30 years of guiding governance
2025 was a milestone year for governance in Belgium. To mark its 30th anniversary, GUBERNA launched a year-long campaign that combined thought leadership, founder recognition, and a flagship event positioning the organisation as both a long-standing authority and a future-ready voice in governance. You can relive the Festival of Governance here or on our website.
30 years of governance: insights from the past, challenges for tomorrow
This video features the key people in GUBERNA’s origin: Prof. dr. Lutgart Van den Berghe and Louis-Henri Verbeke. Together with current board members Griet Aerts and Pierre-Henri D’haene, they share the journey since 1995 and the challenges ahead for governance and for our organisation. The video is complemented by a double interview with the Prof. dr. Lutgart Van den Berghe and current executive director Sandra Gobert. The interview is available in Dutch and French.
The Festival of Governance
On 27 November 2025, we celebrated the Festival of Governance. The night before our 30th anniversary, we welcomed over 400 members and stakeholders to the iconic Flagey for an afternoon and evening filled with strong content and celebration.
Herman Daems opened the day with a reflection on 50 years of governance evolutions. The ensuing afternoon was packed with panel discussions on future generations shaping the agenda, cybersecurity, the future of the workforce, the governance of state-owned enterprises, family business governance, and innovative governance. Our Chair Jan Suykens then opened the evening part of the Festival, addressing the responsibilities of boards, directors, but also the government. Minister Annelies Verlinden confirmed in her opening address where she reminded us: “Good governance is not solely the responsibility of companies or associations. It applies equally to the government. The expectations we place on others must also be met within our own institutions.” After an inspiring speech by Michel Demaré, our executive director Sandra Gobert led a panel with seasoned directors on the governance and leadership challenges in a rapidly changing world. Did you miss the Festival or do you want to revisit the interesting discussions? All panel discussions are available as podcast or article on our website!
Foreword
GUBERNA Hightlights 2025 – Outlook 2026
Will You Join Us?
Thirty years, and looking ahead –more than ever
We closed the year 2025 with a grand celebration in ho-nour of good governance, and you turned out in greatnumbers. Our “Festival of Governance”, marking our 30th anniversary, continues to resonate to this day. You were unanimously positive about our approach: together, we celebrated the past with our eyes firmly set on the future. Because after all these years, our unique formula remainsunchanged: “Network inspires content, content inspires network.”
Thirty years ago, the twelve founding members wrote a mission statement that is as relevant today as it was at the time of establishment: “To promote Good Governance in all types of organisations with a view to sustainable value creation, through three strategic pillars: knowledge development, lifelong learning and networking, striving for equal standing and cross-fertilisation between the three pillars.” That statement remains our guiding compass, our mission.
In 2019, a further step was taken with the definition of a clear and powerful purpose for our organisation: “Better Boards, Better Organisations, Better World.” Because we, as an academic institute and a membership organisation, firmly believe that good governance – the right checks & balances and decision-making processes – contributes to sustainable value creation.
GUBERNA is very much alive, and our mandate is more relevant than ever.
An impactful 2025
After the celebration, time to take stock.
2025 was a year of investment. It was the first year of our new strategic plan. Following consultation with our members, our board of directors decided to further unlock sustainable value creation by deploying additional resources towards new governance insights, peer exchange and learning opportunities for experienced directors, and tailored support for our members.
This annual report shows what our team, across all Centres of Expertise and pillars, has achieved during this first year of “Ignite 2027”.
Within our strategic pillar “Knowledge Development”, we achieved strong impact objectives on the road to 2027. Our researchers and experts published no fewer than 55 articles and publications that contributed to the development of governance practices in Belgium. With 117 mentions in national and specialist media, we ensured that good governance had a prominent presence in the public debate.
A landmark achievement was the launch of the GUBERNA Academic Hub, a new collaboration that anchors our academic partnerships. Two research projects were initiated: one on directors’ perceptions of executive remuneration, in partnership with Prof. Dr Xavier Baeten (Vlerick Business School), and one on multiple voting rights, with Assistant Prof. Tom Vos (Maastricht University). Both studies will be published in 2026.
Our six Centres of Expertise continued to combine academic research with practical experience drawn from our extensive network. Further in this report, you will read in detail how they supported organisations on their path towards sustainable and good governance.
Through ecoDa, we actively contributed to European consultations on sustainability reporting and the 28th regime for start-ups and scale-ups. In doing so, GUBERNA ensures that the voice of directors is heard where it is needed and relevant, including beyond our national borders.
The achievements within our strategic pillar Lifelong Learning also demonstrate that good governance is thriving within Belgian organisations. We welcomed 36 new Certified Directors into our network, bringing the total number of active Certified Directors to 175. In total, 565 participants took part in our open and thematic programmes. We invested in new initiatives such as the development of our GUBERNA Governance Academy and the GUBERNA Governance Assistance Platform, where organisations from all sectors can access governance advice and support. We launched “AI for Boards” and a new programme on “Nature Governance”, set to begin in Paris in 2026. Our sixth Summer School brought, as is tradition, unconventional thinkers to the table, including Thomas Breuzard, Chair of the Norsys High Committee for Nature, Frantz Gault, specialist in the representation of nature in Corporate Governance, and Éloi Laurent, senior economist at OFCE and professor at, among others, Ponts Paris Tech.
In terms of Reach, our community grew to 3,354 members and 248 corporate members, with 2,218 participants at our own events and an NPS score of 43. With 15,366 followers and a LinkedIn engagement rate of 16.7%, GUBERNA is where governance conversations in Belgium take place.
Our organisation and its governance
In line with our strategic plan, we invested significantly in new initiatives over the past year. We recruited a substantial number of new colleagues, forming a diverse team of dedicated experts and professionals who commit themselves wholeheartedly to our purpose every day.
Because good governance is also about the right people, clear processes and well-defined structures. That is why we also scrutinised our own governance. We established an Audit & Risk Committee (ARC) that assists and advises the board of directors on financial matters and risk assessment. Together with the director-members of our Directors’ Council, we reflected on how to better leverage the expertise of the Council’s members.
2025 was also the year in which GUBERNA Education & Services BV/SRL – as a wholly owned subsidiary of GUBERNA VZW/ASBL – became operational. This new entity, whose governance structure runs entirely parallel to that of the VZW, houses our training programmes and tailored services. This structural adjustment enables the further and improved development of our activities.
To fund these investments in 2025, we drew, as planned, partly on our reserves. In doing so, we continued to build – following the Festival of Governance, which gave our organisation significant exposure – the GUBERNA of the future. We enter 2026 with confidence, ready to realise the rewards of our renewed course!
Achievements in a turbulent world
All of these results were achieved in a geopolitical context that impacts everyone. 2025 was a year of structural power shifts. Geopolitical tensions put supply chains under pressure. The rules-based multilateral system showed cracks. And every morning began with the question: what has happened now?
Yet there is reason for confidence. Years of excessive regulatory burden – with CSRD, due diligence and a raft of reporting obligations – were recalibrated through the Omnibus Simplification Package, even though that work is far from complete. At the same time, geopolitical shifts are compelling Europe to undertake the repositioning that is well under way: sharper reflection on its own strengths, on strategic autonomy, and on the need to remain competitive in a new world order. This creates an opening for the EU, but equally for the directors in our network.
All of this is taking place against the backdrop of an accelerating digital transformation and a fundamental redrawing of the global order. It is precisely for this reason that GUBERNA launched a webinar series on geopolitical risks, bringing together intelligence officers, economists and governance specialists. The message was unmistakable: uncertainty must not paralyse. It is the breeding ground for anticipation and resilient governance. Those who do not learn to engage strategically with geopolitical disruption today will fall victim to it tomorrow.
Governance remains indispensable, but must also evolve
Governance is, and must never become, an end in itself. It is a means for sound entrepreneurship, for sustainable value creation, for long-term thinking, for resilience in business models and for developing leadership. That rang true thirty years ago. It rings louder today than ever.
Resting on our laurels is not an option. The world is changing far too rapidly for that. And therein lies an important responsibility for boards of directors. They must, first and foremost, ask the right questions. There must be room for doubt and scenario thinking. Blind spots, both personal and collective, must not cloud decision-making. The classic adage – “board members keep their hands in their pockets, and their ears wide open” – no longer suffices.
That is why the role and importance of boards of directors will only grow in the years ahead. Cybersecurity and AI are board-level responsibilities. Reputation management demands active involvement. Geopolitics is – or should be – on every board agenda. And the question of whether we have the right talent for tomorrow is part of every organisation’s strategy.
This is the essence of our theme for 2026: Innovative Governance. Governance not merely as compliance – a constraint – but as an engine of renewal. Boards break through complacency; they challenge management to think further. Directors are reinventing their oversight role. They are closer to the organisation, with more information, greater engagement and, above all, more courage. Across several European countries, we are already seeing the first signs: smaller boards, a better mix of executives and non-executives, and directors who are more inquisitive and more actively involved.
Because ultimately, governance is always about people. It is about leaders who dare to ask the right questions. About directors who look beyond the quarterly figures. About organisations that know what they stand for. In a world where regulation no longer provides direction as a matter of course, ethics, leadership and a clear purpose become the binding forces.
A network in motion. Will you join us?
What sets GUBERNA apart is not a single product, programme or course. It is the community: the network of directors, academics, governance professionals and institutional partners. This is what makes GUBERNA a knowledge centre and the definitive platform for exchange. Here, theory is tested against practice and practice is enriched by rigorous thinking. A place where experienced directors find the peer-to-peer sounding board they need in our rapidly changing world.
After thirty years, GUBERNA’s raison d’être stands firmer than ever. The challenges facing organisations and their directors are real, complex and growing. The need for a credible, independent, academically anchored partner has never been greater.
In 2026, we will continue to be that trusted partner for all types of organisations. With a renewed offering that responds even more closely to the specific needs of Belgian organisations, we provide experienced directors with a platform that inspires, drives innovation and offers guidance.
For our strategy in the year ahead is, and remains, to advance Good Governance throughout our country. A particular focus lies on listed and large non-listed companies – a natural consequence of our revised value proposition for these types of organisations. Naturally, we continue to serve our SMEs, family businesses, social profit organisations, public enterprises and financial institutions. 2026 will be a year of opportunity. For organisations that dare to anticipate. For directors who take their role seriously. For a community that wants to move forward together. In doing so, we can draw on our legacy of thirty years. The work continues, the ambition is there and growing, always true to our guiding compass.
Will you join us?
Sandra Gobert, Executive Director Jan Suykens, Chair Board of Director
Ignite 2027
Our multi-year ambition
Clear long-term ambition guides everything GUBERNA does. By 2030, we want every governance actor in Belgium to find at GUBERNA what they need most: the leading network to exchange knowledge, expertise and opportunities; the most authoritative source for governance insight and research; and the go-to place for governance education and high-value services. This ambition is captured in Ignite 2027, our current three-year strategy. It builds on our previous multi-year strategy to deepen our impact and extend our reach as we move into the next phase of our development.
2025: A year of deliberate investment
Progressing to this next phase required meaningful investment, and the 2025 financial results reflect that choice.
We launched the GUBERNA Academic Hub, creating a space where researchers and practitioners collaborate on the questions that matter most to governance today. We introduced new peer exchange formats, took decisive steps toward the Governance Academy and the governance assistance platform, brought in new talent and advanced our digital transformation.
