Consultation BEL ESG Index family

Background

Euronext would like to consult on proposed changes to the methodology of the BEL ESG Index Family. 
In order to minimize turnover in the Index Family it is proposed to amend the methodology with respect to the number of constituents in the index.

Changes related to the number of constituents

It is proposed to remove Step 4 described in the current rulebook, effectively removing the 20-constituent limit.

Current Rule:
Step 4: Selection of constituents at the reviews

Index Design will propose to the Independent Supervisor the following Index Composition based on the ranking:

Annual Review: 
The Index consists of 20 Companies; the 20 highest ranking Companies will be selected in the Index. 

In case less than 20 Companies qualify, the Company that has the lowest ESG Risk Rating percentile percentage and at the same time fulfils all other eligibility criteria will qualify.

Quarterly Review: 
The Index consists of 20 Companies. The 18 highest ranking companies are selected during Quarterly Reviews. A buffer zone, where current constituents have priority over companies that currently do not form part of the BEL ESG consists of the Companies ranked 19th to 22nd.

In case less than 20 Companies qualify, the Company that has the lowest ESG Risk Rating percentile percentage and at the same time fulfils all other eligibility criteria will qualify.

Proposed new rule: 
Step 4: Selection of constituents at the reviews

Index Design will propose to the Independent Supervisor the following Index Composition based on the ranking:

Annual and Quarterly Reviews: 
All companies within the index universe fulfilling all the above eligibility requirements qualify to the index. 

Timeline of changes and implementation

Stakeholders will have until the 2nd of February 2026 to react to the consultation. The new rules, if validated by Index Design and the Independent Supervisor of the Index, will be implemented as of the March 2026 Review of the Index Family.