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Healthier, Tastier Food HEALTHIER, TASTIER FOOD. NB: FOR OPTIMUM NAVIGATION, PLEASE DOWNLOAD AND VIEW THIS PDF IN ADOBE ACROBAT. ANNUAL REPORT 2021 CONTENTS STRATEGIC REPORT 2 Our purpose Our business today 10 At a glance 12 Chair’s statement 14 Chief Executive’s review 20 Our world 22 Our business model 24 Our strategy 26 Key performance indicators Review of the year 32 Food & Beverage Solutions 36 Primary Products 40 Innovation and Commercial Development 42 Global Operations 44 Chief Financial Officer’s introduction 46 Group financial review 50 Our people 53 Equity, diversity and inclusion 54 Community involvement 56 Environment, health and safety 66 Task Force on Climate-related Financial Disclosures 68 Risk Report GOVERNANCE 80 Board of Directors 84 Executive Committee 86 Corporate governance 101 Nominations Committee Report 104 Audit Committee Report 110 Directors’ Remuneration Report 129 Directors’ Report 131 Directors’ statement of responsibilities FINANCIAL STATEMENTS 134 Independent Auditor’s Report to the members of Tate & Lyle PLC 142 Consolidated income statement 143 Consolidated statement of comprehensive income 144 Consolidated statement of financial position 145 Consolidated statement of cash flows 146 Consolidated statement of changes in equity Tate & Lyle is a global 147 Notes to the consolidated financial statements provider of ingredients 194 Parent Company financial statements and solutions for the USEFUL INFORMATION 202 Group five-year summary 204 Additional information food, beverage and 205 Information for investors 207 Glossary industrial markets. 208 Definitions/explanatory notes DOWNLOAD THE FULL ANNUAL REPORT 2021 Download at www.tateandlyle.com STRATEGIC REPORT NB: FOR OPTIMUM NAVIGATION, PLEASE DOWNLOAD AND VIEW THIS PDF IN ADOBE ACROBAT. EVERY DAY, ACROSS THE WORLD, MILLIONS OF PEOPLE ENJOY PRODUCTS CONTAINING OUR INGREDIENTS. Our purpose of Improving Lives for Generations inspires us to work with our customers to deliver sweetness, mouthfeel, fortification and stabilisation to food and drink, making people’s favourite products even better. IN THIS REPORT Our purpose is it helps shape our it guides how and creates better why we do what strategy and our we run our outcomes for all we do... priorities... business... our stakeholders. Read more: Read more: Read more: Read more: Our purpose 2 to 9 Our strategy 24 and 25 Governance 86 to 125 Our business model 22 and 23 TATE & LYLE PLC ANNUAL REPORT 2021 1 OUR PURPOSE LIVING OUR PURPOSE OUR OUR OUR OUR OUR PURPOSE WORLD BUSINESS STRATEGY PROGRESS OUR PURPOSE OF IMPROVING LIVES FOR GENERATIONS IS WHY WE DO WHAT WE DO. IT GUIDES EVERY ACTION WE TAKE AND EVERY DECISION WE MAKE. We’ve been working to improve people’s lives for over 160 years, growing our business and making a positive impact on society. Whether it’s by supporting healthy living, building thriving communities or caring for our planet, we live our purpose every day, in everything we do. DECEMBER 2020 UNITED NATIONS SUSTAINABLE DEVELOPMENT GOALS (UN SDGS) We focus on five of the UN SDGs which most closely align to our purpose and where we can have most impact. IMPROVING LIVES FOR GENERATIONS SDG 2 Zero hunger Introducing our purpose SDG 3 Good health and wellbeing SDG 5 Gender equality SDG 12 Responsible consumption and production OUR PURPOSE SDG 13 Climate action In December 2020, we published our purpose booklet explaining our purpose and what it means to us. To demonstrate our support for the UN SDGs, we are a participating member of the UN Global Compact, Download at www.tateandlyle.com/purpose a major global sustainability initiative. 2 TATE & LYLE PLC ANNUAL REPORT 2021 STRATEGIC REPORT OUR THREE PURPOSE PILLARS IMPROVING NUTRITION SUPPORTING HEALTHY LIVING Supporting healthy living is at the heart of what we ENCOURAGING do and where our purpose has the biggest impact on BALANCED the world. Our goal of helping our customers make LIFESTYLES healthy food tastier and tasty food healthier drives the development of new ingredients and solutions which in turn helps us grow our business. PROMOTING PERSONAL WELLBEING PREVENTING HUNGER BUILDING THRIVING COMMUNITIES We think about community in its broadest sense. Our employees are part of the Tate & Lyle community SUPPORTING and we are also part of the communities of other EDUCATION stakeholders we work with such as our customers, suppliers and partner organisations. We’re also part of the local communities where we live and work. PROGRESSING EQUITY, DIVERSITY AND INCLUSION CLEANER AIR CARING FOR OUR PLANET Nearly everything we make begins life in the natural USING WASTE world, whether it’s a kernel of corn or a leaf of stevia. BENEFICIALLY This makes it all the more important that we take care of the planet for its own health and the future health of our business. USING LESS WATER SUPPORTING TATE & LYLE PLC ANNUAL REPORT 2021 3 SUSTAINABLE AGRICULTURE SUPPORTING MAKING TASTY FOOD HEALTHIER We removed 1.8 million tonnes of sugar – equivalent to 7.1 trillion calories – from HEALTHY LIVING people’s diets this year, thanks to our low-calorie and no-calorie sweeteners such as sucralose, DOLCIA PRIMA® We help people make healthier Allulose, and TASTEVA® M Stevia and tastier choices when they Sweetener, and our fibres such as PROMITOR® Soluble Fibre and STA-LITE® eat and drink, and lead more Polydextrose. balanced lifestyles. 