Better World. Better Organisations, Better Boards, Highlights 2020 Outlook 2021

Outlook 2021 - Highlights 2020 — 1 Outlook 2021 - Highlights 2020 — 2 TABLE OFCONTENTS THANK YOU FOR SHAPINGTHEFUTUREOFGOVERNANCE WITHUS FINANCIAL RESULTS NON-FINANCIAL STATEMENT OUR ORGANISATION OUR SERVICES OUR CENTRESOFEXPERTISE REACH LIFELONG LEARNING KNOWLEDGE DEVELOPMENT OUR PURPOSEANDSTRATEGICPILLARS FOREWORD • • • • • • • • • • • • • • • • • • • • • •

Our Board Board ofDirectors Our team Premium services Services Tools Our involvement ataEuropean level Financial Sector Governance Social Governance SME Governance Public Governance Listed Companies Family BusinessGovernance Our digitaltransformation Our Alumninetwork Our membernetwork Events Key figures Education programmes Key figures Publications 2020 Research themes&projects Key figures Outlook 2021 - Highlights 2020 — 4 FOREWORD specific circumstances. effective, balanced,andtimelydecisions in to achangingenvironment andto deliver governance bodiestheabilityto react quickly lessonto include in thedesignof important The COVID-19 pandemicalsoteachesusan organisations, ismore obvious thanever. for private, public,andgovernment-owned behaviour andsustainedvalue creation to qualitative decisionmaking,ethical structured governance bodiesthatcontribute Facing suchchanges,theneedforwell our societiesandorganisations. inclusion, and(de)globalisationwillhave on change, cybersecurity, migration,social of theimpactthatnewtechnologies,climate More thanever before, weshouldbeaware Board ofDirectors, GUBERNA Chairman Message from GaëtanHannecart, before to itsmembers andsocietyatlarge. pillars anddelivering more value thanever and more organised around thosethree isgettingmore GUBERNA Sandra Gobert, that, underthecompetentleadershipof ones andweare pleasedto very observe three strategicpillarscontinue to betheright The board andIare fullyconfidentthatthose that structure allthatwedoatGUBERNA. In 2019wedefinedthethree strategicpillars saying ofmanyyears: “onestepahead development isreflected intheGUBERNA are centralto allthatwedo.Knowledge research, knowledge,andunderstanding “being aprofessional director isajourney”. saying ofmanyyears: Learning isreflected intheGUBERNA orshareholders.civil servants, Lifelong to us,whetherasmanagers,directors, organisations thathave beenentrusted permanent learningpathwhileleadingthe all, whetherwerealise itornot,ona Lifelong Learning content inspires network “network inspires content, saying ofmanyyears:the GUBERNA appropriate answers.Reachisreflected in are facing,andthatwecanprovide of thespecificchallengesthatthey that webothgetabetterunderstanding federationsorganisations, andpartner with abroad communityofdirectors, Reach Knowledge becauseitisby interacting Development becauseweare ”.

because ”. • • • • • strategic pillars.Letmenamejustafew: insights andpracticesalongthosethree continuedtoGUBERNA deliver governance During 2020,anddespiteCOVID-19, support from ourmembers. support ofthecrisisandcancall for in support share volunteer andpro bonoinitiatives organisations can members andpartner “Directors platformwhere inSolidarity” to societyatlarge by establishingour alsoreachedIn 2020,GUBERNA out made themavailable to ourmembers. governance tools directed to SMEsand finalisedtwonew In 2020,GUBERNA crisis. questions intimesoftheCOVID-19 our memberswithgovernance related but alsoto increase theassistanceof The aimwasnotonlyto monitor safety, setupaResilienceTaskforce.GUBERNA “Taking upourresponsibilities”, Early onin2020andunderthemotto events andeducationalprogrammes. interact digitallyaswellphysicallyat 168 Belgianmemberorganisations to enables our2.753BelgianDirectors and & Community. platform Thispowerful GoodGovernanceGUBERNA Platform launchedthe In 2020,GUBERNA voting forourmembers. with live questioningandelectronic in Belgium,behindcloseddoorsand 100% digitalGeneralMemberAssembly Assembly, organised GUBERNA thefirst or postponingourGeneralMember world becauseinsteadofcancelling many membersandtheoutside surprised On 24March 2020,GUBERNA together. that wecanonlyachieve by workingclosely establishing bettergovernance isamission thanever.more important Prompting and governance inalltypesoforganisations is As COVID-19 clear, ismakingcrystal good to outitsmission. help GUBERNA carry canhelpyou, and how youGUBERNA could more anddiscusshow withyour GUBERNA organisations -toand partner interacteven Directors Certified members, GUBERNA As aChairman,Ialsoinviteallofyou - foundation underthefuture ofGUBERNA. achieved andIbelieve itputsastrong As aChairman,Iapplaudallthathasbeen organisational transformationprocess. continued andaccelerateditsdigital Teamthe sametimeentire GUBERNA the rapidlychangingenvironment. Andat research,perform of basedonobservations Teamparallel, ourGUBERNA continuedto deliver value to members.In allGUBERNA quickly alternative ways to continueto TeamGUBERNA managedto find very illustrated withtheexamplesabove, our Team reacted and behaved in2020.As I feel whenIlookathowourGUBERNA Let meshare withallofyou theproudness • crisis withsmalleraudiences. personal experiencesinrelation to the acted asrole modelssharingtheir members, asexperienceddirectors, eXperience sessionswhere ourboard ranaseriesof In 2020,GUBERNA

Outlook 2021 - Highlights 2020 — 5 Outlook 2021 - Highlights 2020 — 6 its members. and asanetworkthatlives through andby institute thatenhancesgoodgovernance virus withourresponsibility asaknowledge responsibility oflimitingthespread ofthe our responsibilities immediately definedourpolicyof together withthewholeteamand Therefore, on13March 2020,wesat of ourmembers,wasfirstconcern. people, employees andfreelancers butalso Of course,optimumprotection ofallour andthelongterm. in theshort strived to ensure continuityinouractivities, Together withourmanagementteam,we themselves inthemidstofthisharshreality. its peopleandmembers,alsofound Belgium didnotescape.In2020,GUBERNA, presumably onafoodmarket inWuhan, spread allover theworldfrom China,starting When inDecember2019thecoronavirus governance isgrowing steadilybutsurely. while ourimpactforthebenefitofgood doing well:wewere ableto control ourcosts andmembers,ourorganisation is partners of ourteamandtheloyal ofour support Thanks to theongoingcollective efforts turbulent times. navigate your loved onesthrough these you allwellandthatyou manageto safely finds I trulyhopethatthisannualreport Director, GUBERNA ExecutiveMessage from SandraGobert, governance networkofthefuture investingFurther inthecontent driven , combiningthesocietal #Taking up informing ourmembersbefore they casted and answered duringthemeeting,well and live interaction:18questionswere asked It wasagreat success,with207participants distancing measures. people andimposingtherespect ofsocial forbidding gatheringsofmore than5 gathering abidedby thenationalregulation a memberassociationinBelgium.The the firstcompletelydigitalassemblyof practices, weorganised on24March 2020 One-step-ahead ingoodgovernance and refuted every formofcorona profiling. soft andcontent-orientedcommunication team. We collectively adhered to apolicyof helpdesk training for and our content support provided homeworktrainingandorganised a challenging COVID-19 circumstances, we resources to fulfiltheadditionaltasksin To equipourpeoplewiththenecessary situations ofcrisis. in order to bettercomprehend andmanage within governance structures andpractices, urgent studyofresilience anditsrelevance team shifteditsfocusandlaunchedthe Meanwhile, ourknowledgedevelopment large. follow upofourdigitaltransformationat education programmes aswellto the dedicated to thedigitalisationofourongoing caused by thecrisis. Other core groups were members withgovernance related questions of theForum thatwehadsetupto assistour ofourteamtookresponsibilities. Part charge into core groups alignedwiththeongoing shifting to homework,wedividedourteam to thegovernancesupport actors: while and theirfamilies,weincreased our We took measures to protect ourcolleagues lessons learned Our resilience teamwashappy to share our their vote. commercial andpro bonoinitiatives. befriended organisations share theirnon- and our members,partner-organisations “Directors aplatformwhere inSolidarity”, eXperience Sessions.Inparallel,welaunched insights duringtheweeklymembers-only ofourmembers,sharingtheir support Our board membersjoinedourteamin programmes. registration for events andLifelong Learning Community andForum, orphysicallythrough but alsoto meetandinteractdigitallyinthe a pleasantanduser-friendlyenvironment, only to update theirgovernance insightsin (Act andConnect),allowsmembersnot (Know), Lifelong Learning(Learn)andReach strategic pillarsKnowledge Development digital platformhasbeenbuiltaround our Better Organisations, BetterWorld. This in linewithournewpurposeBetterBoards, after arebranding andreview ofthecontent communitywebsitewentlive, GUBERNA a few days later, on31March 2020,the Strengthened by thisconfidence,only our instituteandnetworkto the21stcentury. digital transition investments needed to bring new purpose,ourstrategyandthe us theirtrustby majoritarilyendorsingour difficult circumstances, ourmembersgave transition ofourorganisation. Despitethe members’ meetingthatmarked the content wise,thiswasanextraordinary Not onlywithregard to theformat,butalso on ourwebsite: withotherorganisations and rules. will take placephysically, strict butwithvery Whenever possible,ourevents andactivities interaction andcreativity -andwelistened. andmembersasked formoreOur partners rules, to beappliedinternallyandexternally. summer, wedefinedasetofclearsanitary programme thatweprepared during In viewoftheresilient governance crisis. during thissecondstageoftheCOVID-19 role oftheboarda focusontheimportant ofthenewseasonwith with hope,thestart determination” “Sustained solidarityand coronaproof Ensemble nouspouvons faire ladifférence” “Samen kunnenwehetverschil maken – with afirstvideomessageon25May 2020 in closecontactwithourmembers, during ourGeneralAssembly, westayed Following uponthepromise made We continuedon27August withasecond position papers. and as wellseveral otherstudies,articles the role oftheBelgianstateasashareholder, and wepublishedanupdatedvisionnoteon related to ourdifferent centres ofexpertise We realised several webinarsandvideos Session. sequel to themuchappreciated eXperience HomeofGovernancethe GUBERNA Talks, a member event, andsuccessfullylaunched School, aswellanentirely digitalnew We organised ourfirst(digital)Summer , launchingprudently, butfilled .

