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Corporate Governance Statement (CGS) in Belgium

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Overview of the Corporate Governance Statement (CGS)

The CGS is a mandatory statement that listed companies must include in their management report. It provides information about the company’s governance practices, including its organizational structure, the composition and operation of its governing bodies, and its relationships with stakeholders.

Key Elements of the CGS

Some key elements that typically appear in the CGS include:

  • Governance Structure: A description of the company’s governance structure, including the roles and responsibilities of its board of directors, management, and supervisory boards (if applicable).
  • Board Composition: Information about the number and characteristics of the board members, including their independence, expertise, and diversity.
  • Remuneration Policy: A description of the company’s remuneration policy for executive directors and other key employees, including any performance targets or incentives.
  • Share Ownership Structure: Details on the share ownership structure, including the identities of significant shareholders (those with more than 5% of voting rights) and their interests in the company.
  • Stakeholder Engagement: Information about how the company engages with its stakeholders, including employees, customers, suppliers, and investors.
  • Risk Management: A description of the company’s risk management practices, including its approach to identifying, assessing, and mitigating risks.
  • Audit Committee: Information about the composition and operation of the audit committee, including its responsibilities for overseeing the company’s financial reporting and internal controls.

Purpose of the CGS

The CGS is intended to provide stakeholders with a clear understanding of how the company is governed and managed, as well as its approach to risk management and stakeholder engagement. It is typically included in the management report and must be made available on the company’s website.

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