ANNUAL REPORT 2023

Report of the Report of the

About IMC Management Board Supervisory Board People & culture IMC Investments Risk management Corporate ­governance

CONTENTS

4 At a glance
5 Key figures 2023
6 Our global presence
7 Highlights 2023
8 How IMC adds value

11 Report of the Management Board

16 Report of the Supervisory Board
18 People & culture
21 Supporting the Sustainable Development Goals
25 Giving back
29 IMC Investments

30 Risk management
35 Corporate governance
36 Remuneration
38 Composition of the Management Board
39 Composition of the Supervisory Board

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Adit, Trader, Mumbai

“
The culture at IMC makes
every day enjoyable
Working at IMC in Mumbai since 2022 has been an
exhilarating journey. I was involved in shaping the
new office space from ideation to execution. Building
an office together with my colleagues offered us the
opportunity to define the atmosphere we aspired to
from scratch – we aimed to amalgamate the best
practices from IMC's other locations while infusing
our own local flavor.

Moreover, witnessing the Indian market's rapid growth and

evolution into a global hub for algorithmic trading is incredibly
exciting. IMC's commitment to establishing a presence in India
demonstrates its confidence in the market's potential and
provides us with a strong foundation for success.

Beyond the professional aspect, the culture at IMC,

characterized by collaboration and camaraderie, makes every
day enjoyable. IMC's culture sets it apart from competitors
and makes it an appealing place to work, particularly in the
burgeoning algorithmic trading market in India.

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AT A GLANCE
IMC is a leading global market maker with more than three decades’
experience, and offices in Europe, the United States, and Asia-Pacific.
Our core business is to provide liquidity in financial instruments.
In doing so we aim to make markets efficient and add value to all
market participants.

IMC engages in trading activities on its own account and fully complies with regulatory
requirements set by (supra-)national authorities.

Global presence
Founded in 1989, we were one of the first trading houses to recognize the importance
of technology in the fast-evolving financial markets environment. By the early 2000s,
IMC was already using algorithmic strategies and technology to buy and sell securities
across multiple trading venues. And with our commitment to continuous innovation,
our business has continued to grow ever since.

Today, IMC has a truly global presence, providing liquidity to all major financial markets.
While cutting-edge technology is at the heart of what we do, our people will always be
our greatest assets. IMC employs more than 1,500 talented individuals across offices in
Chicago, Amsterdam, Sydney, Mumbai, Zug, Seoul, London, New York, and Hong Kong.

IMC is here to stay

As we like to say: IMC is here to stay. By continuously investing in our people, trading
capabilities, technology, and risk management, while simultaneously fostering our
unique culture, we believe we can drive our business toward an exciting, successful,
and sustainable future.

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KEY FIGURES 2023

LONDON AMSTERDAM
CHICAGO ZUG
SEOUL
NEW YORK

HONG KONG
MUMBAI

34 9 1,500+
years of offices employees
trading worldwide

SYDNEY
KEY RESULTS (€ million) Net revenue Net profit Trading capital Shareholder equity Effective taxrate

1,264 288 1,557 1,273 23.7%

2022 1,562 2022 506 2022 1,658 2022 1,141 2022 19.1%*
* 22% excluding a one-off deferral tax asset revaluation

KEY TRADING NUMBERS Transactions

Trading venues per day (average) Crypto exchanges

90+ 10M 10

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OUR GLOBAL PRESENCE

New York

Employees
10+
AMSTERDAM

CHICAGO

SYDNEY

MUMBAI
Zug

Employees
25+

Hong Kong
Amsterdam Chicago Sydney Mumbai
Employees
Employees Employees Employees Employees 5+
450+ 600+ 300+ 50+

History History History History

Amsterdam is where IMC opened the Chicago In 2002, IMC opened an IMC opened the Mumbai Seoul
IMC started. Founded by office in 2000. IMC office in Sydney to cover office in 2021. This
two traders in 1989, IMC Chicago has now grown Asia Pacific trading. Now relatively new office has Employees
Amsterdam has now grown to over 600 employees with over 300 employees, been experiencing rapid 15+
to over 450 employees and occupies three floors IMC occupies two floors in growth, focusing on India's
and is located in an iconic of the Willis Tower in the the recently fully renovated burgeoning financial
building at the edge of Chicago Loop. QQT building in the Sydney markets.
Amsterdam's Zuidas Circular Quay district. London
business district.
Employees
15+

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HIGHLIGHTS 2023 Annual Trading & Gaming

for Charity Day raises
$6 million for Room
to Read

IMC board publishes Launch of IMC’s Prosperity IMC acquires Cardinal

6 commitments to Trading Challenge, designed Capital Management,
building a diverse and to offer STEM students expanding our presence Opening of new
inclusive workforce valuable insight into world on the CBOE London office
of algorithmic trading

February March April June July September December

Management Board
approves the IMC
Net Zero Roadmap to
be Net Zero by 2040

CO2 residual emissions Engagement Survey IMC completes

from 2022 offset results: 96% of acquisition of
through purchases of employees rate IMC technology and
carbon removal and as “a great place to data-driven trading
carbon avoidance work” firm Altas Technologies
credits. Work starts
on the IMC Net Zero
Roadmap

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HOW IMC ADDS VALUE

Financial markets are essential to the global economy, but they require
the continuous provision of liquidity to operate safely and efficiently.
As an established market maker, acting as a bridge between buyers and
sellers in the market by offering meaningful liquidity across thousands
of products, IMC delivers real, measurable benefits to investors by
facilitating the transfer of risk.

