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Our survey approach

2020 Belgium Spencer Stuart Board Index

The 2020 Belgium Spencer Stuart Board Index covers all 57 companies in the Bel 20 and Bel Mid indices (as of May 2020). Both indices combined have 58 companies in total. However, the National Bank of Belgium was excluded due to the different nature of its activity. Over the past year there have been several changes to both indexes. Argenx, Barco, and Warehouses de Pauw consolidated in the Bel 20 after moving up in 2019, and Ontex moved to the Bel Mid in March 2020.

We analysed board size and composition, committee structure, and director compensation for the 2020 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 from BoardEx. The data collected for our analysis have two different cut-off dates:

Measured as of 31 May 2020:

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

Measured as of 31 December 2019:

  • Board meetings
  • Board committee meetings
  • Board remuneration

The 2020 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 the 2020 Belgium Spencer Stuart Board Index contain detailed information on each company. The source of the data is the companies’ latest published annual reports and corporate websites.

The principal guide to corporate governance best practices in Belgium is the 2009 Belgian Corporate Governance Code, with an updated revision that was released in May 2019 and entered into force on 1 January 2020 (the 2020 Belgian Corporate Governance Code).