The "Board of Directors" ("Board") is composed of individuals who have been elected by the general assembly of Shareholders to represent them and supervise the management of the company. There are three types of directors: (i) the "Executive Director", who is a member of the company's management, and by definition is not regarded as independent; (ii) a director who does not work for the company, but is linked to the management, is referred to as a Non-executive Non-independent Director; and (iii) a director who does not work for the company and isn't linked to the management is referred to as a Non-executive Independent Director. A large proportion of independent directors is regarded as a sign of good governance.

(See Chapter 42 Choice of corporate structure of the Vernimmen)

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