Prosperity

Increase KPMG‘s impact on society through purposeful business practices.

Our commitments

Lead the profession in audit quality
Drive a responsible tax practice
Expand KPMG’s societal and environmental impact by extending our involvement in business projects that contribute positively to both

People of KPMG

“As a leading professional services firm, KPMG is uniquely positioned to help clients navigate the complexities of sustainability and ESG challenges. With a deep understanding of the regulatory landscape, we ensure compliance while enabling businesses to leverage emerging trends for long-term growth. Our expertise drives businesses toward becoming more sustainable and socially responsible, all while maintaining operational efficiency and competitive edge.

Our support goes beyond compliance, focusing on rethinking and recalibrating business models for the future. We help clients integrate sustainability into their operations, whether by optimizing supply chains, improving energy efficiency, or adopting responsible practices. Our goal is to future-proof organizations, unlocking new opportunities while reducing risks.

At KPMG, we take this responsibility seriously and are proud of our accomplishments. We measure success not just by the results we deliver, but by the positive impact we have on businesses, communities, and ecosystems. We‘re committed to making a lasting difference for our clients and the planet.”

Michael Wagemans
Partner & Head of Sustainability, KPMG in Belgium

Making an impact through our services

Delivering quality audit and assurance

Delivering robust audit and assurance services is critical to stakeholder trust. Audit and assurance are at a generational transformation point that we have not seen in decades with the recognition of the importance of high-quality ESG disclosures by the companies we audit, as well as the risks and opportunities from the ‘rise of AI.’ Climate risk is becoming a more significant issue that is being embedded into our scope of work. We’re committed to continuously evolving our approach to quality and, as a technology-driven organization, are harnessing innovative solutions to deliver high-quality audit and assurance services.

KPMG Clara is the global operating system for KPMG Audit and has been fully deployed in the culmination of a multiyear investment. It is a globally consistent methodology and workflow, and a web-enabled, cloud-based technology that is used by more than 90,000 audit professionals in more than 140 countries in each of our audits. KPMG Clara is a transformative innovation in the audit sector, empowering our auditors to offer deeper insights and improved audit quality to hundreds of thousands of entities we audit. Our ongoing initiative, KPMG Clara 2.0, demonstrates our commitment to continual

Our commitment:

Lead the profession in audit quality

KPMG is committed to fulfilling our public interest role in providing robust audit and assurance quality that benefits investors and other stakeholders. We believe the same level of professionalism, quality, consistency, and trust should apply to ESG disclosures as it does to financial statement data.

innovation, enhancement and digitization of the platform powered by artificial intelligence, deeper data analysis, and automation.

Through sustained innovation, we aim to consistently deliver the highest possible quality to audited entities. Across the global organization:

KPMG firms have implemented a consistent, risk-based approach to their system of quality management to drive audit and assurance quality, enabling them to meet the requirements of the International Standard on Quality Management (ISQM) 1;
We’re utilizing powerful technologies on client engagements around the world, including AI and leveraging our alliances with technology leaders such as MindBridge to further enhance quality and provide even more value through deeper analysis of businesses, no matter their size;
We believe the same level of rigor, quality, consistency, and trust that is applied to financial statement information by companies should also apply to ESG reporting. Therefore, across the global organization, we have deployed an assurance methodology, KPMG Clara workflow, and learning curriculum to upskill and build teams for the purposes of providing assurance on ESG reporting that helps our clients build a more sustainable future.

“KPMG Clara is a transformative innovation in the audit sector, empowering our auditors to offer deeper insights and improved audit quality to hundreds of thousands of entities we audit.”

Providing high-quality services is what allows people at KPMG to continuously earn and re-earn the trust that has underpinned our global organization for more than 150 years. Learn more about how KPMG delivers professional excellence and quality in the KPMG International Transparency Report 2024.