2025 was also a milestone year. Thirty years after its founding, GUBERNA celebrated with the Festival of Governance. This was both a moment to honour what we have built and an investment in visibility, reinforcing our role as Belgium’s reference institute for governance.
These were deliberate choices, made in the knowledge that the years ahead would benefit from them.
2026: Scale and focus
In 2026, we move from investment to execution. The focus is on scaling what we have developed and directing our energy where it can have the most impact. Innovative governance serves as the thematic lens for the year, running through our research, learning offer and community activities. We explore it from two angles: how governance practices need to evolve in response to disruption, and how good governance can itself become a source of innovation and resilience.
Knowledge and innovation
The GUBERNA Academic Hub continues to develop. We will publish the results of two joint projects with leading academics and launch new research initiatives in parallel. New sounding boards on artificial intelligence and hospital governance will bring practitioners and researchers together to translate insights into practical guidance. We are also advancing work on governance standards for directors, connecting academic thinking with the realities of the boardroom. Our involvement in ecoDa ensures that Belgian governance perspectives continue to contribute to the European conversation.
Learning and development
2026 sees the Governance Academy move into a fuller operational phase. We are continuing to evolve our certification programmes, Director Effectiveness, Board Effectiveness and Board Simulation, while expanding our masterclass offer to cover the topics boards are most focused on, from risk and AI to sector-specific governance questions.
We are introducing dedicated programmes for Chairs, recognising the particular demands of leading a board. In collaboration with IMD Business School, we are offering internationally benchmarked learning experiences, including a programme that takes participants abroad. The governance assistance platform is also becoming operational, giving directors practical, on-demand access to GUBERNA’s expertise. We continue to strengthen the recognition of the GUBERNA Certified Director label as the standard for professional directorship in Belgium.
Community and exchange
In 2026, we are placing greater emphasis on member centricity: listening more carefully, creating more space for exchange and developing formats that respond to what our community actually needs. We are accelerating our digital offer, making it easier for members to connect, learn and stay informed.
The premium platform is expanding, with more exclusive exchange formats for Chairs, CEOs, Secretary Generals and other governance actors. These peer-to-peer formats offer members a space to engage openly with the challenges they face and to learn from each other in ways that formal programmes cannot replicate. Content inspires network, and network inspires content.
Governance perspectives tailored to your needs
Our 2026 strategy covers the breadth of Belgium’s governance landscape. Across family businesses, listed companies, the public sector, SMEs, social profit organisations and the financial sector, we remain committed to delivering research, guidance and learning that is relevant, grounded and ready to use. Listed and large non-listed companies are a particular focus this year, as we bring our renewed value proposition to the organisations that shape Belgium’s economic and institutional life.
Through board evaluations, in-company training, governance trajectories and benchmarking exercises, we combine academic insight with practical application, always adapted to the specific context of each organisation. The aim is consistent: to equip directors with the knowledge, tools and network they need to lead with confidence and integrity.
2025 put us in a stronger position to deliver on the promise of Ignite 2027. In 2026, we get to work on it. We invite you to join us as we continue to advance governance excellence, and to make better boards, better organisations and a better world a little more achievable for all.
Our purpose & strategic pillars
Better Boards, Better Organisations, Better World.
At GUBERNA, we are dedicated to promoting good governance in every organisation because we genuinely believe that better governance leads to better organisations and that better organisations contribute to a better world.
We believe in governance that is built on clear roles, thoughtful decisions, ethics and integrity. It’s about leadership and entrepreneurship, balancing a bold vision with strategic guidance. While legislation, frameworks, and best practices offer guidance, governance should also be flexible to meet the unique challenges of each organisation. There is not one size that fits all.
Good governance is about having the right people, structures and processes that help define a clear purpose. It’s about crafting a sustainable strategy towards this purpose and stimulating entrepreneurship within the appropriate checks & balances. Governance is crucial in society as a means for sustainable value creation.
Different organisations encounter different challenges requiring different solutions. Effective boards collectively agree on the appropriate governance and put their decisions to work. They should be prepared to review and adapt these decisions when the organisation and circumstances evolve. Extraordinary challenging times will require innovative governance solutions. Boards and directors need the adequate knowledge, competencies and tools to be ready. We understand that and we bridge that gap with tailored knowledge, insights and guidance.
Knowledge Development
We inspire all governance actors by developing one-step-ahead governance expertise in a rapidly changing environment.
All Belgian governance actors will find at GUBERNA the latest evolutions in governance and the new governance frontiers in research.
Lifelong Learning
We provide continuous learning moments for all stakeholders – organisations & people – during their ongoing governance journey.
All Belgian governance actors will find at GUBERNA the go-to place for governance-related education and top-notch assistance.
Reach
We unite the largest Belgium governance community for exchanging good governance practices.
All Belgian governance actors will find at GUBERNA the #1 network to exchange knowledge, expertise, experiences and opportunities.
Our Organisation
The GUBERNA Board of Directors, gathers four times a year, including an off-site strategic meeting. Mandates are not remunerated. The Nomination & Remuneration Committee closely follows up on future board nominations and gives advice on the remuneration policy of the organisation. The board can rely on three advisory bodies: the Board of Trustees, the Academic Council, and the GUBERNA Directors Council.
Our governance
Better Boards, Better Organisations, Better World.
As a governance institute, we ‘walk our talk’: all GUBERNA governance bodies regularly review their composition and functioning. We strive for a balanced board composition in function of our strategy and different target groups. In 2025, the mandates of Chantal De Vrieze, Julie Bynens and Paul Dujardin came to an end, but our Chair of the Board, Jan Suykens, welcomed Hans De Cuyper (CEO of Ageas and an experienced director in various organisations) as a new Board member.
The newly installed Audit & Risk Committee (ARC) had its first full working year. Its members are Olivier Hamoir (Chair), Philippe Masset and Katrin Geyskens. The ARC will have 2 meetings per year. It will support the Board of Directors with preparatory work and advice on financial matters and risk assessment – establishing a close working relationship with the external auditor and provide additional structure in certain procedures (e.g. whistleblowing). It will call upon the expertise of external experts when needed.
Every year, our Board of Trustees – chaired by Gaëtan Hannecart – is consulted to further fine-tune our long-term vision and the strategic objectives of our organisation. In 2025, participants were invited by our Lifelong Learning Director, dr. Saartje Verbeke, to reflect on GUBERNA’s educational offerings, with a view to the first full working year of the new BV/SRL GUBERNA Education & Services, and on the evolution of corporate governance.
The GUBERNA Directors Council gathers four times a year to reflect on the GUBERNA educational offer and the functioning of the GUBERNA (Certified) Directors network. The focus is on enhancing brand recognition, visibility of member return and developing the ambassador role of the GUBERNA (Certified) Directors. As from 2025, Pierre-Henri D’haene and Danny Vande Vyver succeeded prof. dr. Bruno Colmant as co-Chairs of the GUBERNA Directors Council.
GUBERNA is also assisted by the Academic Council, functioning as an advisory board, and composed of academics who are active in specific disciplines of governance-related research and teaching in Belgium.
At the executive level, the newly installed Sustainability Committee, under the auspices of our Secretary General Liesbeth De Ridder, continued to develop and co-ordinate actions to make GUBERNA a more sustainable organisation.
- GUBERNA is growing
GUBERNA’s mission is to promote good governance in all organisations. We accomplish this through research, events, and knowledge exchange within our member network, complemented by director training programmes and governance guidance. We have been growing steadily for many years in alignment with our objectives.
To continue this growth sustainably and maximise our impact, we adapted our organisational structure in December 2024, by creating GUBERNA Education & Services BV/SRL, which had its first full working year in 2025. This new entity was established as a 100% daughter organisation of GUBERNA VZW/ASBL, which remains the sole shareholder. In accordance with the new Article 1.1 of the Belgian Companies and Associations Code, the BV/SRL shares the same purpose: promoting good governance in all organisations. The BV/SRL is dedicated entirely to the purpose and activities of its founder, GUBERNA VZW/ASBL.
In 2025, the new organisational structure has enabled us to further develop all GUBERNA activities. This ensures that we continue to support our members and stakeholders in the best possible way whilst pursuing our purpose: Better Boards, Better Organisations, Better World.
Our governance
The GUBERNA Board of Directors, gathers four times a year, including an off-site strategic meeting. Mandates are not remunerated. The Nomination & Remuneration Committee closely follows up on future board nominations and gives advice on the remuneration policy of the organisation. The board can rely on three advisory bodies: the Board of Trustees, the Academic Council, and the GUBERNA Directors Council.
As a governance institute, we ‘walk our talk’: all GUBERNA governance bodies regularly review their composition and functioning. We strive for a balanced board composition in function of our strategy and different target groups. In 2025, the mandates of Chantal De Vrieze, Julie Bynens and Paul Dujardin came to an end, but our Chair of the Board, Jan Suykens, welcomed Hans De Cuyper (CEO of Ageas and an experienced director in various organisations) as a new Board member.
The newly installed Audit & Risk Committee (ARC) had its first full working year. Its members are Olivier Hamoir (Chair), Philippe Masset and Katrin Geyskens. The ARC will have 2 meetings per year. It will support the Board of Directors with preparatory work and advice on financial matters and risk assessment – establishing a close working relationship with the external auditor and provide additional structure in certain procedures (e.g. whistleblowing). It will call upon the expertise of external experts when needed.
Every year, our Board of Trustees – chaired by Gaëtan Hannecart – is consulted to further fine-tune our long-term vision and the strategic objectives of our organisation. In 2025, participants were invited by our Lifelong Learning Director, dr. Saartje Verbeke, to reflect on GUBERNA’s educational offerings, with a view to the first full working year of the new BV/SRL GUBERNA Education & Services, and on the evolution of corporate governance.
The GUBERNA Directors Council gathers four times a year to reflect on the GUBERNA educational offer and the functioning of the GUBERNA (Certified) Directors network. The focus is on enhancing brand recognition, visibility of member return and developing the ambassador role of the GUBERNA (Certified) Directors. As from 2025, Pierre-Henri D’haene and Danny Vande Vyver succeeded prof. dr. Bruno Colmant as co-Chairs of the GUBERNA Directors Council.
GUBERNA is also assisted by the Academic Council, functioning as an advisory board, and composed of academics who are active in specific disciplines of governance-related research and teaching in Belgium.
At the executive level, the newly installed Sustainability Committee, under the auspices of our Secretary General Liesbeth De Ridder, continued to develop and co-ordinate actions to make GUBERNA a more sustainable organisation.
GUBERNA is growing
GUBERNA’s mission is to promote good governance in all organisations. We accomplish this through research, events, and knowledge exchange within our member network, complemented by director training programmes and governance guidance. We have been growing steadily for many years in alignment with our objectives.
To continue this growth sustainably and maximise our impact, we adapted our organisational structure in December 2024, by creating GUBERNA Education & Services BV/SRL, which had its first full working year in 2025. This new entity was established as a 100% daughter organisation of GUBERNA VZW/ASBL, which remains the sole shareholder. In accordance with the new Article 1.1 of the Belgian Companies and Associations Code, the BV/SRL shares the same purpose: promoting good governance in all organisations. The BV/SRL is dedicated entirely to the purpose and activities of its founder, GUBERNA VZW/ASBL.
In 2025, the new organisational structure has enabled us to further develop all GUBERNA activities. This ensures that we continue to support our members and stakeholders in the best possible way whilst pursuing our purpose: Better Boards, Better Organisations, Better World.
