artefactory/ledger-market-sentiment huggingface dataset:
# To our shareholders

_Source: `DeepSeekOCR_Ardian_pruned_1k/basic-materials-specialty-chemicals/NYSE_APD_2022/NYSE_APD_2022.mmd` · pages 12-18_

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To our shareholders … As always, thank you for your confidence and trust in Air Products. Our priority remains creating superior value for you.

I believe Air Products is uniquely positioned to help the world transition to a cleaner and better future. It is a better future we believe in and in which we are totally vested.

![](images/12_0.jpg)

Seifi Ghasemi

Chairman, President and
Chief Executive Officer of Air Products
# STRATEGIC REPORT

_Source: `DeepSeekOCR_Ardian_pruned_1k/basic-materials-specialty-chemicals/LSE_ELM.L_2018/LSE_ELM.L_2018.mmd` · pages 60-66_

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STRATEGIC REPORT

The Strategic report was approved by the Board of Directors on 5 March 2019 and is signed on its behalf by:

PAUL WATERMAN
CEO
RALPH HEWINS
CFO
# Strategic report

_Source: `DeepSeekOCR_Ardian_pruned_1k/basic-materials-specialty-chemicals/LSE_ELM.L_2021/LSE_ELM.L_2021.mmd` · pages 11-17_

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Strategic report
Our investment case

## Reasons to invest
# Dear Shareholders

_Source: `DeepSeekOCR_Ardian_pruned_1k/basic-materials-specialty-chemicals/LSE_ELM.L_2022/LSE_ELM.L_2022.mmd` · pages 116-122_

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Dear Shareholders,

As Chair of the Nomination Committee (the 'Committee'), I am pleased to present the Nomination Committee report covering the work of the Committee during 2022. This report should be read in conjunction with the separate section on compliance under the UK Corporate Governance Code on page 102.

## ATTENDANCE AT NOMINATION COMMITTEE MEETINGS \( ^{*} \) 

<table><tr><td>John O&#x27;Higgins (Chair)</td><td>●●●●</td></tr><tr><td>Dorothee Deuring</td><td>●●●●</td></tr><tr><td>Steve Good</td><td>●●●●</td></tr><tr><td>Anne Hyland**</td><td>●●●●</td></tr><tr><td>Trudy Schoolenberg®</td><td>●●●●</td></tr><tr><td>Christine Soden</td><td>●●●●</td></tr><tr><td>Clement Woon®</td><td>●●●●</td></tr></table>

* There were four meetings of the Nomination Committee in 2022. Anne, and Clement each attended all the meetings they were eligible to attend.

** Anne Hyland stepped down from the Board on 26 April 2022.

☐ Trudy Schoolenberg joined the Board on 15 March 2022. Trudy was unable to attend the December 2022 meeting as a result of transport difficulties.

☐ Clement Woon joined the Board on 1 December 2022.

The Committee's terms of reference are available on the Company's website at www.elementis.com.

## HIGHLIGHTS

## AREAS OF FOCUS

• Appointment of a new Senior Independent Director and a Non-Executive Director

• Ongoing Board succession planning

• Oversight of Group's diversity policy

• Board effectiveness review

• Review of terms of reference

There have been a number of changes in composition to the Board and its Committees during the year. The Committee oversaw the appointment process and further information can be found on page 116-117.

In March 2022, we welcomed Trudy Schoolenberg to the Board as Senior Independent Director.

In April 2022, Anne Hyland stepped down from the Board following the AGM after serving nine years on the Board. I would like to thank Anne for her substantial contribution to Elementis during her tenure.

In December 2022, Clement Woon was appointed as a Non-Executive Director to the Board.

Together, these two appointments will enrich the experience of the Board. Trudy brings in-depth knowledge of the chemicals sector, global markets, technical innovation and the ESG agenda. She has a strong international perspective and is an experienced Board member with substantial UK plc experience. Clement has an outstanding track record of senior executive management and board director experience in a range of industrial and consumer markets, especially in the Asia and China regions, both of which are key to Elementis' growth strategy.

