Corporate developments
BIO welcomes new leadership as Joris Totté takes the helm
On March 1st, 2024, BIO embarked on a new chapter with the appointment of Joris Totté as Chief Executive Officer. We extend our deepest gratitude to Luuk Zonneveld, who is stepping down after eleven remarkable years of leadership. His unwavering passion and dedication have been instrumental in shaping BIO into the organisation it is today. We wholeheartedly congratulate him on his exciting new role as chairman of the European Development Finance Institutions.
Joris Totté brings a dynamic perspective to BIO. His impressive career has spanned key positions at the Department of Foreign Affairs, both in Washington, D.C. and Amman. He further demonstrates his commitment to innovation and progress through his co-creation of a successful cooperative investment fund.
In 2023, BIO negotiated a new roadmap for the next five years. Building on previous agreements with the Belgian state, this 2024-2028 management contract outlines a more strategic and impactful approach to development investment.
At its core, BIO's mission of promoting sustainable development in developing countries remains unchanged. However, the focus is sharpening. Specific geographic regions (particularly Africa), sectors (with a strong emphasis on climate action), and themes (like decent work and human rights) will be prioritised. Clearer guidelines will also steer investments under different funding codes.
A key shift is how BIO's performance is measured. Instead of yearly case studies, the focus moves to assessing BIO's overall development impact over the entire five-year term. This aligns with a new emphasis on collaboration – stronger dialogue with civil society organisations and enhanced cooperation with the Belgian state.
Several new developments mark this contract. A strategic impact framework with measurable targets linked to the UN's Sustainable Development Goals (SDGs) will be implemented. There will also be a stricter focus on responsible investing, excluding fossil fuels and setting limitations on certain projects. At the same time, specific provisions promote climate action, decent work, and human rights. To manage risk effectively, BIO will develop a new policy based on its risk tolerance.
Operationally, cost of risk and minimum annual investments in climate action become key objectives. Geographically, 85% of the portfolio will target 30 specific countries, with a focus on Africa, Least Developed Countries (LDCs), and Fragile States. A significant increase in funding for Code 5 investments will specifically target projects promoting reduced inequality. While core sectors like microfinance and agriculture remain important, climate change takes centre stage with a minimum annual investment of EUR 25 million dedicated to mitigation and adaptation efforts.
In essence, this new management contract positions BIO for a more strategic and impactful approach. By aligning activities with the SDGs and prioritising climate action, social equity, and good governance, BIO is poised to make a significant contribution to sustainable development in the years to come.
Who guides the ship? The Board of Directors and its committees.
The Board of Directors sets the strategic course for the company. To ensure well-rounded decision-making, they have expert committees by their side:
- Investment committee: These financial gurus provide crucial investment advice to the board.
- Audit committee: Keeping a watchful eye on the company's finances, this committee advises the board on matters of financial reporting, audits, and risk management.
- HR committee: When it comes to human resources policies, this committee works closely with the board to ensure a happy and productive workforce.
Board of Directors and executive committee, together with Minister Gennez in 2023
Composition and remuneration of the Board of Directors
Dirk Van der Maelen has been the government commissioner (ministry for development cooperation) as of 17 February 2021. Eddy Van Der Meersch has been the government commissioner (ministry for budget) as of 17 July 2021.
Heidy Rombouts, Director General Development Cooperation and Humanitarian Aid, attends the board meetings as representative of the DGD. Jean Van Wetter, CEO of Enabel, is also invited to board meetings as an observer.