During the year, the Supervisory Board of Directors (SBD) discussed the overall SHV strategy, the Executive Board of Directors’ (EBD) Delivery & Development (D&D) agenda, and the SHV consolidated five-year financial plan.

In a turbulent global and geopolitical landscape, the SBD also continued to monitor both the operational and the financial performance of SHV and the Groups.

We looked at geopolitical developments and their potential impact, both present and in the future. Financial topics, including working capital, liquidity, risk assessment, possible acquisitions and divestments, and post-investments reviews were also discussed.

The SBD held six regular meetings in person, with additional calls to address specific topics.

Specific strategic updates and in-depth analyzes were also on the agenda:

  • The strategy for Trouw Nutrition at Nutreco.

  • The Horizons program at SHV Energy, focused on optimizing performance and market-specific development across LPG Business Units.

  • A range of projects and acquisitions at Kiwa.

  • HR developments.

In line with the continued strategic shift to focus onto SHV Energy, Nutreco, Kiwa, and NPM, it was positive to see further progress in 2025 with the sale of Makro Argentina, building on the important step already taken in 2024 with the divestment of ERIKS.

Ricardo Kandelman stepped down as a member of the EBD on June 1, 2025, but continues his responsibilities for Mammoet and ONE-Dyas as Executive Vice President. The EBD now comprises Floris de Ryck (CEO), Tone Bachke (CFO), and Bram Gräber.

We are pleased that ESG considerations are increasingly integral to the way SHV and the Groups operate, and the topic has been discussed in great detail. With the Corporate Sustainability Reporting Directive (CSRD) also representing an important element of our ESG strategy, we received a report on the progress made towards our goal of achieving compliance over the year 2027.

This year’s annual visit was to Kiwa in Homburg, Germany. The Kiwa management board gave an interesting and detailed presentation on their growth plan to become a major global player in the coming years. An update was provided on Kiwa Germany, and we also visited a laboratory specializing in the testing and inspection of cabling and wireless applications. Overall, the visit was very insightful and provided the SBD with valuable information and knowledge of Kiwa in general, and its German activities in particular. 

In 2025 there were several changes made to the composition of the SBD. Mr Manfred Mautner Markhof resigned as a member of the SBD at the Shareholders’ Meeting, having reached the statutory age limit of 72. We are very grateful for the excellent contributions he has made since his appointment in 2002.

At the same Shareholders’ Meeting, Mr Dominik Lauda was newly appointed for a term of four years, and Mr Wout Dekker was reappointed for a further four years.

Mr Patrick Kennedy was reappointed as a member of the SBD until December 12, 2025, when he also resigned after reaching the statutory age. We thank Mr Kennedy for his immense contribution, not only to the SBD but also in his previous roles at SHV.

Following the resignation of Mr Patrick Kennedy, Mr Jeroen Drost was appointed as a member, effective December 12, 2025. We look forward to his role in the SBD.

On December 11, 2025, John Fentener van Vlissingen passed away at the age of 86. As a member and vice-chairman of the Supervisory Board for more than 40 years, his entrepreneurial vision and business acumen played an important role in the development and growth of SHV. His passing marks the end of an era shaped by the three brothers, Frits, Paul, and John, whose legacy holds an enduring place in the history of SHV. We commemorate him with gratitude and respect and he will be missed.

The past year was a robust year where focus on performance provided clear guidance amidst numerous challenges and strategic opportunities. We thank the EBD for their continued dedicated and hard work.

And last but not least, we would like to thank our more than 60,000 colleagues worldwide. They are the backbone of our company, without whom we could not sustain SHV for the generations to come


Utrecht, 1 April 2026
On behalf of the Supervisory Board of Directors,

A.M. Fentener van Vlissingen
Chairman