27. Related-party transactions

Corbion has a related party relationship with its key management personnel, subsidiaries, and equity-accounted investees. Balances and transactions between the company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed in this note.

Remuneration policy Board of Management

For more information on the remuneration policy see the Remuneration report. For more information on share-based payments see Note 28.

Breakdown of the number of conditionally granted shares per member of the Board of Management

	Granted in	At target number outstanding as at 31-12-2024	Maximum number outstanding as at 31-12-2024	Year of vesting
O. Rigaud	2022	23,323	34,985	2025
	2023	26,300	39,450	2026
	2024	49,714	74,571	2027
	2024	3,284	3,284	2025
P. Kazius*	2022	2,063	3,095	2025
	2023	2,628	3,942	2026
	2024	21,585	31,312	2027
	2024	1,420	1,420	2025
	2024	1,604	1,604	2025
E. van Rhede van der Kloot	2022	11,897	17,846	2025
	2023	8,691	13,037	2026
	2024	7,857	11,786	2027
	2024	1,557	1,557	2025
Total as at 31 December 2024		161,923	237,889

Breakdown of the movements in the number of shares conditionally granted to members of the Board of Management

	Maximum number outstanding as at 31-12-2023	Maximum number granted in 2024	Vested 2024	Expired 2024	Maximum number outstanding as at 31-12-2024
O. Rigaud	96,518	77,855	11,218	10,865	152,290
P. Kazius*	8,885	34,337	1,018	830	41,374
E. van Rhede van der Kloot	52,042	13,343	6,747	14,413	44,225
Total	157,445	125,535	18,983	26,108	237,889

* Mr P. Kazius was appointed Chief Financial Officer at the annual General Meeting of Shareholders in May 2024. Shares conditionally granted before his appointment as CFO have been included in the two tables above. The number of outstanding conditionally granted shares as at 31 December 2023 have been adjusted to include these shares.

Breakdown remuneration Board of Management

2024	Short-term employee benefits		Share-based payments	Post-employment benefits	Other long-term benefits	Termination benefits	Total
Thousands of euros	Base salary	STIP	LTIP	Pension benefits	Other benefits	Termination benefits
O. Rigaud	937	623	870				2,430
P. Kazius ¹	367	305	235				907
Total Board of Management	1,304	928	1,105				3,337

E. van Rhede van der Kloot	561	296	505			600	1,962
Total former Board of Management	561	296	505			600	1,962

Total remuneration (former) Board of Management	1,865	1,224	1,610			600	5,299

1 In his position as CFO as from May 2024.

2023	Short-term employee benefits		Share-based payments	Post-employment benefits	Other long-term benefits	Termination benefits	Total
Thousands of euros	Base salary	STIP	LTIP	Pension benefits	Other benefits	Termination benefits
O. Rigaud	924		810				1,734
E. van Rhede van der Kloot	605		453				1,058
Total (former) Board of Management	1,529		1,263				2,792

The tables above show the costs based on the applicable IFRS standard and do not necessarily reflect the actual amounts paid.

Compensation of key management personnel

The table below specifies the remuneration of the Executive Committee (ExCo), comprising the Board of Management members as listed above and the additional ExCo members who are not part of the Board of Management.

Thousands of euros	2024	2023
Short-term employee benefits	6,148	4,152
Share-based payments	1,766	2,295
Post-employment benefits	32	33
Other long-term benefits
Termination benefits	600	550

Breakdown remuneration Supervisory Board

	IAS 24.17 category	Short-term employee benefits¹		Share-based payments	Post-employment benefits	Other long-term benefits	Termination benefits	Total
Thousands of euros	Year	Base fee	Committee fee	LTIP	Pension benefits	Other benefits	Termination benefits
Mathieu Vrijsen, Chair (Chair Appointment & Governance Committee / Chair temporary Corporate Development Committee/ member Remuneration Committee / member Science and Technology Committee)	2024	85	50					135
	2023	70	23					93
Ilona Haaijer, Vice-Chair (Chair Remuneration Committee / member temporary Corporate Development Committee/ member Appointment and Governance Committee / member Science and Technology Committee)	2024	70	45					115
	2023	60	23					83
Liz Doherty (Chair Audit Committee / member temporary Corporate Development Committee/ member Sustainability and Safety Committee)	2024	60	40					100
	2023	50	22					72
William Lin (Chair Sustainability and Safety Committee / member Audit Committee)	2024	60	30					90
	2023	50	19					69
Dessi Temperley (member Audit Committee / member Sustainability and Safety Committee until 10 August 2023/ member Remuneration Committee and member Appointment and Governance Committee from 10 August 2023)	2024	60	35					95
	2023	50	20					70
Steen Riisgaard (Chair Science and Technology Committee / member Remuneration Committee and member Appointment and Governance Committee until 10 August 2023 / member Sustainability and Safety Committee since 10 August 2023)	2024	60	25					85
	2023	50	21					71
	Total 2024	395	225					620
	Total 2023	330	128					458

1 Excluding expenses

No loans or advance payments or any guarantees to that effect have been made or issued to the members of the Supervisory Board. None of the members of the Supervisory Board have shares in the company or any option rights relating thereto.

Other related-party transactions

	Transaction values for the year ended		Balance outstanding at year-end
	2024	2023	2024	2023
Sales
Joint ventures	79.9	61.1	12.2	9.4
Purchases
Joint ventures	8.8	2.6		0.6
Others
Joint ventures
- Dividends received		4.6
- Loans			67.0	61.9

Corbion has an outstanding loan granted to the joint venture TotalEnergies Corbion bv of € 67.0 million (including accrued interest) with an interest rate of 7.17% and a remaining term of five years.