On 16 April 2020, the Belgian Parliament adopted a legislative proposal implementing the Shareholder Rights Directive II (Directive 2017/828/EU). The new legislation (the "SRD II Act") will impact Belgian listed companies, notably in terms of directors' and management remuneration (the say on pay principle), the conflict-of-interest procedure and the transparency of shareholdings. 

The SRD II Act faithfully implements SRD II into the Belgian law. The most impacted legislation will be the Code of Companies and Associations and the Act of 2 May 2007 on the disclosure of major shareholdings.