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Corporate governance

Governance principles

As a limited liability company under public law, bpost is governed by the Law of 21 March 1991 on the reform of certain economic public companies. For all matters not specifically covered by the Law of 1991, bpost is governed by the Belgian Companies Code.
As a listed company, bpost is subject to the Belgian Code on Corporate Governance of 12 March 2009. bpost intends to comply with the Corporate Governance principles laid down in this Code and the OECD’s Guidelines on Corporate Governance of State-owned Enterprises. These principles and guidelines are implemented in the Corporate Governance Charter.

The main characteristics of bpost’s governance model are the following:


bpost SA/NV is incorporated in Belgium, with its registered office at Boulevard Anspach/Anspachlaan 1/1, 1000 – Brussels. See the Articles of Association.

Governance documentation

The latest version of bpost’s Articles of Association was adopted at the Shareholders’ Meeting of May 13, 2020 and was approved by the Royal Decree of December 6, 2020.

The Board of Directors adopted the Corporate Governance Charter on May 27, 2013. The Board of Directors regularly reviews bpost’s Corporate Governance Charter and adopts any changes deemed necessary and appropriate.

In compliance with Belgian law, bpost publishes the remuneration policy setting out the remuneration principles applicable to the members of its Board of Directors and Group Executive Committee. This remuneration policy has been adopted by the Board of Directors upon recommendation of the Remuneration and Nomination Committee and is submitted for approval to the Shareholders’ Meeting of May 12, 2021. The remuneration policy reflects the current principles of the remuneration policy approved by the Shareholders’ Meeting of 25 April 2000, while better promoting the long-term interests of bpost and alignment of all stakeholders. If approved by the Shareholders’ Meeting, the remuneration policy will be applicable as from January 1, 2021 for the next four years. Any further material change to the policy will have to be approved by the Shareholders’ Meeting.

  • Approved by the Ordinary Shareholders’ Meeting on May 12, 2021
  • Results of the vote : 91,73% for and 8,27% against

Applicable as from January 1, 2021 for the next 4 years (any further material change to the policy will have to be approved by the Shareholders’ Meeting)

Further to the option provided in the Corporate Governance Code 2020 for listed companies to develop a relationship agreement to further define the relationship with significant or controlling shareholders and to clarify information rights, the Belgian State and bpost created a framework around the way bpost and the Minister of Public Enterprises exchange information with each other, while always respecting the autonomy of bpost and the powers of its governing bodies, the rules contained in Regulation (EU) nr. 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse and the FSMA guidelines in this respect, as well as the applicable rules on conflicts of interest.