Anheuser Busch InBev : Corporate Governance Charter

CORPORATE GOVERNANCE CHARTER

1 July 2019

		TABLE OF CONTENTS
CLAUSE		PAGE
1.	Introduction.......................................................................................................	1
2.	Significant shareholders and shareholders' arrangements ................................	2
2.1	Reference shareholder.......................................................................................	2
2.2	Shareholders' arrangements ..............................................................................	2
2.3	Shareholders' structure .....................................................................................	4
3.	Shares and shareholders ....................................................................................	6
3.1	Capital and Shares.............................................................................................	6
	3.1.1	Amount and value of share capital........................................................	6
	3.1.2	Categories of Shares .............................................................................	6
	3.1.3	Form of Shares ......................................................................................	6
	3.1.4	Transferability of Shares .......................................................................	6
	3.1.5	Conversion ............................................................................................	7
	3.1.6	Pledges ..................................................................................................	7
	3.1.7	American Depositary Shares.................................................................	8
	3.1.8	Changes in share capital - Authorised capital ......................................	8
	3.1.9	Preferential subscription right in case of increase of capital ................	8
	3.1.10	Acquisition and disposal of own Shares ...............................................	9
3.2	Shareholders' Meetings and voting rights ........................................................	9
	3.2.1	Ordinary Shareholders' Meetings .........................................................	9
	3.2.2	Extraordinary Shareholders' Meeting.................................................	10
	3.2.3	Ad hoc Shareholders' Meetings ..........................................................	10
	3.2.4	Notice and agenda...............................................................................	10
	3.2.5	Admission to meetings........................................................................	10
	3.2.6	Votes, quorum and majority requirements..........................................	11
	3.2.7	Minutes ...............................................................................................	12
3.3	Rights to dividends .........................................................................................	12
3.4	Communication to shareholders .....................................................................	12
4.	The Board........................................................................................................	12
4.1	Powers and responsibilities of the Board ........................................................	12
4.2	Composition of the Board ...............................................................................	14
	4.2.1	Composition ........................................................................................	14
	4.2.2	Appointment .......................................................................................	15
	4.2.3	Independence ......................................................................................	15

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	4.2.4	Term ....................................................................................................	16
	4.2.5	Vacancy...............................................................................................	16
4.3	The functioning of the Board ..........................................................................	16
4.4	Relationship with management.......................................................................	18
4.5	Access to advisors ...........................................................................................	18
4.6	Information for directors .................................................................................	18
4.7	The remuneration of directors.........................................................................	18
4.8	Chairperson of the Board and Company Secretary.........................................	19
	4.8.1 Appointment of the Chairperson.........................................................	19
	4.8.2 Powers and responsibilities of the Chairperson ..................................	19
	4.8.3	Company Secretary .............................................................................	20
4.9	Authority .........................................................................................................	20
5.	Executive Management...................................................................................	20
5.1	Chief Executive Officer ..................................................................................	20
	5.1.1	Appointment .......................................................................................	20
	5.1.2	Powers and responsibilities.................................................................	20
5.2	Executive Committee (ExCom) ......................................................................	20
	5.2.1	Composition and functioning..............................................................	20
	5.2.2	Role and responsibilities .....................................................................	21
5.3	Remuneration of Executive Management.......................................................	21
6.	Senior Leadership Team .................................................................................	21
7.	Board Committees ..........................................................................................	21
7.1	Remuneration Committee ...............................................................................	21
	7.1.1	Mission................................................................................................	21
	7.1.2	Composition and functioning..............................................................	22
	7.1.3	Powers and responsibilities.................................................................	22
7.2	Nomination Committee...................................................................................	23
	7.2.1	Mission................................................................................................	23
	7.2.2 Nomination criteria for Board members .............................................	23
	7.2.3	Composition and functioning..............................................................	24
	7.2.4	Powers and responsibilities.................................................................	25
7.3	Finance Committee .........................................................................................	26
	7.3.1	Composition and functioning..............................................................	26
	7.3.2	Powers and responsibilities.................................................................	26
7.4	Audit Committee.............................................................................................	27
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	7.4.1	Composition and functioning..............................................................	27
	7.4.2	Powers and responsibilities.................................................................	28
8.	Code of Business Conduct and Code of Dealing............................................	31
8.1	Business integrity and ethics...........................................................................	31
	8.1.1	Statement of policy .............................................................................	32
	8.1.2	Compliance with laws.........................................................................	32
	8.1.3 Honest and ethical conduct .................................................................	32
	8.1.4 Books, records and controls ................................................................	32
	8.1.5 Gifts & political contributions ............................................................	33
	8.1.6	Human rights.......................................................................................	33
	8.1.7	Enforcement ........................................................................................	33
8.2	Transactions in Shares of the Company..........................................................	34

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1. Introduction

Anheuser-Busch InBev SA/NV (AB InBev or the Company) is committed to achieving the highest standards of corporate governance. For the Company, the issue is two-fold. Corporate governance concerns both the effectiveness and the accountability of its board of directors (the Board).

Effectiveness, and therefore the quality of leadership and direction that the Board provides, is measured by performance which is ultimately reflected in enhanced shareholder value.

Accountability, including all the issues surrounding disclosure and transparency, is what provides legitimacy to the Board's actions. Shareholders elect directors to run the Company on their behalf and the Board is accountable to shareholders for its actions.

As a Company incorporated under Belgian law and listed on Euronext Brussels, AB InBev adheres to most of the principles and provisions of the 2009 Belgian Corporate Governance Code, taking into account its specific status as a multinational group with secondary listings in Mexico and Johannesburg. Further to the New York Stock Exchange listing of ADS's representing ordinary shares of AB InBev (the Ordinary Shares), the New York Stock Exchange Corporate Governance rules for Foreign Private Issuers are applicable to the Company. According to these rules, the Company discloses in item 16G of its annual report on Form 20-F any significant ways in which its corporate governance practices differ from those followed by domestic companies listed on the NYSE. AB InBev has also registered under the U.S. Securities Exchange Act of 1934, as amended. As a result, it is subject to the Sarbanes-Oxley Act of 2002 and to certain U.S. Securities laws and regulations relating to corporate governance.

The AB InBev rules of corporate governance have been established by the Board to reinforce its standards for the Company. As part of these rules, the Company has adopted a Code of Business Conduct (supplemented by a global anti-corruption policy) and a code of share dealing (the Code of Dealing).

This corporate governance charter (the Charter) aims at providing a transparent disclosure of the Company's governance, which is further detailed in the Company's articles of association (the Articles of Association), it being understood that in the event of any inconsistency or discrepancy between the Articles of Association and the Charter, the Articles of Association shall prevail. The Charter is posted on the Company's website (www.ab-inbev.com) and will be periodically reviewed and updated as required.

In addition, the Company will include in its annual report a corporate governance statement with factual information with respect to its corporate governance and relevant modifications thereto, together with details of executive remuneration and of relevant events that took place during the year.

AB InBev's dream is to Bring People Together for a Better World. In pursuing this dream, the Company strives to strike a balance between generating great business results and managing its environmental and social responsibilities. Sustainability is central to the Company's culture and embedded in the way the Company does business.

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