Internal monitoring and compliance programs

KPMG firms have agreed to use quality monitoring and compliance programs that are developed by KPMG International to identify quality issues, perform root cause analysis and develop remedial action plans, both for individual audits and for their overall system of quality management (SoQM). The programs evaluate:

Engagement performance in compliance with the applicable professional standards, applicable laws and regulations and key KPMG International policies and procedures; and
The Firm’s compliance with KPMG International policies and procedures and the relevance, adequacy and effective operation of key quality control policies and procedures.

The internal monitoring and compliance programs also contribute to the evaluation of our SoQM operating effectiveness. These programs include:

Quality Performance Review (QPR);
KPMG Quality & Compliance Evaluation (KQCE);
Global Quality & Compliance Review (GQCR).

The results of the integrated monitoring and compliance programs are communicated, and we establish action plans to make improvements where needed. Results are also considered by KPMG International.

External monitoring by regulators

In Belgium, the audit firm is also subject to the periodic inspections defined by article 52 of the Law of 7 December 2016, pertaining to the organization and public oversight of the audit profession.

Consequently, at least every three years the audit firm is subject to inspection by the Belgian Audit Oversight Board (BAOB). As part of its inspections, the BAOB evaluates the quality control systems and assesses the selected engagements.

The audit firm is also registered with the U.S. Public Company Accounting Oversight Board (PCAOB). In April 2021, the PCAOB and the BAOB reached a cooperative agreement, allowing for cooperation between the two organizations in the oversight of audit firms subject to the jurisdiction of both regulators. The cooperative agreement provides a framework for joint inspections and allows for the exchange of confidential information in accordance with Belgian law and the Sarbanes-Oxley Act in the U.S.

The audit firm in Belgium has been the subject of a periodic BAOB/PCAOB inspection in 2021 and 2024.

Our commitment:

Drive a responsible tax practice
The KPMG global network continues to invest significantly in Global Tax Services to provide a full suite of tax and legal technologies and services that supports tax transparency and helps KPMG firms support clients in meeting their current and future compliance obligations.

Cultivating a responsible tax practice

The KPMG global network aims to provide a targeted approach to Global Tax Services that helps KPMG tax leaders deliver positive impacts for clients and the wider society. This is done by helping clients ensure they are taking a responsible approach to tax rules and obligations. KPMG firms also help clients to better understand new tax rules emerging in ESG-related areas such as carbon taxation and pricing: an increasingly important feature of the new, lowcarbon world that governments, tax authorities, and stakeholders are aspiring to create.

In FY24, the KPMG global network’s tax initiatives included the following:

Embedding new Global Tax Principles:
The Global Tax Principles are designed to ensure that the member firms of the KPMG network operate a responsible tax practice. These principles are emphasized in the advice that we provide to clients and in our relationships with governments and the broader community. These principles are consistent with our Values.

“KPMG firms use their convening power to share industry best practices, holding regular roundtables with business and civil society to help them better understand what a responsible tax position looks like in the changing and evolving world.”

Investing in technology:

The KPMG global network continues to invest significantly in KPMG Digital Gateway. Powered by Microsoft Azure and built on the cloud, the platform helps clients turn ESG data into value at an increased level of quality, speed, and scale so they can respond faster to emerging tax issues related to ESG.

Global minimum tax:

KPMG recognizes the societal benefits of a responsible tax approach and continues to support clients in meeting the evolving responsibilities. The way in which multinational organizations navigate and comply with their tax obligations around the world is about to change with new Base Erosion and Profit Shifting (BEPS) 2.0 measures, necessitating companies to rethink their processes, technology systems, and data. To help companies evaluate, monitor, compile, track, calculate, analyze, report, and comply with Pillar 2 obligations, the KPMG network is rolling out KPMG BEPS 2.0 Automation Technology (KBAT) through integration with the KPMG Digital Gateway platform. Through this technology, ongoing support will be provided to a large number of companies across the globe in relation to the tax rules, including data collection, accounting disclosures, and helping ensure they meet future compliance obligations.

