The 2020 Belgian Code on Corporate Governance ('2020 Code') applies to companies incorporated in Belgium whose shares are admitted to trading on a regulated market (‘listed companies’) as defined by the Code on Companies and Associations.

The 2020 Code is the third Belgian Code on Corporate Governance, which replaces the versions previously published in 2004 and 2009.

The 2020 Code applies compulsorily to reporting years beginning on or after 1 January 2020 (‘compulsory application’). However, the company may already choose to apply the Code for reporting years beginning on or after 1 January 2019 (‘optional application’). In either case, the Code will replace the 2009 Code.

Key changes compared to the 2009 Code 2020 Belgian Code on Corporate Governance