4.3.1 Introduction

In this section the above eight key questions are answered for Belgium. Belgium is part of the research sample since, although it has some strong cultural features and an insider-controlled system, the code's contents strongly adhere to international (sometimes Anglo-Saxon) practice, sometimes neglecting more common practice in Belgium. On the other hand, this Belgian practice is extensively and perhaps sufficiently laid down in corporate law and a clear choice has been made for a code that strengthens Belgium'scompetitive position (a marketing and communicating instrument). Belgium is also incorporated in the research sample since it implemented Directive 2006/46/EC rather late (June 2010) and thus jumped from judicial corporate governance arrangement A (self-regulation) to corporate governance arrangement C (self-regulation supported by statutory rules).