Outlook 2021 - Highlights 2020 — 7 Outlook 2021 - Highlights 2020 — 8 the Board ofTrustees on8October 2020. and astrategicexercise by ourAlumniand executive committeeandthemanagement followed by atwo-day reflection withthe bottom-up withateamsurvey,cycle, starting During summerwelaunchedourstrategic of sustainability. continued to workon the othermajortheme Commission CorporateGovernance, we on governance. WithinecoDaand the New BusinessModelsandtheirimpact tackled thetopic ofinnovation through The AlumniDay of1October 2020 accelerating innovation inBelgianSMEs. instrumentfor governance asanimportant February 2021,wefocusedonresilient November 2020,lateronpostponedto 23 In preparation of ourDirector’s Day on19 library. spontaneously, having acoffee andusingthe glad to welcomethefirst member visitingus to thoseplannedactivities,wewere alsovery employees).of formerGUBERNA Inaddition our “CampingGUBERNA” (ayearly gathering three HomeofGovernance Talks aswell class, several AlumniSparklesinterviews, Effectiveness exams,aBoard Effectiveness end ofOctober, wehave hostedDirector Between thelastweekofAugust andthe Koningsstraat wentbustlingwithactivity. andourpremisesrestarted inthe Our governance classesalmostfully more indetailon objectives ofourthree pillarsasyou will read world. Thisisreflected inthestrategic change forbettergovernance andforthe stands fornochangethechange,but In accordance withourmission, our team (transition) andispreparing to jump. as anorganisation thatistakingtheleap 2021 the managementseeGUBERNA as theteamwellmembersof action plans2021.Theoutlookisoptimistic provided uswithasoundbasisforthe All ofthisfed into ourboard reflection and and ourexercise withtheBoard ofTrustees. parallel withtheinputofAlumniCouncil academic reflection thatweorganised, in formed thebasisforamultidisciplinary deeper andbroader. Thesefirstconclusions institute &networkandthatwewantto go jointly asadata&contentdriven governance all stakeholders nowviewourorganisation The outputofthis“deep dive” confirmedthat members. automation to enhancetheexperienceofour Communityandfurther the GUBERNA 2021 and2022,includingintegrationwith and tools iscontinuouslyplannedfor Integration betweenthedifferent modules datacleaning. currently workingonfurther CRM wentlive inDecember2020andweare migration andCRMimplementation:ournew In parallel,weare inthepeakofdata page 13 . kept ontrack,even ifthepandemiccost 2020 andthepressure onresources, we unprecedented circumstances oftheyear From afinancialviewpoint,despite the platform thatwillopenon29March 2021. e-learning the sameoccasion,ourGUBERNA 2021. We are proud alsovery to present, at our GeneralMemberAssemblyof25March happily share somenewfeatures withyou at there isstillalotof workto do,butwewill This is,ofcourse,anongoingprocess and majority ofourrealisations withinourthree strategiclevers: content realisations 2019–2020showsthatthedigitalaspectisalready embeddedinthe we seethatourdigitaltransformationisindeedmakingitsmark.Theo Keeping track of the priorities set for 2019 and 2020 (people, processes and content renewal), ------Creation oftheHomeGovernance Home ofGovernance Talks &AlumniSparkles First memberpoll boardeXperience sessionswithGUBERNA members&Directors inSolidarity Launch newdigitalplatform First digitalMemberAssembly&first Forum First editionSummerSchool(digital) First digitalDirectorEffectiveness programme New curriculumfortheCertification Policy positionpapers Concept noteonBoard Dynamics Task Force Resilience Reach LifelongLearning Development Knowledge

12% belowbudget.Inlinewith thedecisions to lastyear. However, the expensesremained With onlyaslightincrease of1%compared expenses of2020equalthe2019 expenses. With anamountof2.082.284 EUR, total the 2020forecast. below the2019incomeandonly8% 2.193.829 EURweonlystayed around 2% equalled thatof2019:withanincome activities. Thetotal incomeoftheyear us almostallrevenue outofcentre related verview ofourmain verview

Outlook 2021 - Highlights 2020 — 9 Outlook 2021 - Highlights 2020 — 10 lockdown andtheabsenceofwarmth In additionto thematerialconcerns, onallourdailyactivities. short, hygiene, mutualcontacts,relocations, ...in continues to have, amajorimpactongeneral for myteam.Thehealthcrisishad,and this pastperiodhasbeenextremely difficult made in2020becauseIamfullyaware that I ameven more grateful fortherealisations As theExecutive Director , ofGUBERNA positive of12.980EUR. sustaining ofourturnover, netresult is people andprocesses combinedwiththe As aresult ofthedeferred investments in CRM investments. oftheICT,to postposeapart websiteand and ofthemarketing efforts part important our personnelexpenses,to suspendan effect ofthepandemichasbeento diminish taken by theboard duringSpring2020,the Better World. Better Organisations, Better Boards, spreading goodgovernance: We purposeto have live animportant upto in members in2021. we willcontinueto goforittogether withour Cautious, butdeterminedandinhighspirits, ofourmembers. ongoing support the fightagainstcoronavirus and your in members foryour courageous efforts thanks to eachandevery oneofourteam like to express inthisforeword mydeepest In thesespecialcircumstances, Iwould with alayer ofever-present anxiety. about ourfutures, dousedourdailyexistence feelings ofpowerlessness anduncertainty of physicalclosenesscombinedwiththe

Outlook 2021 - Highlights 2020 — 11 Outlook 2021 - Highlights 2020 — 12 OUR PURPOSE AND STRATEGIC PILLARS OURPURPOSEANDSTRATEGICPILLARS success isthegoal. between daringanddoing.Sustainable entrepreneurship aswelltherightbalance to thisendeavour are leadershipand making, ethics,andintegrity. Essential through clearroles, qualitative decision- good governance inallorganisations To promotes fulfilourpurpose,GUBERNA that having aclearpurposeisindispensable. the purposeoforganisations butbelieves doesnotmakeGUBERNA astatementabout organisations, theirboard andtheirdirectors. A purposeisanessentialguidefor applying goodgovernance. organisations inbeingmore efficient by We believe shouldassist thatGUBERNA organisations contributetoabetterworld. genuinely believe thatbettergovernance leadstobetterorganisations andthatbetter wantstofostergoodgovernanceGUBERNA inallkindsoforganisations becausewe accompany andreflect onthosechanges. review andadaptthechosengovernance to effective boards shouldbeprepared to organisation andcircumstances evolve, governance to work.Andwhenthe also needto proactively putthechosen the sector, size, andlife stage), butthey governance fortheorganisation (considering collectively agree ontheappropriate effective boards donotmerely needto To achieve thiskindofgoodgovernance, boundaries. entrepreneurship withinethicalandlegal towards thispurpose,andto stimulate at stake, to craftasustainablestrategy define aclearpurposefortheorganisation people, structures andprocesses thathelp It isapackageconsistingoftheappropriate more thansimplysomerulesto abideby. Good governance evolved to beingmuch We wantto uniteandconnect knowledge andskills Our objective: wewill beknownasthepreferred Belgianplaceto updategovernance people -duringtheirongoinggovernance journey. We wantto provide continuouslearningmoments governance expertise Our objective: allstakeholders willconsiderusthenumberoneBelgianreference for in arapidlychangingenvironment. We wantto inspire governance actors Our objective: wewill bethenumberonedigitalandpresential communityofBelgian exchange goodgovernance practices. To achieve worksonthree ourmission,GUBERNA interconnected strategiclevers: Reach LifelongLearning Development Knowledge Better Organisations, allgovernance actors by developing one-step-aheadgovernance expertise Better Boards, Better World. arepresentative numberofdirectors &organisations and forallstakeholders -organisations &

Outlook 2021 - Highlights 2020 — 13 Outlook 2021 - Highlights 2020 — 14 KNOWLEDGEDEVELOPMENT relevant andpracticaltools. insights,services thatwetranslateintoadaptedmethodologies, governance expertise We inspireallgovernance actorsby acquiringstate-of-the-art KEY FIGURES wave ofgovernance”: related to ourcore preoccupation “thethird Split upinto several subthemes,theseare all considering thedesiderataof our partners. with European andworldwideevolutions and The overall themeshave beensetupinline new academicandbusinesspartnerships. identified themesandthedevelopment of For 2020wefocusedonthestudyof towards ourmembersandlearningmodules. of ourorganisation, inboundandoutbound Knowledge Development isthebackbone More thanever, ourstrategicpillar Council. academic worldthrough ourAcademic andinputfrom the well asviathesupport with universities/ businessschoolsas our direct personallinkandcollaboration We achieve ouracademicanchoringthrough oriented partnerships. team membersandengagementinresearch- projects, theinclusionofresearch-oriented It isimplementedthrough ownresearch business model. ofGUBERNA’sits creation anintegralpart Research &Knowledge Development issince RESEARCH THEMES&PROJECTS PRESS PUBLICATIONS 3 Interviews 2 Vision papers Position & 1 5 Podcast Reports Studies & Outlook 2021 - - - - - (Codes &Regulations). What isnewforshareholders by governance actors andstakeholders. concept andtheenvisagedengagement Sustainability crisis. not intheleastduringCOVID-19 adapt to rapidlychangingenvironments, board andexecutives to anticipateand elements determiningthecapabilityof Resilience/agility recipes. influence ongovernance modelsand Innovation sustainable collegialdecisionmaking. individual directors to achieve optimal humaninteractionbetween Board Dynamics 3 8 Opinions Articles (digitalisation)andits 20 12 Articles Webinars ortheexplorationof orthestudyof orthestudyof 7 References 4 our members with Interviews

Outlook 2021 - Highlights 2020 — 15 Outlook 2021 - Highlights 2020 — 16 Available inDutch&French. economic andsocialcrisis. paper inthecontextofaconcurrent health, which sustainstherelevance ofthevision changing (regulatory) circumstances, and of an additional analysis, which considers the The updateofthisvisionpaperistheresult Available inDutchandFrench. Position/ VisionPapers News hub in2020.Wearticles inviteyou however toregularlypay avisittoour Below weprovide you of,andlinktowards,ourkey withanoverview publicationsand PUBLICATIONS 2020   shareholder – update 2020 shareholder –update2020 Vision noteontheroleofStateas Financial Sector Position Paper -Memorandum in thefinancialsector. governance andmanagementmodels alignment offreedom ofchoice for a nationalandinternational models inthefinancialsector inview of This paperanalysesthegovernance . Available inDutch &French. (code 2009andcode2020). of theBelgiancorporategovernance codes companies andrefers to therecommendations ofasample of106 of theannualreports companies. Thestudyisbased ontheanalysis on governance practicesofBelgianlisted study December 2019oftheGUBERNA providesThis report anupdateasper31 Available inDutch&French. and shareholders. interaction betweentheboard ofdirectors which thesepracticesallowforeffective framework, andassessestheextentto offered regulatory by thetemporary listed companieshave usedthepossibilities meetings in2020.Thestudydescribeshow on howlistedcompaniesorganised these in digitalformat,weconductedastudy meetings behindcloseddoorsandpossibly organisations to holdtheirgeneralannual royalthe temporary decree allowing Following theCOVID-19 pandemicand Studies &Reports  Study companies – December 2019 companies –December Governance practicesinBelgianlisted Study Corona-proof generalmeetingsin2020

