Since we became dsm-firmenich in 2023, our compensation structure has allowed us to bring progress to life by rewarding the delivery of strong financial results and the achievement of ambitious and measurable sustainability objectives. In the interests of all stakeholders, we recognize performance as critical for our profitable growth while we also take into account our impact on society and the planet. Our approach is built on three pillars: fairness, competitiveness, and value creation. Our Short- and Long-term Incentive programs reinforce our strategic priorities and allow our employees to share in our success.
2025 performance
Despite a challenging external environment in 2025, we progressed our strategic transformation and delivered solid operational and financial outcomes. We stayed the course and delivered solid results. Nevertheless, the Short-Term Incentive achievement remained below target, underpinning that the targets set were ambitious.
Activities of the Compensation Committee in 2025
The Compensation Committee works within the company’s Articles of Association and its Charter, supported by in-house rewards experts and our external advisor, Willis Towers Watson, who, when required, adds an external perspective on benchmarks and market practices.
In 2025, the Compensation Committee focused on reviewing business performance, regulatory changes around remuneration and reporting as well as market assessments of Board and Executive Committee pay structures. It also conducted a risk analysis regarding pension benefits. Goals and targets were set for business and sustainability performance, building on the framework put in place at the inception of the merger.
The Committee also drafted proposals for the Board concerning the remuneration of individual Executive Committee Members, reflecting upcoming changes in the team’s composition.
Changes in the Executive Committee
In 2025, Laetitia Pictet took over from Jane Sinclair, who stepped down effective May 1, 2025. In response to the carve-out of the Animal Nutrition & Health business, Ivo Lansbergen stepped down from the Executive Committee effective October 1. Further to this, two other leadership changes were announced, taking effect as of January 1, 2026: Maurizio Clementi succeeded Patrick Niels, leading the Taste, Texture & Health business, while Alessandre Keller assumed leadership of the Health, Nutrition and Care business, taking over from Philip Eykerman. As of this same date, Philip Eykerman took on the role of Chief Strategy, M&A and Transformation Officer, while Patrick Niels is to retire from the company effective September 1, 2026.
The voices of our stakeholders
Making informed and thoughtful remuneration decisions demands close cooperation with the Executive Committee and reward specialists, alongside engagement with stakeholders and proxy advisors.
While some stakeholders advocate greater financial emphasis in variable pay schemes, others value the measurability of sustainability targets and their strong alignment with our strategy and license to operate. We will maintain our practice of frequently engaging with investors, and the Compensation Committee will balance these perspectives, ensuring that remuneration decisions support the company’s sustained leadership as a Category of One and a leader in health, nutrition and beauty.
Our 2024 Compensation Report received strong support at the 2025 Annual General Meeting (AGM). Stakeholders welcomed the increased transparency regarding the ex-post disclosure of Short-Term Incentive (STI) targets and their achievement. The 2025 AGM did not raise any items requiring an adjustment of the remuneration structure; hence we have not made changes to our overall compensation structure, peer group, and incentive design.
About the report
This report is designed to foster informed perspectives on our reward practices by presenting facts and figures and explaining the reasoning behind our decisions. It includes the information required by the Swiss Code of Obligations and is inspired by the Swiss Code of Best Practice for Corporate Governance. We aim for transparency without disclosing business-sensitive information in a manner that would serve neither our own interests nor those of our stakeholders.
In line with the EU CSRD (Corporate Sustainability Reporting Directive), our Sustainability report includes the Annual Pay ratio, i.e., the ratio between the highest-paid employee’s compensation and the median of all other employees.
Outlook for 2026
Looking ahead to 2026 and beyond, we remain committed to the successful execution of our business strategy, supported by a remuneration framework that drives performance, encourages innovation, and promotes sustainable long-term growth. We will continue to engage with stakeholders, tracking market trends while adapting to evolving governance standards.
On behalf of the Compensation Committee and the Board of Directors, I sincerely thank our customers, employees, shareholders, and other stakeholders for their ongoing trust and collaboration.
Carla Mahieu
Chair, Compensation Committee