## John O'Higgins

Chair of the Nomination Committee
# FROM THE
CHAIRMAN

_Source: `DeepSeekOCR_Ardian_pruned_1k/basic-materials-specialty-chemicals/NYSE_ESI_2017/NYSE_ESI_2017.mmd` · pages 3-9_

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FROM THE
CHAIRMAN

![](images/3_0.jpg)

DEAR FELLOW
SHAREHOLDERS,

Our performance and progress in 2017 give us much to be proud of, and we have a great deal to be excited about. Platform continued to demonstrate robust sales growth, margin improvement, and cash flow generation in 2017, while at the same time continuing to integrate and improve its portfolio of businesses. The overall leadership team has coalesced and delivered on its objectives. There is a good rhythm, which I believe will continue to translate into compelling financial results in the years ahead.

Platform is shareholder driven to the core. Both our Performance Solutions and Ag Solutions businesses are terrific businesses with great people, strong customer relationships and differentiated technologies, and I believe the previously-announced separation will enable them to deliver even greater value to their customers by pursuing more degrees of strategic flexibility than otherwise. While our financial progress in operations has not yet resulted in more appropriate gains for our shareholders, we firmly believe that the upcoming separation of these strong businesses will result in a real value creation opportunity.

We announced our intention to separate our businesses after spending almost a year assessing our alternatives and ultimately developing a strategic plan for separation. This was a substantial undertaking for our teams. Nonetheless, they managed the challenge and delivered against both our financial objectives for the year and our separation project plans. I expect the same in 2018: a team balancing the responsibility of delivering against our financial and strategic objectives at the expense of neither.
I have always said that our people are our most important assets, and it is in years like this when the returns on those assets are the greatest. In that context, I would like to thank all of our stakeholders, but our people first and foremost, for their support and commitment in 2017. I am extremely optimistic about the year to come and look forward to updating you on our progress.

Respectfully yours,

![](images/3_1.jpg)

MARTIN E. FRANKLIN
# LETTER FROM THE
EXECUTIVE CHAIRMAN

_Source: `DeepSeekOCR_Ardian_pruned_1k/basic-materials-specialty-chemicals/NYSE_ESI_2019/NYSE_ESI_2019.mmd` · pages 4-10_

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LETTER FROM THE
EXECUTIVE CHAIRMAN

DEAR FELLOW
SHAREHOLDERS,
In 2019, Element Solutions completed its first year as a standalone company demonstrating many aspects of why it is such an attractive business. Despite challenging end-markets, we demonstrated the resilience of our businesses, driving margins, and generating significant free cash flow, and we found value-creating ways to invest those proceeds for the benefit of all shareholders. The path to arrive at this stage has been winding, but we could not be more enthusiastic and optimistic about how we are positioned right now.

As Executive Chairman, I have focused on three primary areas: culture, people and capital allocation. The most important is our people. Ours is a business whose ultimate performance is a direct reflection of its people and how it chooses to incentivize and motivate them. Before we became Element Solutions, our senior leadership team was more focused on capital allocation and our balance sheet as a holding company. This has changed with Element Solutions becoming an operating company. One of our first accomplishments was to clearly articulate our vision, culture and strategy which you can read more about in other parts of this Annual Report. I have been delighted to see our 5Cs, described on page 2 of our Annual Report, proudly presented on the walls of our facilities and reinforced in our communications and recognition ceremonies for our people.

The single most compelling attribute of Element Solutions is its best-in-class free cash flow characteristics. Since the separation in January 2019, free cash flow per share has more than doubled to nearly a dollar per share and is expected to continue to grow from here. In this context, deploying that capital has opened the door to value creating opportunities. Making a highly attractive acquisition in December 2019 and repurchasing approximately 45 million shares throughout the year all while keeping our leverage below 3.5x net debt to adjusted EBITDA has positioned Element Solutions very well for 2020 and beyond. There are more opportunities out there, and we are looking forward to executing against them.

Reflecting on our first year as Element Solutions, we have a lot to be excited about, and looking ahead, we have even more to look forward to. What we have accomplished and aim to continue to deliver is a product of our excellent leaders and the high-quality teams supporting them. In 30 years building businesses, I have learned repeatedly the power of great people. We have them throughout Element Solutions. I would like to thank the entire family of employees for their efforts this year and feel we have an organization positioned to win in 2020 and beyond. In Element Solutions we have a terrific business, a terrific management team and terrific markets. That is a recipe that I believe will drive significant value for all our stakeholders.