Knowledge Centre and learn intermsofgovernance? network perspective. Whatlessonscanwe and looked attheCOVID-19 pandemicina occasion ofourHospitalGovernance Forum This secondleafletwasissuedatthe Available inDutch&French Available inDutch&French. the European level. governance andidentifypossiblesolutionsat causes of“short-termism” incorporate This studyaimedto assesstheunderlying duties andsustainablecorporategovernance”. published its(long) awaited“Studyondirectors’ On 29July2020,theEuropean Commission Available inDutchand French. remuneration of board members and executives. listed companiescangive theiropiniononthe principle according to whichshareholders of This newlegislationestablishesthe“say onpay”    corporate governance” directors’ dutiesandsustainable oftheEC“Studyon Summary Issue #2 Hospital Governance Forum Serie conversion intoBelgianlaw The SRDIIDirective andits Note Explanatory

Available inEnglish connection predict foreven greater effects. society. Moreover, theirmutual interactionand even disruptive changes inbusinessesand and and digitalisation engenderimportant become dramatically clearthatsustainability the newmillennium.Twenty years later, ithas that have become increasingly relevant since Sustainability anddigitalisation:twoconcepts Available inDutchand French. ‘governance tripod’. three governing bodies thattogether formthe have gathered a numberofconcrete tipsforthe degree ofresilience willalways beneeded.We but whatever thechosenroute, afar-reaching resiliently? Different approaches are possible, times? Howcanthey emerge from itmore organise themselves inthesechallenging How shouldthevarious governing bodies Available inEnglish. agility perspective. communication perspective, a technical and an them from alegalperspective, apeople& annual GeneralMemberAssembly. We tackled our lessonslearnedfrom ourfirstfullydigital current exceptional circumstances, weshared To buildresilience together to overcome the lessons learned General MemberAssembly 2020– Available inEnglish. paradigm shiftintermsofaccountability? Would more by sustainability beserved a question! To polluteornottois(notonly)the Articles all fearsorthesumofitsparts? Sustainability andDigitalisation-thesumof Governance Tips&Tricks Resilience intimesofCOVID-19 –

Outlook 2021 - Highlights 2020 — 17 Outlook 2021 - Highlights 2020 — 18 Available inEnglish. threatened. existenceis enough financialmeans,their very energy source forcompanies aswithout energy. Thefinancialsector issuchanimportant on theway, every car needstherighttypeof the plannedobjectives andovercome obstacles drive inthedesired strategicdirection, to reach company moves forward without energy. To driving seat.However, nocarandtherefore no our Belgiancompanies,anddirectors are inthe We believe goodgovernance isthemotor of no profitwithoutsustainability Available in debate? the current COVID-19 pandemicontheclimate from thiscase?And whatwillbetheimpactof lessons canaboard ofdirectors take away significant forBelgiancompanies? Which climate changeagainsttheDutchgovernment rulingon who isUrgenda? Whyisacourt the accountability ofcompanies. Butwhat/ upon theimpactofUrgenda legalcaseon At ourfirstdigitalmemberforumwe reflected be putontheagendaofboard? Urgenda: howurgentlyshouldclimatechange No sustainability without profit, No sustainabilitywithoutprofit,

English.

are already innovative ofareas. inallsorts is amyth.BelgianSMEs,from smallto large, impactful innovationundertake projects. This businesses” have sufficient resources to orthatonly“big few” high-techstart-ups innovation onlybelongsforthose“happy the notionsometimesprevails that“real” to ofourSMEs.Yet, comefrom theheart business landscape,innovation willhave Belgium wantsto have ahighlyinnovative companies subjectto VAT are SMEs.If Belgian economy:nolessthan99.8%of prominentSMEs holdavery placeinthe Available inDutch &French. companies in2019. 27.5%ofdividendspaidbyharvested listed by DeTijd,well-knownfamilyshareholders shareholders: according to astudypublished listed companieshave oneormore family years. ItiswellknownthatmostBelgian paying thesamedividendformore than25 profit. Someofthemhaveshort-term been long-term value creation haspriorityover a controlling familyshareholder, forwhom These companiesrely onthepresence of balanced riskappetiteandastabledividend. maturity are traditionallycharacterisedby a Family size and businessesofacertain Available inDutchand French   corona: the cherry orthecake? corona: thecherry Family businessdividendsintimesof innovation SMEsandsustainable Belgian

deals withaspecifictheme. social-profit sector. Eachofthesewebinars of 4webinarsongoodgovernance inthe its players, hasdeveloped GUBERNA aseries and oftheNationalLottery With thesupport Available inDutch andFrench out warningsignsthatshouldnot beignored. various anglesofgoodgovernance andpointed & Governance wehighlightedthe services, Together DeminorShareholder withour partner relationship with themanagementchange? of attentionforaboard ofdirectors? Will the directors remain thesame?What are thepoints an SMEintimesofcrisis?Doestherole of the What exactlydoesgoodgovernance meanfor Available inEnglish. of start-ups. ofgovernance forthedevelopmentimportance Market Academy, weexplainin15minutesthe developed incollaborationwiththeMind& In thiswebinardirected and to start-ups, Available inDutchand French. Webinars  The RoleofSME’s duringaCrisis YourStartUp Governance the social-profitsector Good governance tailoredto Webinar cycle

Available inDutch. Available inDutch. Available inDutch. Available inDutch. withourmembers Interviews     Interview withKoenInterview Van Loo, CEO FPIM times Ziekenhuis –ResilienceinCOVID-19 Tom with Interview DeGendt,Jessa KBVB/RBFA CEO withPeter Bossaert, Interview for theculturalsector. following thenewgovernance code withAnnickSchramme Interview

Outlook 2021 - Highlights 2020 — 19 Outlook 2021 - Highlights 2020 — 20 LIFELONG LEARNING 1 thematic seminars ofeducationprogrammes,tailor-madecoursesand broad portfolio during theirongoinggovernance journey. To thisend,weorganisea learning momentsforallstakeholders –organisationsandpeople contributing toabetterworld,GUBERNAwantsprovidecontinuous As webelieve thatbettergovernance isalever forbetterorganisations GUBERNA. they areafundamentalandactive stakeholder ofthismissionlever of didactics.Weof-the-art pay attentiontoourAlumniengagement,as see relevant see formore centres information ofexpertise 1 , withafocusonbehaviour-driven state- contentand 123 213 2020 CERTIFIED DIRECTORS GUBERNA ALUMNI GUBERNA KEY FIGURES participants Specific businessprogrammes participants programmes Open certification CERTIFICATIONS GUBERNA 19 days 79 40 days Certifications 126 924 1.763 7 DirectorsCertified GUBERNA 12 physical 30 physical digital 7 10 digital

Outlook 2021 - Highlights 2020 — 21 Outlook 2021 - Highlights 2020 — 22 approach. Board Effectiveness programme to ablended Effectiveness programme andadaptedthe We organised onefullydigitalDirector 2020. programmes twiceinDutchandFrench in the COVID-19 crisis,weorganised both in ouryearly offer asfrom 2019.Despite have structurallyembeddedmore editions programmes received over theyears, we Due to thehighinterest theseeducation Board Effectiveness Director Effectiveness and educationprogrammesfordirectors Open &certifying we continuedto rely onourlong-standingcollaborationwithacademicandbusinesscircles. combining traditionalclassroom methodswithonlineteachingandinteraction.To thisend In alltrainingprogrammes wereflected onnewinitiatives inthe fieldofgovernance, settings, dependingontheprevailing regulations. We madeblendedteachingourown. We agilelyshiftedto anewreality inwhichweoffered ourcoursesdigitallyorinclassroom forced usto rethink ourteachingstrategyandformat. resilience relevant becamevery foroureducationprogrammes sincetheCOVID-19 crisis development into practicalinsightsthroughout ourlearningoffer. Early2020,ourfocuson In 2020wetranslatedthethemesonwhichfocusedwithinourstrategicpillarknowledge EDUCATION PROGRAMMES Board Software. Portal ofiBabs least twiceayear withthesupport Since 2020weorganise thisprogramme at guided by experienceddirectors. meetings oftheboard anditscommittees, organisation inseveral andtake part act asindependentdirectors ofafictional offer. For twodays, adozen participants This trainingprogramme isuniqueinour Board Simulation ACT ACCORDINGLY AND EXPERIMENT PRACTICE, APPLY DEVELOP AND LEARN ACT ACCORDINGLY AND EXPERIMENT PRACTICE, APPLY DEVELOP AND LEARN open educationprogramme. Itpromotes The SummerSchoolisanadd onto our digitalisation andsustainability. completely fittinginwiththe topics of homeoffice, course from theircomfortable andspeakers followedthe participants successfully took placein July2020.All digital dueto COVID-19 restrictions - SummerSchool-fully Our firstGUBERNA Boarding into sustainabilityanddigitalisation SummerSchool: GUBERNA Certified Director examination afterpassingthewritten Certificate Director Effectiveness obtain thetitle have processParticipants theoptionto and engageinacertification Director Certified GUBERNA examination afterpassingthewritten Certificate Director Effectiveness Board Effectiveness writing acasestudy after successfully Certificate Board Effectiveness writing acasestudy after successfully Certificate Residential training Board Simulation GUBERNA Certified Director in4steps Certified GUBERNA GUBERNA Certified Director Certified GUBERNA + Permanent education Director Certified GUBERNA + Commit to adhere to the Charter + Member of GUBERNA Residential training Board Simulation GUBERNA Certified Director in4steps Certified GUBERNA + Permanent education Director Certified GUBERNA + Commit to adhere to the Charter + Member of GUBERNA Check the report andkeyCheck thereport learnings governance. constitute astrategicchallenge forgood The programme focusesontopics that valid. Directorkeep Certified title theirGUBERNA governance knowledgeandenablesthemto speed withnewdevelopments, updatestheir continuous learning,bringsouralumniupto edition andstay tunedforthe2021edition. . ofthe2020 Certified Director Certified Certified Director Certified

