Belgium lags behind on female representation at the top of listed companies, with only three women serving as CEOs among 66 firms according to research by Vlerick Business School.
In the BEL 20, BEL Mid and BEL Small indices at the end of last year, women accounted for 4.5% of CEOs, while in the broader Stoxx Europe 600 index, the share stood at 9.6%.
Vlerick said it found no evidence that female CEOs earn significantly less than their male counterparts.
Related News
- Is Belgium really heading back to the office?
- 'My salary was almost 30% lower': One woman’s fight for equal pay
- Employee-entrepreneurs want legal recognition like in France, but is Belgium ready?
The researchers also examined overall pay trends for chief executives. Between 2016 and 2025, median gross CEO remuneration rose by 47.9% in the Bel 20, 46.7% in the Bel Mid and 31.2% in the Bel Small.
According to Vlerick professor Xavier Baeten, those increases outpaced the rise in overall labour costs.
The study found that almost all Belgian companies use both financial and non-financial criteria when setting CEO bonuses. Financial measures still carry the greatest weight.
At the same time, ESG criteria, that is, environmentla, social, and governance standards, are becoming more important. Emission and climate-related targets in particular are gaining ground. Vlerick said 25% of Belgian companies used such a criterion, up from 8% three years ago.
