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Revised Code Buysse Published

Posted on August 31, 2009 by Claeys & Engels

On 23 June 2009, a revised version of the Code Buysse was published.

The Code contains a list of recommendations in the field of corporate governance for non-listed companies. As it concerns recommendations, companies are in principle free to follow them or not. Evidently, the Code carries a certain moral authority.

As in the previous version, the revised Code Buysse recommends to establish some advisory committees within the board of directors. A remuneration committee that makes suggestions to the board of directors on the remuneration policy and the individual remuneration of the senior management might thus be established. The decision-making power remains however with the board of directors. Eventually, the remuneration committee may be assisted by a specialist.

Concentrating on the very heart of the remuneration policy, the new Code foresees that the remuneration should be in conformity with the market and should be the basis to attract the best specialists. Variable remuneration can be an additional motivating factor , but should correspond with real performance and should stimulate a sustainable and profitable growth of the company. In any event, it should be avoided that the remuneration policy stimulates taking unnecessary or too big risks.
Tags: Corporate Governance
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