Report of the Supervisory Board
The Supervisory Board supervises and advises the Board of Management and Executive Committee in performing their management tasks and setting the direction of the business of Corbion. In performing its duties, the Supervisory Board is guided by the interests of the company and its stakeholders. The Rules of the Supervisory Board are available on Corbion’s website.
Overview 2022
The General Meeting of Shareholders, which was held in May 2022, appointed William Lin as member of the Supervisory Board. With his extensive global business and operations experience, involvement in sustainability, and knowledge of Asian markets, William Lin further strengthens the Supervisory Board. His appointment also contributes to a well-balanced composition of the Supervisory Board.
Steen Riisgaard was reappointed by the Extraordinary General Meeting of Shareholders in July 2022 as member of the Supervisory Board for a term of 2 years.
In July, the Supervisory Board announced with great pleasure that Olivier Rigaud is willing to extend his contract of assignment with Corbion for a second four-year term (May 2023 - May 2027). Since 2019, Olivier Rigaud has been instrumental in the further development of Corbion into a leading innovative, sustainable solutions company, designing and successfully executing the Advance 2025 growth strategy, and strengthening Corbion’s commitment to the Preserve What Matters purpose. With his reappointment we establish continuity in leadership to further drive the Advance 2025 strategy, and execute on our strategic investment programs to enhance value creation for our shareholders and our other stakeholders. The proposed reappointment is subject to shareholder approval at the Annual General Meeting of Shareholders, which will be held on 17 May 2023.
In July, a new Revolving Credit Facility (RCF) was signed providing liquidity for general corporate purposes and giving Corbion flexibility to fund further business growth. The interest rate on the RCF is linked to sustainability indicators, measuring the performance of Corbion on a year-on-year basis. The indicators are linked to Corbion’s key sustainability objectives from its Advance 2025 strategy: preserving food and food production, health, and the planet.
At the Capital Markets Day in December, Corbion management presented an update on the progress of its Advance 2025 strategy and introduced updated targets for the 2023-2025 period. Also, the creation of Algae Ingredients as a new business unit, following commercial breakthrough, was announced. Furthermore, it was announced that the divestment process for the non-core emulsifier business has been initiated.
From a financial perspective, we have delivered in 2022 strong growth in both sales and EBITDA during a period of unprecedented cost inflation and supply chain disruptions. Our full-year organic sales growth amounted to 24.6% and the organic Adjusted EBITDA growth amounted to 17.9%, supported by the business units Sustainable Food Solutions, Lactic Acid & Specialties, and Algae Ingredients. We were able to successfully increase prices to compensate for additional input costs.
Especially in such a challenging year, the Supervisory Board would like to thank the Executive Committee and all Corbion employees around the world for their care, commitment, resilience, and hard work in 2022.