Outlook 2021 - Highlights 2020 — 23 Outlook 2021 - Highlights 2020 — 24 Governance” webinar up to dateasadirector. ourmembers inkeeping themselves support in additionto events theGUBERNA which on theneedsofmarket. Thesetake place on topical mattersto ourcalendar, depending We continuouslyaddrefreshment courses Permanent educationprogrammes 2021. inSeptember UCLouvain andFEB,willstart launched in2019withthecollaborationof sociétés etassociations”,successfully d’université engouvernance etdroit des The secondeditionofthe“Certificat Entrepreneurship programme (CPME). programme andattheUCLouvain Master Entreprises Executive Education We gave guestlectures attheICHEC Collaboration withacademicprogrammes in founderentrepreneurs. ups by stimulating anearlygovernance reflex thedevelopment ofyoungsupported start- Market forum, thisspecificlearningoffer first fullydigitaleditionoftheMindand Academy, wedeveloped the In collaborationwiththeMind&Market Academy andendorsedby NBB&FSMA. Financial Sector”, organised withFebelfin programme “Board ofDirectors inthe We offered athird editionoftheeducation cycle tailor-madeforSMEs. As inprevious years, weorganise atraining Specific businesseducationprogrammes . Launchedduringthe “StartUp Your“StartUp Bei ng apr Being a professional director Outlook 2021 newsletters governance inour on recent developments ofcorporate Additionally, wekeep ourmembersinformed newspapers andmagazines. related topics, to andwegive interviews are regularly invitedto speakongovernance education programmes. Team members gobeyond our Our informationefforts word Beyond classicaltrainings-spreading the of thefieldandits evolution. accurate knowledgeconnectedto thereality such they contributeto thetransmissionof educationprogrammes.GUBERNA As share theirgovernance experiencesinthe Our Alumniare continuously invitedto Alumni engagement companies. at therequest ofvarious organisations and We regularly organise tailor-madecourses Incompany &tailor-madecourses of essi . on publications is ajourney al is a journey di and re ct or

Outlook 2021 - Highlights 2020 — 25 Outlook 2021 - Highlights 2020 — 26 REACH KEY FIGURES 2.753 FOLLOWERS SOCIAL MEDIA EVENTS EVENTS 168 & partners Corporate members MEMBERS MEMBERSHIP 46 3.387 39 GUBERNA 44 Digital 5.9% LinkedIn average engagement 1.078 Individual 76 Institutional 9 Social Profit 7 Partner 1 Hybrid 13 Young 7 Journey 21 SME GUBERNA 1 Physical 2.843 Participants Participants 11 44 Collective Research 1.662 Delegates

Outlook 2021 - Highlights 2020 — 27 Outlook 2021 - Highlights 2020 — 28 welcomed 530 participants. welcomed 530participants. key stock exchange. We year relating to the Belgian of key figures ofthepast its traditionaloverview Finance”. Euronext presented the theme“Sustainabilityin moderated a panel debate on “State ofGovernance” and presented the Sandra Gobert ExecutiveGUBERNA Director (member exclusive) @ TheSquare, Brussels 2020 23 January New Year Ceremony Euronext &GUBERNA following majorevents: In 2020weorganised the expertise. dedicated to eachcentre of can befoundonthepages The centre-specific events format. of themto afullydigital pandemic, weswitchedmost good governance. Dueto the numerous events to promote In 2020,weorganised EVENTS members. WeGobert. organised 17sessionswhich reached 375 were drawninaclosingsession by Executive Director Sandra Jacques Van Rijckevorsel (hospitalsector). Conclusions (non-listed familybusiness),Luc (listedcompanies), Bertrand Berghe (hospitalsector/public sector), GaëtanHannecart Philippe Masset(bankingsector), Prof. Dr. Lutgart Van den Françoise Roels(listedcompany),LeslieCottenjé (SME), (business school),Pierre industries), deMuelenaere (smart (publicsector), MarionDebruyne Dermine &AlexiaBertrand Thomas business), DucoSickinghe(start-up/scale-up), Nicolas Boël(listedfamilybusiness),OlivierHamoir(family broad rangeoforganisations: Paul Dujardin (cultural sector), inspiring andauthentictestimonialswithinsightsfrom a pandemic. Inaseriesofclosedweeklysessionswereceived experiences atgovernance level withtheimpactof boardThe GUBERNA members shared theirpersonal June –July2020(digitalformat,memberexclusive) eXperiencesessions GUBERNA business perspective). We welcomed80participants. DeSmet,CEOAgeas(the philosophical perspective) andBart perspective), Professor andFrench authorJeanViard (the guest speakers: Prof. Dr. OlivierDeSchutter, UCL(thelegal We tackledthetopic from diverse perspectives witheminent the climatedebateinlightofCOVID-19 pandemic”. the Urgenda caseontheaccountabilityoforganisations and We organised adigitalmemberforumon“Theimplicationsof 21 April2020(digitalformat,memberexclusive) National MemberForum We welcomedmore than200membersonline. possibility oflive interactionand online voting. the CompanyWebcast studioinBrusselsandoffered the assembly inBelgium!Thelivestream wasbroadcasted from pioneered andorganised thefirstfullydigitalgeneralmember Member Assemblyto afullydigitalformat.We thus following theCOVID-19 pandemicby switchingour General We responded inanagileway to measures thesanitary 24 March 2020(digitalformat,memberexclusive) General MemberAssembly

Their support enables us toofferyou numerous eventsTheir support forfree! AssociatesandVanSchelstraete Delacourt Olmen&Wynant. 2020. Aspecialthankyou goestoAIG,degrooteman,KBC,Magnus BusinessGifts, We warmlythank theorganisationswhohosted/sponsoredone(ormore) ofourevents in Thank you relance). board memberThomasDermine(governance, resilience & ofStateandGUBERNA “Christmas special”withSecretary resilience &brand change).We closed theyear witha Cattoirresilience (governance, infamilybusinesses),Thierry resilience &capitalism),GuidoVan Herpe(governance & resilience &technology),BrunoColmant(governance, (governance, resilience &leadership),Marc Vael (governance, in thenot-for-profit sector), Prof. KatleenDeStobbeleir up’s),resilience instart deGeus(governance &resilience Aart resilience from different angles:Luc Sterckx (governance & wefocusedonthe topic In thefirstseriesofinterviews, Home ofGovernance inBrussels. a governance-related topic andare broadcasted live from our on withaninteresting1-hour interview personalityorexpert a fixed two-weeklyappointment.The Talks consistofa Governance Talks to stay intouch withourmembers Homeof In SeptemberwelaunchedtheGUBERNA (digital format,exclusive formembers) Two-weekly GUBERNAHomeofGovernance Talks several newmembersshared aninspiringtestimonial. membersjoinedusonlineand format. 55newGUBERNA Our welcome@gubernaevent alsoswitchedto adigital 9 September2020(digitalformat,newmembers) Welcome@guberna

appointments. and setupone-on-on to network opportunities digital groups andample interactive sessionsinsmall Home ofGovernance –with live from theGUBERNA sessions –broadcasted digital event, combiningjoint adapt theformatto afully were forced nevertheless to the event to Spring2021but regulations, wepostponed less stringentCOVID-19 Governance. Hopingfor debate from theHomeof with alivestreamed panel incombination country locations allover the gatherings atdifferent Day withlimitedphysical Director’sthe GUBERNA innovative concept for We initiallydeveloped an good governance. Unlocking resilience through (open event) Director’sGUBERNA Day

Outlook 2021 - Highlights 2020 — 29 Outlook 2021 - Highlights 2020 — 30 formulas forsmallercompanies,the We were happy to see that our new corporate grow. continuestomembership baseofGUBERNA asaresultGUBERNA, ofwhichthetotal foundtheirway tomembers andpartners Despite thepandemic,several newcorporate Paul Tassin, Verso andBeltug. organisations: Centre deBonneGouvernance and welcomedassuchthefollowing the conceptofBefriendedOrganisations target audience.We therefore launched towards organisations workingwithour finetunedourstrategicapproach we further In linewithourstrategyofcreating impact, network. GUBERNA from experiencedboard membersinthe exchange knowledgeandreceive advise mentorship programme where they can membership benefitsandjointheGUBERNA members cantake advantage ofnumerous youngsters (<35years). Young GUBERNA offering anadvantageous memberfee for Social profit membership dedicated In 2020,wesuccessfullylauncheda Discover Twice ayear weinviteallnewGUBERNA corporate memberships. represent afast-growing group withinthe member communityandthebroadernetworkofgovernance actors. ofourmission,wewanttofacilitatetheexchange ofexperiencesbetweenour As part We tothankallofyou foryour wanttotake trustandsupport! thisopportunity GUBERNA. A strongnetworkofindividualandcorporatememberssupports OUR MEMBERNETWORK and Young membership GUBERNA SME Advance , are successfuland memberships and memberships SME SME , Outlook 2021 local hospital). Vandenbussche (flowers formedicalstaffof Digital forYouth) andbuildingcompany fund forCOVID-19), AB-Inbev (laptops for Degroof Petercam, Solvay (Solidarity I-pads to COVID-19 patients),Befimmo, Ziekenhuis (young entrepreneur offering hugs),Jessa Close theGap&VUB(virtual Belgium, hetVlaamseKruis,Deloitte, initiatives from MedicalEquipment for We andinspiring publishedheart-warming non-commercial orpro bonoinitiatives. and befriendedorganisations canshare their where ourmembers,partner-organisations Directors wecreated inSolidarity” aplatform thanever.important With“GUBERNA In difficulttimes,ournetworkismore GUBERNA DirectorsinSolidarity canofferwhat GUBERNA them. where they canmeettheteamandfindout members to aWelcome@GUBERNA event upon forspecificassignments. cancall thatGUBERNA outstanding experts Directors to joinagroup theopportunity of as anexample,offers Certified GUBERNA their overall visibility. ThePool ofTalent, initiatives inplacetoparticular increase learning asamust.Therefore weput board directors whoconsiderlifelong represent agroup ofskilledandexperienced DirectorsDirectors Certified andGUBERNA Within ourmembernetwork,GUBERNA themselves to permanenteducation. entire educationtrajectory andcommitted are have memberofGUBERNA, followedthe Directors: Certified thesepersons GUBERNA We currentlya certificate. count126 obtained that nolessthan924participants long-term programme(s). We are proud today, 1.763peoplefollowedoneormore focussing ontheindividualdirector. Upto to organise specificAlumnigatherings an active anddynamicAlumninetwork We are pleasedthatwecanrely very on Highlights 2020 OUR ALUMNI NETWORK Outlook 2021 invitation withwildcard) (hybrid event, Alumniexclusive +on Alumni Day, 8October 2020 inthecomingyears. activities ofGUBERNA on 8October. asinputforthe Itserves and waspresented to theBoard ofDirectors processed Management by theGUBERNA the strategicquestionsasked, which will be put theframeworkaround theanswerson strategy.GUBERNA to Thiswasimportant Abigail Levrau provided anoverview ofthe strategicquestions,Prof.the GUBERNA dr. Alumni Sparkles”(cf.Infra).To introduce highlighted thelatestinitiative “GUBERNA Alumni. DannyVandevyver andJoHendrikx workstreams andactivitiesoftheGUBERNA an overview wasgiven ofthemany AlumniAssembly,During theGUBERNA Alumni: 53physicallyand32digitally. great success.Theevent wasattendedby 85 has been,according a to theparticipants, AlumniDayAssembly andtheGUBERNA Alumni The 2020editionoftheGUBERNA (hybrid event, alumniexclusive) Alumni Assembly, 8October 2020 engagement. council memberswhosignedtherulesof average outofthe30 by 15participants Meetingswere attended on of participants. with returning attendeescomposing70% recording agoodandengagedparticipation every three monthsallthrough 2020, The AlumniCouncilgathered onaverage Alumni Council “Innovation -newbusinessmodels andtheir AlumniDay focusedon The GUBERNA

