Ethical behaviour & Governance

In the past years, the Cordeel Group has grown rapidly: new companies were set up and acquired, and new divisions were established. We professionalised our organisation to be ready for further growth.

Board of Directors Cordeel Group

The Board of Directors meets on a monthly basis and is responsible for the long-term value creation of the group. They monitor the performance and the progress of the strategy they defined and steer where necessary.

Annually, the Board Of Directors receives updates on the implementation progress of our sustainability strategy. They review and endorse the set targets and provide feedback on our strategy. Five members of the Board of Directors are also part of the Sustainability Committee, highlighting the importance of this topic for our Group.

The board members qualify for their function due to expertise and in-depth knowledge in the construction and real estate sectors, finance and legal.

SDG - 16: Peace, justice and strong institutions
There are governance four levels within the Group, each including dedicated directors:
  • Family shareholders, active in the governing bodies of the “Family Holding.”
  • Directors of the overarching holding company Cordeel Group
  • Directors overseeing the Group’s Business Lines (“Operational Holdings”).
  • Directors of individual operational companies, often focused within specific Business Lines (“Operational Companies”), including those primarily involved in real estate development (“Real Estate Companies”).


Gender diversity in the board

  •  Men
  •  Women

Corporate governance charter

Our Corporate Governance Charter is a tool through which Group Cordeel aims to further integrate its mission, vision, and corporate values into the operations of all governing bodies of the Group.

By developing this Corporate Governance Charter, Group Cordeel endorses the spirit, principles, and objectives of good governance. It ensures that the Group is governed, managed, and controlled in a responsible, sound, efficient, and transparent manner.

Directors are being elected for six years and can then be re-elected.

The Corporate Governance Charter includes a statement of non-discrimination.

As a non-listed company, the Group has been inspired by the voluntary recommendations of Code Buysse III.

We are convinced that this Corporate Governance Charter will lead to long-term value creation, as well as:

• professionalisation and alignment of the various governing bodies within the Group and their operations
• integrity and transparent decision-making processes
• better decisions aimed at long-term success
• an objective way to address conflicting interests
• assurance of business continuity within a broad socio-economic frameworks

Human rights in supply-chain

Our internal website, Check In At Work (CIAW), represents a completely digital solution for monitoring, reporting and follow-up of individuals present on a site, including subcontractors. CIAW also verifies all essential employment documents required for work in Belgium, ensuring that ethical and responsible work practices are maintained.

Due diligence for subcontractors and suppliers has been set up.

SDG - 16: Peace, justice and strong institutions
SDG - 10: Reduced inequalities

Codes, policies & procedures

  • COC for employees and directors
  • Procedure for reporting concerns
  • For business partners
  • GDPR and data protection

Code of Conduct for our own employees and directors, annual review


The Code of Conduct comprises:

  • The Workplace Conduct which outlines expectations for employees’ behaviour in the workplace, including professionalism, safety, and diversity and inclusion.
  • The Business Conduct which outlines expectations for ethical business practices, including anti-corruption, fair competition, and protection of confidential information.
  • Environment, Health, and Safety which outlines expectations for employees’ behaviour to ensure environmental sustainability and safety in the workplace.
  • Reporting violations which outline the procedures for reporting violations of the code of conduct and encourage employees to report any suspected violations.
  • Consequences of violations which outlines the potential consequences for violating the code of conduct, including disciplinary action and termination of employment.

The Code of Conduct can be consulted here. In 2024, we will continue to implement and reinforce our codes, policies and procedures within the organisation through training and continuous awareness-raising initiatives.

We implemented a whistleblower tool to enable internal and external stakeholders to raise concerns anonymously.

We implemented a code of conduct for business partners in 2023 which can be consulted here.

Additionally, we plan to introduce a sustainable purchasing policy and update our supplier evaluation questionnaire in order to ensure that our business partners comply with our codes and policies as well.

We attach great importance to the safe, transparent and confidential collection and processing of personal data. We place a high priority on protecting data belonging to parties that include our clients, subcontractors and suppliers against, among other things, loss, leaks, errors, unauthorised access and unlawful processing.

We composed a Data Protection Notice explaining how we collect and process personal data.