Company: GLPG
Filing Date: 2025-03-27
Form Type: 20-F
Source: 0001558370-25-003806
Chunk: 242

Company: GALAPAGOS NV
Filing Date: 2025-03-27
Form: 20-F
Item: Item 6
Chunk 242
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21, 2023, Jérôme Contamine was appointed as the new Lead Non-Executive Director of Galapagos, replacing Dr. Rajesh Parekh.

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Director independence
As a foreign private issuer, under the listing requirements and rules of Nasdaq, we are not required to have Independent Directors on our Board of Directors, except that our Audit Committee is required to consist fully of Independent directors, subject to certain phase-in schedules. However, our Board of Directors has determined that, under current listing requirements and rules of Nasdaq and taking into account any applicable committee independence standards, Jérôme Contamine, Peter Guenter, Elisabeth Svanberg, Dan Baker (until October 6, 2024), Susanne Schaffert, and Simon Sturge are “Independent Directors.” In making such determination, our Board of Directors considered the relationships that each Non-Executive Board member has with us and all other facts and circumstances our Board of Directors deemed relevant in determining the relevant Board member's independence, including the number of ordinary shares beneficially owned by the relevant Board member and his or her affiliated entities (if any). 
The independence criteria under the applicable Nasdaq Stock Market Listing Rules and US Securities Exchange Act requirements differ from the independence criteria set forth in article 7:87 of the Belgian Companies Code and provision 3.5 of the 2020 Code. Under article 7:87 of the Belgian Companies Code and provision 2020, Jérôme Contamine, Peter Guenter, Elisabeth Svanberg, Dan Baker (until October 6, 2024), Susanne Schaffert, and Simon Sturge are “Independent members of our Board of Directors”. Pursuant to Belgian law, our Board of Directors is composed of a majority of Independent Non-Executive Directors. 
Role of the Board of Directors in risk oversight
Our Board of Directors is responsible for the oversight of our risk management activities, and has delegated to the Audit Committee the responsibility to assist our Board in this task. While our Board of Directors oversees our risk management, our Executive Committee is responsible for day-to-day risk management processes. Our Board of Directors expects our Executive Committee members to consider risk and risk management in each business decision, to proactively develop and monitor risk management strategies and processes for day-to-day activities and to effectively implement risk management strategies adopted by the Board. We believe this division of responsibilities is the most effective approach for addressing the risks we face.
Corporate governance practices
Along with our Articles of Association, we