The purpose of this Guide is to outline the specific issues and the (continuing) obligations a listed company may be confronted with in Belgium. Attention has also been paid to the obligations of directors and executive managers, to selected finance and tax topics and to the opportunities of employee participation.
The Guide also discusses (the reasons for) a possible de-listing. This is an issue that may (voluntarily or involuntarily) become relevant to any listed company and experience has shown that institutional investors and corporate governance rating agencies are keen to gain an understanding of the rights and obligations of the various players in this context.
The point of reference in this Guide is the position of a Belgian issuer that is listed on Euronext Brussels. A listing on Euronext Brussels is subject to more conditions and ongoing obligations than an admission to trading on any other market in Belgium. An understanding of the organisation and functioning of Euronext Brussels will thus - if and when relevant - help in understanding the regulatory framework of the other trading venues in Belgium.
This Guide is conceived as a quick-reference document. All chapters can be consulted separately and the notes should allow the reader to find additional information on the topics and issues that are discussed.
TABLE OF CONTENTS
1. Introduction to going public
2. Admission to trading on Euronext
3. Seasoned equity offerings
4. Disclosure of information
5. Transparency legislation
6. Topics in corporate law
7. Topics in securities administration
8. Corporate governance
9. Directors’ status and liability
10. General meeting of shareholders
11. Market abuse
13. Financial reporting and audit
14. Public-to-private transactions
15. Voluntary public offers
16. Special topics in voluntary offers
17. Mandatory public offers
18. Squeeze-out and sell-out
19. Employee participation
20. Executive compensation
21. Topics in financing
All proceeds from this book will be transferred to Participate!, a CSR initiative of Mobistar SA/NV (a France Telecom group company). Participate! (www.participate-autisme.be) aims at improving the quality of life of people with autism and their families by providing information on autism and developing tools for education and raising awareness.