In accordance with the recommendations issued by the stock exchange authorities and the Belgian Corporate Governance Commission, Tessenderlo Group ensures that the administration and management of the company corresponds with the principles of "Corporate Governance". This is a fundamental condition for the optimal use of the financial resources that are made available to the company by the shareholders.
By introducing organizational and operational rules the decision-making process within the Board of Directors, the different committees set up by this Board and the Executive Committee becomes more transparent, taking into account the interests of the company, its shareholders and all of the parties that are directly or indirectly involved in the company, the so-called "stakeholders". On 9 December 2004, the Corporate Governance Commission published its Corporate Governance Code, which is better known as the Belgian Corporate Governance Code ("Belgian CG Code"), and this was amended on 12 March 2009 and replaced by the Corporate Governance Code 2020. The Company adopts the Belgian CG Code as its code of reference.
Our Corporate Governance Charter will be supplemented by a Corporate Governance Statement as part of the annual report and the exceptional cases where the Board of Directors may decide not to comply with the Belgian CG Code will be explained there. A Charter had initially been adopted by the Board of Directors in November 2005, as amended by decisions of the Board of Directors in November 2007, January 2010, December 2010, December 2011 and March 2014. A completely new and updated Charter was approved by the Board during the meeting on April 23, 2015 and amended in August 2016, October 2019, October 2020 and August 2023.
The relevant documents related to Corporate Governance are: