Corporate governance charter
Belgacom’s governance model is strongly influenced by the company’s specific legal status. As a limited liability company under public law, Belgacom is first and foremost governed by the law of 21 March 1991 reforming certain public economic enterprises ("the 1991 Law"). For matters not explicitly regulated by the 1991 Law, Belgacom is governed by the Belgian Commercial Companies Code.
The main characteristics of Belgacom’s governance model are:
- A Board of Directors that defines Belgacom’s general policy and strategy and monitors the company’s operational management;
- The creation by the Board of Directors of an Audit and Compliance Committee, a Nomination and Remuneration Committee and a Strategic and Business Development Committee, all composed of Board members;
- A President & CEO who takes the primary responsibility for operational management, including, but not limited to, day-to-day management.
This means that Belgacom’s activities are carried out by its managers and employees under the leadership of the President & CEO (assisted by the Management Committee) and the active supervision of the Board of Directors, with strategic support of this Board, all in the interest of promoting the company’s long-term value.
In this way, Belgacom aims to meet, in a responsible manner, the expectations of other stakeholders and parties concerned, including employees, customers and suppliers, as well as the community and environment in which the company operates. In creating long-term value, Belgacom must take into account ethical standards and apply a policy that limits operational risks.
Belgacom subscribes to the principles of good governance and transparency, as defined by the Belgian "Code on Corporate Governance." The corporate governance charter was approved by the Board of Directors on 15 December 2005 and is adapted regularly. Any important changes are explained during the General Shareholders Meeting.