Outlook 2021 - Highlights 2020 — 31 Outlook 2021 - Highlights 2020 — 32 Jonas De Cooman Jonas DeCooman Danny Saerens able to connectwith theircolleagues. were pleasedtothe Alumniparticipants be measures, Despitethesanitary GUBERNA. ambassador ofgoodgovernance andof Alumni. Everyone iscommittedto bean energy andcommitmentoftheGUBERNA Throughout theentire event wecouldfeel the EMEA VMware & boomiat Dell Technologies​ and Pacale Van President Damme(Vice BRAINHOOD SRL, VicePresident at BeerFac)​ Christophe Baronheid (Founder andCEOat at Techventures, Managing Director at Forcit), Jacobs (Futurist, Publicspeaker, Chairman Flémal (GeneralManager atWSL)​ School) andafull Alumni panel:Agnes (professor Innovation, Solvay Business Business School),moderator JohnMetselaar Entrepreneurshipof Strategy & atSolvay Belgium Innovation Board andProfessor Bruno Wattenbergh (Chairman oftheEY impact ongovernance” withkeynote speaker following alumni: Monthly newsletter. JoHendrikx,WimVandersmissen andDannyVandevyver the interviewed Home ofGovernance areat theGUBERNA publishedinour inBrussels.Theinterviews anotherAlumnusaboutgovernance-relatedconsists ofanAlumnuswhointerviews topics The Alumnilaunchedanewinitiative AlumniSparkles”.Theconcept called“GUBERNA AlumniSparkles(monthly) GUBERNA Emmanuel Flaam Emmanuel Flaam HenriJacobs , Henri ).

Hove (ChiefEconomist, KBC). Leader, PwCLuxembourg); andJanVan EMEA AssetandWealth Management Benelux &Alpro); Steven Libby (Partner, Corporate Affairs,GeneralSecretary, Danone General Council and Head Ann De Jaeger(VP (LafargeHolcim ChiefSustainableOfficer); and wascomposedofMagaliAnderson Founder ofShaganeExecutive Coaching) Non-Executive Director withAthora, moderated by Yves Poullet, (Independent of interesting viewpoints.Thepanelwas Hove (ChiefEconomist KBC) shared alot investments?”. Keynote speaker JanVan non-financial ESGmeasures impact trends for2021&beyond -Howwillthe with KBC,focusedon“Theeconomic The AlumniForum, organised inpartnership members only+oninvitationwithwildcard) Alumni Forum, 10 December 2020 (digital event, Krista Vandenborre Ibabs Ecetia RealEstate DVM ADVICE Docbyte de groote -deman C.S.L Management Brainhood ACA-IT Solutions SME Banque Delen Bank van Breda AZ Alma COLLECTIVE INSTITUTIONAL PARTNERS We warmlywelcomedthefollowingnewcorporatemembersin2020. Transfuse Strategy Builders Spertoo Sogem Sigasi Maerlant Group Lumi Lindel Invest Titan CementInternational Milcobel Institut de Pathologie et de Génétique pharma.be Paul Tassin Herita Festival van Vlaanderen Brussel Febelauto Cinémaximiliaan SOCIAL PROFIT

Outlook 2021 - Highlights 2020 — 33 Outlook 2021 - Highlights 2020 — 34 network ofthefuture thatweaimto be.On and make itthecontent-driven governance will project into GUBERNA the21stcentury data-driven organisation. This transformation system, ourfirststep to becominga real Maturity ScanandabetteradaptedCRM Governanceon welaunchedtheGUBERNA e-learning programme. 29 March 2021wewilllaunchourfirst We are alsoproud to announcethaton provide you withpersonalisedinformation. the forum.We willalsotake afirststep to fellow membersand,exchange ideasin enable you to interactmore easilywithyour the aimto improve your userexperience, Governance PlatformandCommunity, with In 2021wewillcontinueto develop ourgood main realisations sofar. Governance page 9 Assembly, welaunchedthe and ouractivities.At ourGeneralMember journey whichisembeddedinourstrategy In 2020wecontinuedourdigitalisation OUR DIGITAL TRANSFORMATION you find a complete ofour overview

Platform andCommunity GUBERNA Good Good GUBERNA . Further . Further can soonimplementit. Tell uswhat you like ormiss but alsodigitallywithyour peers. to beableto interactnotonlyphysically Over theyears wehave heard your wishes Connect &interact developed. Community iscontinuouslybeing further Our GoodGovernance Platformand you Help ussupport and wewillsendyou your activation link. online community online withallmembers), member benefitsandenables you to network login (whichgives you accessto allyour If you didnotactivate your newmember Activate your memberbenefits within ournetwork. you thatyour informationisshared only to members,whichguarantees GUBERNA Naturally, thisfunctionalityisonlyavailable conversations by topic orcategory. you cansearch forpublicquestionsand enables you to submityour questionsand Forumone ofourmembers?TheGUBERNA team,theentirethe GUBERNA networkor and withwhom.Doyou have aquestionfor you decidewhichinformationyou share personal profile. You sitinthedriver’s seat: We warmlyinviteyou allto completeyour makes thispossible. contact ustoday andmaybe we Our new

Outlook 2021 - Highlights 2020 — 35 Outlook 2021 - Highlights 2020 — 36 OURCENTRESOFEXPERTISE public services. future goodgovernance practicesandtoolsforallbusinesses,socialorganisations experiences andexchanges ofourvaluable network andplatform,willcontinuetodevelop combiningouracademicknowledgewiththerichfield Our centresofexpertise, governance. companies, familybusinessgovernance, publicgovernance, SMEgovernance andsocial Therefore, wecontinuetoworkonthespecificneedsofeachgovernance segment:listed This isasmuchandeven morethecaseduring“thirdwave ofgovernance”. require differentapproachesoremphasis,especiallyinanagileenvironment. governance needs.Equally, differentorganisationalstructuresandcorporatepurposesmay When businessesdifferinsize, ownershipstructureandmaturitylevel, they have different as theleitmotivwhenimplementingrecipesofgoodgovernance. evolving We alongsideit,throughthestagesofitslifecycle. defend“substance over form” size doesnotfitall”.Therefore,governance shouldbetailoredtothetypeoforganisation, Since theday ofourfounding,wepleadforgovernance asadynamicprocessinwhich“one We believe ingovernance asapromotorandinstrumentofbalanceddecisionmaking. FAMILY BUSINESSGOVERNANCE CENTRE OFEXPERTISE Outlook 2021 businesses inthecontextofCOVID-19 onthedividendpolicyoffamily an article the courseof2021.Additionally, wewrote expect theresults ofthisresearch trackin the interests ofminorityshareholders. We multiple voting rightsandtheirimpacton we carriedoutexploratory research on With regards to knowledgedevelopment, and wasorganised inafullydigitalformat. ceremony wasrescheduled to 3March 2021 Stadsblader. Dueto COVID-19, theaward AVA PapierWaren, Vanden Avenne andDe to Lannoo Publishers, theindependentjury: of thefourbeautifulcasesthatwere brought inthepreparation andanalysis participated EY, FBNetandDeTijd/L’Echo. We actively Excellence BNPPF, together withitspartners edition oftheFamily BusinessAward of Business Governance prepared anew CentreIn 2020,theGUBERNA forFamily Highlights 2020

Bakery Group). (Ardo) and Guidovan Herpe(LaLorraine (Matexi),PhilippeHaspeslagh Hannecart and resilience. Speakers includedGaëtan business leaderswithregards to governance the lightonexperiencesofseveral family Talks to were shed theperfect opportunity HomeofGovernanceand theGUBERNA Finally, eXperiencesessions the GUBERNA business governance. considering thespecificitiesoffamily to refine ourboard evaluation service, advantage ofthesespecificassignments an intergenerational approach. We took forvarious familybusinessesin services We conductedseveral governance Principles forUnlistedCompaniesinEurope. Corporate Governance Guidanceand contributed to theupdateofecoDa pandemic. AsamemberofecoDa,we

Outlook 2021 - Highlights 2020 — 37 Outlook 2021 - Highlights 2020 — 38 LISTED COMPANIES CENTRE OFEXPERTISE Outlook 2021 give theiropinionontheremuneration of which shareholders oflistedcompaniescan the “say onpay” principle,according to Belgian law. Thisnewlegislationestablishes implementation oftheSRD-IIdirective into marked by the 2020 wasfurther room forprogress. milestone forboard diversity, butthere isstill the quota-legislation.Thisisanimportant into forcefor thefirsttimesinceentry of the boards oflistedcompanies exceeded 1/3 which revealed thattheshare ofwomenin governance practicesoflistedcompanies We updatedouryearly studyonthe Euronext. Year Event, organised withourpartner withourtraditionalNew The year started and associations(CCA). their by-laws to thenewcodeofcompanies time, manylistedcompaniesalsoadapted 2020.At on1January thesame starting has becomemandatory forallexercises 2020 BelgianCodeonCorporateGovernance governance oflistedcompanies.Indeed,the year forthe 2020 wasanimportant Highlights 2020

agility versus long-termism.” the theme“Resilienceinlistedcompanies: sharedgovernance theirviewson experts with EY. Onthisoccasion,leading Day oftheListedCompanies,inpartnership organised afullydigitaleditionoftheYearly In October andFEB-VBO 2020,GUBERNA the dialoguewiththeirshareholders. encouragescompaniestostudy report foster organised theirAGM inthiscontext.Our studiedhowlistedcompanies GUBERNA affected by theCOVID-19 pandemic. The 2020AGM seasonwasparticularly agreement andsustainablevalue creation. Code, includingthenotionsofrelationship reflected onnewconceptsofthe2020 the SRD-IIdirective. Otherworkinggroups on theremuneration inthecontextof report Committee publishedanexplanatory note the by renowned experts, Supported for theCorporateGovernance Committee. topic Remuneration wasalsoanimportant inform listedcompaniesontheissue. toorganised webinarsandpublishedarticles board membersandexecutives. GUBERNA PUBLIC GOVERNANCE CENTRE OFEXPERTISE context oftheincreased role ofgovernments appropriate governance instrumentsinthe trajectory onthegovernance challenges and andembarked onaresearchstep further We to seized goone theopportunity societal interest, andgive recommendations. challenges, suchasacleardefinitionof thanever.important We alsoidentifyfuture and qualitative publicgovernance ismore of thepandemicandargue thatastrong between thesubjectandconsequences shareholder. We highlighttheconnection Vision Noteontherole ofthestateas Outlook 2021 We publishedan appropriate governance response. severalundertook initiatives to promote an economy. Asa“one stepahead”institutewe androle ofgovernmentsimportance inthe Governance witnessedin2020anincreased Because ofthepandemic,Centre Public Highlights 2020 update to our2019

the newfederal government with an The Centre PublicGovernance welcomed tackle challenges. Agreement” asaninstrumentto canserve investigates whetherthe“Relationship at thelevel oftheboard ofdirectors and between publicandprivate sector actors group, focussesontheinteraction an expert as shareholders. Theresearch, by supported alternative. aspect, wedecidednotto optfor adigital networking Because ofthisimportant in thepublicsector to exchange experiences. foractors activetraditionally theopportunity 2020 annualevent onpublicgovernance, Due to thepandemic,wecancelled made tools and services. publicorganisations withtailor- supported its biannual“public governance update”, and on thegovernment agreement, published article