Tax transparency:

Over the past years, an increased focus on tax transparency has been noted, with voluntary reporting through the GRI standards and mandatory public country-by-country reporting being introduced in the European Union (EU) and Australia. Looking to FY25 large companies with a presence in either the EU or Australia need to apply these new mandatory reporting rules. KPMG teams support clients in creating the data and governance processes required for the adoption, collation, and presentation of both voluntary and mandatory reporting: underpinning good governance, transparency, and stakeholder trust.

KPMG firms use their convening power to share industry best practices, holding regular roundtables with business and civil society to help them better understand what a responsible tax position looks like in the changing and evolving world.

Legal Services: Legal advice and compliance is an important aspect of the ESG agenda. Legal considerations can arise, for example, around issues such as directors’ liability, sustainability reporting requirements and access to capital and insurance. Legal teams can help the business understand ESG risks and work with other functions to manage them, developing the policies and governance frameworks needed. KPMG firms with Legal Services work with clients’ in-house legal departments to help them ensure they’re playing a full role in the ESG evolution.

Carbon pricing and incentives: The energy transition is multi-faceted and KPMG firms continue to be at the forefront of providing advice to clients, contributing to policy discussions, and issuing thought leadership on carbon initiatives, particularly as incentives deployed across countries and territories can be complex, with many nuanced global impacts.

Our step-by-step approach to sustainable business

At KPMG, we have a high-level approach that helps our clients act on sustainable challenges and opportunities. We can summarize this approach in four steps:

01 Strategy

being clear about what you want to accomplish

02 Implementation

using all assets and capabilities to make it a reality

03 Reporting

being transparent and honest about your accomplishments

03 Assurance

validating your achievements and reports

Our expertise in key sectors

We leverage our industry expertise both locally and through our global network to bring an informed perspective on key issues each sector faces. In doing so, we can proactively identify and analyze the unique business challenges of our clients and provide personalized support. We are committed to making a meaningful impact through our services across various sectors, and our dedicated teams in Belgium support clients in Financial Services (Banking and Insurance), Energy, Life Sciences, Public, and Real Estate. Additionally, we bring deep expertise to the Consumer & Retail, Industrial Manufacturing, Private Equity, and Technology, Media & Telecommunications (TMT) sectors, helping businesses navigate challenges and seize new opportunities.

Alliances

Technology is transforming business operations, requiring organizations to adopt emerging technologies to stay competitive. Digital transformation extends beyond technology to include data, people, customers, and sustainability. Through our alliances with leading tech, data, and service companies, KPMG firms offer tailored solutions for challenges like cloud transformation, blockchain, digital labor, cybersecurity, and regulatory changes.

Driving purposeful transformations

Technology continues to evolve, shape, and transform how businesses function and people interact. It can also be leveraged to help businesses better meet a range of ESG objectives and obligations. In FY24, through our Advisory practices across the globe, KPMG firms helped organizations utilize technology solutions to create and protect the sustainable value of their business, including:

Sustainability reporting:
A rapidly evolving and complex field with a variety of reporting frameworks, requiring a step-change in the level of assurance. We help clients use a range of technology tools to capture, manage, and report their ESG data and impacts, driving increased stakeholder confidence.

Circularity:
The transition to a circular economy is a central tenet for sustainable business. Through tools and trackers such as the KPMG Circularity Tracker, developed on Microsoft Cloud for Sustainability and Power Platform, we help clients automate data collection and better track circularity across products, locations, materials and more, fostering a holistic approach to sustainability.

We strive to embed sustainable practices across our portfolio of tools, solutions, and services for use both within our global organization and in our work with clients. We will continue this journey with a particular focus on areas of the greatest client demand: transformation, reporting and assurance.