Faithfully yours,

![](images/4_1.jpg)

Sir Martin E. Franklin

<--- Page Split --->

![](images/5_0.jpg)
# DEAR SHAREHOLDERS

_Source: `DeepSeekOCR_Ardian_pruned_1k/basic-materials-specialty-chemicals/NYSE_MTX_2017/NYSE_MTX_2017.mmd` · pages 3-9_

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DEAR SHAREHOLDERS:

IN 2017, MTI MARKED ITS 25TH YEAR OF LEADERSHIP IN PROVIDING MINERAL SOLUTIONS TO AN INCREASING NUMBER OF WORLDWIDE MARKETS. OUR INNOVATION AND GEOGRAPHIC GROWTH INITIATIVES CONTINUE TO POSITION THE COMPANY FOR A STRONG FUTURE FINANCIAL PERFORMANCE. AT THE HEART OF THE COMPANY, OUR 3,700 EMPLOYEES WERE SHARPLY FOCUSED ON PURSUING CONTINUOUS IMPROVEMENT AND VALUE ENHANCEMENT ACTIVITIES THAT PROPELLED MTI TO ITS EIGHTH CONSECUTIVE YEAR OF RECORD PROFITABILITY.

We recorded earnings per share of \(4.59. Operating income was \)263 million – also a record level – and again, we generated strong margins. Cash flow from operations was $208 million and we used this cash to strengthen the balance sheet through the repayment of debt.

## 25 YEARS OF ACHIEVEMENT

MTI celebrated our 25th anniversary as a public company on October 23, 2017. This marked a moment for us to look back at our achievements over the last quarter of a century, and to reflect on those who helped build the company and contribute to our success. We are in a leadership position today because our employees around the world are dedicated and committed to innovation and operational excellence. The ongoing support of our customers, shareholders, suppliers, and the communities in which we operate are reflective of our sustainable approach to creating value over the past 25 years.

![](images/3_0.jpg)

Douglas T. Dietrich | Chief Executive Officer
# Dear Stakeholder

_Source: `DeepSeekOCR_Ardian_pruned_1k/basic-materials-specialty-chemicals/NYSE_ODC_2020/NYSE_ODC_2020.mmd` · pages 2-8_

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Dear Stakeholder,

Fiscal Year 2020 was a year none of us will ever forget. One adage and strong belief of my grandfather, Nick Jaffee, rang true during the year, "the harder I work, the luckier I get." The collective hard work of the Oil-Dri team these past few years implementing our ERP system allowed us to roll out a company-wide Sales and Operations Planning process and put us in a position to not only survive during the COVID-19 pandemic, but to actually thrive. That is where the luck comes in. We were very fortunate that the majority of our product lines were deemed "essential", thus enabling us to continue supplying our customers with our much-needed products.
We had no control over the essential nature of our business. Our hearts go out to those companies that worked equally as hard, were equally as well run, but whose activities were deemed "non-essential" in the battle against COVID. We were, however, very much in control of how we reacted to the pandemic. We immediately had all of our "non-essential, non-front line" teammates work from home. We then put all of our efforts into keeping our front-line teammates safe while they manufactured, packaged and shipped our products. They did such a fantastic job that our order fill rates were north of 99%, and many customers experienced 100% fill rates during the months after COVID-19 hit. This in turn propelled our already strong fiscal year to reach new heights as we set all-time records for net sales and net income during Fiscal Year 2020.
Throughout the last twelve months, we continued to expand and enforce our intellectual property rights. We invest millions of dollars every year to find new and innovative ways to help our customers Create Value from Sorbent Minerals. In Fiscal Year 2020, this resulted in licensing revenue and sent a strong signal that we will enforce our intellectual property rights against potential infringers.

![](images/2_0.jpg)

We always say, "Winning at Oil-Dri is a team game," and never was that more true than during this past fiscal year. I cannot thank our 800+ teammates enough for staying safe and productive during the pandemic. Their collective great work allowed us to reward our shareholders by increasing our dividend for the 17th consecutive year. We head into Fiscal Year 2021 with momentum in both the Retail and Wholesale and Business to Business segments of our business. Lightweight cat litter, the disruptive innovation launched by Oil-Dri, continues to grow in both the US and Canada, while our non-antibiotic animal health solutions are attracting interest throughout the world. We at Oil-Dri truly believe the best is yet to come!