We provide continuous liquidity at competitive prices under all circumstances. This helps
keep markets stable and efficient, while ensuring they remain accessible and affordable
for all participants, from small retail investors to large financial institutions. This is
especially important in highly volatile periods when markets typically experience
limited liquidity.

Active role in the industry

Our essential contribution to financial markets is recognized by regulators and
governments worldwide, and through our contractual obligations with multiple
exchanges. IMC plays an active role as a discussion partner to regulators and exchanges
internationally, to ensure that financial markets operate fairly and transparently.

As a leader in the field, we assist in educating about the importance of market makers
and liquidity providers for well-functioning financial markets. We support and play an
active role in industry alliances, such as the (Dutch) Association of Proprietary Traders
(APT), the FIA European Principal Traders Association (EPTA), the FIA Principal Traders
Group (FIA PTG), and the Listed Options Market Structure Working Group (LOMSWG).

Together with these organizations, we ensure fair and orderly markets and create
a level playing field for all stakeholders and participants.

01
OUR VALUES

Creating a good opportunity

and daring to make the most of it

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HOW IMC CREATES VALUE

INPUT > ADDED VALUE > OUTPUT > IMPACT

Financial capital Financial Markets Stronger, more

• Trading capital
isk <•> Lea
din
• More efficient and liquid markets resilient economy
• Shareholder equity fr g • Lower trading costs
ro g
• Higher execution quality Quality employment
st

tc e

lo
f
Human and intellectual capital • Fairer, more orderly and opportunities

at low ans

b
o

al
• Our employees transparent

tr

ma
es
Facilitating
• Trading and technical knowledge Innovation

rket maker
• Training and development IMC is here Employees
• Technical innovations • Highly skilled workforce Fairer, sustainable,
• IMC values to stay • Highly engaged employees and more livable world
• Safe work environment for all through support of

<•>
<•>
Social and relational capital UN SDGs
C
• Regulators on h Financial
ot

e
ti
• Trading venues glo nuous liquidity t ts • Profitability
ba l ke
• Suppliers financial mar • Growth
• Counterparties
• Shareholders Society
• Fair taxes paid
Technology and infrastructure • Societal commitment:
>

• Internally developed software giving back

and hardware systems • Supporting UN Sustainable
• Networks and connectivity Governance Development Goals
• Servers and core infrastructure
R is k nt
manageme Natural
Natural • CO2 footprint
• Power usage • CO2 offset through audited
• Raw materials carbon credits

Climate-neutral

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Christine, Managing Director, Chicago

“
Throughout my career at IMC,
the culture has encouraged
and enabled fast feedback,
ownership, and collaboration
When I joined in 2010, IMC stood out as a place where
brilliant people were solving some of the hardest
problems in our industry with a level of urgency
reflecting IMC’s desire to be the best in the business.
Uniquely, IMC was clearly doing this with a level of
collaboration and mentorship that enabled teams
to achieve levels of success beyond what individuals
could accomplish alone.

These trends continue to this day, where IMC teams lead the
industry on many fronts. For example, in 2023 we incorporated
machine learning techniques into our tech stack, and now
have the foundational components to adapt our strategies
at pace with this ever-evolving technology. We also upheld
our commitment to providing liquidity in all markets to all
market participants with the acquisition of Cardinal Capital
Management, expanding our floor presence in the US. And,
speaking of floors, we increased our square footage by 50%
with the opening of the 41st floor in the Willis Tower.

It was an exciting year for me too, as I took on the role of

Managing Director. Throughout my career at IMC, the culture
has encouraged and enabled fast feedback, ownership, and
collaboration, and I look forward to growing the business
in 2024 and beyond with this philosophy at our core.

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REPORT OF THE
MANAGEMENT BOARD
In 2023, IMC continued to make progress toward its long-term goals.
Across our offices, we took important steps to grow and diversify our
business, but also to become a more sustainable company that has
a positive impact on society.

Progress in a year of change

It was a unique year for the global economy. Inflation remained high across much of
the developed world, and aggressive interest rate hikes led to a varied interest rate
environment across many of the major economies. “India and the US
options market
Against this backdrop, IMC performed relatively well by recent historical standards, were notable
although volatility and trading volumes did not reach the exceptional levels witnessed outperformers”
in 2021 and 2022. India and the US options market were notable outperformers. Both
continued to experience high trading activity in line with 2022, though the impact of tight Johan Benning,
spreads and intense competition constrained market maker profit margins. CFO, Amsterdam

In a more challenging trading environment marked by lower volatility and trading

volumes, we realized net trading revenues of €1,264 million for the 2023 financial year,
a decrease of 19% versus 2022. Despite the lower net trading revenues, we continued to
make strategic investments in our business, primarily through significant growth in our
organization and the development of new trading capabilities, as well as investments
in innovative technology. Lower net trading income led to lower variable remuneration.
Overall, expenses in 2023 decreased to €874 million, a 4% reduction compared to 2022.

02
OUR VALUES

Making things happen today – and making

them better tomorrow

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Net profits attributable to shareholders totaled €288 million. IMC maintained its strong
financial position at the end of 2023, with total equity of €1,273 million, compared with
€1,141 million the previous year. We also maintained our conservative capital structure

03
OUR VALUES
going into 2024, putting us in a strong position to meet future market and regulatory
challenges.
Recognizing the best ideas
Growing our global business
During the year, we took further steps to grow and diversify across geographies and regardless of hierarchy
asset classes. Amid a booming Indian economy, we grew our Mumbai office from 20
to 54 employees, with our local headcount expected to exceed 80 by the end of 2024.
We are also expanding our London office, which is an important stepping stone for our
long-term expansion into new asset classes such as currencies and commodities.