Our Board of Directors
Jan Suykens
Chair Aliaxis
Olivier Hamoir (2)
Member of the Board, 3F Advisory, Managing Director
Griet Aerts
Member of the board, Colruyt Group, Board member
Julie Bynens (1)
Secretary General Flanders Chancellery and foreign office
Grégoire Dallemagne
CEO Luminus
Prof. dr. Marion Debruyne
Dean, Vlerick Business School
Pierre-Henri D’haene
Member of the board, Chief Strategy & Transformation Officer (SITO)
Co-Chair GUBERNA Directors Council , Elia
Katrin Geyskens (2)
Member of the Board , Partner, Capricorn Partners
Sandra Gobert
Member of the Board, Executive Director, GUBERNA
Leen Gysen
Founder & managing partner, IPARC – International Platform for Art Research and Conservation
Philippe Leroy
Member of the board, CEO, Cliniques universitaires Saint-Luc
Philippe Masset (1)
Member of the board, Board member, Edmond de Rothschild Europe
Françoise Roels (1)
Member of the board, Chair of the Board of Directors bpost & Inclusio
Brieuc Van Damme
Member of the board, CEO, King Baudouin Foundation
prof.dr. Alain Laurent Verbeke
KU Leuven, Full professor Private Law, Negotiation & Mediation
Gaëtan Hannecart
Observer, Chair Board of Trustees
Danny Vande Vyver
Observer, Co-chair GUBERNA Directors council
1These board members or observers are resigning. We sincerely want to thank them for their contribution to GUBERNA.
2The mandate of these board members will be submitted to the General Assembly for renewal.
Welcome to our new members of the board of directors
Subject to approval by the General Member Assembly.
Francis Deprez
D’Ieteren, CEO
Our team & values
2025 marked an important chapter in our journey, not only because we celebrated the 30th anniversary of our organisation, but also because it clearly demonstrated how far we have come together as a committed, driven and impact-oriented team. Three decades after our founding, our mission feels as relevant and energising as ever fuelled by the passion and expertise.
In line with the ambitions set out in the strategic cycle, 2025 was a year of investment and growth for our team. We successfully realised the recruitment of several key roles that strengthened the internal capabilities to communicate our mission more powerfully and to create even more engaging experiences for our members and stakeholders.
Our focus on sustainability and a supportive working environment remained a guiding principle throughout the year. We continued to embed sustainable practices into our daily operations and to nurture a workplace culture built on collaboration and shared responsibility.
As we move forward within the strategic cycle, 2026 will be a year in which we place strong emphasis on further realising our HR objectives in service of the broader strategic goals. Priorities will be to further strengthen the team and collaboration while fostering wellbeing, translating our collective talent into lasting impact.
United by our shared purpose and inspired by our 30-year legacy, we look ahead with confidence and enthusiasm, ready to further grow our impact together.
Our values
Leadership
“We believe in strong organisations built by empowered people.”
To take ownership and create an environment in which people act across boundaries, both virtual and physical, and have the influence to increase people engagement.
Integrity
“We value mutual trust and reliability.” & “We strive for transparency, impartiality and inclusion .”
A culture of trust enables but also expects living up to responsibilities. We encourage an honest feedback culture and facilitate exchange and dialog.
Caring
“We care about and for each other and we treat each other with respect and kindness.”
Creating a positive and respectful workplace by expressing recognition, respecting each other’s differences, and having empathy.
Sustainability
“We radiate sustainability in all our words and deeds”
We aim at creating an environment in which its team members can thrive.
When people come together as teams and teams transform into an organisation, that is the foundation of a human-oriented company. Therefore, we need every employee to contribute to building this foundation. HR will continue to provide the best support possible to promote people engagement and positive employee experiences in all dimensions of working at GUBERNA.
Read our Sustainability Report to discover more.
When people come together as teams and teams transform into an organisation, that is the foundation of a human-oriented company. Therefore, we need every employee to contribute to building this foundation. HR will continue to provide the best support possible to promote people engagement and positive employee experiences in all dimensions of working at GUBERNA.
Read our Sustainability Report to discover more.
Our Team
Sandra Gobert
Executive Director GUBERNA – Lead Public & Social Governance
Gilles Van Lysebeth
Reach & Communication Director
Prof. dr. Saartje Verbeke
Portfolio Director
Liesbeth De Ridder
Secretary General & Network Ambassador – Lead Family Business Governance
Vicky Christiaens
Lifelong Learning Manager
Filip De Rycke
Content Communication Specialist
Marijke De Vlaminck
Researcher
Pierrick Degrande
Communication Officer
Rachel Feller
Lifelong Learning Manager
Thibault Roger
Lifelong Learning Associate
Iris Gantois
Office Assistant
Ewout Görtz
Researcher – Public & Social Governance
Lana Hambrouck
Project Coordinator Digital Innovation
Frank Hoogendijk
Researcher
Arnaud Hubert
Research Associate – Public & SME Governance
Sylvie Hubert
Lifelong Learning Officer
Charlotte Pisane
Management Assistent
Erin Derdelinckx
Eloy Quiles
Junior Researcher
Roxana Stirbu
Memberships Officer
Prof. Dr. Regine Slagmulder
Lead Listed Companies Governance
Svetlana Tvorogova
Senior Researcher
Inez Schepens
Research Associate
Daphné Hidalgo y Martinez
Event Coordinator
Dries Van Overstraeten
Junior Researcher
Filip Vandeweyer
Lead SME Governance
(1): These team members have left GUBERNA for a new chapter in their professional journey. We sincerely thank them for their valuable contributions to GUBERNA.
(2): We welcomed these team members since the start of 2025 and are looking forward to building our organisation together with them in the future.
Knowledge Development
In 2025, GUBERNA continued to strengthen its role as a leading knowledge centre for corporate governance. Building on the four pillars of our “CAP 2030 – Governance in Transition” framework, our research team produced a wide range of publications, studies, and articles addressing the most pressing governance challenges of today. With the launch of the GUBERNA Academic Hub, we deepened our ties with the academic world and laid the groundwork for new research to come. At the same time, we remained an active voice in the European debate, contributing to consultations, responding to regulatory developments, and supporting boards in navigating an increasingly complex and fast-changing environment.
The four pillars of our overarching theme, “CAP 2030 – Governance in Transition,” have been the foundation of our content work since 2022. In 2024, we refreshed these themes to reflect emerging trends, such as Innovative Governance and Sustainable Growth, ensuring we continue to deliver cutting‑edge, up‑to‑date insights to our community. In 2025, these updated themes remained the guiding framework for all our content activities.
Resilience
Studying how companies can develop resilience based on an integrated view of strategy, risk, and leadership to cope with complex disruptions and ensure sustainable value creation.
Sustainable governance
Documenting the current state of affairs on sustainable value creation and identifying leading practices that can help boards advance their organisations to the next level in their sustainability transition.
Board dynamics
Gaining a deeper understanding of female succession in family businesses by reviewing the most recent academic insights on the relevant leadership factors
Technology and innovation
Exploring artificial intelligence (AI) and cyber security from a corporate governance perspective, more specifically the impact of these new technologies on the strategic, monitoring, and leadership role of the board.
In 2025, GUBERNA took an important step forward in strengthening its knowledge base with the launch of the GUBERNA Academic Hub. This new cooperation framework deepens the link between our research team and the academic world. Two research projects were initiated in this context: one on board members’ perceptions of executive remuneration, in collaboration with prof. dr. Xavier Baeten (Vlerick Business School), and another on multiple voting shares, carried out with assistant prof. Tom Vos (Maastricht University). Both projects aim to generate fresh insights into the evolving corporate governance landscape and increase the visibility of GUBERNA’s research work.
Throughout the year, GUBERNA continued to play an active role in the public debate. We published several viewpoints on the scope reduction for sustainability reporting following the Omnibus Directive, ensuring boards remain informed about the implications for their governance practices.
We also addressed the growing geopolitical uncertainty, providing our members with guidance on how boards can reinforce resilience in a rapidly changing environment.
Finally, GUBERNA contributed to the transEuropean debate on the support of startups and scaleups. We participated in consultations on the European strategy for startups and scale-ups and later submitted input to the open consultation on the 28th regime, reinforcing our commitment to shaping a governance framework that supports innovative and highgrowth companies.
Publications & articles
Position Papers
GUBERNA published 3 position papers in 2025, covering diverse aspects of the corporate governance landscape in Belgium.
At the start of the year GUBERNA responded to the EU Single Market public consultation.
Later in 2025 we highlighted that while board mandates in state-owned enterprises carry significant societal responsibility and require experienced, independent directors, their attractiveness is undermined by limited remuneration and political influence, creating an inherently ambiguous proposition. This note is available in Dutch and French.
And finally, we consulted our network of startup and scaleup founders and investors to contribute to the 28th regime discussion. Our key points were ‘have it quickly’, ‘have it simple’, and ‘have it united’.
Studies & Reports
As mentioned above, two Academic Hub studies were launched in 2025 and are underway for publication in 2026.
Furthermore, GUBERNA contributed a chapter to a book (Guide du Management Buy Out et de l’Actionnariat Salarié) on employee share ownership.
We also published several in-depth studies.
Our study in state-owned enterprises revealed that public enterprise directors face a recurring tension between discretion and transparency, intensified by political sensitivities, and provides practical governance tools to help them navigate this delicate balance. The full study is available for members in Dutch and French.
Another study showed that social‑profit organisations, under growing pressure for efficiency and legitimacy, are rethinking their governance as they balance external demands with their social mission, revealing key insights into board composition, member engagement, and professionalisation across the sector. The full study is available for members in Dutch and French.
Articles
We published numerous articles on diverse governance topics for all types of organisations. For a complete overview we refer to our website. As not all articles are available in English, please have a look in Dutch and French.
GUBERNA highlighted important governance milestones throughout the year at the occasion of its 30th anniversary celebrations. We reflected on historical steps for corporate governance and their relevance and impact today in a series of articles that are gathered on our 30 Year GUBERNA webpage.
Our involvement at European and international level
In 2025, major developments at both the global and European level shaped the context in which boards operate. In Europe, the call for simplification and the resulting uncertainty across several domains dominated the agenda. Through ecoDa, GUBERNA actively contributed to European consultations on key issues such as the redefinition of the scope of sustainability reporting and the simplification of reporting standards. Given the multiple dimensions involved, simplification remains a complex challenge. GUBERNA continues to closely monitor these evolutions and published several viewpoints, including on the Omnibus package, on the ESRS revision, and on the further advancement of Omnibus.
On the global stage, the United States set the tone for increased regionalisation and a shift in global ambition. GUBERNA responded to these developments in a dedicated publication addressing the implications for European boards.
At the same time, Europe has clearly expressed its ambition to strengthen global competitiveness, with the framework for startups and scale-ups serving as a key starting point. Within ecoDa’s working group, GUBERNA highlighted the importance of integrating corporate governance into the startup/scale-up “starting kit.” This vision was further developed through GUBERNA’s individual contribution to the European Commission’s open consultation on the 28th Regime, supported by a roundtable with members and governance experts.
Our transversal Research Partner
GUBERNA and Hudson Belgium keep enjoying a fruitful collaboration, shaping the leadership in Belgian corporate sector together. In 2025 this partnership resulted in a joint Study of remuneration of non-executive directors in non-listed companies.
