Vade-Mecum from A to Z Companies whose shares are listed on Euronext Brussels 2019 Edition 2 | Introduction A company listed on a stock exchange market is subject companies whose financial instruments are exclusively to various specific requirements which go beyond admitted to trading on a foreign regulated market, even information obligations. Compliance with such stock if the company is incorporated under Belgian law. exchange matters is a complex and demanding task, Notably, we have already referred to the relevant entailing a series of legal and regulatory rules. provisions of the draft law reforming the Belgian To guide companies through these complexities, Companies Code (“Prospective New Belgian Euronext Brussels and Jones Day Brussels have Companies Code”), in anticipation of its adoption. prepared this “Vade-Mecum from A to Z”. The Code is pending the Parliament’s final approval, The Vade-Mecum provides an overview of the main legal following its earlier approval by the Parliament’s Justice requirements applicable to a Belgian company after its Commission in October 2018. shares have been admitted to trading on the Euronext This Vade-Mecum is published for information purposes | 3 Brussels regulated market. only and is non-exhaustive. It is not intended to replace However, the Vade-Mecum does not address any either (i) regulatory texts or other circulars issued requirements concerning: by the FSMA as the regulatory authority, or (ii) the Euronext Rule Book, whose provisions are cited for the rules applicable to the first admission of securities further reference by our readers. Euronext Brussels on Euronext Brussels regulated market; and Jones Day Brussels are not responsible for any gap companies whose securities are admitted to the or conflict of interpretation between the Vade-Mecum other markets organized by Euronext Brussels, and in and legal texts. In case of doubt, we invite readers to particular, multilateral trading facilities (or MTFs) such consult the legal and regulatory texts and, as needed, as Euronext Growth and Euronext Access; 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 The information is updated as at 1 January 2019 and admitted to trading on the Euronext Brussels regulated presented in alphabetical order. All initially capitalized market; terms used in this Vade-Mecum are covered in its various chapters. Table of content A | Addresses | 7 Audit Committee B | Belgian State Gazette | 11 C | Calendar Euronext 2019 | 13 Closed Period Conflicts of interest Corporate Events Corporate Governance D | Dividends, Coupon Detachment and Record Date | 19 4 | Double-voting right E | Embargo | 25 F | Form of the shares | 27 G | Gender Diversity | 29 General Meeting of Shareholders I | Inside Information | 41 Insider Lists L | LEI | 45 Listed Company M | Major Holdings | 49 Management Report Table of content N | Non-Financial Information | 53 P | PDMRs (Persons discharging managerial responsibility) | 55 Periodic Information Permanent Information R | Regulated Information | 63 Remuneration of Management Remuneration and Nomination Committees S | Share Buyback | 71 Statutory Auditor Suspension of the shares | 5 T | Take-over Bids (voluntary bid, mandatory bid, squeeze-out and sell-out) | 75 W | Website of the Listed Company | 79 Annex | Euronext | 83 Jones Day 6 | A Aa | Addresses Euronext Brussels 1 Rue du Marquis / Markiesstraat 1, 1000 Brussels, Belgium Tel +32 2 620 15 00 E-mail: [email protected] www.euronext.com FSMA Rue du Congrès 12-14 / Congresstraat 12-14, 1000 Brussels, Belgium 8 | Tel +32 2 220 52 11 www.fsma.be/fr/contact Jones Day Rue de la Régence 4 / Regentschapsstraat 4, 1000 Brussels, Belgium Tel +32 2 645 14 11 www.jonesday.com/brussels/ Aa | Audit Committee AUDIT COMMITTEE In such case, the board of directors shall perform the duties of the Audit Committee. Listed companies must have an Audit Committee within their board of directors whose members must have The Audit Committee’s main tasks are to monitor collective competence in the company’s field of activity. the process of preparing financial information, the One member must also have particular accounting effectiveness of the company’s internal control systems and audit skills. The president is appointed by the and risk management regarding procedures concerning committee members. the preparation and processing of accounting and financial information, and to make recommendations The Audit Committee is composed of non-executive to the company’s board of directors for appointing the members of the board of directors, at least one of whom Statutory Auditor. is independent. The 2009 Belgian Corporate Governance | 9 Code also adds that at least a majority of the Audit In addition, the Audit Committee is also responsible Committee members must be independent. This rule for providing the board of directors with information applies under the “comply or explain” principle and the on the results of the statutory audit of the annual corporate governance statement. accounts, and explanations on how the statutory audit of the annual accounts has contributed to the integrity Listed Companies which, on a consolidated basis, meet of the financial information and the role that the Audit at least two of the following criteria (“Small Listed Committee played in this process. Companies”) need not establish an audit committee: average number of employees during the relevant financial year of less than 250; 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. 10 | B | 11 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 Without prejudice to the other provisions applicable formalities can be obtained on the Belgian State Gazette to the publication of notices for the General Meeting website at: of Shareholders (notably in the media, see “General https://justice.belgium.be/fr/moniteur_belge Meeting of Shareholders”), Listed Companies must 12 | or https://justitie.belgium.be/nl/belgisch_staatsblad 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 | 13 Cc | Calendar Euronext 2019 - Closed Period CALENDAR EURONEXT 2019 CLOSED PERIOD The Euronext markets will be open from Monday to The Market Abuse Regulation (“MAR”) prohibits Friday throughout 2019 except on the following days: any person holding Inside Information (see “Inside Information”) from carrying out or attempting to carry Tuesday 1 January 2019 out insider trading by acquiring or selling (directly or (New Year’s Day) indirectly, for his own account or for the account of a third party) financial instruments to which this information Friday 19 April 2019 relates or by cancelling or amending orders previously (Good Friday) placed on the Listed Company’s financial instruments. Monday 22 April 2019 Similarly, it is prohibited to recommend that another 14 | (Easter Monday) person engages in insider trading or to induce another person to engage in insider trading or to disclose Inside Wednesday 1 May 2019 Information to any other person except in the normal (Labour Day) course of a profession or duties. Wednesday 25 December 2019 (Christmas Day) During a Closed Period of 30 calendar days before the announcement of a year-end report or any interim Thursday 26 December 2019 financial report that the company is required to make (Boxing Day) public, any person discharging managerial responsibilities Information can also be found at (“PDMR”, see “PDMRs”) within a Listed Company may www.euronext.com/trading-calendars-hours not conduct any transactions on his own account or for the account of a third party, directly or indirectly, relating to the shares or debt instruments of the company or to derivatives or other financial instruments linked to them. However, this prohibition may be lifted in case of exceptional circumstances assessed on a case- Cc | Closed Period - Conflicts of interest by-case basis, such as severe financial difficulty or in must describe the context and scope of the decision function of characteristics of the trading involved (e.g. or transaction and must justify the decision and the for transactions related to an employee