For the seventh time, GUBERNA and VBO FEB have conducted a joint study on compliance with the Belgian Corporate Governance Code ('Code'). This new edition is the first to focus on the 2020 Code. The results of this study can be summarised as follows: companies simply apply 89.9% of the provisions of the Code and for 6.4% of them they explain why they deviate from them. This indicates that listed companies make little or no use of the flexibility offered by the 'comply or explain' principle, as has already been found in previous studies. A less positive finding is that 4% of the Code's provisions are not applied, without explanation.