Lifelong Learning
Lifelong learning is a key instrument in the realisation of GUBERNA’s mission. Continuous education is essential for every director’s knowledge and viewpoint on governance and decision-making. GUBERNA supports the development of knowledge for a more professional governance, enables the exchange of experiences and best practices, and creates awareness among all governance actors. GUBERNA assists organisations with the implementation of effective governance through our made-to-measure governance assistance.
GUBERNA Directors
963
GUBERNA Certifications
1694
GUBERNA Certified Directors
175
Online Learning Platform
Participants
322
Governance Assistance Learning Moments
83
Open & certifying programmes
Participants
341
Learning Moments
373
New GUBERNA Certified Directors
36
Thematic Programmes
Participants
224
Learning Moments
104
GUBERNA Governance Academy
We organise a broad portfolio of education programmes, tailor-made courses and thematic masterclasses, with a focus on ethical behaviour-driven content and a constantly renewed didactic approach. In all our training offers, we stay close to our core research domain of corporate governance. We investigate how corporate governance has evolved and how it changes through external and internal drivers. In our tailor-made in–company training programmes, we focus on applied governance, considering the context and situation of the company.
We reach a broad audience by summarising the governance essentials in practical and concise tools, digitally accessible with a low threshold.
In 2025, we launched a training on AI for boards, together with DPI and supported by VlAIO, where we approach the subject from the question: what does a board need to know about AI to assess the risks and use its opportunities.
We also co-designed, in collaboration with Corporate Regeneration International and Vivøices, a pioneering training entitled Nature Governance, supported by QUALIOPI in France. The first edition will be launched in Paris in 2026 and aims to empower business leaders and directors in taking new environmental and social issues into account, by including the representation of Nature and future generations to the heart of organizations’ decision-making process, to build robust organisations.
Open & certifying education programmes for directors
We organised Director Effectiveness this year twice in French and Dutch, and once in English. We welcomed over 160 participants and showed them insights in financial, legal and strategic aspects of governance.
Board Effectiveness
We organised Board Effectiveness twice a year in French and in Dutch, and we received over 40 papers from the participants wishing to be certified. In these papers, our candidates GUBERNA Certified Directors described and analysed the governance of a selected organisation. This way, they contribute to our mission of spreading good governance and creating awareness of governance in all types of organisations.
Board Simulation
This training programme is unique in our offer. For two days, a dozen participants act as independent directors of a fictional organisation and take part in several meetings of the board and its committees, guided by experienced directors. In 2025, we conducted three editions, two in Dutch and one in French. We continuously update the board meetings of a fictitious company that is trying to grow in today’s volatile circumstances. We worked together with the French Institute of governance (IFA) and the University of Laval in Canada.
This programme is organised with the support of iBabs, the Euronext Board Portal Software.
Thematic education programmes for directors
We organised our sixth GUBERNA Summer School on the topic of ”Driving innovative governance: a lever for viable business models and a liveable world”. We explored how Nature could be made present in boards, with rich testimonials from Norsys Group, the digital services company that invented the ‘permaentreprise’ model, a viable business model for a liveable future; and an eye-opening session from Frantz Gault, who has been appointed Nature’s representative on the Norsys Group board of directors (with 10% voting/veto rights). Prof. Dr. Eloi Laurent (Sciences Po, Ponts Paris Tech and Stanford University) enriched the discussions with a keynote speech on “The well-being economy and just transitions: advancing environmental and social justice”. We included workshops to facilitate the pragmatic application of the principles discussed.
The Summer School led to a further strengthening of our focus on French governance developments (e.g. the legal notion of “Société à mission”).
We launched a training on AI for boards and conducted four sessions. The learning objectives were threefold: 1/ understanding what AI is and implies for businesses, 2/ understanding the legal and regulatory developments on AI and 3/ understanding the strategic opportunities and assessing the risks of AI on board level.
We expanded our portfolio of trainings by organising several other thematic courses:
- Masterclass on sustainability: We asked the question how to keep the focus of boards on sustainability in today’s circumstances. We delved into this topic from a financial, regulatory and board dynamics perspective
- Masterclass for secretary-generals
- Masterclass for the director in the public sector
- Audit Committee training for directors (together with IBR-IRE)
Discover all thematic education programmes
Collaboration with academic programmes
In 2025 we gave guest lectures at ICHEC Formation Continue – Executive Master in Finance programme and at UCLouvain – Master Entrepreneurship programme (INEO).
Online programmes
In 2025, we had a portfolio of five online programmes to complement our certification programmes and to keep our GUBERNA Directors and Certified Directors up to date on recent developments in corporate governance.
In-company & tailor-made courses
Together with our Centres of Expertise we offer high-level in–company trainings, tailor-made for the organisation. We answer to specific questions of our members. We consider the context and the environment in which the company and the board operate, leading to very practical and effective takeaways to take their governance one step further. In 2025, we conducted several governance trajectories, where we guide companies in their governance transitions. We interact with every director and party involved, capturing the needs of the organisation and co-creating the governance structure that fits the organisation in the best way.
Beyond classical trainings – spreading the word
Our information efforts go beyond our education programmes. Team members are regularly invited to speak on governance related topics and we regularly give interviews to newspapers and magazines. Additionally, we keep our members informed on recent developments of corporate governance in our publications and newsletters.
In 2025, EcoDa also conducted two editions of the 3-day “European Board Diploma”, and a limited third edition was held for the first time in London at the UK Institute of Directors. This programme has a European focus and is a great extra to our certification and thematic programmes, in particular to further explore the impact on the dynamics of a board bringing together different European cultures.
GUBERNA Governance Assistance Platform
With our GUBERNA team of experts, we supported our members with several governance projects.
Board evaluations
Having developed its own unique methodology to assess boards, GUBERNA offers tailor-made support in the evaluation exercise of boards of directors. This methodology is based on academic research and the vision of experienced field experts. More and more organisations rely on GUBERNA for the evaluation of their board and take advantage of the recommendations to enhance its added value. We offer board evaluations with written surveys as well as interview-based.
Governance trajectories
Every board of directors is unique and has its own challenges and strengths. We responded to multiple questions about specific governance challenges. Such as: “How to find the optimal functioning of the general assembly?” “How to implement a competency matrix?” “How to find independent directors?” We offered tailor-made solutions for our members, taking into account their input and their contexts.
Remuneration benchmarking
It goes without saying that all work deserves to be remunerated. However, determining the correct and fair remuneration of non-executive directors is not an easy task. GUBERNA’s remuneration benchmarking assistance is designed to support organisations in developing an adequate and fair remuneration policy for non-executive directors, aligned to the specificities of the organisation.
Review of governance documents & governance scan
GUBERNA assists organisations with the review of their governance charter, internal rules, codes of conduct, etc. On demand, we can also help with (re)defining appropriate governance structures.
Personal Governance Assistance
Tools
The GUBERNA Board Self Evaluation Tool allows the board to reflect on its functioning. The results identify concrete action points to improve the board’s effectiveness. Creating awareness and stimulating a board evaluation is a first step in the continuous improvement that is necessary for every individual director and board group. The tool relies on the academic based GUBERNA Board Evaluation Methodology, but in an easy accessible and automated format. Several companies made use of the tool and received tailor-made guidance on possible action points emerging from the results.
Reach
In 2025, GUBERNA’s community grew stronger in numbers, in depth, and in impact. Despite a challenging economic climate, our membership expanded to 3,354 individual directors and 248 corporate members, a testament to the enduring relevance of good governance as a response to the complexity facing organisations today.
Across 19 own events and 36 partner events, we brought together thousands of governance professionals for meaningful exchange, culminating in the Festival of Governance: a landmark celebration of GUBERNA’s 30th anniversary that drew over 400 participants to the Flagey building in November. Our Net Promoter Score of 43 for events reflects the quality our community has come to expect.
Beyond the numbers, 2025 was about deepening connections: through peer platforms, Sounding Boards, the Directors Community, and our digital Good Governance Platform. With over 15,000 social media followers and a LinkedIn engagement rate of 16.7%, GUBERNA continues to be where governance conversations happen in Belgium.
Our community
Our community continues to grow as a dynamic network of directors, governance professionals, shareholders, and executives. In 2025, we focused on strengthening connections through peer exchange, exclusive platforms for seasoned directors, and initiatives that spark conversations across sectors and generations. GUBERNA remains the leading forum for governance reflection and practice in Belgium. Despite difficult economic conditions, we are proud to count 3,354 directors in our network alongside 248 organisations, including many of Belgium’s largest economic actors.
Exclusive Platforms for Seasoned Directors
In 2025, GUBERNA expanded its offering of high-level, invitation-only platforms designed for directors with significant board experience. These platforms create a trusted environment for candid peer exchange on the challenges specific to each role.
The Chair & CEO Platform convened in May at Ageas, at the invitation of Hans De Cuyper. Against a backdrop of growing geopolitical uncertainty, participants engaged with leading experts including Koen De Leus, Tom Burin, and Barney Jordaan, generating rich dialogue on strategic board leadership in an increasingly complex global environment.
The Secretary General Platform brought together governance professionals across multiple exchanges and a dedicated masterclass, fostering deeper reflection on the evolving role of the secretary general in supporting board effectiveness.
The Remuneration & Nomination Committee Platform facilitated several peer exchanges among committee members, addressing the latest developments and practical challenges in remuneration governance and board composition.
GUBERNA will continue to expand this exclusive platform offering, with additional communities in development, reflecting the growing appetite among seasoned directors for high-quality, role-specific peer exchange. These platforms are exclusively accessible for our premium corporate members.
Our GUBERNA (Certified) Directors community
In 2025, our community of GUBERNA Directors and GUBERNA Certified Directors continued to grow, with 161 new certificates earned during the year. We now count a total of 1,694 certificates issued since the programme’s inception, with 963 GUBERNA Directors currently in our network, of whom 175 hold the GUBERNA Certified Director designation.
GUBERNA Directors Council
Under co-chairs Danny VandeVyver and Pierre-Henri D’haene, the GUBERNA Directors Council serves as a sounding board for GUBERNA’s board and management, acts as ambassador for our education programmes, and fosters peer exchange on key governance themes. A highlight of 2025 was the Directors Assembly in September, where over 120 GUBERNA (Certified) Directors gathered around the theme “The NED of the Future.” The event featured a keynote by Prof. dr. Koen Schoors, a certificate ceremony for newly certified directors, and practical dialogues with leading search firms on board positioning and the executive-to-non-executive transition.
GUBERNA Directors Sparkle
Now in its fifth year, the Directors Sparkle series series published four new interviews in 2025, featuring Leen Vandecruys, Ann Biebuyck, Max Jadot, and Ilse Janssens, covering board dynamics, sustainable governance, and the evolving non-executive director profile. The year was marked by a special anniversary episode celebrating five years of Sparkles. The series is available as video, podcast, and article via the GUBERNA website, Governance Insights newsletter, YouTube, and major podcast platforms.
GUBERNA Sounding Boards
The three GUBERNA Sounding Boards bring together GUBERNA (Certified) Directors around specific governance themes. In 2025, the Sustainability Sounding Board held an interactive event on board resilience and proactivity, exploring value chain dependency, climate risk, and scenario planning. The Cybersecurity Sounding Board raised board-level awareness of cyber risks, particularly in non-regulated sectors, and produced practical insights on information security oversight. The SME/Start-up/Scale-up Sounding Board will be back soon championing governance as an enabler of sustainable growth. Looking ahead, two new Sounding Boards will launch in 2026: one on Artificial Intelligence and one on Hospital Governance.