Client testimonials

Vastned

Vastned, a Belgian real estate company renowned for its focus on retail properties in historic city centers, sought to ensure its sustainability reporting and ESG strategy were fully compliant with evolving legal requirements. Operating in cities like Bruges and Antwerp, known for their heritage sites, Vastned is committed to balancing sustainability initiatives with preserving architectural and cultural integrity, while also continuously trying to identify new ways to boost the energy efficiency of their properties. These complexities made it especially challenging to navigate the evolving landscape of European sustainability requirements.

KPMG helped Vastned assess their business practices from a sustainability perspective, aligning them with their specific ESG goals. A key aspect of the support was evaluating Vastned’s non-financial reporting in accordance with the CSRD by conducting a double materiality assessment, which also contributed to refining Vastned’s overall sustainability strategy. This work enabled Vastned to make more informed and confident decisions about sustainability, as well as effectively communicate their efforts, all while maintaining its commitment to heritage conservation.

Spadel

As a B-Corp producing natural mineral waters, spring waters, and mineral waterbased drinks, Spadel has always prioritized sustainability and innovation. Their “Source of Change” framework highlights efforts to create a positive environmental impact, focusing on sustainably sourced products. By rethinking packaging, investing in startups, and prioritizing healthier products, Spadel drives value through sustainable practices, which are core to their DNA.

Recognizing the opportunity to go beyond mere compliance in preparing for the CSRD, Spadel turned to KPMG for support in addressing environmental and social challenges to enhance their portfolio and business model. KPMG’s guidance strengthened Spadel’s commitment to sustainable innovation, setting them on a confident path for future growth in an evolving marketplace.

Client testimonials

LCL Data Centers

ESG principles are critical for data centers, which consume significant energy, to address environmental impact, social equity, and governance. Strategies like renewable energy use, efficient cooling, and fair practices drive sustainability and competitiveness. With five independent facilities in Belgium, LCL Data Centers is the market leader in Belgium and offers expertise in data centers and colocation to clients across diverse sectors. As part of its ESG transformation, LCL aims to cut CO2 emissions by 42% and generate 40% of its energy from green sources by 2030, balancing sustainability goals with business growth.

With KPMG’s help, LCL established systems for tracking ESG progress and aligning with international sustainability standards, including the Paris Agreement. KPMG supported LCL by conducting a double materiality assessment, developing policies and targets under the CSRD framework, performing climate risk analysis, and guiding sustainability reporting, thereby enhancing transparency and depth in their reports.

Sharing valuable insights

ESG District: Making the change

ESG District was introduced in September 2023 as an initiative by De Tijd/L’Echo, KPMG, and BNP Paribas Fortis, designed to support businesses on their ESG journey. This expert platform combines industry insights, real-world case studies, sustainability reports, and an advanced AI assistant to provide valuable guidance and inspiration.

Sustainability is no longer just a side concern tied to corporate social responsibility (CSR); it has become essential for long-term business success. That’s why investing in sustainable practices isn’t just a choice, it’s a necessity. Now is the time to act, and we’re here to help our clients move in the right direction.

ESG District offers expert articles, client stories, and insights from our specialists on key ESG topics, including the Corporate Sustainability Reporting Directive (CSRD), the Carbon Border Adjustment Mechanism (CBAM), Double Materiality Assessment (DMA), and the role of data and technology in ESG reporting. Through this initiative, we aim to share our expertise, raise awareness, and encourage businesses to take meaningful steps toward sustainability.

In 2025, we’re excited to continue this journey: driving impact, fostering collaboration, and inspiring action.

Make the difference:
How our people and technology make the difference

Throughout the year, our people have used technology to contribute to society and make a difference while continuing to champion ethically focused business strategies. Our “Make the difference” campaign showcases our experts in action and how they’ve helped businesses transform and enhance their agility, resilience, and growth.

Empowering individuals by rethinking employee benefits

Modern HR practices are today defined by empowerment. Kathleen Veugelen, Executive Manager, People Services, talks about the need to implement forwardthinking solutions to address the evolving needs of today’s workforce. Recognizing the diversity in employee preferences, the KPMG Flex Reward Tool allows individuals to customize their benefits package, choosing options such as vacation days or mobility allowances within a defined budget. This tailored approach fosters employee satisfaction and retention, as well as strengthens an organization’s attractiveness in the competitive job market.

