Open AccessCompliance of Companies with Corporate Governance Codes: Case Study on Listed Belgian
Author(s) -
Sven H. De Cleyn
Publication year - 2008
Publication title -
journal of business systems, governance and ethics
Language(s) - English
Resource type - Journals
ISSN - 1833-4318
DOI - 10.15209/jbsge.v3i1.127
Subject(s) - accounting , remuneration , corporate governance , business , compliance (psychology) , shareholder , subject matter , code of conduct , ethical code , action plan , sample (material) , corporate social responsibility , public relations , finance , political science , management , economics , law , chemistry , chromatography , curriculum , psychology , social psychology
Listed and large companies become increasingly subject to internal and external pressure to comply with ethical and social standards. This article focuses on one aspect of this matter, namely the corporate governance issue. Within the framework of recent corporate scandals, this paper investigates whether and to which extent Belgian publicly listed SMEs comply with the Belgian Code on Corporate Governance after its first year of introduction, which has been constituted in the framework of the European Action Plan on Corporate Governance.In a sample of 78 Belgian listed SMEs, the compliance with the Code is analysed. After its first year of introduction, companies comply with on average 70% of the Code’s provisions. The most problematic topics in terms of disclosure of information seem to relate to (individual) remuneration, private information and content of shareholders’ meetings.