Outlook 2021 - Highlights 2020 — 39 Outlook 2021 - Highlights 2020 — 40 during acrisis” Outlook 2021 highly appreciated webinars Governance weorganised Services, two DeminorShareholder & With ourpartner learn andshare. eagerto an enthusiasticgroup ofparticipants edition hostedby VKW-Limburg, wewelcomed raad!” fallsunderthefirstpath. In anew directors ofSMEs,“Groeien? UwRaadweet Our trainingjourney for entrepreneurs and up’s. attention forgovernance instart-up/scale- andspecific initiatives withour partners, for SMEs,developing newaction-oriented in 2020:continuingourtrainingsessions Our activitiesfocusedalongthree mainpaths growth. distinct governance journeys throughout their We their aimtoups &partnerships. support entrepreneurs, cooperatives, start-up/scale- specific governance challenges:founders/ We identified4typesofSMEswiththeir Highlights 2020 SME GOVERNANCE CENTRE OFEXPERTISE were, dueto the pandemic,postponedto Deminor Shareholder &Governance Services . The Coaching sessions with . TheCoachingsessionswith “The role of SMEs “The role ofSMEs

scale-up. towards thetarget group ofSMEs/start-up/ to GUBERNA discussandfinetuneour actions throughout theyear undertheleadof by Alumni specialised inSMEs,gathered The O²Factory, athink-tankcomposed Market. dedicated videoforawebinaratMind& up your governance!”. We alsoprepared a webinar organised by BAN Vlaanderen “Start For start-up/scale-up’s wespoke atthe speed meetings. (livestream) atthedigital and participated finale ofthe Forum Mind&Market in April We attended,asgovernance partner, the CKV-refinancing operation. kick-off ofoursoundingBoards forSMEsina our Director’s Day onresilience whichisthe CKVwasactively involved Our partner in members selectedfrom ourAlumni network. willproposewhich GUBERNA candidateboard followed by amatchingexercise through 2021. Theconceptconsistsoftwoworkshops YouTube channel SOCIAL GOVERNANCE CENTRE OFEXPERTISE Outlook 2021 4 episodesare available onthe essentials fornon-profit organisations. Our of webinarsthatfocusonthegovernance National Lottery, wecompletedourseries oftheplayersWith thesupport ofthe offer. new Journey Member, fortheirtrustinour to our9“social members”andtheRBFA, our continued to bewarmlyreceived. Thankyou dedicated to non-profit organisations Our preferential membershipformat projects thissector. to support but wewere ableto accomplishseveral linked to COVID-19 hashadamajorimpact, profit andhospitalsector. Naturally, thecrisis developments andprojects withinthenon- Centre SocialGovernance withseveral year forthe 2020 hasbeenaparticular Highlights 2020 . GUBERNA GUBERNA

Annick Schramme sector: with several peopleactive inthenon-profit We are happy to share wehad theinterviews sector butto alldirectors. interest notonlyto directors active inthis shows thatthenon-profit issuesare of which wereceived from theparticipants training programme. Thepositive feedback Director” Certified case inthe“GUBERNA Additionally, wehave builta“social profit” governance inthenon-profit sector. organised withVerso, fullydedicatedto good governance, suchasadigitaltraining, in several workshopsregarding good ABDH/BVZD, …).Indeed,weparticipated (such asVerso, DeltaGroup, Toolbox, the collaboration withkey players inthissector events. Additionally, westrengthened our We inseveral organised andparticipated sector. of thenewgovernance codeforthecultural Peter Bossaert whowasatthe source , CEOoftheRBFA, and

Outlook 2021 - Highlights 2020 — 41 Outlook 2021 - Highlights 2020 — 42 FINANCIAL SECTOR GOVERNANCE CENTRE OFEXPERTISE Outlook 2021

A EUROPEANLEVEL OUR INVOLVEMENT AT 2050. aim ofmakingEurope climateneutralby European Commission withtheoverarching Green Deal,asetofpolicyinitiatives by the taken within theframeworkofEuropean 2020 wasalsomarked by thefirstactions budget. embedded withinarevamped long-termEU recovery instrument,NextGenerationEU, recovery plan,includingthecreation ofanew Commission (EC) alsopresented amajor businesses, andEUcountries.TheEuropean series ofimmediatesafety netsforworkers, a packageof€540billion,consisting Regarding thelatter, theEUputforward consequences oftheCOVID-19 pandemic. level focusedondealingwiththeeconomic During 2020,policyactionattheEuropean

at the heart ofbusiness.”at theheart “Timeforsustainability toMazars report be principles were reaffirmed intheecoDa/ “thick-the-box” attitude by companies.Those new bindinglegislationwhichwouldleadto a of existingrulesandprinciples,ratherthan position favours agenuineimplementation to corporategovernance. GUBERNA/ecoDa’s approachin 2020,callingforaproportionate Several positionstatementswere published Confederation ofDirectors’ Associations. close cooperationwithecoDa,theEuropean ismonitoringGUBERNA thoseevolutions in and opinionsonthematter. consultation waslaunchedto gatherviews in thisfield.InNovember 2020,apublic initiatives, callingforabindinglegislation European Parliament alsotook several sustainable corporategovernance. The realised by EYondirectors’ dutiesand followed by thepublicationofastudy in early2021.Thisannouncementwas due diligenceobligationsforEUcompanies mandatory humanrights andenvironmental committed to alegislative initiative on Commissioner forJustice,DidierReynders, sustainability. On29April2020,theEU oftheCommission’spart projects regarding Corporate governance formsanessential

Outlook 2021 - Highlights 2020 — 43 Outlook 2021 - Highlights 2020 — 44 OURSERVICES premium services tailoredtotheirbusiness. premium services we offerourpremiummemberspersonalised governance toolssuchaschecklists.Inaddition, weoffer.services We you withpractical support As amemberyou canrelyonthetoolsandpremium of organisation. This withaneye type tolong-termsuccessforevery board. optimise theirboardofdirectors/advisory directorsandto GUBERNA iscommittedtosupport

standards ofindependence. directors whomeet thehigh directors, to attract selecting andappointing and thoseresponsible for help publicorganisations sector, members active inthe public developed, together with context. Therefore, wehave independence inapublic the ambiguityregarding to someextentinherent to also ofthecautionthatis cannot bechallenged,but whose independentstatus independent directors difficulties inselecting isawareGUBERNA ofthe in thepublicsector. complex remains particularly the notionofindependence organisations. However, on theboards ofpublic of independentdirectors focused ontheimportance in thepublicsector have Recent governance reforms the publicsector The independentdirectorin TOOLS a practicaltool to to governance. where they standintermsof SMEs to have aviewon questionnaire thatpermits a digitaltool basedona governance, wehave created potential addedvalue for governance andto the attitude towards corporate questions related to their and managersanswer To helpowners,directors (Governance MaturityScan) GUBERNA GMS Tool forSMEs

spirit. respect itswording and Director, to undertake Certified title GUBERNA charter, By subscribingto this integrity. commitment, ethics,and independence, competence, while respecting therulesof execution oftheirduties, directors intheprofessional The updated Spring2020 Director Certified fortheGUBERNA Charter Certified DirectorCertified the conditions Charter of the GUBERNA oftheGUBERNA Charter directors whomeet to obtainthe guides

Outlook 2021 - Highlights 2020 — 45 Outlook 2021 - Highlights 2020 — 46 If you didnotyet activate your memberlogin, mandates. [email protected] Log inonourwebsite isanexclusiveThis service benefitforourmembers. vacancies database! Are you available foranewboardmandate?Checkour Contact usformore [email protected]. of GUBERNA. all typesoforganisations, bothmembersandnon-members member networkfree isavailable ofcharge. Thisservice to We you by distributingyour support board vacancy withinour board ofdirectors? Are you lookingforexternaldirectorstostrengthenyour Board Mandates SERVICES with detailedgovernance guidelines.Contactusvia gladly answeryour governance questions andprovide you ofourmissionto promoteAs part goodgovernance, we GUBERNA FirstAidService we willsendyou your activation link.

