This Report provides further information on the way the Supervisory Board performed its duties in 2020. These include supervising the policy pursued by the Managing Board, the Managing Board’s performance of its managerial duties, and the general course of affairs within our company and its businesses, as well as assisting the Managing Board with advice, either upon request or proactively. Finally, these duties also include assessing the Managing Board’s performance and ensuring that their remuneration is in line with that performance and that it provides the appropriate incentives. Since the inception of an Executive Committee, the Supervisory Board has also been responsible for ensuring that the checks and balances that are part of the two-tier governance system are still taken into account, paying specific attention to the dynamics between the Managing Board and the Executive Committee.
The responsibility of supervising the policy pursued by the Managing Board includes evaluating the way the Managing Board implements DSM’s strategy for long-term value creation and promotes a culture aimed at creating value and in line with our multi stakeholder approach both the Managing Board and Supervisory Board have the responsibility for weighing up the interests of all stakeholders. This is all described in the sections Strategy, People and Corporate governance and risk management.