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Study on the remuneration of non-executive directors in Belgian listed companies

  • en
Organisation type
Listed Company


As is stated in principle 7 of the Belgian Corporate Governance Code 2009 (and reproduced in the 2020 edition), “the company shall remunerate directors (and executives) fairly and responsibly”. The idea that board members should be remunerated has even been enshrined in the new Code on Companies and Associations, for all types of companies, listed or not. However, it is not easy for companies, even listed ones, to determine the fair remuneration of their directors.

Over the years, GUBERNA has conducted several studies on the remuneration of non-executive directors. This new remuneration report highlights the most actual picture of non-executive directors’ remuneration in Belgian listed companies. It delves into remuneration practices and levels for board members, chairs and even members and chairs of board committees. This report gives an update on previous research published in 2012, 2014 and 2017.

The detailed study regarding the remuneration of non-executive directors in listed companies is exclusively reserved for our members.


250€  (free for Institutional members, Journey members and partners)

Tailor-made benchmarks

For a tailor-made analysis, you can always rely on GUBERNA's benchmarking services. More information can be found here.

Please note that GUBERNA recently released a study on the remuneration of directors in non-listed companies. More information can be found here.

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