We also further grew our Direct Counterparty (DCP) business by expanding our tax residence in the Netherlands will remain unchanged. As such, the updated holding
institutional trading activities and counterparty network across all IMC’s regions. structure has no corporate income tax implications. IMC's regulated entities are also
With these key investments, we have again significantly broadened our offering and unaffected and will continue to be subject to supervision by their respective regulators,
enhanced our access to flow. who have been notified of the changes in corporate structure. Going forward, we will
continue to file the annual accounts and annual report of the Group in accordance with
In addition to organic growth, IMC continues to expand its reach and offerings through Title 9 of Book 2 of the Dutch Civil Code (due to the status of IMC Global Holdings LLC
strategic acquisitions. In July 2023, we acquired Altas Technologies, a Netherlands- as a “formeel buitenlandse vennootschap”).
based developer of automated systems to predict and trade on financial markets.
The acquisition underpins our investments in large-scale data and machine-learning In its second year of operation, IMC Investments has solidified its presence as a prominent
technologies. We will further grow Altas by combining the team's technological player in the industry, attracting attention from companies seeking investment. This
capabilities with our execution and scaling capabilities. heightened interest is evidenced by the influx of business plans landing on our desks and
the multitude of discussions we’ve engaged in with various parties throughout the year.
In September, we finalized an agreement to purchase Chicago-based Cardinal Capital Our venture capital platform remains steadfast in its pursuit of new opportunities. During
Management, a proprietary trading firm with a strong track record in US equity index the year, we took steps to further develop our trading ecosystem by connecting start-ups
options. Cardinal, which has been renamed IMC Securities, also allows us to expand our and scale-ups with our expertise and financial support. Through strategic acquisitions in
presence on the Chicago Board Options Exchange (CBOE) floor. new trading capabilities and/or innovative technologies, we believe we can fast-track our
growth ambitions.
In December, we announced an update to our corporate holding company structure to
enable us to operate on a more legal and regulatory level playing field with our peers, As we expand our business and global presence, preserving and nurturing our unique
who are mainly US-based. As of January 1, 2024, US-based IMC Global Holdings LLC IMC culture is more important than ever. In 2023, we continued to pay close attention to
is the new top holding company of the IMC Group. IMC will maintain its two-tier board employee engagement and communication. Our annual employee survey suggests that
governance structure with a Management Board and a Supervisory Board. By retaining we’re doing a lot of things right: 96% of colleagues rated IMC as a great place to work,
its substantial presence and headquarter functions in Amsterdam, the Group's corporate while the statement “IMC has a great culture” received a favorability score of 90%.

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Investing in our core competencies

Over the years, IMC has developed an edge in pricing and execution. We are also making
large investments in alpha generation. Continuous development of each of these areas,
combined with our strong risk management culture, ensures that IMC remained
“here to stay”.

In 2023, we continued to invest in these areas and took steps to enhance trade execution
with a focus on improving our exchange connectivity. As part of this approach, we
updated our execution infrastructure, invested in our software stack and hardware,
and continued to explore innovative connectivity technologies.

We also stepped up our capabilities in data-driven research for valuation to create

alpha. Rapid technological developments in large-scale computing, combined with
the advancements in artificial intelligence and machine learning technologies, create
opportunities to trade more systematically and intelligently. The Altas Technologies
acquisition underpins the importance of developing these research capabilities across
a range of asset classes and instruments.

Regulatory affairs
IMC is committed to fair, equitable, and transparent markets, with low barriers to entry
and clear rules of the road, and we actively seek meaningful opportunities to inform
and consult on proposed enhancements. During the year, IMC actively participated in
discussions with industry associations, exchanges, regulators, clearing firms, and external
service providers regarding emerging regulatory developments so as to contribute to the
discussion, assess any impact to the markets and IMC, and proactively prepare for new
requirements.

Our investments in people and technology are also critically impactful to our regulatory
compliance efforts. Meanwhile, risk management approach continues to be based
on rigorous oversight of our systems, software, and processes, providing a strong
foundation for introducing new trading strategies and exploring new opportunities in
our markets. In addition, the regulatory landscape in 2023 featured a range of proposed
market structure changes across regions, regarding a wide array of asset classes and
topics, including several US-based proposals covering order disclosure transparency,
market access fees, and tick sizes, as well as rules governing the listing and trading of
Bitcoin ETFs, in addition to the European-based Markets in Crypto-Assets Regulation
(MiCA).

