New composition and priorities of the Corporate Governance Committee
The recently appointed 23 members of the Corporate Governance Committee met on 1 October 2010.
The Committee includes institutional members - from the Belgian Banking, Insurance and Finance Commission (CBFA), Euronext, the Federation of Enterprises in Belgium (FEB), the Belgian Institute of Registered Auditors (IBR/IRE), and the Central Economic Council (CCE/CRB) -, institutional investors, experts on governance and representatives of listed companies. This way, the first users and the main stakeholders with an interest in efficient corporate governance are represented. Gender diversity was also taken into account when the new appointments were made.
After the selection procedure effected with the assistance of the Nomination Committee, the following people joined the ranks of the Board of Directors, HAROLD BOËL, JEAN-NICOLAS CAPRASSE, TOM DEBUSSCHERE, FRANCK DONCK, EVELYN DU MONCEAU, MARTINE DUREZ, PAUL HUYBRECHTS, PHILIP NEYT, MICHÈLE SIOEN.
The members were appointed for a three-year term and joined the Board of Directors of the private foundation, which is chaired by Herman Daems. A full list of the Committee's members is attached for your information.
The new Committee will continue to monitor any governance-related developments since the entry into force of the new law on corporate governance (6 April 2010) and has set itself a number of priorities for the coming year (2010-2011):
The Committee will strive to produce a user-friendly instrument for helping listed companies apply that law and the 2009 Belgian Code on Corporate Governance in practice and to provide a framework that will enable them to meet their requirements with respect to corporate governance.
The Committee will work on the publication of a model remuneration report and review the remuneration grid for the managers of listed companies, based on the new law.
The Committee will design an instrument to clarify how listed companies can meet the requirements with respect to using internal risk control mechanisms in listed companies.
The Committee will also consider potential initiatives aimed at ensuring that women are more adequately represented on the Boards of Directors of listed companies.