![](images/2_1.jpg)

DANIEL S. JAFFEE

President & Chief Executive Officer
# Dear Stakeholder

_Source: `DeepSeekOCR_Ardian_pruned_1k/basic-materials-specialty-chemicals/NYSE_ODC_2022/NYSE_ODC_2022.mmd` · pages 2-8_

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Dear Stakeholder,

I am very proud of our team's performance during the past fiscal year. It was a very challenging year from a cost, supply chain, and talent acquisition standpoint. Despite all of the obstacles, we delivered record net sales, but saw our bottom line fall short of the prior year. However, the fourth quarter's top and bottom lines were both strong, giving us enhanced momentum heading into the new fiscal year.

## OUR STRATEGIES ARE WORKING. We are Creating

Value from Sorbent Minerals in a variety of markets. We successfully launched our animal health products in the United States providing our new customers a non-antibiotic, natural gut health solution for their animal production businesses. Our mineral-based feed additives meet the demands for cleaner food while reducing the inputs needed to raise production animals. They add value by helping to decrease the cost and environmental impact of poultry and livestock production.

Our private label lightweight cat litter business continued its exponential growth in the US and Canada. Our lightweight litter products are great for the consumer, great for the retailer, and great for the environment. We can load nearly twice as many units on a truck compared to traditional scoopable litter, thereby reducing the number of truckloads required to deliver the product. This frees up capacity in our retail partners' distribution centers and reduces the carbon footprint. As consumers increasingly make the switch from heavy to lightweight cat litter, there will be a considerable reduction in carbon emissions.

![](images/2_0.jpg)

SUCCESSFULLY LAUNCHED

New Products in

![](images/2_1.jpg)

SORBIAM.

![](images/2_2.jpg)

Enterotec

We are very excited about the continued expansion of our fluids purification products. We continue to be the filtration media of choice for edible oils in the United States. In addition, several renewable diesel plants are scheduled to commence operations in 2023. These plants rely on Oil-Dri's filtration products to remove trace metals and phospholipids from various feedstock oils which are then converted into diesel fuel. We are proud that our products can contribute to this renewable and sustainable source of energy.

We are pleased that our margins began to rebound in the fourth quarter, but realize we have a long way to go to get back to historical levels. Profitability is our major focus as we need to generate the cash necessary to reinvest in our capital assets. Replacement assets are seeing the same inflation occurring globally, so the cost of replacing equipment, as its useful life comes to an end, is far exceeding the historic depreciated value.
We very much appreciate the loyalty and support of our shareholders and are pleased that we could reward you by raising our dividend rate for the 19th consecutive year.

![](images/2_3.jpg)

![](images/2_4.jpg)

DANIEL S. JAFFEE
President & Chief Executive Officer

![](images/2_5.jpg)
# To our shareholders

_Source: `DeepSeekOCR_Ardian_pruned_1k/basic-materials-specialty-chemicals/NYSE_SCL_2017/NYSE_SCL_2017.mmd` · pages 4-10_

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To our shareholders, we are committed to delivering value to you. We are confident that our path to further increased shareholder value will stem from our ability to work in collaboration with our customers and enable them to be successful in their markets. We will help our polyol customers deliver greater energy conservation solutions to the market. We will offer technologies that allow customers to reduce their environmental footprint in end markets.

## DIVIDENDS PER COMMON SHARE
(dollars)

![](images/4_0.jpg)

ranging from consumer products and crop protection to fracking for oilfields. We also will assist our customers and deliver value to our shareholders by introducing new innovative and diversified products, entering into new markets, expanding geographically, delivering cost-out and internal efficiency with our DRIVE program and improving asset utilization.

As always, we appreciate your support.

![](images/4_1.jpg)

![](images/4_2.jpg)

F. Quinn Stepan, Jr.
Chairman, President and CEO
# Dear shareholders

_Source: `DeepSeekOCR_Ardian_pruned_1k/consumer-cyclical-auto-parts/LSE_ABDP.L_2019/LSE_ABDP.L_2019.mmd` · pages 35-41_

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Dear shareholders

On behalf of the Board, I am pleased to present AB Dynamics plc's Corporate Governance Report for the year ended 31 August 2019. This report seeks to provide shareholders and stakeholders with a clear understanding of how we discharge our governance duties and apply the principles of good governance set down in the QCA Code ('the Code').

