Once again, 2024 has been a year marked by significant geopolitical challenges, economic and political uncertainties, and the ever more pressing effects of climate change.

During the year, the Supervisory Board of Directors (SBD) has provided support, advice and guidance to navigate these challenging circumstances where possible.

The SBD has worked closely with the Executive Board of Directors (EBD) to challenge, discuss and ensure that the strategic objectives align with the evolving market dynamics for each of the Groups and the long-term vision of SHV.

Over the course of the year, a total of five scheduled SBD meetings were held that mostly dealt with financial matters, SHV strategy, HR, ESG, and CSRD. In between these regular meetings, ad hoc discussions took place when required to share updates on specific topics or to approve a range of investment proposals.

In terms of financial matters, the focus was on Group operational results, short-term and long-term performance management, working capital optimization, cash generation and financing, the transition to IFRS, and acquisitions and divestments.

It is good to see progress on our strategy of gradually shifting focus (over time) onto SHV Energy, Nutreco, Kiwa and NPM. An important milestone was reached at the end of April, when the necessary regulatory approvals were obtained to finalize the sale of ERIKS to Lone Star. In addition, the sale of Makro Argentina in January 2025 was another step in the process. Although not pressed for time, it remains the intention to divest Mammoet, the remaining part of Makro, and our participation in ONE-Dyas.

As for the ESG strategy across both SHV and the Groups, our discussions centred around key focus areas such as Diversity, Equity & Inclusion (DEI), greenhouse gas (GHG) emissions, and Safety. One dedicated meeting involved an extensive update on the actions required to ensure the 2025 annual report complies with the Corporate Sustainability Reporting Directive (CSRD), a task that represents a significant challenge. The meeting also brought us the latest on the Double Materiality Assessments (DMA), which identify the sustainability topics most relevant to our organization.

The annual Group visit took place at Nutreco companies Trouw Nutrition and Skretting in Italy. Here, the Nutreco Management Board provided an update on the overall Nutreco strategy, as well as those of the two host companies. We took the opportunity to visit a local customer and also attended a detailed presentation on NuTex (Nutreco Exploration), a dedicated team tasked with developing proprietary ultra-specialty ingredients. The visit was good and gave the SBD a valuable and interesting insight into Nutreco’s strategy and its plans for the future.

The composition of the SBD remained unchanged during the year and the Annual Shareholders’ Meeting of April 12, 2024 saw Mr Etlin and Ms Mars Wright reappointed for two and four years respectively. They have both made valuable contributions to the Board and we are happy they have agreed to continue.

Floris de Ryck was appointed as CEO after Jeroen Drost stepped down at the shareholders’ meeting in April 2024. Bram Gräber, the former CEO of SHV Energy, was appointed as a member of the Board. And on September 1, Tone Bachke joined the EBD as CFO, bringing the new EBD to four again, with Ricardo Kandelman remaining as a long-term member.

Overall, the Top 30 - comprising the EBD and the Boards of the individual Groups - underwent significant change in 2024. New members with a variety of capabilities have been appointed, a combination of internal and external succession.

We are grateful for the hard work and dedication of each EBD member, which has been instrumental in meeting SHV goals. We would also like to express our appreciation to our colleagues in the finance teams at both SHV head office and across the Groups for managing the transition from Dutch GAAP to IFRS as well as Pillar Two. And we are very much aware of the amount of work involved in the preparations for CSRD and recognize all the efforts that are being made to be able to report in full compliance.

Needless to say, we would also like to take this opportunity to say a heartfelt thank you to our SHV colleagues all over the world. Their efforts have been essential to achieving another positive set of results and their efforts is truly valued by all of us.

Moving forwards, the Supervisory Board of Directors remains committed to supporting the SHV strategy and growth, ensuring that we continue to deliver strong results in an ever-changing business landscape.


Utrecht, 17 April 2025

On behalf of the Supervisory Board of Directors,

A.M. Fentener van Vlissingen
Chairman