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Despite the redomiciliation of our top holding to the US, we continue to be highly 35 years and counting
engaged in discussions relating to the European regulatory framework for investment 2024 will mark 35 years of IMC. As we embark on the next stages of our growth journey,
firms (IFD/IFR), which was introduced in 2019. The upcoming review of the our ambition and entrepreneurial spirit are stronger than ever. Going forward, we remain
EU Investment Firms Regulation and Investment Firms Directive presents a valuable committed to expanding our capabilities as a market maker by diversifying our business
opportunity for European policymakers to fulfill the initial objective of establishing and expanding into new asset classes. Across our portfolio of strategies, we will continue
a genuinely tailored regulatory framework for investment firms. We believe that this to optimize our resources and infrastructure to enhance our market making function
framework should be proportionate to the unique characteristics of each investment with a focus on providing the best possible liquidity to the markets.
firm, considering factors such as nature, size, complexity, and inherent risk to improve
liquidity provision in the European capital markets. Also, the establishment of a genuine As always, we owe our continued progress and many achievements during the year to
European Capital Markets Union (CMU) is pivotal to creating a European marketplace our talented employees. We would like to thank our colleagues around the world for their
that is well-integrated, transparent, and efficient, maintaining liquidity across various efforts and important contributions to IMC and its stakeholders.
market conditions that can effectively cater to the requirements of all participants.
A final word of thanks to our former colleagues Brian Hitchcock (COO) and Arno de
A clear roadmap for sustainability Quaasteniet (CTO). We thank them for their invaluable contributions to IMC over many
In 2023, we made important progress with our sustainability ambitions, supporting our years. Jan Willem Kohne, former MD of our Europe business, has taken over the role of
strategic commitment to making a positive impact on the world. At the end of the year, COO. A warm welcome to him and all other new IMC colleagues who joined us in 2023.
we launched our Roadmap to Net Zero. Developed in line with the goals of the Paris
Agreement, the roadmap outlines the steps we’re taking as a company to achieve net Amsterdam, March 14, 2024
zero by 2040, a full ten years ahead of our original 2050 target. Our approach includes
increasing the removal of our aviation emissions through the purchase of sustainable Management Board
aviation fuel (SAF) to 100% by 2040, as well as achieving 100% permanent removal of Rob Defares, CEO and Chairman
remaining greenhouse gas emissions through CO2 removal certificates (CORCs) by 2030. Johan Benning, CFO
Jan Willem Kohne, COO
The roadmap was developed in accordance with the Science Based Targets initiative Michiel Knoers, Chief Trading Officer
(SBTi). The next step is to submit our emissions-reduction targets for official validation,
with a view to receiving SBTi certification.

Alongside our growing environmental commitments, IMC continues to give back to

society in other ways, including through our work with local and international charities.
In 2023, we renewed our partnership with the extraordinary literacy charity Room to
Read for a further five years, while colleagues across our offices once again volunteered
their time and energy to a wide range of causes in their local communities.

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ACQUISITION OF
ALTAS TECHNOLOGIES
In July 2023, IMC acquired Altas Technologies, an innovative technology
and data-driven trading firm based in Rotterdam, the Netherlands.

From the start, the Altas team has built a strong reputation for designing and building
cutting-edge systems – ranging from a high-performance trading platform to large-
scale data analytics and computing infrastructure. The three co-founders, who met while
working in quantitative roles at Robeco, saw an opportunity to conduct portfolio-level
trading in inefficient markets. From here, they activated a compelling strategy, focused
on trading in crypto markets.

A natural fit
Despite their early success in the crypto space, the co-founders had longer-term
ambitions to scale up into equities. IMC’s capital base, coupled with world-class IMC’s capital base,
execution capabilities, felt like the perfect combination for both sides. Partnering with coupled with world-
IMC will also enable Altas to operate in more markets at a lower cost, and to focus on class execution
expanding its capabilities into new markets. capabilities, felt
like the perfect
Altas and IMC are also an excellent cultural fit for each other: both are talent-driven combination for
organizations with a collaborative culture focused on knowledge-sharing and recognizing both sides
the best ideas regardless of hierarchy.

Creating momentum together

Since completing the acquisition, IMC has been supporting Altas in running and
expanding its strategy in the crypto space, while also enabling the team’s push into
equities markets. This includes providing the team with sufficient data to test new
trading strategies. Meanwhile, the acquisition accelerates IMC’s investments in
large-scale data, machine learning, and AI – driving our long-term growth as a leading
market maker.

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REPORT OF THE
SUPERVISORY BOARD
It’s the Supervisory Board’s statutory responsibility to supervise the
Management Board and may also provide it with counsel. In accordance
with the meeting schedule, the Supervisory Board had six meetings with
the Management Board in 2023. Five of these meetings were held at the
Company’s offices in Amsterdam, with one held in the Company’s office
in Chicago. All members of both Boards attended all meetings.

The Supervisory Board addressed a variety of topics in their contact with the
Management Board. These included but were not limited to (the execution of) the “IMC’s success is
company’s strategic plan, the company’s financial performance and trading strategies, driven by its people
the company’s risk profile and compliance, its risk and control framework, information and its culture”
security and business continuity, human resources (in particular, succession planning and
remuneration), sustainability efforts and key regulatory developments in the markets David Cole, Chairman
that IMC is active in.

Throughout the year, the Supervisory Board also had several discussions with the
Management Board regarding the growing business in India, the acquisitions of Cardinal
Capital Management and Altas Technologies, and the developments of IMC’s valuation
capabilities. Further, there was regular engagement with the Management Board about
the update of IMC’s corporate holding structure and the implications for the Group’s
governance framework.

04
OUR VALUES

Taking ­responsibility for others

as well as ourselves

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Assurance Committee
All members of the Supervisory Board are members of the Assurance Committee, which
meets with the internal and external auditors, Finance & Control, Risk & Compliance,
and Group Legal. David Cole is Chairman of the Assurance Committee. The Assurance
Committee met five times in 2023.

The Assurance Committee’s focus is on the control functions of the IMC organization
and the adequate functioning of the second and third lines of defense (“checks and
balances”). It holds regular meetings with executives, during which it maintains a vigilant
stance toward developments that may impact IMC. Additionally, the Committee is
dedicated to fostering effective dialogues and cultivating strong relationships with
regulatory bodies critical to IMC’s operations. Standard items on the agenda of the
Assurance Committee meetings include financial developments, regulatory capital
requirements, and reporting to the Dutch Central Bank, as well as the reports issued
by the external auditors. Additionally, the annual internal audit plan, findings and
recommendations of internal audits, risk and compliance reports, the annual global risk
control self-assessment and internal capital and liquidity adequacy assessment process,
as well as legal and regulatory topics, are discussed in the Assurance Committee.

