[citation needed] Shetty is a member of the board of directors of VOKA since April 2000, and a member of the board of directors of Forum 187 in Brussels since April 2006, and was elected as its chairman in May 2006.
He is also a member of GS1 (Global Board of Governors, a global standards organization) in Belgium, a member of the Corporate Advisory Board of the Carey Business School at Johns Hopkins University in Baltimore and a member of the board of trustees of Carnegie Mellon University in Pittsburgh.
In March 2017 Shetty was appointed to Actinium Pharmaceuticals' board of directors.
In 2007, King Albert II of Belgium bestowed the title of Baron upon Shetty for his exceptional merits.
In March 2020 he received an honorary doctorate in pharmaceutical sciences from Ghent University.