Linklaters Listed Companies Review

The first comprehensive review of legal, governance and share capital characteristics across the entire Belgian listed companies universe

The Linklaters Listed Companies Review is the first analysis of its type: a proprietary, comprehensive review of legal, governance and share capital characteristics of the entire Belgian listed companies universe.

Would you like to benchmark your company against the entire Belgian listed companies universe across multiple dimensions? The Linklaters Listed Companies Review makes this possible...

Board characteristics

We have analysed the size and composition of company boards for the entire Belgian listed companies universe.

Our analysis then goes on to cover:

  • The prevalence of different term lengths in listed Belgian companies
  • Deep, granular board composition analysis including the prevalence of female board members, the prevalence of independent board members, and the intersections between them
  • The link between board size and market capitalisation (see graph below for example)
  • The link between board size and the number of significant shareholders

board characteristics chart

Authorised share capital

We have analysed the prevalence, size and usage of authorised capital across the Belgian listed companies universe (see graph below for example).

Our analysis includes detailed analysis of the size of authorised share capital across the Belgian market, and compares market characteristics with those recommended by proxy advisors – the first such analysis across the entire Belgian listed companies universe.

graph for authorised capital graph

Share buyback characteristics

We have analysed the prevalence, size and usage of share buyback authorisations across the Belgian listed companies universe (see graph below for example).

Our analysis then goes on to cover the prevalence and structures of different methodologies for determining the price limits for share buybacks – the first such analysis across the entire Belgian listed companies universe.

size of share buyback authorisations

Corporate form and governance approach

We have analysed the prevalence of different corporate forms and governance approaches across the entire Belgian listed companies universe (see graph below for example).

Our analysis then goes on to cover:

  • The rationale for Belgian listed companies using (or not using) new company forms and governance regimes that are available to them, such as the BV form or the sole director governance model
  • The prevalence of CEO directors
  • The prevalence and use of double-voting rights
  • The prevalence and use of reserved matters at board meetings and shareholder meetings

number of listed companies by government regime graph

Market cap

We have analysed the range, spread and clustering of market capitalisations of Belgian listed companies across the Belgian listed companies universe.

Our analysis then goes on to cover:

  • The range, spread and clustering of market capitalisations of Belgian listed companies across the market’s three main stock market indices and three regulatory compartments
  • The prevalence of different trading mechanisms
  • The statistical link between market capitalisation and board size (see graph below)

market cap scatter chart

Free float levels

We have analysed the level of ownership by significant shareholders versus free float at companies across the Belgian listed companies universe (see graph below).

Our analysis also covers:

  • Identifying the most frequent significant shareholders across the market
  • The potential link between the number of notifiable shareholders and board size
  • The relationship between the number of notifiable shareholders and market cap

ownership pie chart

Technical listing characteristics

We have analysed a wide set of the technical listing characteristics of Belgian listed companies, including:

  • Location of registered offices and home markets (see graph below)
  • Comparisons of the prevalence of foreign companies on Euronext Brussels versus its peers
  • The prevalence of secondary and additional listings
  • The prevalence of different trading mechanisms

technical listing characteristics

x COP26 and beyond