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Report of the board of management

Diversity, values, and Code of Business Conduct

Diversity

Corbion has adopted a diversity policy for the Supervisory Board and the Executive Committee in 2017. This policy – given the business environment in which Corbion operates – contains longer-term objectives for gender diversity and geographical diversity, the latter to reflect the majority of our business being in the Americas.

The gender diversity targets for the Supervisory Board are that at least one member should be female if the board consists of five members and that at least two members should be female if the board consists of six members. The first target applies as the current board has five members; Corbion complies with this target as Liz Doherty is a member of the Supervisory Board. On 5 December 2019, the Supervisory Board announced the nomination of Stefanie Schmitz as member of the Supervisory Board. On 10 February 2020, the Supervisory Board announced the nomination of Ilona Haaijer as Supervisory Board member. Subject to their appointment at the annual General Meeting of Shareholders in May 2020, the Supervisory Board shall consist of seven members of which three are female. Corbion shall then comply with its gender diversity targets for the Supervisory Board and the gender diversity target for Supervisory Boards as set by the Dutch Government.

The geographical diversity target for the Supervisory Board is that at least one member of the Supervisory Board has (had) relevant Americas experience and/or exposure. Corbion complies with this target as Mathieu Vrijsen qualifies as such.

The gender diversity target for the Executive Committee is that at least two members should be female if the committee consists of six or seven members. Corbion has one female member of the Executive Committee, Jacqueline van Lemmen, and does not comply with this target. In 2017, one position became vacant and that position has been filled by a female. In 2019 no positions became vacant.

The geographical diversity target for the Executive Committee is that at least two members of the Executive Committee have (had) relevant Americas experience and/or exposure. Corbion complied with this target until August 2019 as Tjerk de Ruiter (CEO until August 2019) and Andy Muller qualify as such. Olivier Rigaud (CEO as of August 2019) does not qualify as such, although he has built up working experience in the Americas during his career. Next to the experience already available in the Executive Committee, this caters for sufficient Americas experience and/or exposure in the Executive Committee.

When positions in the Supervisory Board and the Executive Committee become vacant or new positions are added, the company's diversity policy will be applied when selecting persons for appointment as member of the Supervisory Board or the Executive Committee.

Values and Code of Business Conduct

The Corbion values Care, Courage, Collaboration, and Commitment were introduced in 2018. In 2019 they have been implemented within Corbion amongst others by means of values workshops that were held worldwide. Together with the related Corbion behaviors, the values guide and underpin the business strategy of Corbion. They are incorporated in the relevant engagement and performance management policies and form the basis of our global training and development initiatives.

Information about the effectiveness of, and compliance with, the Corbion Code of Business Conduct is available under the section Risk management/Business conduct program of the Annual Report.