Welcome all of you in this virtual meeting, meaning shareholders, guests, and all others interested to follow this virtual meeting. For those who follow this Annual General Meeting of Shareholders of Royal DSM for the first time, my name is Rob Routs and I'm the Chair of the DSM Supervisory Board. The COVID-19 measures to protect the health and safety of us all still don't allow for a face-to-face meeting as we were used to in the past. At DSM, our primary responsibility is to protect health and safety of our employees, of our partners, and of course, also of you, our shareholders. We, therefore, are holding a virtual meeting in line with the Dutch emergency legislation. Connected to this virtual setup, we thank you for your understanding with regards to the strict measures that we're taking. We will also appreciate your understanding that English will be used as the main language during this meeting, which we hope to formalize under agenda item number two. Webcast viewers can choose to listen to the live Dutch translation. Let me briefly introduce the people joining me on this virtual platform. Of the DSM's Supervisory Board, I am accompanied by Thomas Leysen, who will be my successor after my retirement from the board at the close of this annual general meeting of shareholders. Pauline van der Meer Mohr, Chair of the Remuneration Committee. Eileen Kennedy, who chairs the Sustainability Committee. John Ramsay, Chair of the Audit Committee, whose reappointment as supervisory board member is on the agenda today, Frits van Paasschen, also his reappointment as supervisory board member is on the agenda today. I know some other colleagues on the board are following this AGM through the webcast. With us virtually today as well are Carla Mahieu and Corien Wortmann, who both are nominated for appointment as supervisory board members. We'll get to this as the item 9C and 9D on the agenda. Of course, we are also joined by the co-CEOs of DSM, Geraldine Matchett and Dimitri de Vreeze. Dimitri de Vreeze's reappointment as managing board member is also on the agenda today. Furthermore, I'd like to welcome Petra Groenland from KPMG Accountants, the external auditor. In line with the Dutch governance code, the auditor is to present briefly comments on the audit opinion provided on the financial statements. Moreover, welcome to Joyce Leemrijse, the notary overseeing this meeting and partner with Allen & Overy. Voting for this virtual annual general meeting was possible by written or electronic proxy, including voting instructions and granting your votes to the notary as independent party. Voting is also possible during the meeting for those shareholders who have registered as such and signed in timely via the ABN AMRO platform. The total number of shareholders present and represented will be announced later during this meeting. The notary received proxies and voting instructions for a total of 159.3 million shares, being 73.5% of the issued share capital eligible to vote. Today, the notary will supervise whether the conduct of this meeting is in line with all the regulatory and statutory requirements. We're also joined by DSM's company secretary, Louisa van den Broek, who will draw up the minutes after this meeting. Today is Louisa's last shareholder meeting for DSM as company secretary, I would like to take this opportunity to thank her on behalf of the whole supervisory board for all her support during the past six years. With her endless energy and passion for people, Louisa has been instrumental in facilitating the strategic and corporate decision-making between the supervisory board, the managing board, and the executive committee. Thank you, Louisa, and I wish you a lot of success in the rest of your career and personal life. Louisa will be succeeded by Lindsy Veugen, who is also virtually present. Lindsy, congratulations on your new role. On behalf of the supervisory board, I wish you lots of success. Finally, I'd like to extend a special welcome to Mr. Stevense of the Stichting Rechtsbescherming Beleggers, Mr. van Esch on behalf of Robeco, also representing APG, Menzies, MN, and NN Investment Partners, Mr. Altena on behalf of the VBDO, and Mr. van den Hudding of VEB. They're also joining us on this platform, having asked questions in advance of the meeting and expressed the wish to be allowed to ask follow-on questions during the meeting. As you know, we have clustered the agenda items, and you'll be able to ask questions at the indicated moments during the meeting. The agenda and notes to the agenda and other relevant information could be consulted on the company's website and were published on the 23rd of March of 2021. The registration date was Thursday, 8th of April 2021, in line with the statutory term of 28 days prior to this meeting. With this, I determine that the notice to convene this AGM has been given with due observance of all legal and statutory requirements, and that therefore, this AGM is qualified to take legally binding decisions. All shareholders had the opportunity to submit questions on the agenda items up front via email. We have eventually received questions submitted by Mr. Stevense on behalf of the Stichting Rechtsbescherming Beleggers, Mr. van Esch on behalf of Robeco. These questions were also asked on behalf of APG, Menzies, MN, NN Investment Partners, VBDO, VEB, and Mr. Aussems and Mr. Herzberg. The questions of Mr. Stevense were about the process leading to the proposed appointment as board members of Carla Mahieu and Corien Wortmann. He also asked a few questions to them on the research they conducted on DSM, which they will be happy to touch on when they introduce themselves later on. Mr. van Esch asked questions about the M&A in the strategy area of digital and bioscience, DSM's greenhouse gas emission results, and DSM's plans to address gaps between current remuneration policy and the ability to retain talent. VBDO's questions were on DSM's water target, the scenarios DSM uses in the context of TCFD recommendations, and the use of EcoVadis scores to assess suppliers. The questions of VEB were on DSM's competitive position and on the disclosure of SDI targets. Finally, Mr. Aussems and Mr. Herzberg had a question on the dividend for the holders of CumPref A shares. The questions and answers were posted on the DSM website this morning. Throughout the meeting, we aim to touch on as many as possible of the questions asked up front, among others, by the co-CEOs in their presentation. For a complete overview of all questions and answers, please visit the DSM website. The meeting order for today will be as follows. We'll start with the amendment of the articles of association. After a short explanation and answering any questions your shareholders might have, you will be asked to vote on this first voting item. The voting result will be shared immediately. For the sake of efficiency, we have clustered the further agenda items, including answers to some of the questions you've asked. After each block, there is an opportunity for shareholders and shareholder representatives present to ask their follow-up questions. Agenda items three to seven will constitute one block. Will items eight, nine, and 10, and finally, items 11, 12, and 13. The voting on these agenda items will be open throughout the meeting. We will close the voting after the agenda item, any other business, collect all voting results, and share them with you before eventually closing the meeting. Before moving to the first agenda item, I'd like to thank and to take the opportunity to thank Pauline van der Meer Mohr, who's stepping down from the supervisory board at the close of this meeting. Pauline, you joined us 10 years ago. As such, you played an active role in all the strategic discussions and decisions that have shaped this company in that period. I speak on behalf of your board colleagues when I say that I'm extremely impressed with your breadth and depth and how we saw that evolve even over the further years. In your specific areas of expertise, you have really helped DSM mature, be it remuneration or people and organizational topics. You're both a fair challenger of, as well as a support and trusted advisor to management. We have seen your breadth and depth reflected in the various roles you took on. You chaired the Sustainability Committee for four years, and over the past four years, you chaired the Remuneration Committee. Last but not least, you've been the deputy chair over the last three years. Thank you, Pauline, for your incredible contribution to DSM supervisory board over the years. Thank you, Rob, for your very kind words. Please allow me to add a few words to mark the moment as this decade of your chairmanship is.. Could not have wished for a better chairman. DSM could not have wished for a better lodestar to help navigate the many transformations from a chemicals company into the company it is today. Your unique style and qualities have served DSM extremely well, challenging, supportive, empowering, a sounding board where needed, always with a keen eye for safety and manufacturing excellence. You oversaw the succession of Feike Sijbesma, and you are leaving DSM now in the capable hands of two co-CEOs, Geraldine and Dimitri. Together, they will continue the trajectory of growing DSM as a purpose-led, performance-driven nutrition, health, and sustainable living company. On behalf of all of your colleagues, Rob, on the supervisory board, thank you for your leadership. May our paths continue to cross in the future. Thank you. Thank you, Pauline. This does inevitably bring us to the first voting item, the amendment of the articles of association. It's proposed to amend DSM's articles of association to adopt English as the language of general meetings of shareholders. In addition, an amendment of a more technical nature is proposed in connection with the Act on Management and Supervision of Legal Entities, amending certain provisions of Book Two of the Dutch Civil Code, in Dutch, the [Non-English content], which will enter into force as from 1st of July 2021. The precise text of these amendments and a further explanation are included in the annex to the notes to the agenda. Initially, we were also proposed to include language in the articles of association to be prepared for further pandemics or other situations that would require a virtual meeting. At the request of several shareholders, we deleted that language from the proposal to amend the articles of association, so it's no longer included. It was not DSM's intention to permanently move to fully virtual AGMs. DSM has put the amendment on the AGM agenda out of precaution. We wanted to create the option in the articles of association for situations where a face-to-face AGM would reasonably not be possible. In other words, DSM would like to have the option to revert to a fully virtual AGM when a partly face-to-face meeting is not reasonably possible. Louisa, there are any questions from shareholders and shareholder representatives present at the meeting on this subject? Thank you, Rob. Let me have a look at our shareholder room. I see no hands raised. Just giving them the opportunity. No, there are no questions, Rob. Let's move to the vote on agenda item number two, the amendment of the articles of association. For the voting, I hand over to the Company Secretary once more. Thank you, Rob. Voting on this item is currently open for the shareholders who are joining us on the ABN AMRO platform. Please select your choice for this item. Obviously select four if you want to vote in favor, against if you want to vote against, or abstain. Let's now wait a few seconds to give people an opportunity to make their vote. Thank you. I think we can close the vote on this item, and we'll wait a few seconds now for the votes to come in. While we wait for that, let me share the number of shareholders that are present or represented today. In total, we have, I need to say this right, it's a big number, 159,304,978 shares represented at this meeting, which equals 73.5% of the issued share capital eligible to vote. I see that all votes are in on this item, but I'm also waiting for the votes to come up on the screen so that you can all see the results. Just having a look where that slide is coming. Just a few seconds, please. There we are, and you should now also be able to see, there you go, that we have 99.21% in favor of this item and 0.79% against. Back to you, Chairman. Thank you, Louisa. This means that the proposed amendment of the articles of association is adopted. Before now, where I give the word to, and the floor to the co-CEOs, I would like to compliment them and the whole team with the results achieved in 2020. 2020 was again, a year in which the company performed very well. Of course, the year brought all kinds of challenges of managing the COVID-19 outbreak and also its economic impact, especially at the onset with all the uncertainty there was. Also in that context, I think the team can be very proud of the way these challenges have been addressed so far. What I want to especially applaud them for, however, is that from day one of the outbreak, they have put the health and safety of all the people working at DSM or with DSM first. The company has taken very early measures, and everyone at DSM and involved with DSM has benefited from that to date. Thank you, Managing Board and Executive Committee for leading the company as you did and do, navigating so well through the COVID-19 period. On behalf of the Supervisory Board, I'd like to express our gratitude and respect for everyone working in DSM and with DSM. The resilience that you have shown during this past year and still today is impressive, and you can be proud of the achievements in 2020. Before we move to the next agenda item, and I hand over to Geraldine and Dimitri to comment on the annual report for 2020 by the Management Board, we would like to show you a video that was made by management to thank everybody for 2020. This video gives you a good overview of all that's been achieved and what kind of year it was. Happy New Year. A deadly coronavirus outbreak has authorities. The U.K. will formally leave. Stocks, they fell hard again today. The world is in crisis. As coronavirus spreads, it's inevitable that an increasing number of people will be affected, either directly at DSM or in the communities where we live. We are sending a message to the whole of DSM, and to the whole of the world, in fact, that together we stand strong, and we have moved in one weekend to work at home for 9,000 employees. The lab is very empty due to the corona. I'm still going strong. When there's a crisis, people come together. They reach out to others. They care about others. They do things which we thought would be impossible. It starts with the people. That's where our success came from in the past. It's where our success will come from in the future. On the one hand, we faced a crisis like we've never seen, and on the other, we kept everyone safe. We served our customers, we did programs, acquisitions. We have no other choice than to be an optimist, to see the opportunity in the difficulty, and create partnership to solve these complex problems the world is facing. One thing I want the world to know about DSM is that we will try to find solutions even if it seems impossible. Optimism is absolutely key. I think nobody in this world has made a leapfrog step by being a pessimist. On behalf of the whole executive committee, a huge thank you for all that has been done in 2020, and of course, all our very best wishes for 2021. A big thank you for a courageous, caring, and collaborative 2020. Hello, everyone, it is always nice for us to actually watch this video, I have to say. It reminds us of a year 2020 that was pretty special. Now, of course, while we regret that we are not in a position to welcome you in person at our AGM, which we always love to do, and that it is our second virtual AGM, it is nonetheless our pleasure, Dimitri and I, to run you through some of the highlights of last year. Now, I'm going to kick off. I will do the part which is looking back at the year 2020 and also giving you the latest news on our first quarter 2021 results. I will hand over to Dimitri, who will then run through our strategic journey and the way forward for the company, along