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Our survey approach

2022 Belgium Spencer Stuart Board Index

The 2022 Belgium Spencer Stuart Board Index covers all 59 companies in the Bel 20 and Bel Mid indices (as of 31 May 2022). During the past year there have been several changes to both indices. D’Ieteren and VGP consolidated in the Bel 20, having moved up in 2021. Melexis, Telenet, Azelis Group, Deceunick, Orange Group, and Unifiedpost joined the Bel Mid, and Leasinvest Real Estate and Biocartis Group left it.

We analysed board size and composition, committee structure and director compensation for the 2021 financial year, compiling our research from a combination of publicly available sources such as company annual reports and websites, minutes and agendas of general meetings, and BoardEx. The data collected for our analysis have two different cut-off dates:

Measured as of 31 May 2022:

  • Board composition
  • Executive committee composition
  • Female representation
  • Independence
  • Tenure
  • Board commitments
  • Age
  • Foreign representation

Measured as of 31 December 2021:

  • Board meetings
  • Board committee meetings
  • Board remuneration

The 2022 Belgium Spencer Stuart Board Index focuses on quantifiable data pertaining to boards of directors.

The tables that are included in the Company data section of this Board Index contain detailed information on each company. The source of the data is the companies’ latest published annual reports and corporate websites.