A legislative proposal was tabled in early October 2019 which, if adopted, will have a substantial impact on the new Code of Companies and Associations (CCA). While the proposal is intended primarily to transpose into national law the Shareholder Rights Directive II (Directive 2017/828/EU), it also makes a number of adjustments and clarifications to the CCA. 

Directive 2017/828 aims to encourage shareholder involvement in listed companies and promote trans-parency between listed companies and investors.  Given the current political landscape in Belgium, a legislative proposal was used to ensure – faithful – transposition of the directive.