Report of the Supervisory Board 2024
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 our stakeholders. The Rules of the Supervisory Board are available on Corbion’s website (new window).
Overview 2024
Corbion announced in March 2024 that Eddy van Rhede van der Kloot would step down as CFO of Corbion after the annual General Meeting of Shareholders on 15 May 2024. Eddy van Rhede van der Kloot has been CFO and member of Corbion’s Board of Management and Executive Committee since 2014. The Supervisory Board would like to express its gratitude to Eddy van Rhede van der Kloot who, over the years, has delivered significant results in raising the performance of Corbion in terms of profitability and growth.
The General Meeting of Shareholders, which was held on 15 May 2024, appointed Peter Kazius as member of the Board of Management (with the title of Chief Financial Officer) for a first term of four years (2024–2028). During the same meeting, Ilona Haaijer and Steen Riisgaard were reappointed as Supervisory Board members for a period of four years (2024-2028) and two years (2024–2026) respectively.
In September 2024, the Supervisory Board announced it nominates Abhijit Bhattacharya and Karen-Marie Katholm for appointment to the Supervisory Board for a term of four years as of the annual General Meeting of Shareholders (AGM) in May 2025. As of October 2024, they act as advisors to the Supervisory Board. Mr. Bhattacharya and Ms. Katholm will be nominated for appointment to the Supervisory Board as Ms. Dessi Temperley and Mr. Mathieu Vrijsen are not available for reappointment after the AGM 2025.
At the Capital Markets Update in January 2024, Corbion management presented a review of the Advance 2025 strategy development and introduced updated targets for the 2024-2025 period. We announced a simplified business structure (two instead of three business units: Health & Nutrition and Functional Ingredients & Solutions) to reduce complexity, enhance focus, and expedite decision-making. We also shared our restructuring program which was implemented and delivered significant free cash flow results and enabled leverage reduction.
In April 2024, the divestment of the non-core Emulsifiers business to Kingswood Capital Management was completed. We want to thank our colleagues who have worked hard to develop our Emulsifiers business for many years, and we wish them great success in the years ahead.
In April 2024, Corbion announced a share buyback program to repurchase its own ordinary shares in the amount of up to € 20 million. The program ended in July 2024. All repurchased shares have been cancelled to reduce Corbion's issued share capital.
From a financial perspective, over 2024 we met or overachieved our outlook targets for volume/mix growth, Adjusted EBITDA organic growth, and free cash flow.
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 2024.