Integrity risk
The growth of international activities increases the integrity risk.

Management of integrity risk
Corporate governance and compliance requirements have become increasingly stringent and comprehensive. Today, rather than merely being a matter of ‘form’, compliance has become more and more a matter of ‘substance’ and, therefore, demands more attention from the organisation in both procedural and cultural terms. Recent acquisitions in new countries have increased the company’s risk profile in both procedural and cultural terms.

In view of the current economic climate Nutreco recognises that the risk of fraud, by both external parties and its own staff, has increased and requires the management to take appropriate measures. Nutreco has a Code of Ethical Conduct, which sets out a number of moral values to which Nutreco subscribes. The members of the Supervisory Board, the Executive Board and all employees with managerial responsibilities are required each year to confirm in writing that they have complied with this Code. The Company Secretary is in charge of supervising compliance with the Code of Ethical Conduct.

During 2009 the existence and importance of the Nutreco Integrity Line was communicated and stressed throughout the Group and fraud awareness presentations were attended by various groups of staff. There was no fraud case to be reported.

Management of regulatory and environmental risk

Nutreco is subject to laws and regulations in the various countries in which it operates. The Company has established environmental policies and procedures aimed at compliance with local environmental and other laws. The management carries out regular reviews to identify environmental risks and to ensure that adequate systems to manage those risks are in place.

To ensure Nutreco can withstand calamities in this field, it is also covered by insurance.