Events
2025 brought a rich and varied events calendar, with GUBERNA once again serving as a leading forum for governance exchange across all sectors and organisation types. Across 19 own events, we welcomed a total of 2,218 participants, reflecting continued appetite for in-person and digital knowledge exchange. Our Net Promoter Score of 43 is a strong signal that participants value the quality and relevance of what we put on stage. In addition to our own programme, GUBERNA participated in 36 events as a partner, amplifying our reach across the Belgian governance landscape.
Opening the year together
As has become a tradition, GUBERNA and Euronext co-hosted the New Year Event in January, welcoming close to 500 participants for a wide-ranging reflection on the future of industry in Europe. The event set the tone for a year defined by geopolitical uncertainty, regulatory change, and the growing strategic demands placed on boards.
A year-round programme of governance dialogue
Throughout the year, GUBERNA organised events covering the full breadth of its governance agenda. The General Members Assembly in April brought together over 150 members digitally. The annual Public Governance Event in May examined the government’s role as shareholder, a theme that gained renewed urgency in the political climate. The Chair & CEO Platform and a dedicated webinar on geopolitical risks and opportunities both addressed how boards can navigate an increasingly complex international environment. And a inspiration session for SMEs on 150 years of entrepreneurship at Zuidnatie offered a historical lens on resilience and renewal.
GUBERNA’s Home of Governance Talks series continued throughout the year, with four episodes featuring governance stories from organisations including Ecosteryl, Orakel, Maison Dandoy, and Westmalle Abbey, offering members an intimate window into governance in practice across very different contexts.
In the autumn, the Listed Company Day, organised jointly with VBO-FEB, and a new edition of the Hospital Governance Forum rounded out a programme that covered listed companies, SMEs, social profit organisations, family businesses, and public entities alike.
Festival of Governance — 30 years GUBERNA
The undisputed highlight of the year was the Festival of Governance, held on 27 November at the iconic Flagey building in Ixelles. Organised to mark GUBERNA’s 30th anniversary, the festival was a landmark event in every sense: over 400 participants, 40 high-level panellists, and panel discussions spanning the most pressing governance themes of our time.
The afternoon programme offered six interactive sessions on future generations shaping the agenda, the future of the workforce, cybersecurity, innovative governance, family business governance challenges, and public shareholdership in Belgium. These sessions were designed not as lectures but as genuine exchanges, with participants actively contributing to the discussions alongside experienced directors, academics, and business leaders.
The evening programme opened with a broad reflection on the state of governance today by GUBERNA Chair Jan Suykens, who also addressed the federal government directly on the importance of public governance, with Minister of Justice Annelies Verlinden present in the audience. Minister Verlinden responded by affirming that good governance applies equally to government institutions, a statement that resonated strongly with the room.
Keynotes by Herman Baron Daems on fifty years of governance history and by Michel Demaré on the future of governance in an era of disruption provided the intellectual backbone of the evening. The day concluded with a panel on “Governance and leadership in a rapidly changing world,” moderated by Executive Director Sandra Gobert, and featuring Michèle Sioen, Ann Desender, Thomas Leysen, Alain Dehaze, and Michel Demaré.
The Festival generated significant media coverage, including in De Standaard, De Tijd/Fininfo, HRinfo, and Sud Info, and has been documented through an aftermovie and a series of podcasts published on GUBERNA’s channels in the weeks that followed.
With the Festival, GUBERNA reaffirmed its role as Belgium’s leading governance platform: not only looking back on thirty years of progress but looking ahead to the challenges that will define the next chapter for boards and directors across the country.
New Year Event
The Future of Industry in Europe
Euronext & GUBERNA
16-01-25
GUBERNA Home of Governance Talks -Ecosteryl
GUBERNA
18-03-25
GUBERNA General Members Assembly
GUBERNA
22 – 04 – 2025
Governance Summit
Private Capital & GUBERNA
13-05-25
Yearly Event Public Governance
The government’s shareholder vision
20-05-25
SME inspiration session
150 years of entrepreneurship
GUBERNA
12-06-25
GUBERNA Directors Assembly
The NED of the Future
GUBERNA
24-09-2025
GUBERNA Board of Trustees
GUBERNA
22-10-25
Listed Company Day
How can corporate governance remove legal and market barriers?
GUBERNA & VBO-FEB
13-11-2025
Festival of Governance
30 Years GUBERNA
GUBERNA
27-11-25
Navigating Directors’ Duties and Liabilities under the New Belgian Civil Code
A&O Shearman & Chapter Zero & GUBERNA
27-02-25
Family Business Award of Excellence®
EY & BNP Paribas Fortis & De Tijd / L’Echo & Worxinvest & FBN Belgium & GUBERNA
27-03-25
GUBERNA Home of Governance Talks – Orakel
GUBERNA
29-04-25
Interactive GUBERNA Director event
How can a board steer resilience and proactivity around sustainability topics?
GUBERNA
14-05-25
Chair & CEO Platform
Navigating Geopolitical Risks and Opportunities
GUBERNA
26-05-2025
GUBERNA Home of Governance Talks – Maison Dandoy
GUBERNA
01-07-25
GUBERNA Home of Governance Talks – Westmalle
GUBERNA
14-10-25
Navigating legal risks in geoplitics for boards
GUBERNA & VBO-FEB
23-10-25
GUBERNA Hospital Governance Forum
The board of directors as pivotal in the checks and balances of hospital governance
GUBERNA
20-11-2025
New Year Event
The Future of Industry in Europe
Euronext & GUBERNA
16-01-25
Navigating Directors’ Duties and Liabilities under the New Belgian Civil Code
A&O Shearman & Chapter Zero & GUBERNA
27-02-25
GUBERNA Home of Governance Talks -Ecosteryl
GUBERNA
18-03-25
Family Business Award of Excellence®
EY & BNP Paribas Fortis & De Tijd / L’Echo & Worxinvest & FBN Belgium & GUBERNA
27-03-25
GUBERNA General Members Assembly
GUBERNA
22 – 04 – 2025
GUBERNA Home of Governance Talks – Orakel
GUBERNA
29-04-25
Governance Summit
Private Capital & GUBERNA
13-05-25
Interactive GUBERNA Director event
How can a board steer resilience and proactivity around sustainability topics?
GUBERNA
14-05-25
Yearly Event Public Governance
The government’s shareholder vision
20-05-25
Chair & CEO Platform
Navigating Geopolitical Risks and Opportunities
GUBERNA
26-05-2025
SME inspiration session
150 years of entrepreneurship
GUBERNA
12-06-25
GUBERNA Home of Governance Talks – Maison Dandoy
GUBERNA
01-07-25
GUBERNA Directors Assembly
The NED of the Future
GUBERNA
24-09-2025
GUBERNA Home of Governance Talks – Westmalle
GUBERNA
14-10-25
GUBERNA Board of Trustees
GUBERNA
22-10-25
Navigating legal risks in geoplitics for boards
GUBERNA & VBO-FEB
23-10-25
Listed Company Day
How can corporate governance remove legal and market barriers?
GUBERNA & VBO-FEB
13-11-2025
GUBERNA Hospital Governance Forum
The board of directors as pivotal in the checks and balances of hospital governance
GUBERNA
20-11-2025
Festival of Governance
30 Years GUBERNA
GUBERNA
27-11-25
Our Member Assistance
GUBERNA offers a range of practical services to support both organisations and individual directors. Organisations can publish board vacancies free of charge to our vast network, while members benefit from exclusive access to our online community to search for candidates based on experience, expertise, and mandate preferences. In 2025, we helped 35 organisations publish a total of 62 mandates. For board mandate enquiries, contact us at boardmandates@guberna.be.
Open Board Mandates Published
Through our First Aid Service, we also answer governance questions and provide tailored guidance, available via firstaid@guberna.be.
Finally, GUBERNA’s Home of Governance at the Tour & Taxis site in Brussels serves as a physical anchor for the governance community. Corporate members can reserve a meeting room free of charge. We are open Monday to Thursday from 09.00 to 17.00, by reservation via info@guberna.be.
Our online community
The GUBERNA Good Governance Platform is the place where our members connect digitally. Members can find each other based on their interests, experience, expertise and (Certified) Director title. With most of our members actively using this online community it is a vibrant place to connect and exchange. Furthermore, the platform allows access to open board mandates, member exclusive content and events. In 2025 we improved the experience on the platform when registering for activities and the accessibility of content. It is now possible to save favourite content in your GUBERNA profile and at the same time GUBERNA Certified Directors can consult their GUB points. Non-member now also have the chance to create an account and register for open events or consult free content to get to know GUBERNA.
In addition to our own platform, we have an active social media community with over 15.000 total followers and a high interaction rate on our LinkedIn page of over 16%.
Our Centres of Expertise
For sustainable value creation and growth, governance must be flexible and adapt to the distinctive traits of each organisation. It’s crucial to recognize that there’s no universal governance matrix; governance needs to reflect first and foremost the organisation’s size, structure, and stage of development, evolving as it matures. Our approach emphasizes the importance of meaningful impact over a formalistic compliance approach when applying governance practices.
Every organisation faces distinct challenges depending on its scale, ownership model, and level of maturity. As such, governance should be tailored to these specific needs, particularly in environments that demand agility. We continue to prioritize understanding the unique circumstances of each governance framework.
Our Centres of Expertise combine academic research with practical experience drawn from our vast network and our fruitful interaction with our members and alumni; a distinctive example is the fruitful collaboration with our Sounding Board Committees. This holistic view of governance allows us to continually refine and develop tools and practices that support businesses, social organisations, and public services in achieving sustainable and effective governance.
Centre of Expertise Family Business Governance
In 2025, the GUBERNA Centre for Family Business Governance and its partners EY, BNPPF, FBN, Mediafin and new partner WorxInvest co-hosted the 10th edition of the Family Business Award of Excellence®. At the Award Ceremony on 27 March 2025. Camino Group was elected as the new Belgian Ambassador of the Family Business Award of Excellence. The other finalists were Brouwerij Huyghe, Chaussures Maniet, and Coeck nv.
We received a lot of media attention with our study on the remuneration of board members in non-listed companies that we conducted in collaboration with of our overarching Research Partner Hudson, both in national newspapers as in regional and specialised business magazines. Based on this study, GUBERNA can provide Belgian non-listed family businesses a tailored remuneration benchmark for Chairs, board and committee members.
We published four articles on the following topics: “Governance challenges in family businesses”, “The role of the CEO in family businesses”, “Remuneration of external board members in family businesses” and “The new Code Buysse IV: what’s in it for you?”. We also had an in-depth Home of Governance Talk with prof. Jozef Lievens on the evolution of family business governance in Belgium.
We invited different befriended colleague experts (a.o. prof.dr. Anneleen Michiels, UHasselt and prof.dr. Raphaëlle Mattart (HEC Liège) and phd students to share their study work and insights in the family business section in our newsletter.
Lastly, we provided many tailored services to our family business corporate members. Different renown shareholder families solicited us for giving an intergenerational in-house training on family business governance. We also were entrusted with some in-depth board evaluation exercises for a couple of larger family businesses.
