AAK Annual Report 2020

AAK Annual Report 2020 1 Contents About AAK 2 2020 in brief 4 Comments from Johan Westman, President and CEO 6 AAK’s purpose – Making Better Happen™ 8 A vision that drives better customer value 10 Innovation as a foundation 11 Facts about fats 12 Broad range of raw materials 13 The Customer Co-Development business model 14 AAK’s strategic direction 16 Business areas 18 Driving sustainability progress 29 Making better careers happen 34 Risks and risk management 36 Corporate governance and financial information 40 Comments from Georg Brunstam, Chairman of the Board 42 Directors’ report 43 Board of Directors 48 Executive Committee 50 The AAK share 52 Reasons to invest in AAK 54 Financial statements 56 Notes 68 Corporate Governance Report 114 Auditor’s report 123 Financial calendar and Annual General Meeting 128 Alternative performance measures (APM) and other financial definitions 129