The strong presence of Flemish managers is not limited to CEO positions. Among the five members of the management committee of BNP Paribas Fortis, there is only one French speaker, in the person of Stéphane Vermeire. It’s not much. Too little? “There is no specific rule. The banking law and the code of companies and associations only impose a gender target for the board of directors. BNPPF of course ensures that its various bodies and committees are composed of balanced way”replies the press service.
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The current concern at BNPP Fortis is to highlight women when there were none on the management committee until 2021. It is no coincidence that the press release published this week underlines that the executive committee (which is broader than the management committee) “now has seven women and six men”. There was some catching up to do since it was in 2022 that Sandra Wilikens was the first woman to join the management committee.
The 70 principle states that the bank “endeavours to ensure that no department or function level has more than 70% of people of the same gender, nationality or age group.”
The principle of 70
At ING Belgium we say very “Flemish“, three of the six members of the management committee are Belgians including a French-speaking one, Cédric Lebegge, who has the title of Chief Operating Officer. The head of private banking, a key activity where you have to be very present with wealthy clients, is Sali Salieski, of Dutch nationality. “ING promotes respect for diversity in the broad sense. Regardless of gender, cultural origins or even age, everyone has the same opportunities to pursue a career and progress at ING. We prioritize skills and do not we apply no linguistic criteria”underlines the press service. And to remember “the principle of 70” where the bank “strive to ensure that no department or function level has more than 70% of the same gender, nationality or age group.”
For the KBC group, the domination of Dutch speakers is almost total and logical given the Flemish identity of the “bank from here”. With the notable exception, however, of David Moucheron, a former lawyer who is the son of RTBF journalist Georges Moucheron. And who runs the Belgian division. It is still surprising that, for its Walloon subsidiary, CBC, the Flemish group chose a man from the German-speaking community. His name is Clemens Scholzen.
Unwritten rule
Belfius is a little more French-speaking due to the presence of Marc Raisière as CEO. The latter should be replaced by Olivier Onclin as long as the European Central Bank gives the green light. But even if Olivier Onclin is not selected, a Dutch speaker should be chosen since the presidency of the board of directors is promised to Marc Raisière. This will allow respecting “the unwritten rule according to which the president of the management committee and the president of the board of directors must be of different linguistic regimes”recalls the press service.
In the Belfius management committee, besides Marc Raisière, the two other French speakers are two women, Marianne Collin and Camille Gillion.
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As for the major players in private banking, the observation is the same. But with some nuances. As for the Delen bank, part of whose clientele is French-speaking, the current CEO, Michel Buysschaert, is a French-speaker from Flanders.
As for Bank Degroof Petercam, it is managed by Hugo Lasat, also Flemish. However, it experienced a long period of French-speaking bosses (Regnier Haegelsteen, Philippe Masset, Bruno Colmant), which should be compared with a former French-speaking Belgian family shareholding. Could the French takeover of Crédit Agricole change the situation? Delicate subject… Some are surprised that Hugo Lasat is still in place. Finding a replacement for him is probably not easy. Internally, no one seems to impose themselves. Especially since the fit and proper examination imposed by the ECB is not an easy task… And bombing a French person could be unwelcome given that more than 70% of the country’s wealth is found in the north of the country.
No ostracism
The reasons for this strong presence of the Flemings are multiple. In the generation over 50, leaders are often significantly better bilingual than French speakers. They come from the richest region in the country. They also appear more determined to pursue a career in the financial sector, given their profiles as self-made men like Peter Adams. But don’t they also tend to co-opt each other? It happened, of course. But invoking this single element is reductive, according to many French-speaking bankers, who tell us that they have not been victims of ostracism. “It’s a fair compensation after an over-representation of French speakers, which was problematic. There is a pendulum swing. That doesn’t make me go to the barricades”summarizes the economist Etienne de Callataÿ.
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