Corporate Governance
Recticel believes that a good corporate governance code is necessary to ensure its long term success. This implies an effective decision-making process based on a clear allocation of responsibilities. It has to allow for an optimal balance between a culture of entrepreneurship at the level of its business lines and business units and a very effective steering and oversight process.
In accordance with the assessment of the Belgian Corporate Governance Code of 2009, Recticel has published its Corporate Governance Charter. The Charter contains a detailed description of the governance structure and the company’s governance policy. The Recticel Corporate Governance Charter was recently updated and is endorsed by the Board of Directors of 3 March 2011. As mentioned above, Recticel uses the Belgian Governance Code of 2009 as reference code.
This chapter contains information regarding Corporate Governance in general and, the application of the Code during the last financial year in particular.
In accordance with the Companies Code, the Board of Directors is authorized to undertake all necessary actions to achieve the company’s objective, except those that only the General Meeting is authorized to perform by law. The competencies of the Board of Directors are not limited any further by the statutes.
The internal regulations of the Board of Directors are described in Recticel’s Corporate Governance Charter.