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Protect minority shareholders when introducing multiple voting rights
Listed companies will soon be able to introduce multiple voting rights in addition to double voting rights. Without robust checks and...
Sep 4, 20253 min read


Strong enforcement builds trust—and trust is the foundation of well-functioning markets.
The enforcement committee of the FSMA is expected to rule on the Nyrstar case shortly. It is high time, as it has been more than six years since Trafigura acquired Nyrstar's assets as part of an allegedly fraudulent restructuring. This decision will attract a great deal of interest. It was preceded by a very thorough investigation. For example, the chairman of the FSMA, Jean-Paul Servais, accompanied by vice-chairman Annemie Rombouts, stated last January during a hearing befo
Sep 3, 20252 min read


The recent articles in De Tijd about Nyrstar's activities in Belgium evoke mixed feelings.
Yes, a battery park in Balen provides job security and contributes to the energy transition, and we can only applaud that. And yes,...
Sep 2, 20252 min read


Trafigura and shipowner sucked into $18bn Pertamina corruption probe
From Jakarta to Geneva, Trafigura’s Troubles Multiply. Fresh off a Swiss court conviction tied to operations in Angola, commodity giant...
Aug 1, 20252 min read


Nyrstar Deserves Resolve, Not Defeatism
Is Nyrstar’s board of directors truly caught between a rock and a hard place? That metaphor positions the board as a victim. In reality, it has uncritically aligned itself with the interests of its majority shareholder, Trafigura. In a recent interview with De Tijd, Marc Taeymans, an independent board member at Nyrstar, portrayed the company as a collatoral casuality in a dispute between Trafigura and minority shareholders. This portrayal is not only inaccurate—it is perilous
Aug 1, 20253 min read


Independent director or loyal spokesperson?
The financial newspaper De Tijd published an opinion by Kris Vansanten in which he argues that Nyrstar should finally act in line with...
Jul 31, 20252 min read


Inertia as a tactic: Trafigura's ‘Belgian Torpedo’
The wheels of justice turn slowly – too slowly – and this undermines the credibility of the rule of law. In an opinion piece in De Tijd,...
Jul 18, 20252 min read


The EU dreams of autonomy, but is selling its future to the highest bidder.
“You're losing.” With these harsh words, Jamie Dimon, CEO of the world's largest bank, addressed Europe today in the Financial Times....
Jul 11, 20252 min read


Board of Directors under fire at General Assembly Nyrstar NV : €5 million per year for an empty shell
Minority shareholders sound the alarm about poor governance, conflicts of interest, mismanagement, and excessive spending. Nyrstar NV, a...
Jun 25, 20255 min read


Nyrstar's board of directors is sinking further into its self-created quagmire.
Another unexpected twist in the Nyrstar case: Kris Peeters withdraws as candidate director. What could be going on? Kris Peeters - © Filip Naudts CC-BY-SA 4.0 Until recently, Mr. Peeters was a director at the European Investment Bank (EIB). Some research reveals that Article 6.1 of the EIB's Code of Conduct for the Board of Directors stipulates the following after the end of such a mandate: "Former Members of the Board of Directors have the duty to behave with integrity an
Jun 19, 20252 min read


A Sector Ban to Restore Trust in Corporate Governance
The integrity of corporate governance is under increasing scrutiny — and rightfully so. Belgium’s recent history has shown how vulnerable...
Jun 15, 20252 min read


Critical Minerals, Critical mistakes: The Nyrstar report Europe Can't Ignore
In recent posts, I warned about Europe’s eroding grip on critical industrial capabilities. Now, new evidence from Australia confirms just...
Jun 5, 20251 min read


Europe Gave Away the Keys to its Strategic Future
While the EU voices its ambitions for strategic defence autonomy, technological leadership, and green transition goals, it has quietly...
May 30, 20252 min read


Europe's Green Dream is Being Built on Borrowed Zinc
Last April, De Tijd warned that Europe must build 40 new mines and metal factories by 2030 to meet its own green transition targets — a...
May 23, 20252 min read


The Erosion of Legal Ethics: When Law Firms Serve Power Over Principle
Opinion: Recent events have cast a spotlight on the troubling role of major law firms in enabling corporate misconduct. Law professor ...
May 5, 20251 min read


The Masks Are Off: Allen & Overy Sells Its Soul (Again)
It’s official: Allen & Overy Shearman (A&O) has inked a deal with Donald Trump. A&O is one of five so-called “elite” law firms that have...
Apr 17, 20252 min read


Italy’s biggest refinery in crisis three years after sale by Russia’s Lukoil
Another case of the #CuckooStrategy in action. Trafigura ’s playbook is becoming painfully familiar: leverage special situations emerging...
Apr 13, 20252 min read


A fierce communications battle lies behind the legal aspect of the Nyrstar affair.
The truncated communication from Nyrstar clearly does not please the Financial Services and Markets Authority ( FSMA ) and the Antwerp...
Apr 11, 20251 min read


The Nyrstar case: can justice still be done?
‘It seems that the justice system wants to send a strong message to politicians’, this week in Trends Tendances. Does the justice system...
Apr 7, 20251 min read


The Nyrstar Case: A Textbook Principal-Agent Problem
The classic 'principal-agent problem' played a central role in the Nyrstar case. Kris Vansanten describes how board members and legal...
Apr 5, 20252 min read
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