AAK Annual Report 2020

When summarizing 2020, I feel very proud of AAK – as an organization and as a global key supplier of food ingredients. AAK colleagues around the world have health and safety as a first priority, and in combination with passion, drive and professionalism, the com- pany has been able to operate safely and navigate in an unprecedented situation. With its decentralized structure and a highly dedicated and attentive work- force, AAK has shown the strength and resilience of its business model. Given the difficult circumstances, the past year was a strong one for AAK. There has been good progress for the company’s strategic direction, some additional acquisitions and key investments have been made, and a new corporate purpose has been unveiled and launched. The purpose, Making Better Happen™, is a very apt representation of what AAK stands for: to continuously make things better – for its customers and shareholders, for its employees, for the planet. Strong corporate governance AAK is a well-managed company that has experienced a very successful development over the past decade. How to continuously improve the business and how to continue to achieve profitable and sustainable growth are topics that characterize all discussions and decisions by the Board and AAK’s management team. When working toward these goals, it is important that Raised sustainability ambitions In alignment with its purpose, AAK also continues to make better sustainability happen. Many important achievements have been made within the company’s supply chains. One example is the expansion of the Kolo Nafaso program in West Africa, which targets shea-collecting women in one of the world’s poorest regions. Over the last year, the program has grown by 39 percent, now including more than 320,000 women. AAK has furthermore announced its firm commitment to verified deforestation-free and conversion-free palm and soy supply chains by 2025. In addition, Plant-based Foods, the company’s business segment focusing on alternatives to dairy and meat products, continues to grow at a rapid pace. Considering the good performance and the many achievements that have been made during a difficult year such as 2020, it is with great confidence I look upon the future of AAK. I would like to thank my col- leagues on the Board of Directors, AAK’s management team and all employees around the organization for extraordinary contributions during a challenging year. Your dedicated work continues to be integral to the company’s growth and success. Georg Brunstam, Chairman of the Board our decision-making processes and responsibilities comply with relevant rules and regulations and with the company’s business principles. With this report we want to illustrate our strong and clear corporate governance and show that we always work in the shareholders’ best interest. AAK Annual Report 2020 42 Chairman of the Board: Strong performance considering the circumstances