VITO attaches great importance to good governance. Not only on paper, but also in practice. VITO has had an Audit Committee with an internal audit function within VITO since 2006. The creation of such an Audit Committee and an internal audit function is in line with the good governance structure that VITO aspires. 

Audit Committee

The Audit Committee assists the Board of Directors in its supervisory function, especially in reviewing:

  • the financial information
  • internal controls and risk management
  • the audit process

Members are:

  • Michel Meeus (chair)
  • Prof. Harry Martens 
  • Jan De Landsheer
  • Frank Gérard

Good governance principes

VITO strives to implement the following principles in the area of good governance:

  • Principle 1. The Flemish community acts as an active and informed shareholder and develops a clear and consistent ownership strategy for VITO.
  • Principle 2. The Board of Directors at VITO possesses the required autonomy, competences and objectivity to execute its responsibilities concerning the strategic management and control of executive management.
  • Principle 3. The Board of Directors at VITO is compiled in a professional manner with required attention given to diversity and compatibility.
  • Principle 4. The Board of Directors at VITO performs its tasks in an effective and efficient manner and thus makes a valuable contribution to the realisation of VITO’s objectives.
  • Principle 5. The Board of Directors at VITO establishes specialised committees that help the Board to execute its tasks.
  • Principle 6. VITO has a professional and authorised Directors committee, which is managed by the executive manager and is responsible for the operational management at VITO.
  • Principle 7. VITO guarantees appropriate disclosure of the principles adhered to in the interest of good management.
  • Principle 8. VITO wants to implement the principles of social and sustainable entrepreneurship.