with the messages that we had shared at our Capital Markets Day in November last year. He has a lot of good news on our innovations as well, so stay tuned on that. There's a lot of fun things in there. Now, what a year 2020. I think, we can't say it in any other way, and for all of us at DSM, but also around the world, in many companies, it's been a year on, in our case, Microsoft Teams, but it could be Zoom, but basically, it's been a virtual world of interactions. This is us, the executive committee, leading DSM virtually. While of course the pandemic was a big surprise, and effectively, in fact, it kicked in pretty much as we took over the leadership, Dimitri and I, on the 15th of February. We are actually extremely proud and grateful for the way that all of our colleagues in DSM stepped forward, and you saw some images in the video of what that meant. Altogether, we managed to not only stand by our customers throughout the year, but we also delivered solid financial performance and advanced on our strategic journey, and I will be commenting a little bit more on some of these important steps that we took in 2020. First, how did we get through the pandemic? Going to the next slide, you will see that our first priority, absolutely, was to take care of our people. We had the benefit of having a large operation in China and some great colleagues there. What they did is to show us very quickly how serious the pandemic was and to also put us on the right road when it came to the measures that we could and should take. We were actually very much ahead of the curve when it came to all of the measures we are now familiar with when it comes to pandemic prevention. Things that become now common language, like social distancing, wearing masks, working from home, and all those things. At the time, they were not so obvious, and we're very grateful to our colleagues in China for having shown us how to do this so that we could then roll it out very quickly throughout the company, and in that way, really minimize the impact on our colleagues and to ourselves as well. This was taking care of DSM, but we also know that as a company, we could have a big impact on the communities around us. We also were very active in making sure that we put all of our skills to the benefit of society. Of course, immunity is key when you're in the middle of a crisis like the COVID-19 crisis. We made sure that we were providing the frontline workers around us, but also all of our colleagues and their full families, with all the dietary supplements necessary to boost their immunity throughout the year. We went beyond that. We also made sure that we used our science and our innovation at speed to help fill the gap in some of the critical supplies that were necessary. We got ourselves into producing disinfectants, into producing test kits, into producing masks, all of the things that were in short supply at a very critical time. It gave our colleagues and ourselves a huge amount of energy and pride to be able to do that at very, very short notice. Looking at 2020, as you know, we are a longstanding triple P bottom line company, people, planet, profit. I would like to start with the highlights, actually still on the theme of people. What you see on this slide are some of the key figures that reflect what you hopefully saw in the video, which is a DSM with a very healthy people culture. Despite the pandemic, we were able, for instance, to have our engagement survey show a higher engagement, and you see it there at 76%. That was not because life was easy, but I have to say that this ability to step forward and to work not only for the benefit of our customers and our company, but the communities around us, gave this big sense of pride, and we saw it come through the engagement survey. This was an important element. The other one, of course, is safety. Despite all of the disruptions that were linked to the pandemic, we were able to lower our recordable index, so our safety index to 0.24, which is actually the best we've ever had. Until that, I really want to call out our colleagues who continued to go every single day to make sure our operations could run. Our operations colleagues in manufacturing and supply chain, in the laboratories, they were our frontline workers, and we often refer to them as our heroes. They delivered not only on the continuity of the business, but also on that safety, which is extremely important and core to who we are as a company. When it comes to diversity and inclusion, we are making progress on the gender diversity. Maybe not as fast as we would like, our female executives is now 21%. Actually, the numbers that you see on this slide today are higher when it comes to the top of our organization. Half of our supervisory board is a 50/50 male/female mix. We have the same at the managing board level. In fact, in the executive committee, it's 67% women. The top of the organization is doing very well, and we're taking many measures, including looking at the diversity of all of the leadership teams in DSM in order to continue to progress in the right direction. On the subject of inclusion and diversity, we also actually introduced a slightly revised approach. We believe that diversity goes beyond gender and nationality. You can see here that we have introduced a five-pillar approach to inclusion and diversity, expanding nationality to race, ethnicity, and nationality, which is an important aspect. We also wanted to highlight the other parts such as the disability, LGBTQ, and generations. This is critical, because we really believe that an inclusive culture and a diverse company makes for a successful company. We will continue to work on that. Last but not least, probably one of our biggest learnings from this whole COVID-19 experience, and that is the importance of culture. Dimitri and I were privileged to be selected to lead a company that has a very strong culture that was built over a long time, a culture that's really anchored in people values. That's when you realize how important it is when you are in a crisis. In the crisis of the pandemic, we were able to let everyone do their very best and could trust that they were going to do it for the benefit of the company and for the benefit of society around us. Now, during the year, we also introduced a culture compass to reemphasize how strong our culture is, but also to help us steer ourselves through the storm. That is the new culture compass that we refer to here. It's embedded in being courageous, in being caring, and in being collaborative. Three Cs that to both Dimitri and I are close to our hearts and the way that we wish DSM to go forward. Now, moving to planet, and that is on the next slide. We did not, despite the crisis, ease off in any way on our ambitions relating to the planet. You see here just some of the numbers that reflect that. We continued to improve our energy efficiency last year with the 5.7% improvement. We also signed some additional renewable electricity contracts, and you could see now that we are at 60%, which is really nice, and we are actually ahead of the curve to our long-term targets on this. We continued to work very hard on our greenhouse gas footprint throughout the year, including the fact that we have acquisitions that, of course, contribute to that footprint. We know the planet is not only about our footprint, but also that of our supply chain, which is why we continued programs like the CO2REDUCE program with our suppliers, and really looking at managing the impact on the planet throughout the supply chain and not just for us. We continue to be a highly ranked ESG stock. You see some of the names here on the slide below with an A rating on our climate change strategy and A- on water stewardship. These are some of the news, but we continue to basically walk the talk in line with our values and our principles. Last but not least, because that is actually the most important, we are embedding sustainability in what we do as a company, in our services, in our products. This is referred to here in green as our Brighter Living Solutions, which represent 63% of our sales. It is reflected in a whole number of campaigns, but also product launches. You will hear a lot more about that when Dimitri talks to you about developments on some of our key innovations. More to come on that. Last but not least, of course, the third P, and that is profit. If we look at the overall performance for DSM in 2020, despite the fact that we went through this pandemic, we delivered very solid financial performance. Our sales went up 2%, our EBITDA remained pretty much stable, and in any good crisis, you have to manage your liquidity, and we managed to deliver actually an increase in our cash generation of 19%. This is a story of two parts, however, and logically, given that we do different things. Our nutrition business, and I'll come back to that, had overall a slightly positive effect from the pandemic, and we will come back on that. As a result, delivered, as you see here, some positive sales with an organic growth of 6% and an adjusted EBITDA up 7%. Our materials businesses faced a very challenging environment, both in terms of end markets, in terms of disrupted supply chains, and that did reflect in our performance in materials with sales down 13% and the adjusted EBITDA down 27%. As I will comment later, this has been followed by a very strong recovery since. We did take, I believe, all the right measures at the right time to manage, on the one hand, this very rapid slowdown of activity while retaining our strengths for the recovery as it is coming now today. Looking at the net profit, which is, of course, of relevance when it comes to the dividend. We delivered the net profit of EUR 508 million in 2020 with this strong cash generation. As you have seen, we are therefore proposing a stable dividend of EUR 2.40, something I will again come back on in a second. Going into nutrition. 2020 was a year where we actually made a lot of progress strategically as well as managed a very complicated operational environment. When it came to the strategic developments, we did three very important acquisitions, which you see here. We acquired CSK in the Netherlands, which is in our food specialties business, focused on cheese. The integration is now fully done, and it's going extremely well. The CSK colleagues are really part of the DSM family now. We acquired Glycom in the first half of last year. This is a early life nutrition business based in Denmark. Very strategic as it is the next ingredient to make infant formula as close to human milk as possible, and we're very happy to have them on board. There as well, the integration is progressing well. We're now pretty much one year in and all is going well. Third, we have Erber. Now, this is in the animal nutrition space, a very, very good fit with DSM, as Erber was not only a customer of ours, but was a supplier to us. Shows you how close we were already. They bring a whole new category of ingredients for our specialty animal nutrition linked around mycotoxin management. We are very glad to have them on board. They're a bit more recent. They joined us at the beginning of Q4 last year, so we are in full swing when it comes to the integration at present. The other important developments are clearly around our big innovation programs. This I will leave to Dimitri to comment on later on, but in short, very good progress. Last but not least, during 2020, we also spent some time looking at our strategy for DSM. Where is it that the company should be going and looking into the future? That was not an easy thing to do in a virtual world where we could not sit together. It was not easy to communicate it to the capital markets in November entirely virtually as well, but I believe that went extremely well, and Dimitri will share with you the highlights of that in a few minutes. In terms of the financial performance of nutrition that you see in this next slide, it should be coming up soon. There we go. How did the business do in 2020? As I said, overall, we had a slightly positive impact from COVID, but it was a mixed bag, to say it in that way. Our human nutrition business got a lot of traction around immunity. That is very logical in a pandemic. You saw it in our actions around the pandemic with the communities around us, we saw that the whole world was looking at how can nutrition help people be strong and resilient in this environment. A very strong momentum on immunity. As well, we saw an interesting shift when it comes from eating at home versus eating out of home. Categories such as beverages, like the enzymes for brewing, were down. On the other hand, packaged foods and easy-to-prepare proteins like eggs and dairy were, of course, up as most of us were eating at home all of last year. When it comes to animal nutrition, here it was an overall neutral effect, but what we saw is a very disrupted, very volatile market. A lot of concerns around supply chain. At the start of the year, we got a big pull on animal nutrition, and then, of course, there was a bit of destocking going on. All in all, a very solid performance as well. Thinking about personal care and aroma, there was not much going on holiday last year, so the sunscreen business, for example, didn't do very well. On the other hand, the business that supplies the disinfectant and detergents with aromas, they saw, of course, a much better environment. When you put all of that together, you see the kind of numbers that you see here on the left and that I've already talked about earlier. A very good performance in what was a complicated year operationally. Moving to materials. In materials, we also made good progress strategically, but I have to say it was also about responding to the environment that was very challenging. Particularly in Q2, when suddenly our end markets ground to a halt, in particular, the automotive industry, for example. The teams had to react extremely fast, manage whatever costs we could manage down, manage our customers, the supply chain, standing by them as much as we could. Actually, a lot of our materials also go into essential applications like medical devices and medical equipment. Our sites actually remained operational even though some of our end markets were down at some point. This actually resulted in us having the highest score, with our customers, which is called an NPS score, net promoter score, in what was a very incredibly complicated year. Having said that, we did take some cost-saving measures and reorganized ourselves and finding the right balance of managing to the fact that we had less activity, but also retaining the strength for the markets coming back at some stage. The other big step that we took last year is, of course, the divestment of our resins and functional material division and the associated innovation platforms. This opportunity came at maybe an unexpected time, but it is such a good combination for our resins business to be with the Covestro business, that we took the opportunity and to some extent, maybe a risk in deciding to go ahead with this transaction despite the complications we were living at the time. This has been completed now. It actually closed on the 1st of April. You will see the reflection in our numbers as of Q2. It is bringing liquidity to DSM for about EUR 1.4 billion. Even more importantly, it has created a great home for our resins and functional materials colleagues to go to. We know that this is already in full swing as we speak. This context led to the following financial performance of materials. What you see here is, of course, the lack of leverage has led to lower results. The sales were down, although nonetheless, we still delivered EUR 1.5 billion in sales. I want to point out here that these are the numbers excluding resins. These are our continuing operations. What we saw as well is that despite this lack of leverage, we did manage to retain a very presentable margin at nearly 18%, which is a bit down from the historical level, but nonetheless, a very presentable financial performance. Finding the right balance between managing down our costs, but getting ready as well for the recovery. That recovery actually started already in Q4, where we saw the momentum picking up. I will refer to it when I talk about Q1 2021 