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and Come andpay usavisit! from 09.00-17.00. Open Monday -Thursday available uponreservation. have afree meetingroom For corporatememberswe work betweenmeetings. offer you aquietplaceto on governance. We canalso growing flowofinformation gives you accessto theever- which library GUBERNA Here you canconsultthe ofBrussels. in theheart which iscentrallylocated our newofficeinBrussels welcome ourmembersat allow this,wewarmly measuresOnce thesanitary Home ofGovernance The GUBERNA from atapreferential dedicatedservices rate. Social Profit membersandSME membersbenefit School. chairman ofArdo DeanofVlerickBusiness andHonorary bring them?We gladlygive thestageto PhilippeHaspeslagh, evaluation, howdidtheprocess goandwhatinsightsdidit out aboard evaluation. Whydidthey optto outaboard carry As anon-listedfamilycompany, Ardo isnotobligedto carry Testimonial sectors. organisations, listedaswellunlisted,active inallkindof isavailableThis premium service foralltypesof basis.’ success, projects are taken ona‘firstcome,firstserved the effect ofthethird wave ofgovernance. Dueto thehigh proven methodologyhasbeenupdatedwiththeresults of recommendations to enhanceitsaddedvalue. In2020this for theevaluation oftheirboard andtake advantage ofthe More andmorefield experts. organisations rely onGUBERNA is basedonacademicresearch andthevisionofexperienced evaluation exercise ofboards ofdirectors. Thismethodology inthe boards, offers GUBERNA tailor-madesupport Having developed itsownuniquemethodologyto assess Board evaluations PREMIUM SERVICES (for corporatemembers)

their boards. their boards. organisations intheset-upof target groups, and support courses adaptedto different and in-depth,tailor-made We alsoorganise trainings etc. structures, codes ofconduct, internal rules,governance of theirgovernance charter, organisations withthereview assists GUBERNA Tailor-made services kind ofsectors. as wellunlisted,active inall types oforganisations, listed isavailable This service forall the organisation. aligned to thespecificitiesof for non-executive directors, and fairremuneration policy developing anadequate organisations in support are designedto services remuneration benchmarking an easytask.GUBERNA’s nonexecutive directors isnot and fairremuneration of determining thecorrect be remunerated. However, to that allworkdeserves It goeswithoutsaying Remuneration benchmarking

Outlook 2021 - Highlights 2020 — 47 Outlook 2021 - Highlights 2020 — 48 OURORGANISATION Consult the disciplines ofgovernance-related researchandteachingin Belgium. inspecific sounding board,andcomposed ofacademicswhoareactive GUBERNAisassistedby theAcademicCouncil,functioningasa Council toaninclusive, high-profilemember-stakeholder platform. of Directorsandwearereflectingonhowcanupgrade theAlumni the Board has beenappointedViceChairmanoftheAlumniCouncilby role oftheAlumni.Afteranopencallforcandidates,Bruno Colmant recognition, visibilityofmemberreturnanddeveloping theambassador functioning oftheAlumninetwork.Thefocusisonenhancing brand Chairman JoBenoittoreflectontheGUBERNAeducation offerandthe TheAlumniCouncilgathersfourtimesayear undertheauspicesof shifts atgeopoliticallevel andtheireconomicimpact.” contextual analysisby sharinghisinsightson“Changesandparadigm professor InternationalPolitics -VUB,initiatedthereflectionon the future.” NewlyappointedboardmemberProf.JonathanHolslag, as atoolforenhancingresilienceandcreatingstrongerbusinesses ofcompaniesandorganisations:governance “GUBERNA attheservice for itsyearly meetinginOctobertoreflectonthe following theme: theBoardofTrusteesUnder theChairmanshipofLuc Bertrand, gathered of theorganisation. future boardnominationsandgivesadviceontheremunerationpolicy TheNomination&RemunerationCommitteecloselyfollowsupon limited to)rejuvenation. we arefocussingin2020-21even moreondiversity, including(butnot and differenttargetgroups.Inlinewiththethirdwave ofgovernance, We strive forabalancedboardcompositioninfunctionofourstrategy governance bodiesregularlyreview theircompositionandfunctioning. As agovernance ourtalk’:allGUBERNA institute,wewantto‘walk Board ofTrustees, theAcademicCouncilandAlumniCouncil. bodies:the The GUBERNABoardofDirectorscanrelyonthreeadvisory OUR GOVERNANCE BODIESANDADVISORY COMMITTEES composition of our advisory bodies composition ofouradvisory

continuity oftheorganisation. contribute to thesustainablegrowth andthe wellbeing, thenewpuzzleofourpeoplewill people managementincharge oftheir of aprofessionally organised andequipped organisation andunderthebenevolent eye taking into accountthelong traditionofthe by ourdigitaltransitionbut Supported members. governance to and share withourpartners develop governance, governance, andmore day, beingthere andstandingtogether to they gave thebestofthemselves every the effects oftheCOVID-19 pandemic, of ourdigitaltransformationprocess and Notwithstanding theadditionalpressure make allthishappenevery year. Excellence, CommitmentandOneGUBERNA, Our team,astrueteamplayers standingfor OUR TEAM #OneGUBERNA to abetterworld. role incontributingto bettergovernance and our organisation’s commitmentto play akey andmembersto meet those ofourpartners andalignthemwith to mobiliseourefforts andourmanagement,wecontinue experts From ourempoweringteamto ourcontent

Outlook 2021 - Highlights 2020 — 49 Outlook 2021 - Highlights 2020 — 50 [email protected] Frank Van Durme @guberna.be arnoud.hubert Arnaud Hubert [email protected] Delvaux Amaury isabel.alonso Isabel Alonso [email protected] Sandra Gobert OUR TEAM rachel.feller Rachel Feller @guberna.be @guberna.be

alberto.bagnara Bagnara Alberto [email protected] Liesbeth DeRidder corentin.gobiet Corentin Gobiet annelies.dewilde Annelies DeWilde [email protected] Jan Van Oost [email protected] Sylvie Hubert @guberna.be @guberna.be @guberna.be

[email protected] Ewout Görtz [email protected] Lisa Elegeert nicolas.coomans Nicolas Coomans [email protected] Prof. dr. AbigailLevrau [email protected] Alina Pavel [email protected] Prof. dr. Verbeke Saartje @guberna.be

lieve.hertegonne Lieve Hertegonne Prof. dr. Lutgart Van denBerghe [email protected] Catherine Delanghe Advisor [email protected] Karen Ruelens [email protected] ElBekri Marwein @guberna.be

(observer) AlumniCouncil Chairman GUBERNA Jo Benoit Professor InternationalPolitics VUB Member oftheBoard Prof. Jonathan Holslag CEO Econocom ManagedServices Member oftheBoard Chantal DeVrieze Dean Vlerick BusinessSchool Member oftheBoard Marion Debruyne CEO Matexi Chairman Board ofDirectors Gaëtan Hannecart OUR BOARD OFDIRECTORS

Council (observer) Alumni Vice ChairmanGUBERNA Bruno Colmant Advisor BOZAR Member oftheBoard Paul Dujardin Member oftheBoard Philippe Masset Belgian Federal Government State Secretary Member oftheBoard Thomas Dermine Board member Ackermans &van Haaren Member oftheBoard Alexia Bertrand

Secretary GeneralandGroupSecretary Counsel Cofinimmo Member oftheBoard Françoise Roels Chairman Board ofDirectors Solvay Member oftheBoard Nicolas Boël Chairman Board of Trustees (observer) Luc Bertrand Executive Director GUBERNA Member oftheBoard Sandra Gobert Board member Proximus Member oftheBoard Pierre DeMuelenaere

CEO Hello customer Member oftheBoard Leslie Cottenje Belfius, AZ AlmaBoard Member Member oftheBoard Lutgart Van denBerghe Managing Director 3F Advisory Member oftheBoard Olivier Hamoir CEO Ageas Member oftheBoard DeSmet Bart

Outlook 2021 - Highlights 2020 — 51 Outlook 2021 - Highlights 2020 — 52 New membersoftheboarddirectors Thank you to our departing membersof theboardofdirectors Thank you toourdeparting CHU Saint-Pierre CEO Philippe Leroy Chairman Board ofDirectors ARDO Member oftheBoard Philippe Haspeslagh President oftheBoard ofDirectors Cofinimmo Cliniques universitaires Saint-Luc / Member oftheBoard Jacques van Rijckevorsel (subject to approval attheGeneralMemberAssembly).

Outlook 2021 - Highlights 2020 — 53 Outlook 2021 - Highlights 2020 — 54 NON-FINANCIALSTATEMENT and transparency. future. We strive to meetthehighest standards ofpurpose,accountability our smallway ofthesolution forafairer to andmore bepart sustainable organisations andonSociety. Butalsoonour employees. We strive in Through ourmissionwewantto have apositive impactonboards, on set upanewmembershipformattailor-madeforthem. stakeholders oftheoutcomeswewantto achieve forthefuture. We have We deeplybelieve thattheYoung Generationrepresentatives are key empower theiranswersto thegovernance challengesthey are facing. approach, wedeveloped forthemaccessiblemembershippackagesto incompany governance classes,onlinetools, etc.).Inaninclusive offering (suchasvideotrainings, them dedicatedtailor-madeservices us, weorientedouractionstowards thesocialprofit sector andSMEs by are afundamentallinkinthesocial andeconomicsystemthatsurrounds Convinced thatourrecently redefined purposeandmissionstatement on resilient governance. knowledgecentresvarious GUBERNA to share experiencesofandviews unlock theirresilience andthatoftheirorganisation. We continuewiththe 2021 wecontinueto multiplyouractionsto inspire ourmembersandto members more thanever! Theimpactofthecrisisisfarfrom over, andin maintain ourrenowned level andto ofqualityandservice, empowerour our transformation.We took upthechallengeandreacted withagilityto The COVID-19 crisishacked ourprioritiesin2020,butitalsoaccelerated organisation. area ofprogressistodefinetheprioritysustainabilityfactorsforour Thefirst sustainable economic,socialandenvironmentalperformance. committed toregularlyreview ourorganisationtoachieve amore governance ourtalk’.Inthatrespectwe are actors,wewantto‘walk play inthetransformationofsociety. Asadynamiccommunityof We trulybelieve thatbettergovernance hasaconstructive roleto fundamental debateontheplaceofcorporationsinsocietyisopening. thesametimea and afundamentalrepositioningofhumancapital.At and moredigitalinterconnectedsociety, newcollaborationformats contribute to,parallelandinteractive developments intermsofamore currently goingthroughanexponentialtransformation.We witness,and Governance hasalways beenadynamicconceptandsocietyis by ourBoard ofDirectors. withouremployees andapprovedconcerted processparticipative to redefine our values, Values -We recently conducteda a sustainablesociety. weare WithinGUBERNA, advancing indifferent domains: organisation hasto define,withinitspurpose,thepaths to followfora relevant contribution to healthy profitability. Ourbusinessmodelallowsusindependenceofmindandaction.Each needs ofthefuture. We alsothinkthatsustainablevalue creation hasto becombinedwith Sustainability isaboutethicallymeetingtheneedsofpresent withoutendangeringthe There isnoonesize fitsall. Excellence • • One-step-ahead Professionalism Commitment • • • • ECO Integrity Flexibility Commitment to long-termsuccess Take initiative 2 system One GUBERNA • • • A great placeto work Diversity Team player Let’s make thechange weseekintheworld. We are alivingsystem,inenvironment. Enthusiasmiscontagious! efforts. and celebrateeachother’s contributions and work implies for us that we recognise, reward team. Beingahappy andhealthyplace to the interdisciplinary knowledgewithinour value thediversity intheteamandbuildon spontaneous cooperationandrespect. We We encourageaculture characterisedby One GUBERNA an integerway atalllevels isessentialforus. balance. Exemplary behaviour andactingin towards itsteamto achieve agoodwork-life alsoshowsflexibility successful. GUBERNA to gotheextramileto make ourmission flexibility iscore to We GUBERNA. want success. Asweare asmallorganisation, Commitment step aheadandto inspire ournetwork. key words drivingourambitionto beone openness andcontinuousimprovement are build atrial-and-error culture: innovation, and theoutsideworld.Andthatweinternally standards ofqualitytowards ourmembers professionally strive forthehighest Excellence impliesforusthatwe -We acttowards long-term -We are trueteamplayers.