For employers, the tool simplifies HR operations, ensuring compliance with regulations while aligning rewards with strategic goals. By focusing on flexibility, the tool supports a healthier work-life balance for our professionals and creates a framework for sustained organizational success. It not only empowers our people to feel valued but also helps businesses stay adaptable in an ever-changing landscape.

We believe that the more empowered people feel, the greater freedom they have to shape their impact on society and the environment. The Flex Reward Tool exemplifies KPMG’s commitment to reimagining workforce management through innovative solutions that benefit both employees and employers. Discover Kathleen’s story here:

Make the difference:
How our people and technology make the difference

Building trust through certified excellence

With new technologies emerging and advancing at incredible speeds, trust has become essential for businesses: not only to stay relevant but also to foster customer loyalty, strengthen brand reputation, ensure transparency with regulators and society, and meet compliance requirements and security standards. Ivy Heusdens, Senior Manager, Advisory, shares how KPMG’s Digital Assurance team helps companies demonstrate operational integrity, allowing them to earn the trust of clients and stakeholders.

By conducting independent reviews, such as attestation audits and certification services, we help companies identify and address system weaknesses, empowering them to strengthen operations and adopt sustainable practices. This approach enhances process efficiency, ensures robust data protection and cybersecurity, and drives positive impacts on society and the environment. Discover Ivy’s story here:

Make the difference:
How our people and technology make the difference

Generating a positive impact in the Energy Sector

Energy is the backbone of global stability and economic growth, making the energy sector a critical player in addressing the challenges posed by ongoing geopolitical tensions and the accelerating impacts of climate change. To navigate these dynamic shifts, organizations must rethink and adapt their business strategies.

In his story, Philip Jeandarme, Director, Energy & Natural Resources, explores why the energy sector needs to harness advanced technologies to drive meaningful improvements in the existing power and utilities framework. With the EU driving carbon reduction and technologies like distributed energy and smart meters reshaping the market, energy companies must adapt to thrive. In view of this, our Connected Enterprise framework prioritizes customer-centric, data-driven strategies, integrating innovations such as AI to align business operations with sustainability and digital transformation priorities. Our holistic approach enables companies to balance climate goals, affordability, and energy security, ensuring resilience and competitiveness in an evolving market. Discover Philip’s story here:

Thought leadership and events

To engage in discussions on complex topics relevant to the business world, we regularly share a diverse range of insights developed by the KPMG network. Through thought leadership pieces, industry and sector events, and interactive workshops, we create opportunities for knowledge exchange, bringing together experts and professionals to share perspectives and explore emerging trends. These initiatives, along with our published materials, allow us to provide valuable information and exceptional services to our clients across various channels.

People of KPMG

As a lecturer at KU Leuven’s Faculty of Economics and Business, I have delivered Sustainability Management & Reporting lectures to Master‘s students in Antwerp and Brussels. Covering Sustainability Reporting, CSRD, ESRS, and Sustainability Assurance, these sessions equip students with essential knowledge for their future careers.

I strongly believe that equipping students with an understanding of sustainability reporting and assurance is essential. Sustainability is playing an ever-greater role in corporate decision-making, and many of these students will encounter these concepts in their future careers. Beyond technical knowledge, it is important to highlight that sustainability is a critical societal issue that affects everyone. Companies must look beyond short-term financial performance and focus on long-term value creation: balancing profitability with social and environmental responsibility.

For KPMG, investing in academic knowledge sharing helps educate the professionals of the future, equipping them with the skills to navigate sustainability challenges. This initiative also strengthens KPMG’s role in shaping corporate governance, supporting the UN Sustainable Development Goals (SDG 4: Quality Education) and contributing to a more sustainable economy.“

Steven Mulkens
Executive Director, KPMG in Belgium