Codes & Regulations

The basic principles of good governance are laid down in the code of conduct. The codes for good governance are a form of self-regulation, also called soft law, and are in addition to the current European and national laws (hard law). They contain a set of laws and behaviours that determine how organisations are managed and controlled. These codes were developed worldwide for different types of organisations (www.ecgi.org). Also in Belgium, diverse initiatives have been taken, where GUBERNA has also made a significant contribution.

Discover how we think about (corporate) governance and how this topic is discussed on the agenda worldwide! Below you will find a summary of all of the interesting links to national and international organisations that focus on governance.

• Commissie Corporate Governance
  The Commissie Corporate Governance was started in 2004 thanks to the VBO, Euronext Brussels and the CBFA (Commission for the Bank-, Finance- and Insurance markets) who created one reference code for listed companies. The first code, published in 2004, was reevaluated in 2009 and again in 2019. In May of 2019, the legislator imposed the 2020 Code as a reference code for all Belgian listed companies. On the website you will find more information about the Commissie Corporate Governance. In addition, you can download the 2020 Code en some additional explanatory notes and helpful tools.
   
• Buysse Code 
  The Buysse Code was created thanks to UNIZO, with UCM, that started a "Commission of corporate governance for non-listed companies" under the presidency of Baron Paul Buysse. The goal of this Commision was to create a code with specific recommendations on good governance for all non-listed companies. In September 2005 the first Buysse Code was presented for the first time. The code was reevaluated in 2009. In May of 2017, the third edition, the Buysse Code III was introduced. On this website you will find all of the information about the Buysse Commission. In addition, you can also download the Buysse Code III or ask a question to the Commission.
   
• FSMA
  The authorities of the Financial Services and Markets (De Autoriteit voor Financiële Diensten en Markten in Dutch or FSMA), the successor of the CBFA, supervises the Belgian financial sector, next to the National Bank of Belgium (NBB). It supervises the financial market and company information amongst other things. On the website of the FSMA you will find more information.
   
• NBB
  The Nationale Bank of Belgium is responsible for the supervision of the individual financial institutions, also called micro-prudential supervision, as well as for the macro-prudential supervision concerning the financial market as a whole. On the NBB website you will find all of the information about its supervision and control function.
   
• Euronext
  Euronext is an international, pan-European and international stock exchange company with regulated markets in Amsterdam, Brussel, Dublin, Lissabon, Londen and Paris. Next to the exchange information, you will also find other information about recent stock exchange regulations on their website. 

• ecoDa - European Confederation of Directors' associations
  ecoDa is an independent actor and a unique all-encompassing organisation that represents the most important organisations of boards in Europe. GUBERNA is also a member of this Confederation that has about 50.000 board members represented in 21 countries.
   
• Europese Commissie (DG JUST)
  On this website you will find all of the information concerning the initiatives of the European Commission on ‘company law & corporate governance’.
   
• Europese Commissie (DG FISMA)
  On this website you will find all of the initiatives of the European Commission in terms of 'financial reporting' and 'supervision of the financial institutions'.
   
• OESO
  On this website you will find all information about initiatives taken by OESO concerning 'corporate governance' under this topic. Here you can download the ‘OECD Principles of Corporate Governance’ as well as the ‘OECD Guidelines on Corporate Governance of State Owned Enterprises'.
   
• ICGN
  The ‘International Corporate Governance Network’ is an international member network, founded by the investment community. Its goal is to exchange opinions and information about corporate governance themes. These themes are worked on by diverse workgroups and can result in the publication of specific ICGN guidelines. The ICGN organises a yearly international corporate governance congress.
   
• ECGI
  The ‘European Corporate Governance Institute’ is an international scientific network of academics that complete research in the domain of corporate governance. ECGI allows academics, policy makers and practitioners to debate on its forum. They focus on the most important corporate governance aspects and the stimulation of best practices in this domain. Next to publications and working papers, the website also includes a clear list of the current corporate governance codes.
   
• GNDI
  The ‘Global Network of Director Institutes’ brings member organisations for board members from the whole world together to stimulate good governance globally. The member organisations of the GNDI represent 100.000 board members from a broad spectrum of organisations.
   
• Conference Board
  The Conference Board is an international dependent member organisation. It carries out research, organises conferences and brings business leaders together to discuss diverse topics, such as corporate governance. On this website you will find different information about the different work groups that are organised by the Conference Board.