On April 16, 2020, Belgium adopted the law transposing the
Shareholder Rights Directive II1 ("SRD II
Law"), almost one year after the ultimate transposition
deadline of the directive.
SRD II adds to the framework initially established by the
Shareholder Rights Directive I 2 and provides in essence
for: (i) enhanced involvement of shareholders in companies'
remuneration policy; (ii) rules regarding transactions with related
parties; (iii) an institutionalized way through which companies can
identify their shareholders; and (iv) transparency obligations
applicable to institutional investors, asset managers and proxy
advisors.
- The remuneration
policy will be separate from the "remuneration
report", and become subject to a binding vote
by the shareholders' meeting.
