 € excl. VAT for collective members 

  • 500 € excl. VAT for other GUBERNA members and non-members 

To request your copy, please contact

Tailor-made benchmarks

Would you like to compare your remuneration policy with a peer group? Then you can also opt for a tailor-made remuneration benchmark. Contact us for a quote:

Please note that GUBERNA released a study on the remuneration of directors in non-listed companies. More information can be found here.

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