because we are really seeing it take shape even further as we speak. Now, these businesses, in addition to our innovation platforms, delivered the kind of results that can lead to the following dividend proposal. Just looking to the next slide. As you know, over the years, we have generated a very steady shareholder return. Actually, when you add it up over the years, it adds up to a quite impressive 340%, I have to say. Now, we have a dividend policy of stable, preferably rising. It is a policy that we have been very committed to. It's a policy that we stuck to through the financial crisis, and it is therefore something that we want to honor. In addition, we tend to guide towards a payout ratio of 40%-50%. On that basis, the proposal today by the supervisory board is a dividend of EUR 2.40 per share, which represents actually a 54% payout. Not very much above the guidance that we would give. In addition, it comes in combination with, of course, a total shareholder return given the share price appreciation of actually about 24%. With that, I would like to close with my final slide here, which is the Q1 results for this year. This was actually published yesterday, so it is fresh off the press, as we say. We started the year with a very strong first quarter. As I mentioned in our materials business, we saw the recovery start in Q4. It has continued very much so in the first quarter. What we're seeing as a result is this very impressive 13% sales growth and leading to 27% EBITDA increase. Some people can say "Yes, but it's versus a very low 2020," and that is a fair comment. If we look versus 2019, that also represents a growth both in sales and in profitability versus 2019. A very strong recovery on the back of some restocking in the market, but also hopefully some increased confidence on the consumer side on actual demand. As to our nutrition business, we are seeing continued good business conditions. Our human nutrition continued to deliver very good results in the first quarter. Immunity remains a very strong subject. We are also seeing a very good performance of our animal nutrition business, despite the fact that the comparative figures last year were extremely high. With that, it's basically added up to us delivering an 8% sales growth, a 13% EBITDA up with a margin up. I have to say, a good cash generation going with that as well. Now, I hope this gave you a good flavor of what 2020 was about and where we are today. I'll hand over to you, Dimitri, to look into the future. Yes. Thank you, Geraldine. Also on my behalf, a warm welcome on the AGM. Indeed, from 2020 and a good start of the year for quarter one, the foundation for the strategic journey to be continued. If we look where we're coming from as DSM, and you can see that in the next slide, we are transforming the company bit by bit. Here you see that we today are a nutrition health and a sustainable living company. Continuing transformation by innovating, by organic growth, but also by M&A. When we started, and I think Geraldine hinted on it, we continued that journey even in an unprecedented year of 2020. Next slide. If we then look at what DSM stands for, our guidance is that we are a purpose-led, performance-driven growth company. We look at our competencies, where do we have something to offer? Where are we unique? Coupled with what do we see out there in the world? What are the mega trends? What are the Sustainable Development Goals where we can contribute to? If we then merge that together and map that together, we basically have decided to play and to act on growth opportunities in the nutrition and health space, in the climate and energy space, and in the resources and circularity space. If we do so, we can build a growth company because we have something to offer for the future strategy of the world. We've depicted that also in a few financial targets, because we are a purpose-led, performance-driven company. Next slide, please. If we look at the context of the world, and many of you know the SDGs, also a lot of people out there don't know yet that there is a strategy for the world, and that's been pinned in the Sustainable Development Goals. We as a company are also emerging into tracking how we contribute to Sustainable Development Goals. You see in the a bit purple box, you see the five priority SDGs for us. Not that the rest is not important, but we feel that we have something unique to offer in these five SDGs. This has to do with nutrition, health, and sustainability. The key strategy for our company being purpose-led, performance-driven. Next slide. Let me focus first a little bit on nutrition and health, then on materials, and then I will wrap it up for the company. What do we see in the health and nutrition markets today? We see some trends where health for people and health for planet have to go hand in hand. We see three trends emerging. One is the trends at the consumer. The consumer is changing its preferences. It's changing its behavior. Consumers are increasingly looking for foods that are healthy, affordable, convenient, but also look at the sustainability aspect of it. Therefore, that creates huge innovation opportunity. Then we see environment. We see that the environment requirements and the restrictions on emissions are being stricter year by year by year. Therefore, sustainable farming is a key area where we see DSM could jump into, and that has to do with the environmental part, health for the planet. Then society. Society in the middle, creating more awareness about health for the planet and health for the people. Showing that the total strategy where we evolve in is also being supported by society. These key macro trends drive the growth in health and nutrition. Next slide. In these trends, it's important to say where you can make a difference, we go back to what we as DSM have to offer. The offering is linked around the business model, about the business model we've built within DSM. We started as a company very strong in global products in terms of scale, in terms of number of ingredients. I think we are incomparable in terms of breadth and depth of the global products. We've coupled that over time with adding application expertise, knowing what the market needs, knowing what the customers require. We call that local solutions because they differ per region. They differ per customer. Last year, we've announced that this business model, which have really served us well over the last five to 10 years, we will add a third muscle, and that's around precision and personalization. I will come back to that in the next slide. If we just go through this business model, we basically have added M&A, and Geraldine added to it in the unprecedented year 2020. We did CSK in the food specialty area, we did Glycom in the early life nutrition area, and we did Erber in the animal nutrition space. They all added strength to global products in terms of ingredients. They added local market expertise and application expertise in local solutions. Also in the case of Erber, we've acquired Romer Labs, which adds to the precision and personalization big data platform. M&A is an important tool to strengthen that business model on top of some other issues I will allude to a bit later. We go to the next slide. A bit of context around the third muscle, because why do we want to strengthen that fantastic business model with a third muscle? What we do see happening in the world is that there are more and more biotechnology breakthroughs, coupled with an enormous data and digital technology acceleration. Big data, tracking, artificial intelligence algorithms, coupled with nutrition, with know-how, with health performance, create an enormous opportunity in precision and personalization. That's the reason why we added that third leg, that third muscle to our business model within DSM. Next slide. That business model of global products, local solutions, and precision and personalization is strengthened by absolutely M&A, but also by own innovations. I have a couple of slides of fantastic innovations which we are currently working on, or which are partly already commercialized, part are basic for the start of commercialization. You see here a few of these sustainable innovations, a few linked to prevention, a few linked to pathways, new ways of making the molecules via bioscience, and partly linked to emission reduction. I would like to say a few words about Bovaer. Bovaer is a fantastic innovation DSM is already working on for quite some time, and we are in this approval process, and it reduces the methane at cows, predominantly from the front, minimum from the back. Methane emission is coming from the front via burping. I have brought for you a quick video to understand the principles and the uniqueness of how we can create a brighter world by innovating and commercializing Bovaer. Please. Every one of us leaves a footprint. Cows, too. They eat grass and other tough fibrous plants. The enzymes that help them digest their food also produce methane, and that's not so good for us because methane is a greenhouse gas. Bovaer is DSM's feed additive that suppresses these enzymes. Just a quarter teaspoon added to their daily diet consistently makes cows emit about 30% less methane. Food companies are becoming increasingly interested in sustainable solutions for dairy and beef production. Farmers are also looking for economically viable sustainability solutions. Bovaer could contribute. We already work together with many partners across the value chain. Bovaer has been tested with approximately 10,000 cows in 42 trials across 13 countries worldwide, showing great results in methane reduction, up to 82%. The development of Bovaer is mentioned as one of the 10 breakthrough technologies that can help feed the world without destroying it. The potential of Bovaer has been noticed by governments and other authorities as well. Such recognition is another accelerator for a broad implementation of our feed additive. In addition, research shows that consumers are also increasingly interested in more sustainable dairy and beef products. Over 50% of consumers expressed a greater interest in purchasing their usual brand if the dairy product was sourced from a farm which uses Bovaer. 70% indicated a willingness to pay a premium. Also, nearly 70% of consumers thought dairy farmers should use Bovaer. Well, one cow can save one ton of CO2 equivalent every year, and three cows are like taking a family-sized car off the road completely. The impact of Bovaer for the largest dairy state of the U.S., California, has recently been assessed in a peer-reviewed study from UC Davis. If used by all dairies, enteric methane reductions could come down by about 38%. This would lower the greenhouse gas footprint of dairy by 12%. This would equate to a reduction of about 0.5% of total greenhouse gas emissions from the state of California and 2.33 billion kilos of CO2 saved. Step by step, burp by burp, Bovaer helps farmers on a continuing journey to sustainability. That's how we create brighter lives for all. Yes. One of the reasons why I'm so proud to work for a company like DSM, these type of innovations, breakthrough innovations. Let's go through innovations which has a topic around health for planet to health for people. Here you see on this slide a few innovations we're also working on. Also to done with prevention on eye health, with good health ingredients, also plant-based proteins. I would like to highlight ampli-D for you. FORTARO is a brand we've launched just a couple of weeks ago, and I have to say, I'm taking it. I've ordered it. I feel really great. My immunity has been boosted. It's a product which we have developed and have launched to market, also accelerated by the COVID context, where people are more aware how nutrition is impacting their health. I would like to show you a quick video on FORTARO and how it works. Immunity is a top health concern these days, and one key to a healthy immune system is vitamin D. It's hard to get enough vitamin D from diet alone. Your body makes its own vitamin D when exposed to sunlight. That's why they call it the sunshine vitamin. The more time you spend indoors, the less vitamin D you get. Supplementing your daily diet is an option, but it can easily take several months to build up a healthy vitamin D level. That's because your body needs to convert it into a form for further use. Until now. Introducing fast-acting FORTARO with ampli-D. ampli-D is a faster, more effective form of vitamin D, so it can get right to work, raising your vitamin D status to optimal levels in days and weeks, not months, and helping keep your immune system fighting fit. If you have taken your dietary supplement ingredients this morning, which you hopefully all did, check whether you have enough vitamin D, and then you can order it at fortaro.com. Let's go back to the overall health through nutrition setup. I've explained that we are in a fantastic, attractive market with consumer preferences changing, with sustainable farming trends coming up, with society requesting more health for people, health for planet, coupled with biosciences and the evolution of data, big data, digital platforms, is in a market where we play in with a fantastic, unique business model, global products, local solutions, and precision and personalization. Coupling that attractive market with the unique competencies we have and will build, we are set for a strong performance. Next slide. The beauty is that with a company of DSM focusing on nutrition, health, and sustainable living, we also, for materials, look at the trends in the market. As I've depicted for nutrition, where we have competencies and there are market trends, it's the same for materials. Sustainable living is a market trend where demand for lighter and stronger products are there. Demand is there for more circular and bio-based products, and demand for safer materials. That's exactly where our materials portfolio nicely fit in. With engineering materials and Dyneema, we have bio-based and circular solutions, we have safer options, and we have high-performing specialties in that area. Here again, the context with the trends, with the competence we have, offering a company which can grow year after year also in the material space. Next slide. Wrapping up. Nutrition, materials, building on market trends, competence we have around three areas where we see opportunities to grow: nutrition and health, climate and energy, and resources and circularity, creates a fantastic company who could build on the opportunity the market is giving, a growth company. Next slide. The growth is also being described in financial performance. We have set ambitions for nutrition and for materials, as you've seen on this slide. Together being group targeted in the targets we have set for 2019 to 2021. Next slide. DSM is like Geraldine earlier said, we are a triple P company. It's not only about profit. It's about people, planet, and profit. We, steering this fantastic company, we look at this holistically. We look at it as an integrated approach. We also very transparently report on targets we've set for greenhouse gas emissions, renewable energy, but also on employee engagement and safety, people working for us in a safe environment. Also committed to Brighter Living Solutions that we create brighter lives and products which help our customers to create brighter lives for the future. With that, next slide. I'm very proud to say that DSM has a winning combination of competencies playing in the right market. Therefore, we've coupled all this competence with nutrition, health, and interesting materials in what we very proudly call Team DSM, winning when it matters. With that, I close my presentation and give back to the chair. Thank you, Geraldine and Dimitri. Well done. The next agenda item is the remuneration report for 2020. It's on the agenda with an advisory vote. Pauline van der Meer Mohr, Chair of the Remuneration Committee, will give a short explanation based on the information in the remuneration report and in the notes in the AGM agenda. Pauline, the floor is yours. Thank you, Mr. Chairman. The COVID-19 pandemic and the change of DSM's leadership marked the 2020 remuneration agenda. I would like to briefly highlight some of the aspects thereof. At the time when the COVID-19 pandemic began to emerge, the Supervisory Board took the decision to refrain from a midterm review of the co-CEO base salaries, as there was too much uncertainty at the time about how the pandemic would eventually evolve. In view of this, it was also decided to maintain the agreed targets set for performance year 2020 without any downward adjustment. In hindsight, it's obvious that the business was impacted, with nutrition overall performing very well and materials being significantly affected. The first priority of DSM was the safety, health, and well-being of the workforce, and measures were taken in a timely manner to safeguard business continuity, protect profitability, and cash flow generation, as you have just heard. Although the EBITDA target was not achieved, DSM did deliver solid results from a financial as well as a sustainability perspective. This is underlined by the achieved cash flow generation and a safety performance that for the first time exceeded best-in-class standards. The execution of the business strategy, as updated in 2020, remained on track. This is reflected in the achievement of individual goals included in the short-term incentive scheme and the completion of two acquisitions and the divestment of resins and functional materials and associated businesses. The overall STI achievement is 61.3%, which is slightly above target, and the same counts for the LTI granted in 2017, vesting in 2020. Both co-CEOs reinvested 50% of their 2020 STI in shares, underpinning their trust in the future of the company. The 2020 remuneration reflects business performance throughout the year, achieved without use of government support and while honoring all terms and conditions towards our employees. To recognize the strong commitment, resilience, and involvement of our employees, everyone below executive level received a special one-off bonus. 