OECD Corporate Governance Factbook 2025: Belgium
Table of contents
This Country Note consolidates information published in the 2025 edition of the OECD Corporate Governance Factbook. Along with the summary of recent developments, it provides an overview of Belgium’s corporate governance framework and related information benchmarked against 51 other jurisdictions covered by the Factbook, including all OECD and G20 members.
The information in this document is as of 31 December 2024 unless otherwise specified.
For further details, please refer to the OECD Corporate Governance Factbook 2025.
In March 2024 the Code of Companies and Associations (CCA) was amended to reinforce the corporate governance framework. The following amendments were enacted:
The general shareholders meeting is required to give its approval in case of a transfer of more than 75% of the assets of a listed company.
Listed companies are required to have at least three independent directors and the administrative body has to confirm having no indication of any element that could call into question their independence (or explain) at the time their appointment is proposed.
A professional ban is put in place for directors and daily managers of listed companies that have been convicted of specific crimes.
On 30 December 2024, the law of 2 December 2024 transposing the EU Corporate Sustainability Reporting Directive was published in the Belgian Official Gazette resulting in a more detailed framework on sustainability reporting for both listed and non-listed companies.
|
No. of listed companies in Dec 2024 |
Change since Dec 2021 |
Market capitalisation in Dec 2024 |
Ratio to GDP |
||
|---|---|---|---|---|---|
|
Belgium |
97 |
|
-10.2% |
USD 328 bn |
49.4% |
|
OECD members |
21 618 |
|
4.3% |
USD 92 518 bn |
136.5% |
|
World |
46 086 |
|
11.3% |
USD 124 536 bn |
112.7% |
Note: “World” covers 98 jurisdictions. “OECD members” covers 38 countries.
Source: OECD Capital Market Series Dataset. IMF.
Note: “World” covers 98 jurisdictions.
Source: OECD Capital Market Series Dataset.
Note: The share of companies in each jurisdiction where the single largest shareholder and the three largest shareholders own more than 50% of the company’s equity capital. “World” covers 98 jurisdictions.
Source: OECD Capital Market Series Dataset.
The categories that the jurisdiction fits into are highlighted in blue.
The bold numbers and words indicate country-specific additional information.
The numbers within parentheses indicate the number of jurisdictions applicable to each category.
For further information on the methodologies used for the categorisations, please see the OECD Corporate Governance Factbook 2025.
* Some jurisdictions belong to multiple categories because of the additional requirements other than a percentage of shareholding.
* Jurisdictions where mandatory takeover bid rules exist are included.
** Some jurisdictions belong to multiple categories.
* Some jurisdictions belong to multiple categories.
* Some jurisdictions belong to multiple categories.
* Some jurisdictions belong to multiple categories.