Part of the BVA’s mission is to improve the quality of the operation of the private equity and venture capital sector and to contribute to the continuous development of business in its industry.

The BVA therefore wants to promote the image of the sector by issuing a Code of Conduct for its members.

This Code of Conduct contains a number of rules and statements that each member of the BVA is expected to acknowledge and to adhere to in the execution of its activities.

This Code of Conduct concerns principally members of BVA who are providers of private equity and/or venture capital. Associate members, however, will be expected to respect the Code where possible and will support members who are providers of private equity and/or venture capital in complying with it.

Subscribing to the Code of Conduct will be a prerequisite to becoming and/or remaining a member of the BVA.

The Board of the BVA will monitor compliance of its members with the Code of Conduct.

The board of the BVA will take notice of complaints of non observance of the Code by members and is authorized, after due analysis, to impose sanctions which could ultimately result in deletion as a member of the member list of the BVA.

The BVA Code of Conduct:

  1. Sustainable value creation
    Parties who are active in providing risk capital (or related areas) have a function in building, in a sustainable way, the strength of portfolio companies in order to create value.
  2. Active involvement in the interest of the portfolio company
    This sustainable creation of value shall be realised through an active shareholdership with the portfolio company. This involvement shall serve the interest of the portfolio company.
  3. Source of investment
    The applicable laws regarding money laundering are to be strictly complied with. Investment of an unspecified source or investment that, directly or indirectly, stems from criminal acts or organisations shall not be accepted.
  4. Use of investment
    No investment shall be allocated to companies active in domains such as illegal narcotics, human trafficking, social exploitation, organized crime or any other domain that the board of directors of the BVA judges incompatible with applicable regulations.
  5. Integrity and trust
    Relationships among members and between members and other parties concerned shall be based on integrity and trust, whereby the highest ethical standards shall be applied. Members shall behave in an honest and trustful way by making clear promises and agreements, honoring them and not escaping their responsibility. Competitive advantage and business success shall be pursued by excelling in skills. The use of fraud, deception, manipulation or unfair practices as defined under applicable law are unacceptable.
  6. Observation of laws and regulation
    Members shall comply with the laws and regulations applicable to their activities (irrespective of the jurisdiction) and ensure that this is also done by portfolio companies. Within portfolio companies, members will not tolerate practices of fraud, corruption, false competition and other crimes (e.g. of a social or fiscal nature).
  7. Confidentiality
    Members shall treat the information they obtain from portfolio companies or companies searching for private equity or venture capital with caution, shall respect its confidential nature and shall use that information only for purposes of making or managing a (potential) investment or divestment.
  8. Monitoring and control
    Members shall put in place mechanisms for internal and external monitoring and control, in their own organization and their portfolio companies, adapted to their size and activities and they shall fully cooperate in the exercise thereof.
  9. Communication
    Members shall communicate in an open way with parties they act with (to the extent not restricted by obligations of confidentiality). Providers of private equity and/or venture capital shall regularly account for their activities towards their investors and shall inform them in a timely, relevant and adequate way about the exercise of their activities including the related risks and conflicts of interest.
  10. Respecting the image of the private equity and venture capital sector
    Members shall abstain from acts that may damage the image of the private equity and venture capital sector as promoted by this Code of Conduct and the BVA. They shall engage themselves to cooperate to a constant professionalization of the sector.