2020 was also the year in which Feike turned over his responsibilities to Geraldine and Dimitri. At the start of their term as co-CEOs, the total remuneration of the co-CEOs was in line with prevailing market practice, set below the level of the outgoing CEO. Even with the recent base salary adjustment, the co-CEOs' total remuneration remains below the 25th percentile of their peer group. Considering that DSM also faces difficulties in attracting senior talent, we will commence a review of actions required to close that gap. The positioning of the co-CEOs and the fact that the LTI vesting in 2020 concerned a grant under conditions as managing board members contributed to a significant drop of the pay ratio towards 33% to one. In relation to the five-year overview of the development and remuneration and the key company performance parameters, the Remuneration Committee concluded that the remuneration of the managing board and company performance are well-aligned. In accordance with the regulatory and corporate governance framework, the remuneration of the members of the Supervisory Board only concerns fixed items. In the 2020 remuneration report, steps are made in disclosing the achievement of performance targets included in our incentive programs. We will continue to look for possibilities to further strengthen transparency while in the best interest of all of our stakeholders, refraining from disclosing business-sensitive information. In executing its tasks and responsibilities, the Remuneration Committee will continue to work in its tradition of applying best practices in corporate governance. Having now completed my 10 years of service on DSM Supervisory Board, I'm standing down today and handing over to my successor, Carla Mahieu. I consider my service to DSM among the greatest privileges of my life, and I'm very proud of what DSM has achieved so far. I would like to express my thanks and appreciation to my formidable colleagues on the Supervisory Board and my encouragement to everyone at DSM working every day to create a brighter future for all. Thank you for your attention, and back to you, Mr. Chairman. Thank you, Pauline, and once more, thanks for your great service to DSM. The next agenda item is the adoption of the financial statements for 2020. The financial statements drawn up by the managing board were approved by the supervisory board on the 1st of March 2021, and are now on the agenda for adoption by this meeting. The financial statements 2020 have been audited by the external auditor, and the auditor's opinion has been included in the integrated annual report. I'd like to invite Petra Groenland, the auditor, to give a brief presentation on the audit work of KPMG. Petra, the floor is yours. Thank you, Rob. Good afternoon, ladies and gentlemen. My name is Petra Groenland, and I'm the external auditor of KPMG, responsible for the audit of the financial statements of DSM. KPMG has been the external auditor of DSM as from 2015. We're happy to have been provided the opportunity to elaborate on our audit and our audit report on the financial statements. As shareholders, you are important users of our auditor's reports. My presentation follows the structure of our independent auditor's reports, as included on pages 267 through 283 of the integrated annual report. Our audit was carried out during the COVID-19 pandemic, and in my presentation, I will cover how this impacted our audit. We have audited the consolidated and the parent company financial statements of DSM. In addition, we have audited the sustainability information and issued a reasonable assurance report thereon. My presentation will continue with the audit of the financial statements. Our audit results in an audit opinion, and we issued an unqualified audit opinion. This implies that the financial statements give a true and fair view in accordance with the International Financial Reporting Standards as adopted by the European Union and Part Nine of Book Two of the Dutch Civil Code. We furthermore assess the report by the managing board and other information in the integrated annual report. Based on our knowledge obtained throughout the audit or otherwise, we assess that the report is consistent with the financial statements and does not contain material misstatements. In our audit approach, certain elements are of importance, being, first of all, our risk assessment. During our audit, we perform a risk assessment focused on areas where the risk of material misstatements in the financial statements, whether caused by error or fraud, is the highest. In our auditor's report, we have included further details as to how we assess risks of error, risks of fraud, but also non-compliance with laws and regulations. In addition, materiality is of importance to determine the nature, timing, and extent of our audit procedures and the evaluation of any identified audit misstatements. For the 2020 audit of DSM, we determined the materiality for the financial statements as a whole at EUR 45 million. This is consistent to prior year. Misstatements in excess of EUR 2 million are reported to management and the Supervisory Board. On the scope of the audit, from an efficiency point of view, we assessed which procedures would be performed centrally by us and which would be performed at local component level. Audit procedures related to goodwill, acquisitions, divestments, income tax, and legal claims were mostly performed centrally by us. In certain countries, as selected by us, local auditors performed audits for the purpose of the consolidated financial statements, and the scoping of local entities was based on the size and risk profile of these entities. The local auditors performing work on the consolidated financial statements in accordance with our instructions and under our supervision. As part of our original audit plan, we had intended to visit the local auditors in the U.S., in Switzerland, China, Denmark, Spain, and the shared service center in India. In view of travel restrictions due to COVID-19, we only visited Denmark in person and none of the other components in the scope of our audit. Instead, we increased our communication and used alternative methods of communicating with our local auditors, but also with local management. I personally attended virtual meetings with several of the local auditors and local management. We also obtained remote access to audit work papers for a selection of component auditors to evaluate the adequacy of their work. For the more complex audit areas, we involve our KPMG specialists. This relates to specialists in the areas of valuations, IT, tax, and forensic specialists. The audit of DSM has been performed throughout the year. Due to the pandemic and governmental regulations and orders, we largely performed our 2020 audit activities remotely. We therefore, throughout the year, updated our audit plan and approach accordingly, also paying additional attention to the integrity of audit evidence obtained virtually. As an example of a changed approach, some of the inventory counts were performed on a remote basis through secure video connections with the assistance of DSM. On a periodic basis, we discussed our audit observations with management and the audit committee. There's an active engagement with the audit committee, and our observations are taken seriously. We attended all audit committee meetings and one meeting with the Supervisory Board. We communicated our audit observations in writing, in our management letter, and in our report on the audit. We communicated our key audit matters to management and the Supervisory Board. The three key audit matters listed here have been included in our auditor's report, given their financial impact and their significance to the audit of the 2020 financial statements. In the prior year, valuation of goodwill was a key audit matter. In 2020, impairments were recognized for two specific cash-generating units that are expecting insufficient future cash flows. These two impairments were considered a key audit matter in 2020, given the financial impact of the impairment loss and the determination of the residual values. Secondly, and similar to last year, we included a key audit matter for the accounting for acquisitions, as the financial impact and complexity of the accounting for the Glycom and Erber acquisitions in 2020 was significant to our audit. Lastly, we added a key audit matter about the announced divestment of DSM's resins and functional materials and associated businesses, which was significant because the classification in the financial statements as held for sale and as discontinued operations was complex and non-routine, and it involved management judgment. We concluded that the financial statements give a true and fair view of the financial position as of 31 December 2020 and of its results and its cash flows for 2020 in accordance with EU IFRS and Part Nine of Book Two of the Dutch Civil Code. This covers my presentation on the 2020 audit and the audit opinion. I'm happy to take any questions you might have when we get to the Q&A. On behalf of KPMG, I would like to thank you for your attention and thank you for your trust. Back to you, Chairman. Thank you, Petra, for a job well done, and thanks to everybody in your organization for helping us in a difficult time like this. Well done. We will now move on to the reserve and dividend policy as well as the adoption of dividend and ordinary shares for 2020. There is 6a, the reserve policy and dividend policy, and 6b, the adoption of the dividend and ordinary shares for 2020. Reserve policy and dividend policy, it is unchanged compared to last year. The reserve policy is closely linked to the dividend policy. Every year, the Management Board, with the approval of the Supervisory Board, decides which part of the profit is to be appropriated to the reserves. The portion of the profit then remaining, and after deduction of the dividend on the Cumulative Preference Shares A, is at the disposal of the general meeting. The dividend that the company pays its ordinary shareholders depends on the business conditions, the company's financial performance, and other relevant factors. As you know, DSM aims to provide a stable and preferably rising dividend. The management board, with the approval of the supervisory board, may propose that a dividend will be distributed in cash or in ordinary shares of DSM at the discretion of the ordinary shareholder. Adoption of the dividend on ordinary shares for 2020. Financial statements show that for 2020, a net profit was achieved of EUR 506 million. Based on the statutory requirements, the management board, after approval of the supervisory board, determines which part will be reserved. For the year 2020, it has been determined that EUR 86 million will be reserved. From the remaining profit, EUR 7 million dividend will be paid on the cumulative preference shares A. The remaining part is at the disposal of the general meeting. With the approval of the supervisory board, the management board is presenting to the general meeting for adoption the proposal that the dividend per ordinary share to be paid for 2020 will be EUR 2.40. Keeping in mind an interim dividend of EUR 0.80 ordinary share was paid in August of 2020, the final dividend thus amounts to EUR 1.60 per ordinary share. Optional to the shareholder, the final dividend will be made available in cash or in ordinary shares of DSM under the condition that a maximum of 40% of the total dividend amount is available for stock dividend. If shareholders in total wish to receive an aggregated distribution in shares which exceeds this maximum percentage of total dividend, those shareholders who have opted for the distribution in the form of shares will receive their stock dividend on a pro rata basis, with the remainder being distributed in cash. The dividend will be payable as from June 1st, 2021. In the explanatory notes to the agenda, you'll find further information and relevant data on the payout of the dividend. This then brings us to agenda item seven, the release from reliability. First of all, for management, members of the management board, and then for members of the supervisory board. The agenda item comprises two voting items, the release from liability of the current and former members of the Managing Board, and of the current and former members of the Supervisory Board. This release from liability relates to information resulting from the financial statements or otherwise known to the General Meeting before the financial statements were adopted. Now that we've covered all the items looking back at 2020, I think this is a good time to pause and to see if the shareholders and shareholder representatives joining us today have any questions about these agenda items. Louisa, are there any questions? Yes, Rob. I actually see already several raised hands, but I believe Mr. Stevense was the first one. Mr. Stevense, over to you. You are, Mr. President. Good evening. I would try the questions, ask in English. You have a current product portfolio and innovation pipeline. New products development takes many years, and competition is not sitting in their hands. How can you improve your current product portfolio in innovation? How can you stay ahead of your competition, or do you need to do acquisitions? Is your innovation pipeline protected? Okay. That's question one. Thank you, Mr. Stevense. Can I ask Dimitri to answer that question? Mr. Stevense. I switch to English. Fantastic to see you. Hopefully again, near future face-to-face. To your question, indeed, an important question because I think the innovation pipeline is key. We always start with a clear strategy. Our strategy to build a nutrition, health, and sustainable living company. There it starts, and then we look at what is the innovation pipeline accordingly. As you've seen, I've shown you a few of what we call big innovations, with Veramaris, Bovaer, the FORTARO. We also invest quite a bit in R&D. Also, during the COVID times, we are always committed to invest in the pipeline in R&D. Furthermore, we're not doing everything ourselves. We have a strong R&D community ourselves with innovation capabilities, but we also partner. In the Veramaris joint venture for the algae-based fish oils, we partner with Evonik. With Cargill, we partner in the Avansya, in the stevia product. We always look out what is outside and then combine it with our own strength. Innovation