Codes & Regulations
The basic principles of good governance are usually laid down in a code of conduct. Governance codes are a form of self-regulation, also known as soft law, and complement existing European and national legislation (hard law). They contain a set of rules and behaviors that define how organizations are directed and controlled. Such codes have been developed worldwide for various types of organizations (www.ecgi.org). Belgium has also taken several initiatives in this area, with GUBERNA contributing its part.
Discover how (corporate) governance is perceived and how it features on the global agenda! Below, you'll find a summary of interesting links to national and international organizations dedicated to governance.
National
The Corporate Governance Committee
The Corporate Governance Committee was established in 2004 at the initiative of the Federation of Enterprises in Belgium (VBO), Euronext Brussels, and the CBFA (Banking, Finance and Insurance Commission), with the aim of developing a single reference code for listed companies.The first Code was published in 2004 and was revised for the first time in 2009 and a second time in 2019. In May 2019, the legislator designated the 2020 Code as the official reference code for all Belgian listed companies. The Committee’s website provides comprehensive information, including the full text of the 2020 Code, explanatory notes, and useful tools for implementation.
The Buysse Code
The Buysse Code offers corporate governance recommendations for unlisted companies. It remains a key resource for entrepreneurs seeking to strengthen their organization with a long-term vision, professionalism, and resilience. GUBERNA has been involved since the very beginning in 2005, as the driving force behind the initiative, Baron Paul Buysse, was then Chair of the Board of Directors. The Code is now in its fourth edition, with GUBERNA once again contributing to its development.The Buysse Code is also embedded in director training programmes such as Director Effectiveness and Board Effectiveness. Director Effectiveness en Board Effectiveness.
UNIZO & UCM Code good governance
In December 2020, UNIZO and UCM jointly launched a CODE FOR GOOD GOVERNANCE that includes the recommendations UNIZO and UCM propose to their target audience of self-employed entrepreneurs and non-listed SMEs. The recommendations have also been adapted to the new company law. In addition, the code includes practical fact sheets and a series of video lessons. You can consult the code here.
FSMA
The Financial Services and Markets Authority (FSMA), the successor of the CBFA, oversees the Belgian financial sector alongside the National Bank of Belgium (NBB). It is responsible, among other things, for supervising the financial markets and company disclosures. You can find all relevant information on the FSMA’s website.
NBB
The National Bank of Belgium (NBB) is responsible for microprudential supervision of individual financial institutions and macroprudential oversight of the financial system as a whole. Full details about its supervisory and control functions can be found on the NBB’s website.
Euronext
Euronext is an international, pan-European stock exchange operator with regulated markets in Amsterdam, Brussels, Dublin, Lisbon, London, and Paris. In addition to market data, the Euronext website also provides access to the latest exchange regulations.
Publicaties voor Codes & Regulations
Publications on Codes & Regulations
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