Expression of thanks
The Supervisory Board would like to acknowledge the great dedication and ongoing
commitment of IMC’s employees around the world, as well as the leadership of its
Management Board. We would especially like to thank Brian Hitchcock and Arno
de Quaasteniet, who stepped down from the Management Board in 2023, for their
contributions to IMC over the years. The Supervisory Board proposes to the shareholders
to adopt the 2023 financial accounts and the dividend proposal.

Amsterdam, March 14, 2024

Supervisory Board
David Cole, Chairman
Annelies van der Pauw

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PEOPLE & CULTURE

Our people are the vibrant core of our organization, consistently steering
our success over the years. After three decades of growth, it’s gratifying
to witness an expanding presence of IMC colleagues in diverse roles and
locations, marking an unprecedented reach.

As we chart further expansion, we commit to preserving the distinctive IMC culture,

embracing enduring traditions of openness, collaboration, and trust. We actively foster
knowledge-sharing and mutual learning to fortify these values.

Safeguarding the IMC culture

In our 2023 company-wide engagement survey, the affirmation “IMC has a great
culture” garnered a 90% favorability score, while “IMC is a great place to work” received
96%. Sustaining this culture remains a priority. Despite global variations in business
activities, IMC employees worldwide, whether traders, engineers, or business support
teams, operate with one goal: developing the same world-class systems, processes, and
technologies. We like to emphasize that, there is only one IMC: #oneteam.

Our commitment to a flat, non-hierarchical culture transcends all offices, offering new
joiners early responsibility and the opportunity to showcase their capabilities. Supported
by a robust risk management framework, employees enjoy the freedom to learn from
mistakes while exploring innovative trading strategies and technologies.

05
OUR VALUES

Anticipating change
and ­continuously ­innovating

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Championing diversity
With a rich tapestry of 68 nationalities across four continents, IMC cultivates PEOPLE Headcount New starters Interns
a diverse, international environment that allows individuals from varied backgrounds to
flourish. Our dedication to fostering diversity and inclusivity encompasses employment
and development opportunities for individuals of all backgrounds, nationalities, and walks 1,500+ 420+ 250+
of life. We firmly believe that diversity of thought fuels creativity, enhances decision-
making, and sparks innovation.
Global
In 2023, we intensified efforts to embed diversity, equity, and inclusion (DEI) across our traineeship cycles Nationalities
global teams and offices. The Management Board published a series of commitments to
creating a diverse and inclusive workforce. Simultaneously, initiatives were launched to
encourage under-represented groups to secure roles in trading and technology, such as 2 68
insight programs facilitating women’s participation in our industry.

To bolster a welcoming and inclusive culture, our offices continued to provide inclusive Male/Female/Non-binary
culture training for all employees. DEI awareness is ingrained in IMC’s onboarding
process, ensuring that new hires grasp the fundamental DEI values of IMC.
83.2%/16.7%/0.1%
Nurturing talent
Now in its 16th year, IMC’s Global Traineeship program aims to equip our people for long-
term success. Beginning with a core program for all traders and developers, employees 2023 GLOBAL ENGAGEMENT Participation “IMC is a great “IMC has a great
then delve into specialized training – the Trading School for graduate traders and three SURVEY RESULTS rate place to work” culture”
distinct Tech Schools for new developers and engineers. Beyond skill acquisition, this
program facilitates connections among new joiners from different offices and teams,
laying the foundation for future IMC careers. Simultaneously, we offer a diverse array 84% 96% 90%
of training and development opportunities alongside a vibrant program of social and favorability score favorability score
cultural activities for all IMC employees.

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Michael, Trader, Chicago

“
Being involved in the
design phase of a trading
strategy is thrilling
I joined IMC in 2019, attracted by how technology and
data-driven IMC was and the opportunity to engage
in problem-solving, which I've always enjoyed. What
stands out to me is IMC's intentional efforts to place
people where their strengths lie and its willingness
to accommodate new ideas. For example, when
I expressed an interest in a different project, I was
able to divide my time between two teams before
fully transitioning.

One of the most enjoyable aspects of my experience at IMC

has been the opportunity to collaborate closely with colleagues
across different disciplines. Being involved in the design phase
of a trading strategy, and seeing it through from inception
to execution, is thrilling. The small team culture fosters open
communication and innovation, while IMC’s support for
personal and professional growth has been instrumental
in my development.

Overall, the collaborative environment and opportunities for

hands-on involvement make IMC an exceptional place to work.

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SUPPORTING THE SUSTAINABLE

DEVELOPMENT GOALS
At IMC, we believe success is about more than just making profit; it’s also about having a positive impact
on society and the world around us. We have adopted the UN Sustainable Development Goals (SDGs),
building on our existing environmental, social, and governance (ESG) foundation at IMC, to help us take
more ambitious steps toward creating a fairer and more sustainable world.

The SDGs provide a common framework against which we can measure our impact. We've identified the seven goals
that align most closely with our company mission and where we believe we can make the most meaningful contribution.

IMC FOCUS AREAS GOALS SDGS IMC ACTIONS

Decent work and - Create economic value in society - Continuous investment in our business,
economic Growth - Provide decent work for all, regardless of innovations, and people
for All background - Providing extensive training opportunities
- Creating a diverse and inclusive working for IMC employees
environment - Ensuring a safe, inclusive working environment
- Operating responsibly and fairly in the market for everyone, regardless of background
- Fair taxation policy
- Public commitments to diversity, equity,
and inclusion
- Committed to increasing the number
of under-represented groups within IMC
to align with available talent pools
- Enhancing recruitment processes to support
under-represented groups

Gender equality - Encourage more women into trading and tech - Sponsorship of women-focused recruitment
- While SDG 8 deals with all facets of diversity events
and inclusion, the focus here is on gender - Women-only information sessions
diversity - Women-only talent programs for trading and
technology
- Ensuring a safe, inclusive working environment
for everyone
- Committed to increasing the number of women
within IMC to align with available talent pools
- Public commitments to diversity, equity, and
inclusion