Our Research Partners
Our Research partners EY and BNP Paribas Fortis support our research and activities for the larger family-owned businesses (as from 3rd generation), including the business families themselves and their next gen’s. Together with FBN Belgium, WorxInvest and de Tijd/l’Echo we organise the yearly Family Business Award of Excellence.
“Family governance is a powerful lever for any family business navigating change, including ours. It is something we actively invest in. As a corporate member of GUBERNA, we organised an in-company training for our family council, hosted by our family holding.
We deliberately chose an inclusive approach. All generations sat around the table: the ‘wise gen’, the ‘now gen’ and the ‘next gen’. The partners of current shareholders were welcome too. The first half-day took place at our offices. The second half-day moved to a tranquil green setting, space for reflection, away from the daily routine.
The training provided a solid conceptual framework. Particularly valuable was the insight into the different maturity stages of shareholdership, and how family governance relates to corporate governance at each stage. We were introduced to concrete best practices, gained a clearer picture of potential pitfalls, and explored the rights, duties and liabilities of directors, all grounded in practical examples and real-life cases.
The collaboration with GUBERNA? The inclusive and interactive nature of the sessions stood out immediately. Every participant felt genuinely engaged. The enthusiasm and eagerness to learn among the ‘next gen’ was a pleasure to witness, but the more experienced participants equally had the floor to ask their questions and found the sessions equally worthwhile. Learning together builds cohesion and creates shared ownership. The intergenerational exchange that emerged was a genuine added value.
Family governance as a lever: GUBERNA helped us understand it better and use it better. “
Rik De Nolf
Chair Roularta Media Group
“As a family business, we are a corporate member of GUBERNA. This was the second time we had our board of directors evaluated. The previous evaluation dated back several years, and we felt the time was right to take stock again: a CEO transition had taken place, a new shareholder had joined, and the generational shift was steadily taking shape. The chair of the board and the chair of the family holding were keen to include the perspectives of the broader group of family shareholders, both the ‘wise gen’ and the ‘now gen’. That made it an inclusive exercise.
Introspection keeps a board sharp and makes it stronger. Governance is never finished, and a genuine alignment between the ‘corporate’ and the ‘family’ perspective matters, for independent directors and family members alike.
GUBERNA ensured that every interviewee could speak freely and took the time needed to make that possible. The presentation of the report highlighted the strengths of the current governance, and rightly so, as this too carries value. But it equally identified areas for attention and concrete suggestions, on structure as well as on the dynamics between the various governance bodies. The chairs of the audit committee and the nomination and remuneration committee also received personal feedback at their request, a step that was very well received.
It was instructive to see how far we had come over the past years. And to gain a clearer picture of where the challenges lie in the years ahead. “
Julie Haspeslagh
Board Member Ardo
Centre of Expertise Listed Companies
For listed companies, 2025 was marked by persistent geopolitical and economic uncertainty, combined with a rapidly evolving regulatory landscape. The ESG framework increased in complexity, with diverging expectations across jurisdictions. The EU continued to advance its sustainability agenda with the implementation of CSRD and preparations for the Omnibus 2025 streamlining package, as well as the rollout of due diligence obligations, while global companies faced growing fragmentation in reporting and disclosure requirements. In parallel, new regulatory priorities emerged in the face of accelerating digitalisation and the rise of AI.
In this context, the GUBERNA Centre for Listed Companies is committed to helping companies find the right balance between compliance and purpose-driven value creation.
In 2025, we executed a new study on non-executive remuneration in Belgian listed companies, which gathers and shares the trends and practices of the remuneration policies and levels of non-executive directors in Belgian listed companies. The study was published at the start of 2026. We also conducted a study, in collaboration with the Institute for the Equality of Women and Men and provided data and monitor the respect of the law on the gender diversity in the boards of Listed companies. Our listed company members also gained insights and concrete governance recommendations from an article on cybersecurity and AI, authored in collaboration with A&O Shearman.
The Centre for Listed Companies also engaged in the public policy debate and to policy making at EU level, through our participation to ecoDa’s advocacy committee. Diverse articles informed our members about the most important policy and regulatory updates.
Our annual Listed Company Day took place on 13 November 2025 and was jointly organised by GUBERNA and VBO-FEB, in partnership with EY and A&O Shearman. It addressed how listed companies can navigate in uncertain environments and discussed on the legal and market barriers at play. Participants had the opportunity to listen to testimonials from organisations and take away key aspects to innovate their business.
Seminars, Roundtables & workshops on sustainability (jointly with Atos), the new civil code and directors’ liability (with A&O Shearman and Chapter Zero Brussels), were also organised for our listed members. The Secretary General Masterclass on 2 April 2025 marked the inaugural activity of the GUBERNA Secretary General Platform. This platform aims to address the shared need to exchange experiences and insights among Secretary Generals. 2025 was also the launch year of our Remuneration & Nomination platform, which focuses on creating educational programs & peer-exchanges for members of remuneration and nomination committees.
Finally, we performed tailor-made evaluations of the board of directors for our listed members.
Our Research Partners
Allen & Overy Shearman is our privileged research partner for the legal aspects related to the governance of listed companies. EY supports our centre’s activities by leveraging their extensive experience in advisory services and regulatory compliance. As a representative body for companies across multiple sectors, VBO/FEB ensures that our research and policy insights remain closely connected to the needs of the Belgian private sector. In 2025, our research partners contributed their expertise to our publications, events and educational programs on such topics as strategic employment and human capital, geopolitical uncertainty, sustainability, AI & cybersecurity, and board effectiveness. In addition, GUBERNA has had a long-standing partnership with the Commission Corporate Governance to help develop and promote compliance with the Belgian Corporate Governance Code.
“GUBERNA plays an important role in strengthening the professionalism of boards in Belgium. The peer-to-peer exchanges within the recently established NRC Platform create a particularly valuable space where members of nomination and remuneration committees can openly discuss evolving practices and challenges. As a board member with a focus on governance, audit and compliance in regulated environments, I find these discussions closely aligned with the realities we face in boardrooms. They allow directors to exchange experience, challenge perspectives and continuously refine governance practices. In an increasingly complex environment, GUBERNA provides an essential forum that supports directors in building stronger and more effective boards.“
Bart A. Pattyn
iNED Board Member
“Good governance is about clarity, accountability and trust. As artificial intelligence increasingly informs decisionmaking, boards must ensure that innovation is matched with ethical oversight and human judgment. And judgement is one of the qualities that human beings have and AI doesn’t. AI will support better decision-making and oversight, but more than ever responsibility and accountability must firmly remain with the board. Thanks to GUBERNA’s Secretary General Platform, we will continue to exchange on our learning curves and develop our governance.“
Sonia De Greef
Head of ESA & EH Governance & Deputy Company Secretary, Euroclear
Centre of Expertise Public Companies
2025 was a fruitful year for the Centre Public Governance of GUBERNA. We organised the Yearly Event Public Governance on the ownership policy of the Belgian State as shareholder. Such a policy is more important than ever. In the aftermath of the event we also published an article: Towards strategic and forward-looking government shareholding (NL)
Our long-awaited study on the duty of discretion of board members in state owned enterprises was published in 2025: “Speech is silver, silence is golden: does this also apply to public sector organisations?”. It is available in Dutch and French. Board members find in the study concrete guidelines and practical tools for dealing with the tension between discretion and transparency.
In an opinion piece: “The appeal of a board position in a state-owned enterprise: an ambiguous prospect” (available in Dutch and French), we discuss the obstacles that make it unattractive for many potential board members outside the existing political networks to take up a mandate in a state-owned enterprise.
In our public governance update, we reported on key topics such as the public governance elements in the federal coalition agreement. It also includes an interview between Sandra Gobert (CEO GUBERNA) and Jean-Paul Servais (Chair of the OECD Corporate Governance Committee, IOSCO and the FSMA), on the occasion of GUBERNA’s 30th anniversary and the 26th anniversary of the G20/OECD Principles.
Together with our research partner Eubelius, we organised a second masterclass public governance. In this edition, we took a closer look at the study on the duty of discretion of board members.
Lastly, we supported our members and public authorities with tailor-made services such as in–company trainings, board evaluations and customised governance studies. We will continue to do so in 2026 and would like to thank our members for their support!
Our Research Partners
Within their partnership, Eubelius and GUBERNA combine their unique expertise and jointly launch initiatives to promote good governance among boards and directors of State owned enterprises and other government entities.
Within their partnership, Eubelius and GUBERNA combine their unique expertise and jointly launch initiatives to promote good governance among boards and directors of State owned enterprises and other government entities.
Centre Of Expertise SME Governance
Throughout 2025, our Centre of Expertise for SME Governance made significant strides in supporting small and medium enterprises with their governance needs. Here’s a look at our key achievements.
We organised or were present at interesting networking events with our partners BeAngels (Deloitte Zaventem), Mind & Market (Louvain La Neuve) and BANFlanders (Flemish Parliament).
We provided several in–company trainings on good governance, including a training requested by investment fund Industrya (part of John Cockerill) for 12 of their start- and scaleups in portfolio.
In our Home of Governance Talks, we discovered how strong governance drives business success at Orakel, Ecosteryl and Maison Dandoy.
Together with Voka we updated the Voka Wijzer on corporate governance. This publication was presented in a keynote speech at the Week van de Bedrijfsoverdracht, organised by VLAIO in Mechelen.
In addition, we gave trainings for various Voka chapters in Flanders, on the different aspects of good governance in SMEs. The audience ranged from aspiring advisors and board members to company owners and Next Gen.
We proudly served as jury members for prestigious awards including Markant’s Womed Award 2024, Bestuur van het Jaar (De bestuurder) and De Fakkel (Voka Limburg).
We organised a roundtable discussion on the 28the regime, providing valuable feedback from our network to ecoDa.
We launched a new version of our Governance Maturity Scan specific to the needs of SMEs. During 2026 this will be an important tool to further assist SMEs in their sustainable growth.
Our ultimate goal is to be the neutral, trusted advisor for SMEs and assist in their governance journey.
“
At Industrya, we chose to organise an in–company training for the CEOs of our start-ups during our annual Conexya event, which gathers our entire portfolio in a setting designed to foster strategic exchange. The in-company format quickly became the obvious choice: it allowed us to tailor the content to the concrete realities of our industrial participations, to speak openly about real cases and sensitive situations, and to create a shared dynamic among leaders facing similar challenges. This format enabled more direct, contextualised conversations than any standard open training could offer.
The training gave our CEOs a sound foundation in governance, covering topics such as the role of the board of directors, managing conflicts of interest, structuring committees, and the CEO’s posture towards the board. More importantly, it helped establish a shared governance framework between Industrya and our leadership teams, strengthening the quality of our strategic dialogue and supporting the professionalisation of our portfolio companies.
Our collaboration with GUBERNA was extremely positive. Their team adapted readily to our specific context, an industrial start-up portfolio, diverse leadership profiles, and a training embedded within a larger event. Beyond the theoretical fundamentals, GUBERNA brought concrete examples from their work with members, practical insights on real governance situations, and an ability to foster open, constructive exchanges. This combination of rigorous academic grounding and tangible field experience was particularly appreciated by all participants. “
Thibaud Le Séguillon
CEO Industrya
Centre of Expertise Social Governance
In 2025, we significantly strengthened our efforts in knowledge creation and knowledge sharing. We launched our new podcast series “Social Profit Governance in Transition” where we delved into the governance of several organisations, featuring leaders from organisations such as BEWEL and the King Baudouin Foundation. We will continue and expand this series in 2026. This time with more French speaking guests, representing more organisations deeply embedded in Brussels. Besides the podcasts, we also held a live Home of Governance Talks webinar with representatives of Westmalle on their intriguing governance case. Last but not least, we completed a sector study examining governance practices in socialprofit organisations, including board composition, role clarity, and the growing professionalisation of governance across the sector.
