New central register for board bans
November 2023 - Did you know that since 1 August 2023, details of persons on whom board prohibitions have been imposed will be registered, kept and amended in a central register of board prohibitions?
Through this register, public authorities and third parties can check whether there is a board prohibition for the following mandates: director, manager, auditor, day-to-day director, member of an executive committee, management board or supervisory board or liquidator of a legal entity, representative for the activities of a branch or candidate for appointment.
Before 1 August 2023, board prohibitions were laid down in judgments and published in the Belgian Official Gazette. However, structured monitoring of compliance was lacking. As a result, directors affected by a professional ban could continue their activities as usual.
The new central register of directors' bans will simplify access to information. It will also be compulsory to consult this register when a company is formed, or board members are appointed. Companies and associations must draw up and sign an additional declaration stating that a Belgian or foreign court has imposed no board prohibitions. For this purpose, one can use a standard declaration prepared by the corporate courts, which must be filed with the clerk's office at the time of that director's appointment.
