Centre Listed Companies

GUBERNA has always had a specific focus on corporate governance in listed companies. Together with our partners EY, VBO FEB, and Allen & Overy, we strive to capture the relevant national and international developments on corporate governance & corporate law and share experiences on implementation of best practices. We help companies find the right balance between compliance and purpose-driven sustainable value creation. In addition, we regularly carry out research and organise activities for listed companies. 

Further, GUBERNA is a member of the Belgian Commission for Corporate Governance, and ecoDa (European Confederation of Directors' Associations), which gives us a unique position. Read more about GUBERNA International. In this way, GUBERNA is involved in all relevant Belgian and European corporate governance developments which allows us to let our voice be heard, in Belgium and on a European level.

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For whom?

The Centre Listed Companies is the governance partner for Belgian listed companies and their boards. We also provide useful resources for management teams, secretary generals, and advisors of listed companies.

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Different ways to engage with us

GUBERNA organises different activities for listed companies. With workgroups, round tables and other events, we dive into and debate on several relevant themes with listed companies.  On a yearly basis we organise the Listed Company Day where we zoom in on different innovations and new challenges for listed companies, not just from a legal standpoint, but also broader: economic, social, etc. In addition, GUBERNA has initiated two exchange platforms exclusively for members. The Secretary General Platform is a forum to share experiences related to the the missions of the secretary generals. The Remuneration Platform allows members to share best practices on topics related to board & executive remuneration and the role of the remuneration committee.

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Publications for Listed Companies

GUBERNA offers valuable publications for listed companies, including a monitoring study on compliance with the Belgian Corporate Governance Code, a report on non-executive directors' remuneration for benchmarking, and a study on sustainable value creation focusing on ESG practices in listed companies.

Highlighted publications

Monitoring Study

The monitor study of listed companies has by now become a fixture in the corporate governance landscape. Since 2006, together with VBO/FEB, GUBERNA has been monitoring and evaluating various aspects of the boards of directors of listed companies, mainly in relation to the corporate governance codes to which these listed companies are subject.
Study on the remuneration of non-executive directors 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.
Study on sustainable value creation in Belgian listed companies

Read more about the study on sustainable value creation in Belgian listed companies

All publications

Origin

Type

Theme

Language

Consultation on gender imbalance in corporate boards in the EU

SPC Consultation Report July 2012

Review of Annual Reports 2010 of Euronext Brussels listed companies

This is the second annual publication in Grant Thornton’s series of reviews of the corporate governance disclosures of Belgian companies quoted on the Euronext stock exchange. The review examines the extent to which companies comply with regulatory requirements.

Study on the compliance of BEL 20 companies within the Belgian Corporate Governance Code 2009

GUBERNA, in samenwerking met het VBO, voert regelmatig een onderzoek naar de formele naleving van de belangrijkste corporate governance aanbevelingen uit de Belgische Corporate Governance Code. Hiertoe worden alle beursgenoteerde ondernemingen onderzocht en dit aan de hand van publiek beschikbare informatie.

Compliance of the Belgian Corporate Governance Code by Belgian listed companies

GUBERNA's response to the Green Paper on Corporate governance in financial institutions and remuneration policies

ecoDa's response to the Green Paper on the Audit Policy

Green Paper on Corporate governance in financial institutions and remuneration policies

In response to the financial crisis, the Commission committed itself in its March 2009 Communication on "Driving European Recovery" to improving corporate governance in financial institutions. The Commission wanted to ensure that the interests of consumers and other stakeholders are better taken into account, businesses are managed in a more sustainable way and bankruptcy risks are reduced in the longer term.

ecoDa's response to the Green Paper on Corporate governance in financial institutions and remuneration policies

Belgische Corporate Governance Code 2009

On March 12th 2009, the Commission Corporate Governance published the 2009 edition of the Belgian Corporate Governance Code ("Code 2009"). The Code 2009 replaced the previous 2004 version.

Conspiracy of fools

Principles of Good Corporate Governance (Spain)

Corporate Governance in listed companies

GUBERNA onderzoekt met vaste intervallen de corporate governance praktijk in Belgische bedrijven. Zowel de grote, middelgrote als kleine beursgenoteerde en besloten ondernemingen worden daarbij bestudeerd, met ook bijzondere aandacht voor familiebedrijven en buitenlandse filialen. Dit onderzoek wordt in verschillende fasen uitgevoerd en gaat zeer breed. In de bevraging worden alle organen van het corporate governance drieluik betrokken: de raad van bestuur, het management en de aandeelhouders.

Informatieverstrekking door beursgenoteerde vennootschappen

Corporate Governance in Belgium 1997 - 1998

Services & Tools

The impact of business on people and planet is changing the way we do business. Business models and corporate strategies are therefore being reviewed and rewritten. In addition, directors need to pay more attention to human and environmental capital in addition to achieving hard financial targets. GUBERNA is ready to support directors in this and optimise their board of directors / advisory board. This with an eye on long-term success for every type of organisation.

Incompany Education

As part of its Premium offer, GUBERNA provides tailor-made in-company training for organisations in need of a flexible and personalised good governance programme. Through this customised service, GUBERNA wishes to guide your organisation in the professional development of your directors and senior management

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Remuneration benchmark board members

Would you like to benchmark the renumeration of your board members? GUBERNA supports organisations by develoing an adequate renumeration policy for non-executive board members.

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GUBERNA Board Self Evaluation Tool

The GUBERNA Board Self Evaluation Tool is a practical digital tool that allows the board of an organisation to reflect on its functioning and to identify and implement concrete action points in order to improve its board effectiveness.

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My organisation is looking for board members

We share board openings with our network for free for any type of organisation, members and non-members alike.

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Evaluation of the board of directors

We are convinced that the evaluation of the board of directors is an integral part of a continuous improvement process. By implementing an explicit evaluation moment, you actively build on the optimal functioning of the board of directors by identifying and improving weaknesses. Also the different existing national and international codes consider the evaluation of the board of directors to be a criteria for good governance.

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As a newly public company, the board of Biotalys wanted to establish a baseline for its evaluation of governance. We chose to work with Guberna. The project was very well managed and extremely helpful for the board in assessing strengths and weaknesses and setting a course for future development of its governance. We were very pleased with the outcome.

Dr. Simon E. Moroney

Chair, Biotalys