1.8m tonnes of sugar removed from people’s diets 4 STRATEGIC REPORT Our sugar reduction initiatives help address public health challenges like diabetes and obesity. Dr Kavita Karnik Global Head, Nutrition and Regulatory Affairs SHARING NUTRITION KNOWLEDGE In Brazil, we partnered with our customer Nestlé, and local nutrition education platform Nutrição em Pauta, to deliver free online seminars for customers and health professionals on the many benefits of dietary fibre. The course, developed and delivered by leading academics in nutrition, received great participation and feedback. 6,000 people joined our online seminars in Brazil on the many benefits of dietary fibre TATE & LYLE PLC ANNUAL REPORT 2021 5 BUILDING CARING FOR OUR COMMUNITIES In January, in honour of Dr. Martin Luther King Jr.’s birthday, colleagues from our THRIVING Black Employee Network phoned elderly people living alone or homebound across Chicago through our partnership with the COMMUNITIES charity My Block, My Hood, My City. As well as having a chat, our support included We help build thriving communities food parcels and PPE for those in need of extra help. where we operate, and support people to achieve their potential. 1,600 meals provided to elderly people living alone or homebound across Chicago 6 STRATEGIC REPORT We want everyone in our communities to have the opportunity to achieve their potential. Jennifer Walker Director, Global Community Relations FEEDING OUR NEIGHBOURS TRANSFORMING YOUNG LIVES We provided 1.7 million nutritious meals to We were excited to join other organisations people in need in our local communities in the UK including the National Health this year – 700,000 as part of our annual Service to help launch FastFutures, a donation programme, and 1 million learning and skills programme to increase additional meals to provide relief during the employability of young people from the pandemic. We work closely with 25 disadvantaged backgrounds. Through food bank partners worldwide, not just FastFutures, 2,000 people aged 18-22 through donations but by packing food received mentorship and job-seeking parcels, hosting food drives, and delivering coaching, and interacted with leaders from meals through mobile pantries. participating organisations, including our Chief Executive. 1.7m 2,000 nutritious meals provided people aged 18-22 received to people in our local mentorship and coaching communities through FastFutures in the UK TATE & LYLE PLC ANNUAL REPORT 2021 7 CARING INVESTING TO ELIMINATE COAL Since 2008, we’ve reduced greenhouse gas emissions from our operations by 25%. FOR OUR We’re now in the middle of a multi-year investment programme of over US$150 million to reduce emissions PLANET further, targeting an absolute reduction of 30% (from 2019) by 2030. Key to this We care for our planet and help is eliminating coal from our operations by 2025. We’re currently replacing coal protect its natural resources for boilers in our US plants in Decatur, Illinois the benefit of future generations. and Lafayette, Indiana. 25% reduction in greenhouse gas emissions from our operations since 2008 8 STRATEGIC REPORT Working together with Tate & Lyle, we are finding environmentally responsible solutions for waste. Brian Furrer President, Bio Town Ag, Indiana, USA USING WASTE BENEFICIALLY Our target is to beneficially use all the waste we generate by 2030. But some sites have already got there. In repurposing its waste products, our citric acid plant in Santa Rosa, Brazil not only avoids sending waste to landfill but also supports local farmers and improves the land. The site’s processes produce highly nutritious organic waste. We supply local farmers with this valuable material, helping them to reduce their environmental impact. 100% of the waste generated at our Santa Rosa plant in Brazil is beneficially used TATE & LYLE PLC ANNUAL REPORT 2021 9 AT A GLANCE INGREDIENTS AND SOLUTIONS FOR CUSTOMERS ALL OVER THE WORLD Open any fridge or kitchen cupboard, in any household, in practically any part of the world, and you’re likely to find products containing our ingredients and solutions. TWO GLOBAL BUSINESS DIVISIONS FOOD & BEVERAGE SOLUTIONS PRIMARY PRODUCTS We use smart
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