The GUBERNA Centre for Social Governance also organised its 8th Hospital Governance Forum. This edition focused on the checks and balances within hospital governance, complemented by deep dives into specific topics such as risk management and human resources. We look forward to hosting the 9th edition in 2026 with our new research partner Andersen.
Finally, we supported our members through a range of tailored services, including governance trajectories, in–company trainings, and board evaluations. Our socialprofit membership base expanded, further enriching our network.
We remain committed to fostering strong and futureproof governance in the socialprofit sector. We warmly thank all our members for their continued trust and engagement as we move into 2026.
Our Research Partners
” In the summer of 2025, I contacted GUBERNA on behalf of the ACFF to organise an in-company training. I was already familiar with GUBERNA from a previous role. As chair of the ACFF, I felt it was essential to give our directors a clear understanding of their rights and duties, their roles and responsibilities, and what is precisely expected of a board of directors. Our statutes had also recently been amended, which made it an excellent opportunity to revisit how the board operates in its new configuration.
I have very positive memories of this training. Our board of directors had never received specific training in governance. The participants gained many new insights into their role and into how they can further strengthen their contribution going forward.
The entire process ran smoothly and professionally. The additional hour of consultancy offered by the GUBERNA experts was also greatly appreciated. An open and convivial atmosphere allowed us to reflect on how we work together, with complete confidence.
“An open and convivial atmosphere allowed us to reflect on how we work together — with complete confidence.” ”
Philippe Godin
Chair Board of Directors ACFF
”
How do we stay relevant after ten years? That was the central question when The Shift celebrated its tenth anniversary last year. Built on the merger of several sustainability organisations, The Shift has since grown into a mature organisation. As Belgium’s largest sustainability network, it continues to build awareness and promote meaningful change. Sustainability has gone mainstream, which has increased competition. At the same time, frontrunners are taking an ever more prominent lead — and those are exactly the organisations The Shift wants to keep pushing forward.
The board evaluation supported our governance journey and contributed to the relevance of The Shift. Based on the evaluation, we tackled four specific areas for improvement. A first important step was a critical review of the board’s composition. Since its founding, The Shift had always paid attention to representation across member groups and languages, but the evaluation highlighted above all the need for the right profiles and competencies. Earlier this year, four new directors joined the board as part of the partnership with Chapter Zero, filling those gaps.
In addition, the roles within the board were already fairly well defined, but we sharpened them further. We also scheduled a dedicated strategy day in our renewed annual calendar. We then turned our attention to the dynamics within the board. Although an informal atmosphere exists within our organisation, this was not reflected in the boardroom. We experimented with more informal moments and regularly changed our setting: not always around a meeting table, but sometimes standing or in a different location altogether. Those small changes made a real difference to the trust within the board.
Finally, we placed greater emphasis on non-financial KPIs, whereas previously the financial perspective had dominated. Drawing on our strategic theory of change, we defined clear priorities and milestones. Today, we steer not only towards a balanced budget, but also towards measurable strategic progress.
The evaluation process ran efficiently and resulted in a clear, pragmatic report — without heavy theoretical frameworks. We received concrete recommendations to increase the added value of our board. Moreover, such a self-evaluation requires no significant budget. For us, it was a crucial step in a broader professionalisation journey. That professionalisation starts with the board of directors.
“The board evaluation supported our governance journey and is a crucial lever for strengthening the relevance of The Shift.” ”
Tim Vandenbossche
Chair Board of Directors The Shift
Centre of Expertise Financial Sector Governance
The Centre Financial Sector Governance supports institutes in the financial and insurance sector with services and targeted learning experience. Together with our befriended organisation Febelfin Academy, we organised our yearly programme “Board of Directors in the financial sector” and our Masterclass bringing new governance trends to the attention of directors of the sector. In 2025 we provided tailor-made services to several international financial and insurance institutions, going from training programmes that addressed specific needs to board evaluations. We notice a growing interest in the ways to ensure dynamism of the sector despite increasing regulation on the one hand and growing uncertainty on the other hand.
Our Research Partners
“ A relevant training that provided us with tools for modern and effective Board governance.“
Thomas Boleki
Président du Comité de Gouvernance du Conseil de la Banque Centrale du Congo
Sustainability Report
GUBERNA, the Belgian Institute of Directors, has a long history as frontrunner and reference on the ‘G’ of ESG. During the visionary sessions with the Board of Directors in June 2019, the mission of GUBERNA became outcome-oriented, and its purpose linked to sustainable value creation.
Better Boards,
Better Organisations,
Better World.
In 2023 based on the principle of leading by example, our team engaged on a journey to translate these principles within our own organisation. The ownership of this process lies with GUBERNA’s Sustainability Committee that was founded at the start of 2024 and comprises GUBERNA team members from different backgrounds. In 2025 we analysed the stakeholder interviews, based on which we conducted an IRO analysis. We combined this with a strategic risk assessment and identified our priorities for the coming years.
Our approach
In 2024, we made a stakeholder classification, which culminated in 3 stakeholder and expert consultations.
- Group 1: six external stakeholders from conculleagues, public institutions, umbrella organisations and our sounding boards
- Group 2: partners/befriended organisations, GUBERNA directors, corporate members and suppliers
- Group 3: an internal and external expert.
Based on these consultations in combination with earlier employee input, we composed an Impact – Risk – Opportunity scoring with the guidance of an external expert. We compared this scoring with our internal risk assessment, initiated by our Audit & Risk committee. This led to an adaptation of our priorities.
| 2025 | Impact | Risk | Opportunity | Summary |
|---|---|---|---|---|
| Environment | ||||
| Biodiversity and deforestation Waste Energy Climate change adaption and mitigation | Limited | Limited | Limited | Alignment between commitments and practices can reinforce GUBERNA’s reputation to the stakeholders. We play our role as a citizen company by choosing responsible providers. We report on these aspects under Operational Transition. |
| Social | ||||
| Employee health & wellbeing and talent development Own workforce – adequate wages Diverse and inclusive workplace environment with a fair selection and recruiting process | High | High | High | Effective management of well-being at work contributes to being an employer of choice, facilitating recruitment efforts and retention. We report on these aspects under Employee Wellbeing. |
| Community development | High | High | High | Community development is one of our strategic pillars in the form of Reach and Exchange. We report on these aspects under Community & Member Engagement. |
| Sustainable Value creation | High | High | High | Through our mission, we want to reach organisations and individuals to improve boards, organisations and the world. We report on these aspects under Sustainable value creation & Knowledge transfer. |
| Consumers and end users – Data Privacy | Medium | High | Medium | Cyber security and data privacy are important to manage continuously. We report on these aspects under Operational Transition. |
| Governance | ||||
| Corporate culture Sustainable procurement Corruption & bribery | High | Medium | High | Through our mission, we want to reach organisations and individuals to improve boards, organisations and the world. We report on these aspects under Community & Member Engagement and Operational Transition. |
Our risk assessment contributed to a better understanding of our focus and the value of our mission. In the next sections, we first outline our stakeholder mapping. We then highlight the steps we took in 2025 on our material topics. We group them according to the strategic clusters that we identified in 2024:
- Community development & member engagement
- Sustainable value creation and knowledge transfer
- Employee health and wellbeing, talent development and inclusive workplace
- Operational transition.
Our Stakeholders
“Network inspires content, content inspires network.”
Stakeholder mapping
We consider stakeholders as: “Any group or individual that can influence or is influenced by the achievement of our organisation’s objectives”. We created a visual overview of our different stakeholders, representing internal and external stakeholders. The stakeholder landscape will change over time. Therefore this visual will need to be regularly updated.
Furthermore, GUBERNA uses different methods to interact with its stakeholder on three levels as defined in our Stakeholder Study (NL):
- We inform through our social media, newsletters, and events and gather information through surveys
- We consult through round tables and expert groups
- We partner through our Board of Directors representing our target groups, our Board of Trustees, our Directors Council, and our Academic Council
To further structure and systematise GUBERNA’s stakeholder policy, in a future phase we will create hierarchy in the stakeholder landscape to channel efforts.
