The Supervisory Board conducted a self-evaluation of its own functioning, the functioning of its committees, and that of its members, supported by an independent external specialist. Included was also its relation to and with the Board of Management and its members. This was done by means of surveys, followed by structured interviews with all members of the Supervisory Board. A report of the evaluation, including observations and recommendations, was discussed by the Supervisory Board. General observations are in line with previous years, indicating a positive, open and constructive interaction between members of the Supervisory Board focused on the business at hand and taking timely decisions when required. The Supervisory Board feels sufficiently informed and involved by the Board of Management, and is positive about the interaction and dynamics while the committees function as expected with experienced Supervisory Board members. The self-evaluation underlined the importance of aligned priorities between the Supervisory Board and Board of Management, especially in view of the implementation of the Advance 2025 strategy. The main topics for the 2022 agenda are geared toward safety, monitoring and evaluating the implementation of Advance 2025 and the key strategic projects and initiatives, reviewing organizational capability and development, and further building awareness of the stakeholder and market dynamics.
The Board of Management also conducted a self-evaluation of the functioning of the Board of Management and that of its members, supported by an independent external specialist. Included was also its relation to and with the Supervisory Board and its members. This was done by means of a survey followed by in-depth structured interviews with all members of the Board of Management and several members of the Executive Committee. General observations are that the members of the Board of Management are positive about their overall performance, that the size and composition of the Executive Committee are appropriate, and that there is a right balance between distance and involvement with the Supervisory Board. The main topics for the 2022 agenda are geared toward safety, executing the updated strategy Advance 2025 with a focus on margin recovery, the construction of our new lactic acid plant in Thailand, Algae Ingredients reaching EBITDA break-even, and continued focus on employee development and wellbeing.