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Innovation is the process of discovering and developing new knowledge and translating this to successful products and services. 

Innovation is not solely “the introduction of new ideas”. Even though this may be a good first step, we do not talk about “innovation” until the idea has been applied in such a way that it improves a product or service or the underlying business processes. Successful innovations are strongly tied to organisational goals and contribute to the vision of the organisation. Good governance, therefore, plays a crucial role in innovation. 

Every organisation today needs innovation in some way, shape or form. Innovative activities have similar characteristics that influence governance in your organisation. Digitalisation has both internal and external effects. Internally, the organisation must switch to a digital organisation. Externally, innovation and digitalisation have to do with organisational strategy and taking risks. Digital, connected organisations, for example, think about how they can service their customers better, how they can create value based on data or how they can realise their greater purpose. 

The role of the board 

GUBERNA believes in the role of good governance to stimulate innovation (and digitalisation) and to help the organisation succeed. With a clear long-term vision and concrete goals, the board of directors provides guidelines that are necessary to channel the growth of innovative projects. To make innovations a success, board members need to approach them from an investment & research-perspective. It requires long-term investments and financing in new technology and competences. In addition, research and continuous evaluation of the results play a crucial role in steering the innovation process. By taking weighed risks backed by research; an idea can grow into a positive innovation for the organisation. 

The intensity of research and development investments is influenced by good governance in the organisation. The division of functions of the CEO and the chairman and the presence of the founders of the board of directors also contribute positively to innovation. In addition, focusing on diverse skills and perspectives of the dependent and independent board members may also have a positive influence. New ideas and perspectives should be discussed. By letting go of traditional thought patterns and by stepping away from “group think”, innovative ideas can come to life. 

At GUBERNA, we believe in the power of good governance to stimulate innovation. May your organisation be inspired to translate good governance practices to more innovation and resilience in the long-term.

De rol van de raad van bestuur

GUBERNA gelooft in de rol van goed bestuur om innovatie (en digitalisering) te stimuleren en te doen slagen in de organisatie. Met een duidelijke langetermijnvisie en concrete doelstellingen biedt de raad van bestuur een kader waarin innovatieve projecten kunnen groeien. Om innovatie te doen slagen dienen bestuurders innovatie te benaderen vanuit een investerings- en onderzoeksperspectief. Ten eerste vraagt innovatie gerichte langetermijninvesteringen en financiering in nieuwe technologie en competenties. Daarnaast staat onderzoek en de continue evaluatie van onderzoeksresultaten centraal om innovatie verder te sturen. Door gewogen risico’s te nemen op basis van grondig onderzoek kan een idee groeien in een positieve innovatie voor de organisatie.

De intensiteit van onderzoeks- en ontwikkelingsinvesteringen wordt ook beïnvloed door goed bestuur in de organisatie. De scheiding van de functies van de CEO en de voorzitter en de aanwezigheid van de oprichters in de raad van bestuur dragen hier positief aan bij. Daarnaast zal het inzetten van diverse skills en perspectieven van zowel afhankelijke als onafhankelijke bestuurders een positieve invloed hebben op innovatie. Nieuwe ideeën en perspectieven moeten bespreekbaar zijn. Door traditionele denkpatronen los te laten en weg te wijzen van ‘group think’ kunnen innoverende ideeën tot leven komen.

Bij GUBERNA geloven we in de kracht van goed bestuur om innovatie te bevorderen. Mag uw organisatie geïnspireerd worden om goed bestuur te vertalen naar meer innovatie en meer resilience op lange termijn.

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.

• Monitoring Studies 

  GUBERNA, together with VBO-FEB conducts a biennial study that provides insights into the compliance and application of the Belgian Corporate Governance Code by listed companies. These studies evaluate how companies approach good governance and transparency. They are an important tool to support companies in complying with regulations and to uncover trends and areas for improvement.

• 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.