is absolutely key. We steer it on a managing board level. We look at the portfolio, and I have to say, and I hope you agree with me, that we have a fantastic innovation portfolio. Also been described by what we call net product introduction rate. That's the turnover you make from new products over the last five years, and then it continues, is above 20%, showing that our innovation capability is very strong. I hope that that answered your question. Louisa, any further questions? Question two. From Mr. Stevense indeed. Mr. Stevense, let me also say. Yes I should have said that at the start, that it's great to see you again, and for the last 10 years, every time you came to the meeting with great interest in the company. Welcome once more. Second question, please. Second question, how can you add more value for your customers in your supply chain? How can you get a bigger part of the total value in the chain? Rob, could you hear that question well? Yeah, I heard the question. I think it is for Dimitri to answer. Yes. Thank you, Mr. Stevense. Indeed, great question. That's exactly, I hope you got a bit of a feel during the presentation about the uniqueness of our business model. We basically don't sell a product, we sell a solution which helps our customers to make a differentiation. Our unique business model is linked to global products, local solutions, precision and personalization. By doing so, we add more value than the product itself. A small example, which we have launched just last week, is a tool where we indicate what the emissions is at the farm. Therefore, we help our farmer and the whole value chain to get a bit of a feel what the emission is of methane, the greenhouse gas, nitrogen, which is key. Therefore, we help the whole value chain to get that transparency. If you only sell products, that is a bit of a difficult case to continue differentiate yourself. Therefore, we add global products with local solutions, solution capability, coupled with precision and personalization. By doing so, we hope that we can add value for our customers in the whole value chain. Back to you, Rob. Yeah. I think Mr. Stevense has another question. Oh. Yes, Rob. That's correct indeed. Mr. Stevense has another question, and then we have a few more shareholders who have questions. I've seen you raise hands, and I'll get back to them. Good. Question three, what will be your future mix between in-house development and production of products versus outsourcing in the interest of maximizing profit? Dimitri, once more. Yep. Thank you. Mr. Stevense, it's clear that you have been a long-term shareholder with us because indeed, in the past, my answer would be, we try to do everything ourselves. I think that is 10, 15 years ago, we felt very comfortable in doing everything ourselves. That obviously has changed. I think DSM has transformed itself, and we currently look at it at a case-by-case basis linked to the strategy. Our strategy, building a nutrition health and sustainable living company, is the guidance. We look at where we do everything in-house or whether we outsource or whether we partner. I already indicated that with Veramaris and with Avansya, we partner. With FORTARO, the D2C launch, we did it ourselves. We also have Nenter, where we did the vitamin E production. That's a joint venture, where we have majority. We really look at this from a case-by-case basis, but in a strategic context, in sharp contrast to maybe 15 or 20 years ago, where indeed, we basically wanted to do ourselves. That is also part of, I think, progressing and learning how you could speed things up while partnering, either outsourcing. It's a strategic question, and we look at it from a case-to-case basis. Thank you, Dimitri. Thank you, Mr. Stevense. Louisa, any other questions? Yes. Several hands up. Let me go to Mr. van Esch indeed, who also has a few questions, and then there will be others after. My name is Mr. van Esch. I work at Robeco. The questions that I have today are on behalf of a group of institutional investors being Robeco, APG, Menzies, and NNIP. I would like to thank Mr. Routs for his work as the Chairman of the Supervisory Board over the last couple of years, and we would like to wish Mr. Leysen good luck as his successor. We look forward to a continued constructive dialogue with DSM in the coming years. We already had asked some questions in writing, and I have a couple of follow-up questions under agenda items three and four. If you please allow me, I will just ask those together, if that is most convenient for you. Please. My first question is from the most recent strategy update. It is clear that DSM aims via M&A in the sphere of digital and bioscience to align their services in the field of nutrition more closely to the specific needs of customers, and to provide tailored servicing. My question is, what do you see as the most important challenge to achieve that ambition? Do you believe that this is specifically scalable given the high degree of customization? My next question is, in January of this year, we've seen that the European Commission had announced a set of so-called eco schemes, and these may further promote the demand for products such as Clean Cow or Bovaer, I should say. What effect of developments in regulation in other markets do you foresee on the product portfolio of DSM? For example, if we look at developments in antibiotics and regulation around animal wellbeing in China. My next question is, could you also comment on your foreseen timelines for product approval for HMO? The infant formula product in China. My last question under agenda item three would be on DSM's climate action plan. This AGM season, we've seen several companies ask for a shareholder vote on their climate strategies. We expect that, by having a frequent shareholder vote, best practices will evolve in terms of reporting, ambition levels, and progress for the mitigation of climate change. We also expect that will keep a momentum in the climate debate. Can we expect that DSM will also present their climate action plan for a shareholder vote in the next year's AGM? I have one question related to agenda item four, under remuneration. DSM has decided to immediately vest all outstanding shares of the long-term incentive plan of the previous CEO in one go. This is a practice that we don't see anymore from many Dutch-listed companies. The practice is not part of DSM's remuneration policy, but apparently a standard practice for good leavers. My question is, in the next update of the remuneration policy, could you align the policy with market practices by vesting the LTI pro rata also for good leavers? Those were my questions. Thank you, Mr. van Esch, for some very well-informed questions. The first three questions to Dimitri, and then Pauline, the remuneration question. Dimitri? Yeah, indeed, well-informed questions, so happy to answer them, and good to see you also on screen. The first one, a bit around precision and personalization. What we basically want to do is create a platform where nutrition know-how, but also know-how and experience from others could merge in a key data platform to personalize what you need. We've done that with Hologram Sciences. We've done that in the animal nutrition space. It has something to do with using the business model which we built. We have know-how about the global products in our portfolio. We know how they act, what the impact is, coupled with making a formulation, a recipe, and then create performance at our customers or at the farm. If you will build a data platform which you fill with data and you can put algorithms on it, you can create new entries for new know-how, then you can really precisely define for every animal or for every human being, a special dietary micronutritional proposal. That is basically the ideal forward plan. We're not there yet. It's going to be built step by step. To your first real question around that, is that scalable? That is absolutely scalable because you build that platform, which you could be applied for all consumers or all animals and farmers in the world. Your other question, what you see as the biggest challenge, is exactly that last point, is how do you build that data platform? How can you make sure that there's a direct nutritional know-how link to where you want to make a difference at consumers, at individual players, at animals, at farmers. That challenge is something which we took on board, and therefore we said, building on what we have, we want to build precision and personalization. It is future music, but it's already happening today in a smaller scale, and not personalized, but for instance, by category. I mean, we have Culturelle. It is our eye health brand, which is creating good health for a category of people. We want to go a step further, more to individual. The same on animal farming. We know, for instance, that we could reduce the CO2 emissions at certain animals if we add Balancius, which is a feed additive. We should maybe make that personal to certain animals at certain regions, at certain places, depending on the weather. It's really scalable. You, however, need to build it up, and therefore that creates time, but also a lot of competence to do that. That's the challenge. To your second question, the question about, I think, a few things about the European Commission, who announced extra requirements. That absolutely helps us. We basically are in favor of stricter legislation around emissions because that create more innovation. Stricter CO2 emissions create innovations. Clean Cow is a consequence of that. Balancius is reducing CO2 at the farmer. We have feed additives who reduces the nitrogen. Not an important topic here in the Netherlands. If you add feed additives to your premix of some of the animals, you reduce your nitrogen emission. We are much in favor of that legislation. It's really helping us going forward. The antibiotics are being moved out of the premix for animals is creating innovation, and therefore, now we have eubiotics who is replacing that. Eubiotics is a great innovation where we as DSM play a key role. Your last point about, I think it was about HMOs. HMOs is also an innovation which we have had here within DSM. We've applied for legislation as infant nutrition. We've applied that also in China. Yeah, we've applied our dossier. It's very difficult to say what the exact timelines are, but we're doing our max to see that we get the registration as soon as possible. Your last point on why wouldn't we come with a separate climate chapter and propose that to the AGM. I hope that you have understood that part of our approach is a triple P approach. I think Geraldine talked about it. I talked about it. It's people, planet, profit, and we holistically look at it as an executive committee, as a company. We don't believe that fitting out a single issue around planet or around climate for the AGM represents where we stand for as a company. What we present as an integrated annual report is about people, planet, and profit, and is reflecting in what we think the approach should be. I hope that that element is being reflected in our integrated annual report as an holistic approach to where we stand for as DSM being purpose-led, performance driven. Back to you, Rob. Thank you, Dimitri. Pauline, on the share vesting? Thank you, Rob, and thank you, Mr. van Esch, for the question. The supervisory board took a balanced approach to Mr. Sijbesma's release agreement. There was no payment of severance. There was no payment of short-term incentives over 2020. There was no payment of long-term grants over 2020. He could have been entitled to any of those elements of remuneration. In accordance with our plan rules, the supervisory board applied some discretion to grant accelerated vesting, as you rightly indicated, to the outstanding performance share units. The supervisory board applied this discretion on the grounds that the CEO led DSM for almost two decades, not all of that as a CEO, but certainly as a member of the managing board and then as a CEO. He delivered extraordinary shareholder returns during his tenure while also serving the other stakeholders exceptionally well. We felt that on balance, this was an appropriate exit arrangement. That as context and as to your question then, will we change this policy? The remuneration policy of DSM is up for renewal, as you know, no later than the AGM of 2023. My successor in role will lead a process to review the policy against the prevailing market conditions and will then, as the time nears, decide whether this practice needs to be changed or not. You will be advised in due course of that. For now, we feel that on balance, the exit arrangements for Mr. Sijbesma were entirely appropriate. Thank you. Thank you. Mr. van Esch, l et me just ask, do you have any follow-up questions? This answer satisfactory to you? No, I think that's clear for now. Thank you very much. Thank you. Louisa? Yes. We have Mr. van den Hudding on behalf of the VEB, and after that, we'll have Mr. Altena on behalf of the VBDO. Thank you. Mr. van den Hudding, maybe you can ask your questions, and I'll assign them afterwards. Yes, thank you for having me. Good afternoon. My name is Eric van den Hudding, on behalf of the VEB. I have a number of questions, which I'll do in a number of rounds. My first question relates to the recent acquired companies, Glycom and Erber, which at the moment still do not make up for the investment. My first question is, how does DSM define value creation mentioned in the annual report when doing acquisitions? Related to that, what does DSM expect in terms of ROIC in the coming years with respect to these acquisitions? When is it, for example, above the WACC? I also have a question related to the divestment of resins and functional materials. Can DSM indicate why it's still sticking to the remaining materials businesses, engineering plastics, and Dyneema? Second to that, DSM is currently targeting an adjusted EBITDA margin for materials of more than 20%. Can DSM comment on the possibilities for further margin expansion after 2021 in materials? Thank you. Geraldine, can you take the first question? Thank you very much for your question, and thank you for joining us live on this virtual AGM. I believe your question was really about the return on capital when it comes to acquisitions. The way that we look at our targets when it comes to acquisitions is first and foremost, there has to be a very strong strategic fit. I hope you're familiar and that it came across that our strategy is predominantly an organic growth strategy, but where we do find opportunities to bring in acquisition that basically underpin and solidify our ambition of a mid-single digit top-line growth and high single digit EBITDA growth, then we go ahead. When we look at the capital, that's where the biggest value creation comes. Like any acquisition, of course, it tends to have at first a negative impact on our return on capital. If we look at, for instance, in our nutrition business where the acquisitions have been, we saw an impact of about 200 basis points on our return on capital. Having said that, I think it's important you referred to the WACC to point out that in nutrition, including those acquisitions, last year, we were at 12.6% return on capital employed, which is well above the WACC of 6.5%. Looking at also our ambition when it comes, because you sort of said, what are we trying to achieve? Well, we have said that we are really on the underlying part of the business. We want to continue to improve our return by about 100 basis points per year. In 2020, for nutrition, for instance, we were at 90 basis points, so not far off our target. I hope that this provides you with some color as to how we look at acquisitions in the context of capital intensity. The divestments of Dyneema and functional materials, Dimitri? We can take that one. Like I said, we're building a company around nutrition, health, and sustainable living. There's still a lot of innovation and growth ongoing for sustainable living, where engineering materials and Dyneema fits in. Circular bio-based. We've launched bio-based Dyneema just a year ago. This nicely fits into the three trends which we've seen in the world, nutrition and health, resource and circularity, and climate and energy. It