Find out about corporate governance at DSM, including the roles of the Managing Board, Executive Committee, Supervisory Board and General Meeting of Shareholders, as well as how DSM applies the Dutch corporate governance code and organizes its governance frameworks.
Code of Business Conduct
The DSM Code of Business Conduct ('the Code') serves as an umbrella for several other DSM regulations and forms the basis for the company's ethical business behavior. In 2017, we updated the Code to emphasize the importance of long-term value creation and our company culture as well as to align it more closely with daily operations.
Our corporate Strategy 2018: Driving Profitable Growth builds on this foundation. Additionally, we made the Code's e-learning course more user-friendly. It is shorter, customized for the main business functions and includes a simple refresher for long-term employees.
All DSM employees are expected to follow the Code, which is available in seven languages. The full text also appears on the company website. The Managing Board holds DSM's unit management accountable for compliance.
The Managing Board is accountable for risk management associated with DSM's strategy and activities. To that end, adequate risk management and internal control systems should be in place. The responsibility for identifying and managing risks lies within the DSM units, supported by the Corporate Risk Management (CRM) department and regularly assessed by the Corporate Operational Audit (COA) department both reporting directly to the CFO and COA having direct access to the CEO and the Audit Committee of the Supervisory Board.
A full description of DSM's risk management system and process, together with a description of the identified risks, is available on the company website. These descriptions are to be considered an integral part of this Report.
What still went wrong in 2017
DSM is always trying to improve, but sometimes things still go wrong. Here we share the most significant incidents of 2017 across all three dimensions of People, Planet and Profit. This includes health, safety, environment, and security incidents as well as what we have learned from business that has not developed as planned.
Information about the DSM share
Ordinary shares in Koninklijke DSM N.V. are listed on the Euronext stock exchange in Amsterdam (Netherlands) (Stock code 00982, ISIN code NL0000009827). Options on ordinary DSM shares are traded on the European Option Exchange in Amsterdam (Euronext.liffe). In the US, a sponsored unlisted American Depositary Receipts (ADR) program is offered by Deutsche Bank Trust Co. Americas (Cusip 780249108), with four ADRs representing the value of one ordinary DSM share.
Statements of the Managing Board
The Managing Board is responsible for the design and operation of the internal risk management and control systems. In discharging this responsibility, the Managing Board has made a systematic assessment of the effectiveness of the design and operation of the internal control and risk management systems.
Independent auditor's report
Read the Independent auditor's report to the Annual General Meeting of Shareholders and the Supervisory Board as prepared by DSM's external auditor, KPMG.
Assurance report of the independent auditor
Read the Independent auditor's assurance report to the Annual General Meeting of Shareholders and the Supervisory Board as prepared by DSM's external auditor, KPMG.