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Vade-Mecum 2021 Companies with Shares Listed on Euronext Brussels the Main Legal Obligations from a to Z This VADE-MECUM Is a Topical Document

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Vade-Mecum 2021 Companies with Shares Listed on Euronext Brussels the Main Legal Obligations from a to Z This VADE-MECUM Is a Topical Document Vade-Mecum 2021 Companies with shares listed on Euronext Brussels The main legal obligations from A to Z This VADE-MECUM is a topical document. It combines most of the texts, positions and recommendations pertaining to the recurrent obligations for companies whose securities are listed on Euronext (regulated market). This information was updated on January 14th, 2021 | 3 and presented in alphabetical order, without claiming to be exhaustive. Introduction Introduction A company listed on a stock exchange market is subject to various specific requirements which Companies incorporated prior to the BCCA’s entry into force will benefit from a transitional go beyond information obligations. period running from January 1, 2020 to January 1, 2024. However, mandatory and public policy rules are applicable as from January 1, 2020, even in the absence of any amendment to the To guide companies through these legal and regulatory rules, Euronext Brussels and Jones articles of association. Clauses contrary to these rules are also deemed void. The default rules Day Brussels have prepared this “Vade-Mecum from A to Z”. are also applicable as of this date, unless the articles of association derogate from these. The The Vade-Mecum provides an overview of the main legal requirements applicable to a Belgian articles of association must be brought into compliance with the BCCA by January 1, 2024 at company after its shares have been admitted to trading on the Euronext Brussels regulated the latest. However, already as from January 1, 2020, any amendment to articles of association market. entails an obligation to bring these into compliance with the BCCA. In the event of non- compliance with these obligations, the directors may be held personally and jointly liable. However, the Vade-Mecum does not address any requirements concerning: This Vade-Mecum is published for information purposes only and is non-exhaustive. It is not the rules applicable to the first admission to trading of securities on Euronext Brussels 4 intended to replace either (i) regulatory texts or other circulars issued by the FSMA as the 5 | (IPO); | regulatory authority, or (ii) the Euronext Rule Book, whose provisions are cited for further companies whose securities are admitted to trading on the other markets organized reference by our readers. Euronext Brussels and Jones Day Brussels are not responsible for by Euronext Brussels, and in particular, multilateral trading facilities (or MTFs) such as any gap or conflict of interpretation between the Vade-Mecum and legal texts. In case of doubt, Euronext Growth and Euronext Access (see “Unregulated Markets”); we invite readers to consult the legal and regulatory texts and, as needed, to seek assistance from their usual points of contact at Euronext Brussels, the FSMA or Jones Day Brussels. companies whose debt securities (such as bonds) are admitted to trading on the Euronext Brussels regulated market, but who are not listed companies per se; The Covid-19 pandemic had and continues to have, a significant impact on the legislative landscape. European and Belgian lawmakers have adopted various temporary or permanent companies whose securities are exclusively admitted to trading on a foreign regulated measures to address the impact of thereof. European and Belgian authorities continuously market, even if the company is incorporated under Belgian law. monitor the situation to assess whether additional measures are needed, or whether existing Notably, we refer to relevant provisions of the new Belgian Code of Companies and measures require amendments. The different chapters of this Vade-Mecum have been directly Associations (the “BCCA”), which entered into force on May 1, 2019. supplemented with the most relevant measures for listed companies and provide an overview of the main measures as of the date of its publication and do not intend to be exhaustive. Companies incorporated on or after such date must comply with the BCCA’s provisions. The information is updated as at January 14th, 2021 and presented in alphabetical order. All initially capitalized terms used in this Vade-Mecum are covered in its various chapters. Index Index A | Addresses | 9 M | Major Holdings | 53 Audit Committee Management Report B | Belgian State Gazette | 13 N | Non-Financial Information | 57 C | Calendar Euronext 2021 | 15 P | PDMRs (Persons discharging managerial responsibility) | 59 Closed Period Periodic Information Conflicts of Interest Permanent Information Corporate Events R Regulated Information | 65 Corporate Governance and 2020 Corporate Governance Code | Remuneration of Board Members and other executives D | Derivatives | 23 Remuneration and Nomination Committees 6 | Dividends, Coupon Detachment and Record Date | 7 S Share Buyback | 73 Double-voting Right | Statutory Auditor E | Embargo | 29 Suspension of the shares Sustainable Finance F | Form of the shares | 31 T | Take-over Bids (voluntary bid, mandatory bid, squeeze-out and sell-out) | 79 G | Gender Diversity | 33 General Meeting of Shareholders U | UBO | 83 Unregulated Markets I | Identification of shareholders, transmission of information and facilitation of the exercise of shareholders’ rights | 45 W | Website of the Listed Company | 87 Independent Director Annex About Euronext | 91 Inside Information | About Euronext Corporate Services Insider Lists About Jones Day L | LEI | 51 Listed Company 8 | A Aa | Addresses Aa | Audit Committee ADDRESSES AUDIT COMMITTEE The Audit Committee’s main tasks are to monitor the process of preparing financial information, the Euronext Brussels Listed companies must have an Audit Committee within effectiveness of the company’s internal control systems Rue du Marquis 1 / Markiesstraat 1, their board of directors whose members must have and risk management regarding procedures concerning 1000 Brussels, Belgium collective competence in the company’s field of activity. the preparation and processing of accounting and Tel.: + 32 (0)2 620 15 00 One member must also have particular accounting financial information, and to make recommendations E-mail: [email protected] and audit skills. The president is appointed by the to the company’s board of directors for appointing the www.euronext.com committee members. Statutory Auditor. FSMA The Audit Committee is composed of non-executive In addition, the Audit Committee is also responsible Rue du Congrès 12-14 / Congresstraat 12-14, members of the board of directors, at least one of whom for providing the board of directors with information 1000 Brussels, Belgium is an Independent Director. 10 | Tel.1: +32 (0)2 220 52 11 on the results of the statutory audit of the annual | 11 Tel.2: +32 (0)2 220 52 75 Listed Companies which, on a consolidated basis, accounts, and explanations on how the statutory audit www.fsma.be/fr/contact meet at least two of the following criteria (“Small of the annual accounts has contributed to the integrity Listed Companies”) do not need to establish an Audit of the financial information and the role that the Audit Jones Day Committee: Committee played in this process. If the company has Rue de la Régence 4 / Regentschapsstraat 4, no internal audit function, the need to create one is average number of employees during the relevant 1000 Brussels, Belgium assessed annually. Tel.: +32 (0)2 645 14 11 financial year of less than 250; www.jonesday.com/brussels/ balance sheet total of less than or equal to EUR 43,000,000; and annual net turnover of less than or equal to EUR 50,000,000. In such case, the board of directors shall perform the duties of the Audit Committee. 12 | B | 13 Bb | Belgian State Gazette BELGIAN STATE GAZETTE with proof of payment, must be filed with the clerk of the competent Commercial Court, which will also record any The Belgian State Gazette (“Moniteur belge” / “Belgisch amendment to the company’s details in the Crossroads Staatsblad”) ensures the publication of all official acts Databank for Enterprises. Publication of resolutions take and notices concerning legal entities, including notices place within 15 days of filing with Commercial Court. for the General Meeting of Shareholders. The Gazette is published electronically every business day. The publication forms and all information on payment formalities can be obtained on the Belgian State Gazette Without prejudice to the other provisions applicable website at: to the publication of notices for the General Meeting of Shareholders (notably in the media, see “General https://justice.belgium.be/fr/moniteur_belge or Meeting of Shareholders”), Listed Companies must 14 | https://justitie.belgium.be/nl/belgisch_staatsblad | 15 publish notices for their general meetings in the Belgian State Gazette at least 30 calendar days prior to the date of such meeting. The text of the notice must be addressed in word format by email to the following address: [email protected] or [email protected]. Publication then takes place within three to five business days. Invoices covering publications costs will be sent by the Belgian State Gazette to the relevant company after publication of the notice. Corporate resolutions requiring publication must be published by extract in the Belgian State Gazette. Publication allows for enforceability of a resolution vis-à-vis third parties. Publication costs must be paid in advance of publication. The publication forms, along C Cc | Calendar Euronext 2020 – Closed Period Cc | Closed Period – Conflicts of Interest CALENDAR EURONEXT 2021 CLOSED PERIOD function of characteristics
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