Internal Stakeholders
| Why do we interact? | How do we interact? | What impact do these interactions have on our performance? | Key examples from 2024 |
|---|---|---|---|
| Team members | |||
| The quality of our work stands or falls with the quality of a good working team | Bi-weekly team meetings, bi-yearly team events and regular employee satisfaction surveys | Engaged collaborators and a strong organisational culture | Team exercise to update the GUBERNA values |
| Suppliers | |||
| We want to interact in a correct and professional way with our suppliers | Regular contract updates and personal interactions | Stable, professional relationships based on clear conditions and mutual trust | We conducted a contract review of all suppliers and look for sustainable products or services |
| Board of Directors | |||
| Our Board of Directors is our key ally in realising the mission of our organisation and giving direction | Three regular board meetings a year and one half-day Strategic Conclave | We ‘walk our talk’: we have a clear strategy, a sound monitoring and can rely on a committed group of key ambassadors | We launched for the first time an open call in our member network for new board members |
| Research Partners | |||
| We want to establish long-term partnerships in view of reinforcing our research on the governance for different types of organisations or specific governance-related themes | Yearly action plan meeting with the dedicated research-team (setting the research and activities agenda) and regular follow-up meetings during the year | We can rely on dedicated research partners that are committed to support our research both financially and with their expertise | With our Research partner Public Governance we drafted a Memorandum for the future government |
| Other partners | |||
| We want to establish an ecosystem of long-term partnerships with complementary network organisations | We involve them in our member network and look for opportunities to jointly address our respective communities | We broaden our audience and reinforce our impact | We established new partnerships with a number of organisations that focus on transition and/or DEI |
| GUBERNA (Certified) Directors | |||
| Our GUBERNA-directors are our first ambassadors. We aim at creating a long-lasting lifelong learning journey with them | We have a bi-yearly meeting of the Alumni Council, the GUBERNA-director Sparkles (interviews by GUBERNA directors) and Sounding boards. The Chair of the GUBERNA Director Council has an observer mandate in the Board of Directors | An engaged community that continues its governance journey and actively contributes. They ensure a strong mouth-to-mouth promotion for pour organisation and its education programmes | We started with Sounding boards in which GUBERNA Directors reflect and deepen out specific governance themes |
| ecoDa and European organisations | |||
| We realise governance does not stop at boundaries. We are eager to exchange and learn from experiences in other European countries. | GUBERNA is member of the Board of Directors of ecoda and involved in different subcommittees (Policy Committee, Education Committee…) | We gain insights on governance developments from other countries and can benchmark them and translate them to our member network | A GUBERNA testimonial on the yearly ecoDa Member Forum |
| Individual & Corporate Members | |||
| Our members represent the “heart” of GUBERNA. We are there for and with our members. | We cultivate a continuous interaction and dialogue with our members to inspire them and respond to their needs as best as we can | Our member network stands for a robust and loyal community that believes in our purpose. “Content inspires network, network inspires content.” | We had a very successful National Member Forum in June (on AI for boards of directors). We started with individual evaluation talks with corporate members |
External Stakeholders
| Why do we interact? | How do we interact? | What impact do these interactions have on our performance? | Key examples from 2024 |
|---|---|---|---|
| Media & wider public | |||
| In line with our ‘every-one is a member’ strategy, we want to reach a broad audience | We exchange on low-threshold social media platforms and provide dedicated communication to different target groups | We are creating awareness for our mission and are broadening our impact | Reaching 10.000 followers on social media. |
| Public institutions & Political parties | |||
| We want to create awareness for sound governance and seek to exchange on governance challenges | We communicate on relevant governance insights and provide on demand governance services or training sessions | Our Centre public governance is a well-respected partner | The GUBERNA Memorandum for the 2024 elections. Our position paper on relationship agreements |
| Academics | |||
| Research is part of the DNA of the organisation. | Our Academic Council is a formal advisory body to our Board of directors. We cultivate good relations with academicians that work on governance related topics and collaborate on projects. | We are working on an effective and collaborative research eco-system with a multidisciplinary approach focusing on crossfertilisation and impact | Strategic reflection on an academic hub model |
| Concullegae & Competitors | |||
| We welcome every actor that is supporting and adding to the realisation of our mission | We welcome them in our network and look for constructive collaborations and exchanges | We are all the more dedicated to stay ‘one step ahead’ and inspire the community with new governance insights | The launch of the award ‘Bestuur van het jaar’ with De Bestuurder |
| Companies | |||
| Our corporate members are our first ambassadors | We regularly conduct evaluation talks with existing corporate members and look for new ones. The key delegates of premium corporate members are member of the Board of Trustees which is an advisory body of the Board of directors | We interact directly with our corporate members on their governance challenges and translate their feedback in our strategy and product portfolio | The excellent and very inspiring meeting of the Board of Trustees on October 12. |
| Umbrella organisations | |||
| We desire to create awareness for governance in an effective way | We look for joint opportunities and formalise them in a Befriended organisation contract. Relevant stakeholder organisations are invited to the Board of Trustees | We are enlarging our visibility and impact and are learning from other communities | The Belgian Venture capital and Private equity organisation (BVA) became Befriended organisation |
| Future generation | |||
| We believe in youth and want to inspire each other for creating sustainable (governance) future together | We have a dedicated Young GUBERNA membership and are closely monitoring the age pyramid of our Board of directors | We keep abreast of what lives in younger generations en and fine-tune our education and incompany offers to their needs and expectations | Next gen governance trainings for different shareholder families in our Centre Family Business Governance |
Community development & engagement
GUBERNA contributes to the overall sustainable growth and well-being of the corporate governance community by fostering an environment that encourages transformation and collaboration. This is materialized through initiatives such as knowledge-sharing platforms, training programmes, or partnerships etc. that empower members of the community to take active leadership roles. This impact includes:
- Enhanced capacity building
- Fostering innovation
- Strengthened networks
- Bring about cultural shifts
Goal
Engage regularly with our network and stakeholders to develop the corporate governance community in Belgium.
Progress
We engaged with 1275 unique participants via a diverse offer of events and exchange opportunities. Our members network grew, welcoming new corporate and individual members. We interacted with numerous participants to our education programmes. You can read more in the section on our strategic objectives.
Read more about our Reach Pillar
Read more about our Lifelong Learning Pillar
Corporate culture and transparency
GUBERNA commits to leading by example regarding its governance structure through which the organisation is directed, controlled and overseen. This includes the distribution of responsibilities, decision-making processes, and establishing checks and balances to ensure effective and ethical governance practices.
GUBERNA commits to always communicate openly and comprehensively its performances, activities and impact to stakeholders regarding overall reporting and ESG-standards.
Goal
Regularly review the composition and functioning of our governance bodies.
Progress
In 2024 we saw new chairpersonship for our Board of Directors, GUBERNA Directors Council and GUBERNA Board of Trustees. We have recently reviewed the composition of our Board of Trustees. You can read more details in the section on our organisation and governance.
Together with the audit committee, we conducted a risk assessment exercise.
Sustainable value creation
GUBERNA commits to leading by example regarding its governance structure through which the organization is directed, controlled and overseen. This includes the distribution of responsibilities, decision-making processes, and establishing checks and balances to ensure effective and ethical governance practices. GUBERNA commits to always communicate openly and comprehensively its performances, activities and impact to stakeholders regarding overall reporting and ESG-standards.
Goal
Share inspiration on sustainable value creation.
Progress
We organised multiple education programmes on sustainable value creation, for example a Masterclass on sustainability and the GUBERNA Summer School 2025 explored deeper the topic “Driving innovative governance: a lever for viable business models and a liveable world”. We incorporated ESG modules in all in–company trainings. We published articles on related subjects, for example on what boards need to know about the ESRS revision.
Employee wellbeing
At GUBERNA, people are at the heart of the organisation. We aim at creating an environment in which its team members can thrive. We stress the importance of employee well-being, growth opportunities, good mental health, and diversity, equity & inclusion in the workforce.
To support our commitment to a sustainable and people‑focused organisation, we will launch a new employee survey assessing key aspects of engagement, well‑being, and long‑term retention. Built around nine core drivers, from development opportunities and work‑life balance to managerial culture and social impact, the survey will help us identify what enables our people to thrive.
The insights will guide our priorities for the coming year, ensuring our sustainability efforts are grounded in a strong, inclusive, and resilient employee experience
Talent development
GUBERNA recognises its employees as a valuable asset and thus commits to enhancing the skills and capabilities of its employees through promoting continuous learning and preparing them for future roles within the organisation.
Goal
Encourage personal development opportunities for employees.
Progress
Our colleagues attended 27 (+42% vs 2025) external trainings, and 24 (+118%) internal trainings.
Employee health & wellbeing
GUBERNA takes into account the holistic consideration and management of the physical, mental and social health of its employees within the workplace (cf. job satisfaction and working conditions).
Goal
Keep improving wellbeing and satisfaction.
Progress
The recent move of our Brussels offices to a more sustainable and comfortable building in a vibrant environment contributes to the wellbeing of our team members. We worked on a strategic HR roadmap, which will culminate in an employee wellbeing survey in 2026.
Sustainable & inclusive workplace environment
Through inclusive leadership, GUBERNA aims to be a workplace that values and embraces differences among employees, ensuring equal opportunities, fair treatment, and inclusion for individuals of diverse backgrounds in terms of gender, ethnicity, disabilities and other relevant factors. This includes an effective and fair selection and recruitment process and adequate compensation and benefits for our employees.
Goal
We ensure that all team members feel valued and can be themselves, that selection and recruitment is organised in an objective manner and that compensation is adequate.
Progress
Our team is diverse in terms of age, gender, competences and experience. We always work with external objective parties for recruitment of new colleagues. We updated our remuneration benchmark with the latest data.
Data protection & Cybersecurity
GUBERNA commits to using and developing frameworks, policies, processes, and standards to oversee and guide the development, deployment, and use of technology within the organisation and its network (e.g. with regards to AI). GUBERNA also commits to the implementation of measures and safeguards to ensure the confidentiality, integrity and availability of information used within the organisation and its network.
Goal
Regular security audits and upholding a stringent respect for GDPR principles
Progress
We have conducted a detailed cyber risk assessment in 2025 which validated strong performance and identified some improvement points who are being implemented in 2026.
Carbon footprint
GUBERNA undertakes strategic efforts and initiatives to decrease its overall greenhouse gas emissions and mitigate its impact on climate change (cf. energy efficiency measures, transitioning to renewable energy sources, mobility, adopting sustainable practices across operations).
GUBERNA aims to lead by example through e.g. its events and training programmes with the proposed content and themes but also regarding the organisation of its trainings and events to lead by example and encourage / inspire its network and stakeholders to take the lead themselves.
Goal
Encouraging sustainable travelling options for team members as well as participants to events and education.
Progress
Since 2024 the majority of company cars are zero emission electric vehicles. Our event communications mention different means of transport, emphasising public transport. Our staff works remote 20% of the time. We moved our Brussels offices to a more sustainable building in a 5-minute neighbourhood.
Waste reduction and sustainable consumption
GUBERNA aims to consciously and systematically minimise waste generation through preventive measures and by promoting recycling and responsible disposal of materials. This includes initiatives to reduce the environmental footprint and to promote circular economy practices (cf. printing, food & dining/catering during events and training programmes, work resources). GUBERNA also commits to offering sustainable products during work and meetings.
Goal
Waste reduction.
Progress
The team received refillable water bottles. we decreased greatly the use of printed paper, largely driven by a paperless approach in our education programmes.
We signed the FairTrade@Work Charter, in which we commit to offering sustainable products during work and meetings. We appointed a colleague as Fairtrade@work ambassador, who is responsible for the coordination of the charter.
Financial Results 2026
| Consolidated | 2024 | 2025 | Delta |
|---|---|---|---|
| TOTAL OPERATIONAL INCOME | 3.498.055 | 3.620.752 | + 122.696 |
| TOTAL OPERATIONAL EXPENSES before depreciations & provision | 3.071.915 | 3.609.899 | + 537.984 |
| OPERATIONAL RESULT before depreciations & provisions | 426.141 | 10.853 | - 415.288 |
| DEPRECIATIONS & PROVISIONS | 289.591 | 326.934 | + 37.343 |
| OPERATIONAL RESULTS | 136.550 | -316.081 | - 452.631 |
| NET RESULTS | 147.397 | -300.147 | -447.544 |
| CASH FLOW | 436.988 | 26.787 | -410.201 |
Financial Results
GUBERNA VZW/ASBL
As outlined in section ‘Our governance – Guberna is growing’, the new organisational structure had its first full working year in 2025. We present the financial results 2025 of GUBERNA VZW/ASBL below. Please note that these do not include the financial results of the 100% daughter organisation GUBERNA Education & Services BV/SRL. We refer to the consolidated results further below.
GUBERNA VZW/ASBL
| GUBERNA VZW/ASBL | 2025 |
|---|---|
| TOTAL OPERATIONAL INCOME | 2.039.361 |
| TOTAL OPERATIONAL EXPENSES before depreciations & provision | 2.169.101 |
| OPERATIONAL RESULT | -129.741 |
| DEPRECIATIONS & PROVISIONS | 193.114 |
| OPERATIONAL RESULTS | -322.855 |
| NET RESULTS | -304.605 |
| CASH FLOW | -111.490 |
Consolidated financial results
For transparency and comparability with the previous year, we also present the consolidated financial results for GUBERNA VZW/ASBL and GUBERNA Education & Services BV/SRL below.
Financial Results 2026
| Consolidated | 2024 | 2025 | Delta |
|---|---|---|---|
| TOTAL OPERATIONAL INCOME | 3.498.055 | 3.620.752 | + 122.696 |
| TOTAL OPERATIONAL EXPENSES before depreciations & provision | 3.071.915 | 3.609.899 | + 537.984 |
| OPERATIONAL RESULT before depreciations & provisions | 426.141 | 10.853 | - 415.288 |
| DEPRECIATIONS & PROVISIONS | 289.591 | 326.934 | + 37.343 |
| OPERATIONAL RESULTS | 136.550 | -316.081 | - 452.631 |
| NET RESULTS | 147.397 | -300.147 | -447.544 |
| CASH FLOW | 436.988 | 26.787 | -410.201 |