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SUPPORTING THE SUSTAINABLE

DEVELOPMENT GOALS
Affordable and clean - Committed to transitioning to green energy - Net Zero Roadmap to 2040, developed
energy - Reduce energy consumption where possible in line with SBTi principles
Climate Action - Being a carbon net-zero company by 2050 - Transitioned offices to green energy
- Working with data center providers to transition
to renewable energy
- Calculate and offset carbon footprint
on yearly basis
- Purchase of high-quality carbon credits including
carbon removal credits, in line with the Oxford
Offsetting Principles
- Commitment to reducing business travel and
offsetting travel through sustainable aviation
fuel (SAF) purchases
- Include sustainability as a requirement in our
procurement processes
- Sustainable food and drink options in all offices

Responsible - Reduction and elimination of single-use - Working with suppliers to recycle end-of-life
consumption and plastics servers, office equipment
production - Reduction of office waste - Sustainable food and drink options in all offices
- Recycling end-of-life equipment - Eradication of single-use plastics in all offices,
where possible
- Catering in offices to reduce take-out packaging
waste
- Reduction of plastic bottle waste
- Monitoring and reduction of office waste
- Monitoring and reduction of food waste

Quality education - Ensure inclusive and equitable quality - Support initiatives focused on quality education
education and promote lifelong learning through our charitable foundations
opportunities for all - Supporting IMC Weekend School since 1998
- Approximately 70% of our charitable foundation
efforts are now supporting organizations with
a focus on SDG 4
- Room to Read donation of $6 million in 2023

Partnerships - Work with our stakeholders (suppliers, trading - Working with key suppliers on recycling of servers
venues, etc) to make progress toward UN and equipment
SDGs - Selecting sustainable vendors for equipment
and food and drink
- Active engagement with trade bodies such
as FIA EPTA to further sustainable finance goals

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Sustainable Development Goal 7 - Affordable and clean energy

IMC’s energy reduction and carbon offsetting efforts align with Goal 7 of ESTIMATED CO2 TO OFFSET Data centers (including Offices (including
the UN SDGs. They also support our transition to renewable energy and our CO2 in metric tons AWS, Blockchain) water, heating)
broader commitment to being a carbon-net-zero company. A sizeable portion of our CO2
emissions relate to the day-to-day running of our offices. We’re therefore committed to
using less energy wherever possible, and transitioning to green energy where it’s not. 2,553 170
2022*: 5,218 2022*: 185
The electricity used by our data centers also contributes significantly to IMC’s carbon
footprint, and we’re working with our various data center partners to support their own
transitions to renewable electricity. Where green energy is not directly delivered to a data Equipment (servers Travel (including
center in use by IMC, we purchase Energy Attributable Certificates (EACs) within the and office equipment) commutes)
same electricity supply chain to cover the energy used.

IMC’s Roadmap to Net Zero 1,739 8,975

In 2023, IMC developed a detailed Net Zero plan with the support of sustainability 2022*: 3,150 2022*: 7,186
consultancy, GoSuperCritical. This was created according to Science Based Target
initiative (SBTi) standards and modeled on an intensity ratio (CO2 emissions per unit
of revenue). At a minimum, to reach net zero, IMC needed to show a baseline reduction Scope 3 (other) Total
in the intensity ratio of 50% by 2030 and 90% by 2050 (net zero).

To establish a baseline, we recalculated our 2022 carbon footprint. The recalculation 9,381 22,818
showed a significant increase in CO2 from our previous calculations, due to the inclusion 2022*: 8,872 2022*: 24,611
of office refurbishments, food and drink, well-to-tank emissions, and third-party
(scope 3) suppliers in our calculations. This total baseline footprint was calculated as
24,600 tCO2, of which scope 2 emissions accounted for 16% of the total and scope 3 * numbers restated from original 2022 report.
emissions accounted for 84%.

Scope 2 emissions are predominantly caused by the power used in our offices and the
data centers where we host our equipment. To reach net zero, IMC commits to powering
all offices with 100% green energy and reducing the use of non-green energy in data
centers by 95%. Both goals were achieved in 2023.

A significant portion of our scope 3 emissions comes from travel. IMC commits to both With these reductions, the Net Zero plan commits IMC to being net zero by 2040.
reducing the intensity of travel by 15% and purchasing sustainable aviation fuel to fully In 2024, we will begin the process of certifying the plan with SBTi and we will start
cover all remaining emissions. Additional scope 3 reductions are achieved by taking into preparations to report according to the Corporate Sustainability Reporting Directive
account expected industry-wide reductions in certain emission categories and by making (CSRD), which will be mandatory for the Group from the 2025 financial year.
more sustainable food choices in our offices. IMC will also include sustainability in the
selection criteria for vendors, working with sustainable partners wherever possible.

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2023 footprint Sustainable Development Goal 8 – Decent work and economic

For 2023, IMC’s total footprint is calculated as 22,818 tCO2. Per employee, we generated growth for all
15.2 tCO2. Travel emissions were reduced by 20% through the purchase of sustainable At IMC, we’re committed to fostering a diverse and inclusive work
aviation fuel (SAF) from airlines and SAF suppliers within IMC’s value chain. To live up to environment, in line with Goal 8 of the UN SDGs. We aim to provide employment and
the commitment of a 95% reduction in the use of green energy in data centers, Energy development opportunities for people from all backgrounds, nationalities, and walks
Attributable Certificates (EACs) were purchased where green energy was not directly of life. We believe that diversity of thought leads to greater creativity, better decision-
available at certain data centers. making, and breakthrough innovation.

