Following the “European Union Action Plan” of the European Commission of 2003, which requires that each member state designate a set of corporate governance rules applicable to publicly-held companies listed in that member state, the Belgian Corporate Governance Committee issued the Belgian Code on Corporate Governance (the “Corporate Governance Code”) on December 9, 2004, effective on January 1, 2005. In line with the European Union Action Plan, the Belgian Corporate Governance Committee recommended that Belgian authorities consider designating the Corporate Governance Code as the Belgian code of reference applicable to publicly held companies listed in Belgium.
In accordance with the recommendations set out in the Corporate Governance Code, the Board of Directors of Delhaize Group adopted the Corporate Governance Charter of Delhaize Group on November 9, 2005, effective as of December 31, 2005. The Board of Directors of Delhaize Group will review the Corporate Governance Charter from time to time and make such changes as it deems necessary and appropriate.
The Corporate Governance Charter of Delhaize Group sets forth the rules and policies of the Company that together with applicable law, constitute the governance framework within which the Company operates. Delhaize Group is dedicated to a well-controlled, transparent business environment. It believes that such an environment enhances its competitiveness and fosters strong business performance.
While the Company refers to its Corporate Governance Charter for its corporate governance framework, the Corporate Governance chapter in the annual report focuses, as recommended by the Corporate Governance Code, on the developments in the field of corporate governance made by the Company in the course of 2005. Both documents together provide a full overview of the Company’s corporate governance.
Corporate Governance Charter