AAK Annual Report 2020

Contents	3
About AAK	4
2020 in brief	6
Comments from Johan Westman, President and CEO	8
AAK’s purpose – Making Better Happen™	10
A vision that drives better customer value	12
Innovation as a foundation	13
Facts about fats	14
Broad range of raw materials	15
The Customer Co-Development business model	16
AAK’s strategic direction	18
Business areas	20
Driving sustainability progress	31
Making better careers happen	36
Risks and risk management	38
Corporate governance and financial information	42
Comments from Georg Brunstam, Chairman of the Board	44
Directors’ report	45
Board of Directors	50
Executive Committee	52
The AAK share	54
Reasons to invest in AAK	56
Financial statements	58
Notes	70
Corporate Governance Report	116
Auditor’s report	125
Financial calendar and Annual General Meeting	130
Alternative performance measures (APM) and other financial definitions	131

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