nicely fits to what we're trying to do. We, however, have said that the acquisitions will be predominantly in nutrition and health. That was a nuance we brought to the direction. On your EBITDA margin, very happy that you bring it up, because I think we are extremely proud that the EBITDA margin of the material space is above 20% after the divestment of resins and functional materials. We clearly indicated that in 2019, that EBITDA quality was around 21%. As you've seen Geraldine presenting, materials was in quarter one 2021. The last quarter it was 23%, a really high-quality business. To do for margin expansion, I think we're happy with the quality. We would like to improve our margins by improving on the top line, therefore create more margins for DSM overall. The margin quality itself, I think is at a pretty high level, representing the specialty character of that business. Dimitri, any further questions, Mr. van den Hudding? Yeah. I have two short follow-ups. The first one relates to the new acquisitions. Are you able to make it a little bit more specific in terms of expecting the ROCE above WACC in terms of a number of years, as three or five years. What number of years should we look for in terms of these new acquisitions? Second, maybe on materials. I think my question is also a little bit related to the fact that it's a really good business. It's got a high adjusted EBITDA margin. It's got a high ROCE. Now, that's not really a reason to keep a business per se. In fact, sometimes it's good to divest your best returning assets. For example, Bayer divested its animal health activities, which had a high growth profile and a high return profile. Now, why did they divest it? That's because they were no longer the best owner of that business, and they sold it to Elanco, for which they got a nice premium. Where I'm going with this is DSM right now still the best owner of these material activities, or would a competitor be able to derive synergies, which would result in them offering a premium which is above the standalone value of DSM? Thank you. Thank you, Mr. van den Hudding. I think, Geraldine, you can tackle those. Absolutely. Maybe first to your question on the number of years. It's very difficult to give you a generic answer for the very simple reason that the acquisitions we make are at different stages of development. Let me give you a couple of examples. Glycom, which is the early stage nutrition acquisition that we made, is very much at an early stage of commercialization. It's a company that was developed in conjunction with a core customer, very much in a dedicated way, and our intention is to broaden it and give access to HMOs to the whole industry. That will take a bit longer than an up and running existing company. There's an element of the stage at which the company is. The other one, of course, is the ultimate growth pace and valuation that we paid. We look at Erber, we have a company here that has a track record of growing about 8% CAGR per year, which is a very strong growth dynamic. It is an existing business. It is also one where we see a lot of synergies. We should expect there to see a quicker accretion when it comes to our capital returns. This is why we do not give a generic number as to a set target. Otherwise, you would basically narrow yourself in terms of the kinds of acquisitions that you can bring into the group. When it comes to the value of our materials businesses to total DSM, as you know, we have a really good track record as a company to always be looking at, are we the best owners of a business, and you referred to that term. We would not be holding onto businesses if we felt that that was not the case. It's very important. Let me give you some examples. How do we go about defining that? Well, firstly, the businesses have to have a very meaningful presence in the market. If we are subcritical in size, then we cannot meet the needs of our customers, and therefore we would be doing the business a disfavor. Another good indicator is the quality of our innovation pipeline in those businesses, and are we able to innovate at the pace and in the areas that our customers need. That is the case both for our engineering materials and our protective materials businesses. Currently, clearly, a very strong recovery in these businesses, which is great. They are part of who we are as DSM. I would also highlight that, of course, in the people, planet, profits picture, we also see them as being a great contributor to our ability to have impact beyond our financial performance metrics. That, I hope, gives you a little more color as to the question whether we are the best owners, and we believe we are. Thank you, Geraldine. Any follow-up questions? Not at the moment. Very short one on Erber. If I make my own calculations, I get to a ROCE of around 4% at this moment. Would you say in the case of Erber that that's something that would be able to generate at least WACC in three to five years? Geraldine? It's a very good fit with who we are as a company. I think we mentioned throughout our presentation. We were suppliers, they were customers of each other, we know already our products very well. We can leverage our existing customer base. We also have a strong innovation pipeline in the animal nutrition part, so Biomin. We also acquired Romer Labs, which is a diagnostic business, and Dimitri referred to that, which has also got a very strong growth momentum. We would see this as typically the kind of acquisition that reaches the hurdle that you're talking about in a good pace of time. We have not provided a firm guidance. What we want is to extract the growth synergies. There is some cost synergies, there's certainly a lot of innovation growth dynamics by combining Erber and DSM. Thank you. Mr. van den Hudding, any further questions, Louisa? No. I see Mr. van den Hudding shaking his head no. I know Mr. Altena had some questions, but he seems to have lost his connection. Maybe we head on, and then we give an opportunity to Mr. Altena at another Q&A round, and then let me have a last look at the other shareholders that do still have a connection. Mr. van Esch. Mr. van den Hudding. Mr. van den Hudding still has additional questions, so maybe we can tackle those, and then hopefully Mr. Altena can rejoin us. Okay. Mr. van den Hudding? Okay. Yes. Thank you. I also have another set of questions. Let's start with the first one. During the investor day in November 2020, DSM indicated that for the innovation projects, including a number of new projects, Avansya, Bovaer, Veramaris, sales would reach EUR 1 billion with an EBITDA margin of 40% by 2025. Now, I have two questions related to that. First, how confident are you on realizing that ambition, and will the margins be sustainable for the long run, or do we see these margins dropping back towards group level as maybe competitors enter the market? Second, if you look at underlying these innovation projects, how much of that EUR 1 billion and 40% EBITDA margin comes from the main projects which I've just mentioned? I think you're on mute. Would you like me to take this question? No. Yes. Would you like? Yeah? Okay. Sorry. It went on mute. My apologies. Maybe they have to be on mute. It is yours. Thank you very much for this question. It was actually very central to the Capital Markets Day that we held in November, because we do have a very strong pipeline, and we wanted to provide as much clarity as to how that innovation pipeline aligns with our key growth platforms. I think the main message is that the potential of our innovation pipeline is well in place, and it will have a very meaningful contribution to our performance going forward. During that Capital Market Day, actually, we provided an indication that we see the innovation platform bringing or contributing 1.5% to our organic sales growth. Basically, with providing a very solid underpinning of our top-line growth and probably contributing about 2.5% to our adjusted EBITDA growth, where, as you know, we have a midterm target of high single digits. These innovation platforms, which are broader than the big tickets, and I think that was also one of the big pieces of insights and where we put a lot of content, is to really demonstrate how these platforms are built. Dimitri referred to them actually in his presentation with the four Ps. There's a whole platform around protein, prevention, precision, and pathways. Here to every single one, we have the innovation. We are not dependent on a blockbuster one innovation. Of course, Bovaer is one that has a lot of potential, but we do actually have a very broad platform. To your question on margins, I wish there was a product in this world where the margin would stay stable forever, but that is not the reality of commercial markets. Some of our innovations are pretty unique in this space, and therefore, we will have to see how the dynamics go. There aren't many competitors. Others come in a space that is a bit busier, where there are alternatives and where we have to be convincing to our customers that we have a good solution here. Will 40% be always there? No. On the other hand, we don't intend to have one generation of innovation projects and then stop. What you see is that you have a constant regeneration of our offering through innovation. You may be familiar with the fact that we, for already a number of years, have a 20% innovation sales, sort of broad target for ourselves to make sure that we keep a very healthy amount of innovation-driven sales in our total business. Louisa, has Mr. Altena returned? Yes, he has. Mr. Altena, and the floor is yours. Got disconnected and was able to return. My name is Frank Altena, I'm speaking on behalf of VBDO, the Dutch Association of Investors for Sustainable Development. In 2016 and 2017, I had the opportunity to be physically present at DSM shareholders meetings. I remember also another meeting at the time, which was specifically aimed at the investor community. Here you talked about very useful innovations early in the pipeline. For instance, Bovaer. I think it's very good to see that this product is finally getting to the market. I have three questions on biodiversity, on supplier sustainability, and on people diversity. They're all three questions with some brief introductory remarks. First question, DSM commits to maintaining biodiversity in its position paper and has signed on to the Business for Nature Call to Action. VBDO is pleased to see that DSM is taking a stance on this prominent issue. We notice, however, that DSM makes qualitative statements and has just one quantitative indicator about its efforts to minimize the impact of the loss of nature and biodiversity. The question is twofold. In the coming years, can DSM commit to quantify and report on the most prominent biodiversity risks and the company's impact on those? A second sub-question, and can DSM report on its progress with regards to mitigating these risks in its own operations and supply chains? The next question is on supplier sustainability. VBDO would like to congratulate DSM with piloting its first virtual supplier audit through the Together for Sustainability program, TFS. VBDO finds sector-based initiatives often a constructive way of tackling shared issues. At last year's AGM, DSM committed to engage with EcoVadis and its peers in TFS to improve transparency on the assessment and the performance of supply chains. In our opinion, TFS and EcoVadis are relatively non-transparent. DSM's current strategy does not allow VBDO and the other interested stakeholders to form a clear picture of the risks to human rights and also labor conditions in the supply chains of DSM. This point, by the way, was also emphasized at DSM's 2020 stakeholder dialogue. Especially with the new EU legislation coming up, making human rights due diligence mandatory, it becomes critical to have proper due diligence in place. VBDO finds the lack of transparency on this topic atypical for DSM. The question is: Could DSM explain how it will improve in 2021 the transparency related to the identification and mitigation of risks to human rights and labor conditions in its supply chains? Coming to the third question on human diversity, people diversity. In 2020, DSM has expanded its scope of diversity beyond gender and nationality and has included the focus areas of disability, generations, and LGBTQ. The past year, it has launched three new employee resource groups related to the newly included minorities in its diversity and inclusion strategy. VBDO appreciates DSM's governance approach to diversity inclusion, and especially giving voice to the global leads of each respective minority group. In addition to these new developments, DSM has been working on its inclusion index for a couple of years. The third and last question is: How does DSM aim to improve its inclusion index in the coming years? Will it utilize and report on data related to the inclusion of specific minority or marginalized groups? Thank you very much, Mr. Chairman. Thank you, Mr. Altena. It seems to me that the first question on biodiversity is for Dimitri, and the next two on supplier and on the diversity for Geraldine. Dimitri, go first. Yeah. Thank you very much. Thanks for these questions. Too heart of DSM. Let me try to explain a little bit on the progress we've made on biodiversity. We are currently assessing our impact on biodiversity in a number of ways. Let me start with our direct operations. We monitor areas of high biodiversity value around our sites, and in 2020, we've seen that 27% of all our production sites in scope were adjacent to protected areas. For these sites, we basically have put in place certain programs linked to our science-based emission reduction targets, where we clearly report on a yearly base. That is for scope one, two, and three. We also have started our program and continued our program for greenhouse gas reductions. You also seen in my presentation that we clearly report on these greenhouse gas commitments, on the Science Based Targets way. We also have just launched a new water target, which also helps the discussion around biodiversity per site. Overall, I think we've made progress on our own sites. Secondly, on the sourcing base, obviously it's important that we will look at sourcing on a responsible way, certainly around some of the raw materials. We do that via recognized certification schemes. These raw materials include special derivatives, wood-based materials, fish oil. We will assess, and we are assessing the biodiversity impact on a product level through life cycle analysis, which is part of our Brighter Living Solutions program. In the value chain, for example, our Veramaris innovation, our algae-based fish oil, saves 60 tons of wild fish from having to be caught from the ocean to produce salmon feed. This will have a positive impact on the marine biodiversity in our ocean. We're not only looking at ourselves, but we're also looking at innovations to help the value chain. The last comment I would like to make, this is a work in progress, learning where we can. We have joined the Science Based Targets Network's corporate engagement program in 2020. Through this program, we are preparing a pilot to assess nature impacts along the value chain, and our reporting of impacts and progress made to mitigate risk across the value chain will be in line with the principle of materiality. All in all, I think quite some progress to be reported, and I hope you recognize that as such. Thank you, Dimitri. Geraldine, question two. Thank you Mr. Altena for these questions on human rights and labor conditions and diversity, also very much at the core of who we are as a company now. I appreciate that you actually noticed that we did the pilot on the virtual audit. This was done through remote correspondence, computer cameras, and it was actually helped by the TFS. This is a bit of a new thing, and it was good that we gave it a try. When it comes to human rights, it's actually quite a difficult task to do this in a granular way. What we're seeing is that the focus both with TFS and with EcoVadis is that they're developing their assessment methodologies, and we're following suit and trying to keep up and see how we can do something about that. The progress, to be fair, has been rather slow in 2020 on