we adopted virtual meetings and new ways of working with our customers. As a result, cyber security has increased in importance and, with the Board’s role to ensure robust risk management, we have been strengthening our capabilities and preparedness in this area. At the AGM in March 2022, all Board members will stand for re-election, including long-standing members Michael Carlos and Prof. Dr-Ing. Werner Bauer who have reached the age limitation as set out in the Board regulations. We believe it is in Givaudan’s best interest to keep them both on the Board to ensure good continuity during the onboarding of new Board members, given the difficulties caused by the pandemic. We will propose to the Annual General Meeting of shareholders on 24 March 2022, to elect Tom Knutzen as a new Board member. We have an experienced team in place at the Board level, and at all levels we continue to ensure we have the necessary competencies and the right blend of expertise and experience. I’d like to express my heartfelt thanks and gratitude to my fellow members of the Board of Directors, the Executive Committee and all our colleagues worldwide for their hard work and dedication, especially during another challenging year. I am always so impressed by the contribution and passion of everyone at Givaudan to pursue excellence in everything we do. Finally, I would like to share my thanks to you, our shareholders, for your trust and continuing support. I remain confident this Company is well positioned for the future and long-term success and will continue to create further stakeholder value through profitable, responsible growth, guided by our purpose. I send my best wishes and health for the year ahead. Calvin Grieder Chairman Dear shareholders, 2021 was the start of our new five-year strategy cycle ‘Committed to Growth, with Purpose’, and I am very pleased to share that we delivered a very strong business performance. We continued to respond with agility to the ongoing impact of the global pandemic, turning challenges into opportunities. I’d like to thank our colleagues, customers, partners and suppliers for their great collaboration and commitment for all that we achieved. I’d also like to thank you for your commitment and investment in Givaudan. In 2021 we delivered solid topline growth of 7.1% in Swiss francs and free cash flow generation of CHF 843 million or 12.6% of sales, in line with our 2025 financial targets. On the basis of Givaudan’s strong performance in 2021 and its continued solid financial position, the Board of Directors will propose an increase in the dividend to CHF 66.00 at the Annual General Meeting on 24 March 2022. If accepted, this will be the twenty-first consecutive increase since our listing on the Swiss stock exchange. The global macro trends that we identified for our 2025 strategy continue to drive our business and in many areas have been strengthened by the pandemic. Our focus areas of health and wellbeing, responsible sourcing and digitalisation are leading us to further exciting innovations, offering new ways of bringing value to our customers and meeting consumer needs. We also continued to broaden our portfolio with strategic acquisitions that will enable us to provide even more complete solutions, as well as broaden our customer reach and support our growth ambitions. We recognise the changing expectations on the role of businesses to meet the requirements of a wider set of stakeholders in financial and non-financial matters. Our ESG approach is therefore led by our purpose ambitions and targets, which are fully embedded in our 2025 strategy. This is how we will address the urgent challenges facing society such as climate change and ensure our sustainable long-term performance. We hold ourselves accountable through the highest standards of reporting with the IR framework and GRI standards. For the first time, we have included the Sustainability Accounting Standards Board (SASB) mapping table and the Task Force on Climate-related Financial Disclosures (TCFD) recommendations table in our reporting suite. Digitalisation continues to provide exciting opportunities to change the way we do business, either to provide new products and new engaging experiences for our customers or to design simpler, more agile business services. The pandemic has also accelerated the digital workplace transformation, as I’d like to thank our colleagues, c ustomers, partners and suppliers for their great collaboration and commitment for all that we achieved. Givaudan – 2021 Integrated Annual Report A year in review A br ight start to our 2025 strategy 11 A year in review A year in review A br ight start to our 2025 strategy 11