Outlook 2021 - Highlights 2020 — 55 Outlook 2021 - Highlights 2020 — 56 our purchases. consumption, andgive priority to fair tradein continue to reduce ourwasteandenergy activities. We are studyingthebestways to sustainability atourofficeandin road ofreflection to realistically organise are notperfect yet, butwehave taken anew footprint.We transportation unnecessary team andwithourmembers,without to share valuable knowledgewithinthe our contentdigitallyandcreating alibrary As aknowledgecentre, weare organising our organisation. We alsoencourageapaperlessculture inside ShowpadandiBabs. ofourpartners support programmes are nowdigitalisedwiththe paperless solution.Allouropeneducation programmes hasbeenreplaced by a the printeddocumentationofoureducation Environmental engagement nimbly to teleworking. an assetforourentire teamto switchvery In thissense,ourapproach hasproved to be workenvironment.supportive of softmobilitysolutions,andproviding a home andofficeworkingisforusalsopart regional presence. Agoodbalancebetween national membernetworkfocussingalsoon a mobilitypolicyadaptedto theneedsofa accessible. Furthermore weare studying of BrusselsandGhentwhere they are easily Therefore ourofficesare locatedintheheart developing anattractive cost-sharingpolicy. andbicycles by of publictransportation We promote amongourteamtheuse -Since2017 Innovation. Board Dynamics,DigitalSavviness and following themes:Resilience, Sustainability, this focus,wewillspecifically tacklethe aspects ofeffective board functioning.With environment appearsasoneof thevital human inputandcommunicationinadigital is becomingmore andmore relevant, and factor intheboard decisionmakingprocess lies in the interaction with people. The human COVID-19 hasagainshownus,ourhumanity and conferences, publications,etc).As education programmes, thematic seminars to behaviour-oriented content(through us. In2021,wewillgive increased focus social responsibility andethicsofeach Governance inherently includescorporate of inspirationformanydecision-makers. of ourmissionand,wehope,asource responsible governance isattheheart Sharing bestpractices outthisexercise.carry in practice).We are professionally guidedto team(in conceptbutalso a high performing and to workontheeffective cooperationof interconnections team withintheGUBERNA the teamto reflect onandimprove the A yearly two-day teambuildinggathers personal development, growth andeducation. for employees awiderangeofopportunities promote talentdevelopment andoffer our professionalism, equityandtransparency. We view ourteamwork, reconciling efficiency, policy to improve from apracticalpointof The pastfew years werefined ourHR leadership. team enrichesourparticipative around us.Thediversity ofprofiles insideour Institute to beengagedwiththecommunities workenvironmenthelpsour A supportive inthefieldof consult our information (formore information,please access, rectification, erasure or to request respecting ourstakeholders’ rightsofdata and inensuringsecurity, aswellin policy, bothininformationprocessing astrictintegrityandconfidentiality observe entrust uswiththeirdata.Thisiswhywe we useinformationfrom stakeholders who careful to thelawful,fairandtransparent way information processing. We are particularly for usthetwofacetsofourapproach to Transparency andprotectionofdata its members. and asanetworkthatlives through andby institute thatenhancesgoodgovernance virus withourresponsibility asaknowledge responsibility oflimitingthespread ofthe our responsibilities, combining thesocietal immediately definedourpolicyof#Taking up together withthewholeteamand Therefore, on13March 2020,wesat our firstconcern. freelancers, butalsoofourmembers, was protection ofallourpeople,employees and the COVID-19 pandemic,theoptimum #TakingUpOurResponsibilities format. with externalcontributors inananonymised The results are shared withourteamand systematically evaluated by participants. sessions andthematicactivitiesare aim to continuouslyimprove, oureducation In order to combinetransparency and our privacy policy ). -Following are go forittogether withourmembersin2021. Cautious butinhighspirits,wecontinueto noncommercial andpro bonoinitiatives. and befriendedorganisations share their where ourmembers,partner-organisations launched “Directors aplatform inSolidarity”, only eXperienceSessions.Inparallel,we insights duringtheweeklymembers- ofourmembers,sharingtheir support Our board members joined ourteamin large. follow upofourdigitaltransformationat education programmes aswellto the dedicated to thedigitalisationofourongoing caused by thecrisis. Other core groups were members withgovernance related questions of theForum thatwehadsetupto assistour ofourteamtookresponsibilities. Part charge into core groups alignedwiththeongoing shifting to homework,wedividedourteam to thegovernancesupport actors: while and theirfamilies,weincreased our We took measures to protect ourcolleagues

Outlook 2021 - Highlights 2020 — 57 Outlook 2021 - Highlights 2020 — 58 FINANCIAL RESULTS INCOME OPERATIONAL TOTAL & provision before depreciations EXPENSES OPERATIONAL TOTAL AH FLOW CASH RESULTSNET RESULTS OPERATIONAL PROVISIONS DEPRECIATIONS & & provisions before depreciations RESULT OPERATIONAL

2019 8 4 3 . 7 3 2019 0 6 8 . 3 8 1 2019 4 5 3 . 3 6 0 . 2 2019 4 1 2 . 7 4 2 . 2 2019 8 9 0 . 3 0 2 2019 0 5 7 . 5 5 1 2019 2 1 5 . 6 4 1 5 9 8 . 9 5 2020 0 8 9 . 2 1 2020 0 3 6 . 4 1 2020 5 1 9 . 6 9 2020 5 4 5 . 1 1 1 2020 4 8 2 . 2 8 0 . 2 2020 2.193.829 2020 -71% -92% -90% 259% -39% 1% - 2% Delta Delta Delta Delta Delta Delta Delta Turnover balancesheettotalnumberofemployees Result retainedearnings 2.900000 3.000.000 25.000 50.000 75.000 100.000 125.000 150.000 175.000 200.000 225.000 250.000 2.600.000 200.000 400.000 600.000 800.000 1.000.000 1.200.000 1.400.000 1.600.000 1.800.000 2.000.000 2.200.000 2.400.000 2.600.000 2.800.000 2000 2000 01 01 Employees Balance sheettotal Turnover Retained earnings Result 02 02 03 03 04 04 05 05 06 06 07 07 08 08 09 09 10 10 11 11 12 12 13 13 14 14 15 15 16 16 17 17 18 18 19 2019 2020 2020 2 4 6 8 10 12 14 16 18 20 200.000 400.000 600.000 800.000 1.000 1.200000 1.400000 1.600.000 1.800000 2.000

Outlook 2021 - Highlights 2020 — 59 Outlook 2021 - Highlights 2020 — 60 Thank you forshapingthefutureofgovernance withus OUR RESEARCH&PROJECT PARTNERS OUR GOVERNANCE JOURNEYMEMBERS

Outlook 2021 - Highlights 2020 — 61 Outlook 2021 - Highlights 2020 — 62 Euronav Euroclear Ethias Etex Egon Zehnder Edf Luminus D’Ieteren Degroof Petercam De Watergroep De VlaamseWaterweg De Lijn Cera Cecan BNP Paribas Fortis Befimmo Barco Axa Belgium Aspiravi Argenta ARDO Aon Belgium Algemeen Ziekenhuis Groeninge AIG AFCN Ackermans &van Haaren AB InBev OUR INSTITUTIONALMEMBERS MIVB -STIB Mercuri Urval Loterie Nationale-Loterij LLOYD’s Linklaters Laga KPMG Korn/Ferry International Koramic Investment Group Wienerberger KBC Groep Jessa Ziekenhuis Jensen-Group Innocom ING Infrabel Indaver Immobel Groupe Jolimont Groep Van Roey Fluxys Belgium Farys Exmar Cliniques del’Europe Europa Ziekenhuizen/ Euronext Brussels ZNA ZiekenhuisNetwerkZNA Antwerpen XPLUS Consulting VRT Vives hogeschool Vivaqua VITO UZ Gent Umicore UCB Group Thomas More Terbeke Telenet Group Holding Strand AssociatesConsulting Société Wallonne DesEaux SNCB/NMBS Skeyes SIPEF Sioen Industries SIBELCO Associates Schelstraete Delacourt RTBF Recticel Puratos Group ofAntwerp Port MaatschappijVlaanderenParticipatie NautaDutilh Febelauto EMMI Cinemaximiliaan Tassin Centre deBonne Gouvernance Paul Zonder VakantieArtsen (AZV) OUR SOCIALPROFITMEMBERS Docbyte DILACO DB Consulting C.S.L Management Brainhood SRL de groote -deman Advocatenkantoor ACA-IT Solutions OUR SMEMEMBERS Compagnie duBoisSauvage Colruyt Group Cofinimmo CHU Saint-Pierre CHU Bruxelles CHU Brugmann CFE Bpost bank Bekaert Bank J.Van Breda &C° AZ JanPalfijn Gent AZ Alma Audit Vlaanderen Association IrisFaitière Jules Bordet Instituut Association hospitalière Institut Amonis OUR COLLECTIVE MEMBERS l’Industrie duMedicament pharma.be -AssociationGénéralede ONKO Herita Festival van Vlaanderen Brussel Magnus BusinessGifts Maerlant Group Lumi Lindel Invest iBabs Globetrade Deluco Ecetia RealEstate DVM Advice Korys Investments Kinepolis Group Iris-Achats Geneeskunde (Itg) Instituut Voor Tropische Génétique Institut dePathologie etde Hôpitaux IrisSud Reine Fabiola -HUDERF Hôpital universitaire desenfants Gaasch Packaging Luxembourg Finocas EVS Broadcast Equipment Eubelius BusinessCenter) ESV PBC(Partena Elia Transmission Belgium(ETB) Milcobel Vergalle Invest Titan CementInternational Stibbe SOGEPA de Wallonie (SRIW) Société Régionaled’Investissement GroupSmartphoto SABAM SA Rosier RTL Belgium MediaGroup Roularta PwC Belgium Delen Private Bank Nationaal MSCentrum Matexi Group Leasinvest RealEstate Transfuse SC Sub RosaLegal Strategy builders Spertoo SOGEM Sigasi Praxis

Outlook 2021 - Highlights 2020 — 63 Outlook 2021 - Highlights 2020 — 64 [email protected] •www.guberna.be T. +32(0)25181800 1000 Brussel/Bruxelles 148 rueRoyale -Koningsstraat 148 T. +32(0)92109889 9000 Gent Reep 1 Follow usonsocialmedia programmes andopenboard mandates. an updateonupcomingevents, education leading governance topics, weoffer you governance. Inadditionto cover stories on contacts, keeps you up-to-date on distribute to ourmembersandregistered Our MonthlyeNewsletter, whichwe GUBERNA updatesonCorporateGovernance

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Outlook 2021 - Highlights 2020 — 65