Investing in carbon removal innovations In 2023, we redoubled our efforts to embed diversity, equity, and inclusion across our
In addition to our Net Zero plan, IMC also commits to offsetting all residual CO2 global teams and offices. During the first quarter of the year, IMC’s Management Board
emissions. Offsetting involves purchasing carbon credits, which can be used to invest in published a series of commitments to creating a diverse and inclusive workforce.
environmental schemes around the world to compensate for emissions made elsewhere.
All our offsetting measures are conducted in accordance with the Oxford Offsetting Meanwhile, we took further steps to encourage under-represented groups to secure roles
Principles, which outline the key elements for credible, net zero-aligned offsetting. in trading and technology. Examples include insight programs run by IMC’s global offices
to enable women to discover more about our industry and IMC. Similarly, we continued
With these principles, an increasing proportion of the credits we purchase will go toward to collaborate with various organizations focused on supporting under-represented
CO2 removal certificates (CORCs), eventually accounting for 100% of the credits we groups to enter and succeed in STEM careers. IMC’s contributions include sponsorships,
purchase. All credits purchased through our partners are vigorously vetted and certified event participation, and hosting open information sessions.
by organizations such as the Gold Standard. The credits typically address multiple
SDGs, from helping to deliver emission reductions and other positive environmental Similarly, in 2023 we reviewed our recruitment processes around the world to remove
benefits, such as preventing deforestation, to contributing to the wellbeing and economic potential obstacles to minority and under-represented groups.
development of communities in developing regions. To offset our 2023 footprint, IMC
purchased 4,400 tCO2 of removal through biomass, carboncure mineralization, mangrove To further promote a welcoming and inclusive culture, our offices continued to provide
restoration, and reforestation projects, with the remainder offset through green energy inclusive culture training for all employees. DEI awareness is further supported by IMC’s
projects. onboarding process, during which new hires learn about the key DEI values of IMC.

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GIVING BACK
In 2023, IMC continued to give back to our local communities and partners,
while also supporting a wide range of worthy international causes around
the world.

Our total charitable contributions for the year exceeded €18 million, reaching more than
200 organizations worldwide. As always, IMC employees played a hands-on role in our
charitable giving and volunteer efforts, ensuring that we make a positive impact in
a way that reflects our company culture and values.
“In 2023, our
Making an impact through the IMC Foundations total charitable
Each year, 2% of IMC’s total profits are donated to the IMC Charitable Foundations, contributions
which provide critical support to nonprofit organizations and charitable programs exceeded €18 million,
around the world. Local grant-making is the largest segment of our foundation work. reaching more than
Grants are overseen by IMC’s local Foundations, which determine giving priorities in a 200 organizations
variety of ways, including developing a deep understanding of their local community worldwide”
needs and soliciting input from employee surveys.
Lisa Wiersma, Executive
The Chicago Foundation is locally-focused, with an emphasis on supporting young people Director IMC Chicago
in the city, as well as broader community issues such as food insecurity and gun violence Charitable Foundation,
prevention, which also impact youth. For example, IMC has partnered with the University Chicago
of Chicago's Urban Labs to fund a program called the Community Safety Leadership
Academy, which provides critical training around the use of technology to police leaders
and community violence intervention professionals in Chicago and across the US. We’re
also part of a consortium of funders piloting a new approach to help young Chicagoans
affected by gun violence access stable housing and meaningful employment.

06
OUR VALUES

Bringing together talented, diverse people

and ­giving them lots of r­ esponsibility

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Meanwhile, our Sydney Foundation supports a range of health-related initiatives with A focus on education
a focus on developing regions, including parts of Asia Pacific. Major recipients include While our Foundations and volunteer work support a wide range of worthy causes,
the Against Malaria Foundation – Australia, and the Fred Hollows Foundation, a Sydney- IMC is particularly passionate about helping young and vulnerable people reach their
based organization focused on the treatment and prevention of visual impairment and potential. Our commitment to supporting learning and development reflects the personal
blindness. In Mumbai, IMC supports the Auxilium Skills Academy, which promotes skills journeys of many IMC colleagues who’ve used their own educational opportunities as
development for marginalized and drop-out youth across India. a springboard to achieve amazing things in life.

Through our matching gift and employee-nominated grant programs, employees can This shared value is behind our long-standing partnership with the IMC Weekend School,
also nominate specific initiatives as beneficiaries from IMC’s Charitable Foundations, which celebrated its 25th anniversary in 2023. Based in the Netherlands, the initiative
with grants of up to €5,000 available. In 2023, more than €1.2 million was awarded to runs various programs to help children from disadvantaged backgrounds develop the
employee-selected causes. skills, knowledge, and confidence they need to succeed. We have also extended our
global partnership with Room to Read, a nonprofit organization that improves childhood
Volunteering for good causes literacy in Africa and other developing regions. In 2023, IMC employees worldwide raised
In addition to these important financial contributions, in 2023 IMC employees continued $6 million for the initiative during our annual Trading and Gaming for Charity Day,
to volunteer their time and energy via a wide range of activities. In Sydney, for example, matching the total raised in 2022 (see page 27 for more details on IMC’s partnership with
employees dressed up as their favorite superhero to raise more than AUD 150,000 for Room to Read).
a local children’s hospice, Bear Cottage, as part of the office’s annual “Superhero Day”.
Education is also at the heart of many of IMC’s local outreach and volunteer activities.
In our Amsterdam office, IMC employees offered up their time and culinary skills to In 2023, our Sydney office resumed its partnership with Schools Plus to provide local
the Stoelenproject, a local evening and night shelter. Those taking part volunteer students with hands-on experience in robotics. IMC also ran a volunteer-led teacher
one Saturday a month to shop for groceries and cook a healthy dinner for 50 people. training program to help educators build their STEM teaching skills. Meanwhile, in
Meanwhile, in Chicago, IMC employees participated in a networking experience led Chicago, a team of 14 IMC employees kicked off an eight-month fellowship with Code
by Embarc, an experiential learning initiative and one of the Chicago Charitable Nation, which helps high school students develop the skills, experiences, and connections
Foundation’s largest grantees. The IMC volunteers welcomed students from a Chicago to pursue careers in technology. Through this partnership, IMC Chicago volunteers teach
public high school to our office for guided conversations about life and careers. a weekly advanced coding class throughout the school year.

