Corporate governance

Aquafin NV is a ‘naamloze vennootschap’ (joint stock company) under Belgian law. The company was established on 25 April 1990 on the initiative of the Flemish Region. The company’s articles of association comply with applicable legislation and are available for download in the section below.

Aquafin operates under a single-tier governance model, where Directors and regulators sit on a single board.

Our governance structure comprises:

• Board of Directors: sets strategic direction, oversees operations, and safeguards sustainable value creation.
• Appointments and Remuneration Committee: advises the Board of Directors on appointments and the remuneration of directors and executives.
• Audit Committee: advises the Board of Directors on financial reporting, internal controls, and risk management.
• Management team (day-to-day management): responsible for day-to-day management as defined in Article 7:121 of the Belgian Companies and Associations Code (CAC) and the articles of association. This team translates strategic choices into concrete actions and measurable results.

At least once every five years, the Board of Directors evaluates whether the chosen governance structure is still appropriate.

Aquafin’s Corporate Governance Charter explains how the company is governed and sets out the principles we follow to ensure transparency, integrity, and responsible corporate management.

The charter covers:

• Roles and responsibilities of management bodies
• Our approach to risk management and internal controls
• Policies on conflicts of interest
• Procedures for decision-making, reporting and transparency

It is regularly updated to remain aligned with legislation, societal expectations, and developments in corporate governance.