The Board is fully supportive of the principles laid down in the Code and continues to review its systems, policies and procedures that support the Group's sustainability and governance practices.

We acknowledge that good governance is fundamental to the success of the Group and it is woven into the strategy and decision-making processes throughout the business. The tone from the top is cascaded from the Board to the Executive Team and out to the business. The composition of the Board is routinely assessed to ensure that we have a diverse balance of skills, experience and knowledge required to achieve our strategic goals. The Board embraces widening diversity in terms of background, ethnicity, age, experience, gender and perspective; however, appointments are made on merit.
Under the articles, one third of the Directors are required to retire from office by rotation each year.

As stated in the Chairman's Statement, Bryan Smart wishes to retire at the AGM in January 2020 and I would like to thank Bryan for his contribution to the corporate governance of the Company over the years since our flotation.

We remain cognisant of the strong relationship between ethics and governance and the role the Board plays in demonstrating ethical leadership. Further information on ethics is contained in our Sustainability Report on pages 26 to 29.

Our Corporate Governance Report is set out on pages 35 to 47, and incorporates the Audit and Risk Committee Report on pages 40 to 41, the Nomination Committee Report on pages 42 to 43 and the Remuneration Committee Report on pages 44 to 47.

Whilst the Group has functioned for the past few years without in-house specialist company secretarial skills, I am pleased to report that an experienced and dedicated Group Company Secretary was appointed on 1 July 2019 and I look forward to working with her to take AB Dynamics' corporate governance standards to a higher level during the next 12–18 months.

Anthony Best
Chairman
26 November 2019
# Dear shareholders

_Source: `DeepSeekOCR_Ardian_pruned_1k/consumer-cyclical-auto-parts/LSE_ABDP.L_2020/LSE_ABDP.L_2020.mmd` · pages 51-57_

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Dear shareholders

I am pleased to present AB Dynamics plc's Corporate Governance Report for the year ended 31 August 2020. The Directors recognise the importance of good corporate governance and can confirm that we have continued to apply the Quoted Companies Alliance Corporate Governance Code (the "QCA Code"). The Board is fully supportive of the principles laid down in the Code and continues to review and improve the systems, policies and procedures that support the Group's sustainability and governance practices.

We recognise that good governance is fundamental to the success of the Group and these principles are the foundation of our strategy and decision-making processes throughout the business. Whilst appointments continue to be made on merit, this year the Board has actively widened its diversity in terms of background, age, experience, gender and perspective by appointing three new Directors: Dick Elsy as a Non-Executive Director and Chair of the Remuneration Committee and two new female Directors, Sarah Matthews-DeMers as Chief Financial Officer and Louise Evans as a Non-Executive Director and Chair of the Audit and Risk Committee. The Group's attitude to good governance and the tenor of its implementation starts with the Company's
Board and is cascaded to the Executive Team and through to the business units. It is important to the Board that we lead by example, and I am very pleased with the progress and improvements the Group has made in this financial year.

For further and more detailed explanations of how the Group applies the principles of good governance enshrined in the QCA Code please refer to the following sections of this Annual Report:

• Our Strategy pages 18–19 (Principle 1)

• Statement of Corporate Governance pages 51–57 (Principles 2, 3 and 5–10)

• Sustainability pages 31–42 (Principle 3)

• Risk Management pages 43–47 (Principle 4)

Further information on the Company's compliance with the QCA Code can be found on the Group's website, www.abdplc.com, on the AIM Rule 26 page.

The Board is committed to pursuing and maintaining very high standards of corporate governance and promoting ethical and sustainable values and behaviours consistently across the Group's businesses. This report along with the sections detailed above aim to provide you with not only clear and meaningful explanations of how the Board and its Committees have discharged their governance duties but also how the Group actively promotes open and transparent discussions and welcomes constructive challenge in every aspect of the business.

Anthony Best
Non-Executive Chairman
25 November 2020
# Chief Executive Officer's review

_Source: `DeepSeekOCR_Ardian_pruned_1k/consumer-cyclical-auto-parts/LSE_ABDP.L_2021/LSE_ABDP.L_2021.mmd` · pages 21-27_

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Chief Executive Officer's review

# Building key drivers
for market growth

![](images/21_0.jpg)

Dr James Routh, Chief Executive Officer