The purpose of Internal Audit is to evaluate and contribute to the continuous improvement of the Company’s risk management and control systems including the analysis and evaluation of the effectiveness of business processes and recommendations for adjustments where necessary. Corporate Internal Audit uses a risk-based audit approach aimed at providing independent assurance on the effectiveness and efficiency of processes and controls that support Givaudan in achieving its objectives, identifying and managing its major risks, and ensuring compliance with applicable policies, laws and regulations. This approach follows a business process audit methodology that provides value to both, the local entities and the Group’s management. Givaudan corporate strategy, risk management findings, past audit results, management input, changes in the organisation and Internal Audit experience are the elements taken into account to build the annual internal audit plan. Effective reporting, accountability assignment, and thorough follow-up ensure the implementation of the audit recommendation as well as the related risk reduction. For the individual audits, the internal audit function is supported by dedicated staff from the third party contractor Ernst & Young. The internal audit activity is reported to the full Board of Directors once a year. 4. Executive Committee The Executive Committee, under the leadership of the Chief Executive Officer, is responsible for all areas of operational management of the Company that are not specifically reserved to the Board of Directors. The Chief Executive Officer is appointed by the Board of Directors upon recommendation of the Nomination Committee. Subject to the powers attributed to him, he has the task of achieving the strategic objectives of the Company and determining the operational priorities. In addition, he leads, supervises and coordinates the other members of the Executive Committee, including convening, preparing and chairing the meetings of the Executive Committee. The members of the Executive Committee are appointed by the Board of Directors on recommendation of the Chief Executive Officer after evaluation by the Nomination Committee. The Executive Committee is responsible for developing the Company’s strategic as well as long-term business and financial plans. Key areas of responsibility also include the management and supervision of all areas of the business development on an operational basis, and approving investment decisions. The tasks and powers of the Executive Committee include the approval of investments, leasing agreements and divestments within the corporate investment guidelines. The Executive Committee approves important business projects, prepares the business plan of the Company and the budgets of the individual divisions and functions. In addition, it plays a key role – together with the Human Resources organisation – in the periodic review of the talent management programme, including succession planning for key positions. Alliances and partnerships with outside institutions, such as universities, think tanks and other business partners, are also monitored by the Executive Committee. The members of the Executive Committee are individually responsible for the business areas assigned to them. The Executive Committee meets generally on a monthly basis to discuss general Company business and strategy. In 2021 the Executive Committee held twelve regular meetings. Due to the COVID-19 pandemic, eleven of the twelve meetings were held in a hybrid way with some members at Company sites in Switzerland and the others joining via videoconference, and one meeting was held in person at the Company’s headquarters in Vernier, Switzerland. In general, meetings lasted two days. Sustainability The Executive Committee (EC) is accountable for our Purpose and Sustainability ambitions. Topics related to these ambitions form part of the regular EC meeting agenda in addition to dedicated sessions – held twice a year – for reviewing the overall progress and strategic direction of our purpose / sustainability ambitions. They are supported by the Sustainability Leadership Team (SLT), led by the Global Head of Procurement and Sustainability, made up of internal specialists on topics linked to purpose / sustainability. The SLT supports the organisation in reaching relevant goals, working closely with Division and functional leaders and managers, and meets on a regular basis to review progress and agree key recommendations for the EC. READ MORE On our sustainability governance: 2021 GRI sustainability report ▸ page 35 Corporate governance Governance Report Compensation Report Consolidated Financial Report Statutory Financial Report Appendix 16 Givaudan — 2021 Governance, Compensation and Financial Report