their side in terms of the methodology, partly, it is fair to say also because of COVID-19 restrictions. Now in terms of EcoVadis itself, as you know, it's very much focused towards the tier one suppliers. We'll be looking at the possibilities here to very much move in that direction, so really identifying the risks within our key supply chains. Now due to our complexity, we will no doubt have to take a risk-based approach. It is important to attempt to keep progressing on this and working on identifying the salient issues relating to human rights and labor conditions within our core supply chains. Now, it's one thing to do that. We would also, before we would disclose, have to make sure that whatever we found has been validated, and that is probably gonna be a bit in the way of transparency in the very short term. A very important subject on which we continue very much to work, both with TFS and with EcoVadis going forward. Now when it comes to inclusion and diversity, in your comments, you picked up on some of the key elements that are also mentioned in our presentation early on, and that is that we have broadened our approach to inclusion and diversity to those five pillars. As you know, we measure inclusion through an inclusion index, which is linked to our engagement survey. In fact, the inclusion went up 3% in 2020, so that was a good sign. When it comes to these groups that you were referring to, whether it be the specific minority or also referred to as marginalized groups, this is not currently in the data that's underlying the engagement survey. There we have primarily gender and of course location and teams. There is a good reason for that, and that is that it is not in all jurisdictions allowed to ask people to self-identify in a more granular way. Actually asking our people whether they belong to an LGBTQ plus community, for example, is a difficult thing to do in most geographies. However, I can share that we have actually piloted these self-identification voluntary surveys in a couple of geographies, and we're seeing that people do tend to step forward in the culture that we're creating, which is a culture of inclusion, of safety, where people come to work as who they are. As we progress with this, we should be able to maybe link the inclusion measurement and KPIs to a more granular approach within the company. Now maybe a couple of extra thoughts here. One is that it's one thing to measure, it's the other thing to make sure that we have the right environment so that we don't only create diversity, but we retain it and we're inclusive. For that, we have a number of training courses, including Brighter Together, which has been very popular, which is actually looking at intrinsic bias. It's actually done as teams, as existing people who work together on a day-to-day, not sort of go for a training and then forget about it. The other thing is that our in-Employee engagement survey really provides reports to any people manager with a team bigger than five people, five or more. Which means that in our company, we have about 1,900 managers who actually get the granular information around engagement, and that includes inclusion. We're really pushing to look at a team dynamic to make sure that we're progressing in the meantime, and maybe in the future, we will be able to measure it, in these subgroups as you're proposing. Perfect. Mr. Altena, any follow-up questions? Thank you. Okay, thank you. Thank you, Rob, and let me have a last look for this Q&A round the other shareholders. One more hand going up, Rob. It's Mr. van den Hudding. Okay. Please ask your question. Yeah, two short questions. First question relates to the birth rate in China, which has fallen to an all-time low. This is clearly visible in the results of the big baby food manufacturers like Danone and Nestlé and Reckitt Benckiser. What consequences will this have for DSM's early life nutrition activities? The second question is related to the balance sheet. If you look at the sale of the Resins and functional materials division, the debt ratio will drop or has dropped below 1x EBITDA. I was wondering if DSM is looking for any acquisition candidates, or whether DSM is looking at restarting its share buyback program. Thank you. Birth rate in China seems to me like a good question for Dimitri, and then next one for Geraldine. Birth rates. Yeah. I will not ask you why you think that's a question for me, Rob, birth rates indeed an important indicator for some of the markets. I think before I say something about the birth rates, which indeed has fallen to an all-time low, this market, we supply ingredients to the early life nutrition product. We supply ingredients which are high value-added ingredients, and the infant nutrition space is definitely a premium space. I mean, it talks about infants, it talks about babies, so nobody wants to have any risk. It's a space where you need to be a credible player, where you need a high-quality player and where innovation is absolutely key. That's also why we're very happy with the Glycom acquisition, where we add HMOs to our innovation game. Overall birth rates, it's difficult to predict. I can tell you that in March, when COVID hit Europe, and in January China and later on in the Americas, people were telling the business people like, "Well, now people stay at home, you will have a sort of a baby boom nine months thereafter." Well, that should have happened if that would be true in December. That didn't happen, because COVID created more insecurity than confidence with people. Apparently, when you want to build a family, if you want to think about a baby, you want to have confidence in the future, obviously. We've seen that COVID-19 create a lot of insecurity, uncertainty, and therefore birth rates went down. Now, there are a few experts who now tell me, with all the reopening, there's a renewed confidence, and we see that in the U.S., we also seen that in Asia. With this renewed confidence, you will see positive impacts in nine months from now. Well, I still remember the same experts in March last year that they told a bit the same. It didn't happen. The future will tell. Overall for us, this is a premium business where we sell ingredients into the early life nutrition. It's a small part of the overall positioning and therefore the value premiumization is absolutely key, and we are absolutely best positioned with very good positions in DHA, ARA, and our HMO ingredients. Hopefully in the next year, in May next year, we can together review whether the experts were right or wrong on the nine months period. Maybe you can ask the question and I'll respond in my best capability at that time. Thank you. Geraldine? In terms of our net debt, after collecting EUR 1.4 billion for the divestment of resins, we are at about EUR 1.2 billion as a company, which does give us financial flexibility. Maybe to your question, would we continue the share buyback program? No. The EUR 1 billion share buyback program was stopped in Q2 last year, following the decision to do the Erber acquisition, and that program is closed. On top of that, you know our capital allocation priorities. They've been the same for many years. First and foremost, we have an organic growth strategy. We will support the investments needed to grow organically, whether it's around CapEx, whether it's around the innovation programs. That will be our priority number one. The second is, of course, to always stand behind our dividend promise of stable, preferably rising, which we have talked about already today. The third is indeed M&A. Here, we have said that we are open to look at investments that will continue to strengthen our business. Although it's predominantly organic growth, this acquisition can help us solidify and accelerate that growth, and we will continue to look at those opportunities predominantly, in our nutrition business. The fourth priority is indeed returning cash should we find ourselves in a position not to find the right opportunities to basically do value creating investments of either an organic or an inorganic form. Okay, thank you for your questions. I would like to continue with the meeting. If you haven't done so already, may I please ask those shareholders that vote electronically during the meeting to vote now on the items three through seven. The next agenda items are the proposed reappointments and appointments, after which, again, there will be an opportunity to ask questions. We'll start with the reappointment of Dimitri de Vreeze as a member of the Managing Board. In accordance with Article 17, Section two of the Articles of Association, the Supervisory Board nominates Mr. de Vreeze for reappointment as member of the Managing Board. DSM has greatly benefited from his managerial and leadership qualities, as well as from his contribution to DSM's Management Board and Executive Committee over the past four years of his second tenure as a Management Board member, of which the last year as c o-CEO. In his first year as co-CEO, Mr. de Vreeze, together with his co-CEO, has demonstrated a focus on business performance, financial discipline, innovation, sustainability, and people. The very solid performance of DSM in 2020 is a testimony to that. In accordance with Article 17, Section One of the Articles of Association, it is proposed that the general meeting reappoints Mr. de Vreeze as a member of the Managing Board of Koninklijke DSM N.V. in accordance with the nomination by the Supervisory Board, with the effect from today, for a period of four years, ending by the close of the AGM to be held in 2025. Up next are agenda items 9a, b, c, and d. The proposed reappointments of two members of the Supervisory Board and the proposed appointments of two members of the Supervisory Board. According to the rotation schedule in 2021, Mr. van Paasschen is due to resign but available for reappointment. In accordance with Article 24, Section Two of the Articles of Association, the Supervisory Board nominates Mr. van Paasschen for reappointment as a member of the Supervisory Board of DSM on the basis of his broad experience as a global business leader in both consumer markets and the service industry in various parts of the world. His deep understanding of the current trends that are impacting business around the world, his insights into how digital technology is changing the global economy and disrupting traditional business models, and his quality as a Supervisory Board member, as demonstrated during his first term as a member of DSM Supervisory Board. With the nomination of Mr. van Paasschen, the Supervisory Board maintains a strong profile in the areas of marketing and sales, emerging economies, and digital. I refer to the explanatory notes to the agenda for further mandatory core details regarding Mr. van Paasschen and the other Supervisory Board members to be reappointed and appointed. It is proposed that the annual general meeting reappoints Mr. van Paasschen as a member of the Supervisory Board of DSM in accordance with the nomination by the Supervisory Board, with effect from today, for a period of four years, ending by close of the AGM to be held in 2025. Next agenda item 9b is the proposal for reappointment of John Ramsay. According to the rotation schedule in 2021, Mr. Ramsay is due to resign, but also available for reappointment. In accordance with Article 24, Section Two of the Articles of Association, the Supervisory Board nominates Mr. Ramsay for reappointment as a member of the Supervisory Board of DSM on the basis of his extensive knowledge and experience in the field of finance accounting built up in various parts of the world, his extensive experience with managing global finance organizations, with external stakeholders, and with merger and acquisitions and divestments. His qualities as a Supervisory Board member, as demonstrated during his first term as a member of DSM Supervisory Board. With the nomination of Mr. Ramsay, the Supervisory Board maintains a strong profile in the areas of finance, accounting, auditing, risk, and compliance, as well as in the area of emerging economies. It is proposed that the Annual General Meeting reappoints Mr. Ramsay as a member of the Supervisory Board of DSM in accordance with the nomination by the Supervisory Board, with effect from today, for a period of four years, ending by close of the AGM to be held in 2025. Agenda item 9c is a proposal for the appointment of Carla Mahieu. In accordance with the Article 24, Section Two of the Articles of Association, the supervisory board nominates Mrs. Mahieu for the appointment as a member of the supervisory board of DSM on the basis of her in-depth knowledge and experience with people and organization management in an international business environment and in the context of the strategy of the business at hand. With the nomination of Mrs. Mahieu, the supervisory board aims to maintain a strong profile in the aforementioned areas. Additionally, Mrs. Mahieu will extend the supervisory board's knowledge and competence base with respect to safety, digitization, governance, compliance, and public affairs. It's therefore proposed that the annual meeting appoints Mrs. Mahieu as a member of the Supervisory Board of DSM in accordance with the nomination by the Supervisory Board, with effect from the end of this meeting, for a period of four years, ending by close of the AGM to be held in 2025. Carla, could you briefly introduce yourself and also answer Mr. Stevense's question about the research you've done on DSM? Thank you, Rob, for the opportunity to introduce myself to you, DSM shareholders, and shareholders' representatives. I'll also in my introduction, include my answer to your question, Mr. Stevense. I'm Carla Mahieu. I'm 61 years old. I'm an economist by background, and I live in the Netherlands. I would be honored to join the DSM Supervisory Board. I look forward to bring over 35 years of experience having worked in different sectors and different companies such as Shell and Philips Electronics, and currently at Aegon as the Chief HR Officer and member of the global management board. What attracts me to DSM is its strategic focus on nutrition, health, and sustainable living. Also, its ability to innovate and reinvent itself, and the emphasis that DSM places on sustainability. I think it is both in the what DSM offers and in how DSM conducts its business, that it is well-positioned to make a meaningful contribution to global market trends and to Sustainable Development Goals. Now, with my background, you're probably not surprised that I am a firm believer that people are the key to lasting business success. Certainly, that is true for an innovative company like DSM. My main experience is in the field of organization and people, and on board relevant topics like board remuneration, succession planning, inclusion and diversity, but supplemented with experience over the years in areas such as corporate strategy, health and safety, and also in recent years on digital transformation. Mr. Stevense, you also asked how I prepared myself for this board membership. I've had the opportunity to talk with many people in DSM across different areas of the business and at different layers in the company, including members of the managing board and, of course, also of the supervisory board. I've also had the opportunity to act as an observer as of the moment of my nomination since October, attending supervisory board meetings and committee meetings. I've been attending other sessions, including one on strategy formulation, also a couple of meetings, of course, on remuneration. I'd like to use this opportunity to thank Pauline for her coaching of me and sharing her knowledge and experience and insights on DSM. Recently, it's been announced that I will step down from Aegon global management board, and as CHRO for Aegon, I'll be handing over my position on the 1st of June to my successor. That means that I can make time for DSM, and next to two other supervisory board roles. I can say I'm sincerely committed to make an impactful contribution to DSM as a member of the supervisory board. Thank you, Carla. That certainly is an impressive curriculum. The final part on the agenda, item nine, is the proposal for the appointment of Corien Wortman-Kool. In accordance with Article 24, Section two of