The 2024 Belgium Spencer Stuart Board Index covers the 47
companies in the Bel 20 and Bel MID indices (as of 31 May 2024).
The purpose of the survey is to provide a comprehensive
review of governance practices and to identify emerging significant trends among
Belgium’s largest companies.
We analysed board size and composition, committee structure
and director compensation for the 2023 financial year, compiling our research from
a combination of publicly available sources such as latest annual reports and company
websites, minutes and agendas of general meetings, and BoardEx.
Measured as of 31 May 2024:
- Board composition
- Executive committee composition
- Female representation
- Independence
- Tenure
- Board commitments
- Age
- Foreign representation
Measured as of 31 December 2023:
- Board meetings
- Board committee meetings
- Board remuneration
There have been significant changes to the constituent
companies under review since the 2023 Board Index, when 56 companies were
surveyed, compared to this year’s cohort of 47.
The Solvay spin-off, Syensqo, joins the BEL 20 in its first
year of market entry. Sofina transitions to the Bel 20 from the Bel Mid. Ten companies
have exited one or other of the indices surveyed. They are: Agfa Gevaert,
Telenet, Euronav, Atenor, Compagnie du Bois Sauvage, Exmar, Home Invest
Belgium, Immobel, Intervest Offices & Warehouses, and Sipef.
To develop our understanding of non-executive directors, we
investigated further their sector and functional background. We also examined
the current activities of board members, including their roles as current
executives or as supervisory board members, and the number of public boards on
which they serve.
The 2024 Board Index also examines family-owned businesses, which account for 45% of the 47 companies under review.