the Articles of Association, the Supervisory Board nominates Mrs. Wortmann-Kool for the appointment as a member of the Supervisory Board of DSM. On the basis of her broad background in both public administration, politics, and business. She brings a wealth of experience with and knowledge of finance and economics at the executive level, as well as of the national and international societal and political context companies operate in. With her experience in the financial sector, she will strengthen the Supervisory Board's profile in the areas of finance, accounting, auditing, and risk. She will help maintain the Supervisory Board's strong profile in the areas of sustainability, governance, compliance, and public affairs. It is proposed that the annual general meeting appoints Mrs. Wortmann-Kool as a member of the Supervisory Board of DSM, in accordance with the nomination by the Supervisory Board, with effect from the end of this meeting for a period of four years, ending by close of the AGM to be held in 2025. Corien, may I also ask you to introduce yourself and answer Mr. Stevense's question. Thank you. Thank you, Rob, for the opportunity to introduce myself, and I would like to thank the supervisory board for nominating me. I am really excited to join the supervisory board of DSM because I feel very connected to DSM and its ambition, anchored in the triple P, people, planet, and profit. Purpose-led and performance-driven. Achieving this ambition requires DSM to day in, day out, put in the necessary effort to deliver on that promise and to create value for all stakeholders, employees, customers, investors, and the broader society. I look forward to contribute to this journey. My background is in business, public administration, European politics, and financial services. This also includes the regulatory environment regarding, for instance, nutrition, health, and climate change. From different positions, I bring experience working for Dutch-based companies with an international and global footprint. Throughout my career, I've built up extensive expertise in finance and risk, as well as in ESG-related topics, both at executive and non-executive level. I would like to specifically mention two themes relevant to DSM. The first is audit, accounting, and reporting of both financial and non-financial information. Second, the investor's perspective on financial and ESG performance, with increasing focus on the big transitions regarding climate change, circular economy, and digitization, all relevant to DSM. To Mr. Stevense's questions, I would like to add, based on the conversation I also had, as Carla did, that I highly appreciate the competencies, the dedication, and the diversity of both the management board and the supervisory board. I also appreciate the open and frank character of these conversations, where I fit in very well, and also important for high-quality decision-making. To conclude, DSM's history started with coal mining, in a very impressive transformation, heading towards brighter science and brighter living. It's an ongoing journey. I hope, with your support, to be part of that journey in the upcoming years to go. I do hope to meet you in person next year. Thank you very much. Thank you, Corien. Well said. Brings us to the agenda item 10, the reappointment of the external auditor. KPMG Accountants N.V. has been appointed as the independent auditor for Koninklijke DSM N.V. as of 2015. Following the recommendation of the audit committee and managing board, the supervisory board proposes to reappoint KPMG Accountants as the independent external auditor for the year 2022. The proposal to reappoint KPMG is based on the audit committee's own assessment of KPMG, among others, through discussions with KPMG in the absence of management, as well as the outcome of an evaluation among DSM executives. The audit committee conducts a more in-depth evaluation once every three years. In the other two years, a lighter evaluation is performed. For 2020, the more in-depth evaluation was performed. The other evaluations in prior years were positive. The outcome of 2020 evaluation was positive as well. Now that we've recovered all the reappointments and appointment items, let me see if anybody has questions about these agenda items. Louisa. Yes. Rob, yeah. Mr. Stevense has a question. Okay. Mr. Stevense. Yeah. Thank you. I have questions for Mr. Dimitri de Vreeze. Can you please share with us why DSM is such an interesting company for you to candidate for the reelection as part of directors? Can I answer that now? Yeah, exactly. Dimitri, thank you. Did you hear the question, Dimitri? No, I was disconnected for a minute. I'm sorry. The question is if you could share your motivation to be available for reappointment. Mr. Stevense, thanks for that question, and maybe I go back 31 years. I'm within the company, in November coming 31 years. If you are not in love and passionate about the company, you would not stay there for more than a couple of years. DSM is part of my life. I'm passionate about working for DSM. I'm passionate about its purpose. It's not only just business as usual. I think it's a way of living. It's a way of creating brighter life for the world. Why? Integrating people, planet, profit. I do strongly believe that future companies who are successful are companies who do well on people, planet, and profit integrated, not only on profit. Maybe you've seen me speak at the television show, [Non-English content]. I think there you've seen the passion for the company I love, not only because of the company, but also what it stands for. I will be very honored to add another four years to my career at DSM, which basically then will mean that we will be closely reaching 35 years within DSM with heart, intensity, and with passion. Thank you. Okay, way to go. Is it the same question, Mr. Stevense, for Mr. van Paasschen? Yes. For dear van Paasschen and dear Ramsay, can you please share with us why DSM is such an interesting company for you to candidate for re-election as a supervisory board member? Very good. Frits? Yes. Can you hear me? Yes. I'm delighted to answer the question. I have to say, first of all, I think it's abundantly clear that the values of this company really do live by the words purpose-led and performance-driven. You see it in terms of the actions on sustainability in the products the company makes, as well as how those products are made, how the company gives back to the communities where it operates, and how it takes care of its employees. I can also tell you that it's inspiring to be part of a company that uses innovation and science not just to create new businesses, but also to create better living. On a more personal note, I can tell you I have a great deal of respect for the co-CEOs, Geraldine and Dimitri, as well as the executive committee and the broader organization, not to mention my fellow colleagues on the supervisory board. I can also tell you that from my own perspective, I feel that I can make a contribution, and that makes being part of the board rewarding. I have 10 years myself as CEO of global companies. I have 25 years of experience in consumer-related businesses, like many of DSM's downstream customers, work with digital transformation, and as a published author on the topic of disruption, and then also in working with innovation-led businesses. I can also tell you that it's helpful to be able to share experience from my work in 100 different countries, as well as being a Dutch and U.S. dual national, I see myself as something of a cultural bridge at times. In short, I am honored to be a part and to serve on the DSM Supervisory Board. Thank you, Rob. Board. John, you want to answer that same question? Yes. Thank you, Chairman. My motivation is very similar to my colleagues. I think the purpose resonates with my personal ethos in life, also resonates with my professional experience. I'm extremely proud to have served on the supervisory board for the last four years, and I'm very pleased to have participated in and contributed to the success of the company in that time period. I do believe that my international experience and my finance credentials will be of continuing value on the supervisory board for DSM to enable the company to execute its strategy and to achieve continued success. It would be a great privilege for me to serve another four years on the supervisory board, and I would kindly ask the shareholders' support for my reappointment. Thank you, John. You have been of great value to the supervisory board over the last four years. With that, Louisa, any other questions? I'm looking at our shareholders and shareholder representatives. I don't think so. Mr. Stevense, sir, you have any other questions? Thank you. All right. No, Rob. All right. If you haven't already done so, may I please ask those shareholders that vote electronically during the meeting to vote now on the items eight through 10. The last agenda items on the agenda are of a more technical nature. These are authorization of the management board to issue up to 10% ordinary shares and to exclude preemptive rights, authorization of the management board to issue an additional 10% ordinary share in connection with a rights issue, authorization of the management board to have the company repurchase shares, and in the explanatory notes to the agenda, you can find further information on these agenda items. Are there any more questions on these items, Louisa? Looking at our shareholders and shareholder representatives, no, I don't see any hands going up, so no questions. Okay. With this, we have discussed all the agenda items, and I believe also touched upon several of the questions that were submitted ahead of the meeting. May I please ask those shareholders that vote electronically during the meeting to make sure that you have entered all your votes. We'll be closing the voting within a moment. While these final votes are entered, I'd like to inform you that the voting results will be processed during the next agenda item, any other business. Please make sure you have now entered all your votes as we will close the voting system. In the meantime, let's see if there's anything else to address under any other business. Rob, I'm looking at the shareholders. Does anyone have any other business? None of them has, but I have been notified, Rob, that Dimitri has an item to bring forward. Okay. Yeah, Rob. You're falling silent, Dimitri. Hello? Hello, hello. Yep, better. Can you hear me? Yep. Yes. Yeah, Rob. Geraldine and myself want to say a few words, so I speak on our behalf, because after this last voting and the closure of AGM, it will be your last day as Chairman of the Supervisory Board of this beautiful company. We will remember you as a Chairman, unique in your style, warm, strict, always well-informed, and in full challenge, but also full support mode. During our cooperation with you in the MB, where Geraldine and myself were jointly in the MB, and you were our Chairman, and now last year, over a year as co-CEO, we'd like to thank you for your words of confidence and encouragement on that path, and we felt it from the heart, and it was much appreciated. We share the same passion and the same love for this company, and I would like, on behalf of Geraldine and myself, but also on behalf of the whole executive committee, and I'm pretty sure on behalf of all 23,000 employees, a big thank you for what you've given to DSM with heart and soul, and how you helped us shape the company where we are today, with a great future forward. Thank you for that. Thank you. Thank you for your kind words. Very much appreciated. From my end, let's have the results first, Louisa. Do we have them? Yeah. Maybe I briefly hand back over to you. The results are in, but I would like you to briefly share the technicalities of one vote, one share equals one vote. Yeah, let me say that first. We have to inform you. Thank you. Each share gives you a right to one vote. Our company secretary will now share the voting results. In the results are included in votes in favor, votes against, and votes abstained. According to the statutory regulations, votes abstained are considered non-casted votes. Louisa, please share the results. Yes. Here we go, and I believe you will, exactly, also get them on screen. As you can see, agenda item four has received 93.44% in favor and 6.56% against. Item five, 100% in favor. Item 6b, 98.64% in favor and 1.36% against. We're heading to the next. Waiting for it. Exactly. That was an empty slide. Item 6a received 97.26% in favor and 2.74% against. We have item 7b, 97.26% as well in favor and 2.74% against. We move to item A, eight, sorry, 99.9% in favor and 0.1% against. Item nine results. Yeah, four different ones. 9a, 98.58% in favor and 1.42% against. Item 9b, 95.02% in favor and 4.98% against. Item 9c, 88.01% in favor and 11.99% against. Item 9d, 99.32% in favor and 0.68% against. Moving on to 10 and beyond. There we are. Item number 10 received 98.8% in favor and 1.2% against. We have 11a and 11b. A received 88.76% in favor and 11.24% against, and b, 90.66% in favor and 9.34% against. Let's see if we can fit the last items on the last slide. Yes. Our last two items, item number 12, 98.97% in favor and 1.03% against. The last voting item was number 13, 99.46% in favor and 0.54% against. Back to you, Rob. Thanks, Louisa. Based on these results, I can conclude that the general meeting has given a positive advice on the remuneration report. The financial statements for 2020 have been adopted. The dividend on ordinary shares for 2020 has been adopted. The general meeting released the current and former members of the management board from liability. The general meeting released the current and former members of the supervisory board from liability. Dimitri de Vreeze has been reappointed as a member of the management board. Mr. Frits van Paasschen and Mr. John Ramsay have been appointed as members of the supervisory board. Carla Mahieu and Corien Wortmann have been appointed as members of the supervisory board. The external auditor has been reappointed. The management board has been authorized to issue up to 10% ordinary shares and to exclude preemptive rights. The Management Board has been authorized to issue an additional 10% ordinary shares in connection with the rights issue. The Management Board has been authorized to have the company repurchase shares, and a reduction of the issued capital by canceling shares has been adopted. Thank you to our shareholders for their votes, and my congratulations to Carla and Corien on your appointments, and Dimitri, Frits, and John, on your reappointment. Now, before closing, let me say a few things. First of all, I'd like to thank my colleagues on the Supervisory Board for the tremendous passion and drive that they have brought to our meetings and to the company over the last couple of years. I think together, we had fantastic chemistry, and it's exactly what the company needed at that point. For myself, thanks to Geraldine and Dimitri for your kind words. It has been a privilege and a pleasure to serve this company and an intellectual challenge that I will never forget. Also, thank you to the shareholders for their trust in having us stand as Supervisory Board members and seeing me as the Chairman of this company. Louisa, thanks again for putting this meeting together as so many times before. Please my gratitude to the rest of your team. Finally, good luck to Thomas Leysen. You'll have a lot of fun leading this Supervisory Board into the future. This brings me to the end of this meeting. I'd like to mention that the draft minutes of this meeting will be available on our website at the latest three months after today. After that date, you have another three months to submit your comments prior to the adoption of the minutes. Thomas Leysen, as new Chair of the Supervisory Board, is looking forward to welcome you again next year on Tuesday, the 10th of May in 2022. Hopefully, again, in Heerlen. I must say, I really missed our meetings in Heerlen. I always saw that as a fantastic gathering and of a mixture of very well-informed shareholders and shareholder representatives, but also with a healthy dose of humor, and that has usually brought us the good end of the meeting. Thanks for your attention, and goodbye.