In many of our offices, our trading desks and other teams increasingly volunteer together.
In 2023, IMC’s Chicago office formalized this approach as “Care Crew”. The office also
organized large-scale volunteer opportunities for more than 100 interns and trainees
on projects across Chicago.

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IMC AND ROOM TO READ

A THRIVING PARTNERSHIP
In 2023, IMC agreed to a new five-year partnership with Room to Read,
a nonprofit organization dedicated to improving childhood literacy in
developing regions. Since 2016, IMC’s investments in Room to Read have
helped transform the lives of more than 2.3 million children in South Africa
and Tanzania.

Research shows that 70% of children in historically low- to middle-income communities

cannot read and comprehend simple text by age ten. A key reason is that schools and
communities often lack high-quality, culturally relevant early reading materials, including
books in local languages. Another recurring problem is the lack of adequate training for
educators in poorer regions.

Room to Read works closely with local schools and communities to address these
issues. The organization uses a three-pronged approach that includes developing child- IMC supports Room
friendly libraries, training teachers and other educators, and facilitating the creation to Read in one of
and distribution of quality local-language children’s books. This aligns closely with IMC’s its core objectives:
values – especially our belief that quality education holds the key to helping people to to end childhood
thrive. illiteracy in
developing regions
Our support includes donating the profits from our annual Trading and Gaming for Charity such as Africa
Day. With $6 million raised in 2023 alone, IMC’s contributions over the years have enabled
Room to Read’s literacy initiatives to expand into new regions of Tanzania and South
Africa, paving the way for lasting improvements in education systems. In 2023, we renewed
our partnership for an additional five years, with a commitment to donate at least
$6 million annually from 2024-2029. In the next phase of our growth together, we aim to
provide books and other resources for nearly 5.7 million new children in Africa by 2030.

In October 2023, a small group of IMC employees was invited to see first-hand how our
contributions to Room to Read are making a difference on the ground. The group visited
schools and libraries and met with a range of stakeholders, including students, teachers,
and community leaders, as well as local children’s authors and illustrators. By deepening
our employees’ understanding of Room to Read’s amazing work, we can strengthen our
partnership and continue to have a positive impact on people’s lives for years to come.

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ROOM TO READ IN FIGURES

LITERACY PROGRAM 39 million+ 56,000+

children benefited from teachers and librarians
Room to Read's literacy trained in 2023
program

41 million+ 7 million+
books distributed books checked out in 2023

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IMC INVESTMENTS
In 2023, IMC Investments, our venture capital platform, experienced
a relatively tranquil year with only a limited number of investments made.
Despite this, we continue to actively seek and welcome new investment
opportunities. Throughout the year, our efforts were concentrated on
advancing our trading ecosystem by facilitating connections between
start-ups and scale-ups, providing them with our expertise and financial
support.

IMC Investments serves as a natural extension of our commitment to innovation, with

a strategic emphasis on investing in like-minded early-stage ventures. This aligns with
our broader objective of expanding and diversifying our presence within the rapidly “We aim to provide
evolving field of financial technology. expertise and
financial backing to
Empowering emerging leaders ensure enduring value
Our investment activities extend beyond mere financial transactions: they function and success”
as a mechanism through which IMC contributes to industry growth and development.
As a company with a deep-rooted entrepreneurial spirit, we support the upcoming Osi Lilian, Co-Lead IMC
generation of leaders in trading and technology. Leveraging the partnerships we've Investments, Amsterdam
cultivated over the years with numerous start-ups and scale-ups, IMC Investments
aims to provide both expertise and financial backing to ensure their enduring value
and success.

Our approach to value-adding partnerships

In selecting investments, IMC Investments adheres to a strategic vision, seeking
opportunities where we can add substantial value. Crucially, we seek partners who share
our entrepreneurial mindset and demonstrate a willingness to challenge conventional
norms to bring their vision to fruition. The companies we invest in vary significantly in size
and scope, with initial investments typically ranging from €500,000 to €10 million.

Strategic investment portfolio

IMC maintains an open stance toward investing in relevant start-ups or scale-ups
worldwide. Our investment focus revolves around three primary areas: 1) companies
engaged in trading financial instruments, particularly derivatives; 2) partnerships with
technology and infrastructure providers focused on trading and execution; and
3) involvement with companies operating in the cryptocurrency marketplace.

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RISK MANAGEMENT
Risk is an intrinsic part of what we do at IMC. A robust risk management
strategy lies at the heart of all our business practices and operations.

Our risk process is dynamic and ever-changing, and we encourage all IMC employees
to play an active role in monitoring, recording, and managing the risks in our business.

Across our business, we maintain rigorous oversight of our systems and software
to ensure they best reflect the developments in our firm, the markets, and the industry.
Our goal is to have complete oversight and control of our business activities as we “Our risk management
continue to support efficient markets. process is dynamic
and ever-changing,
IMC engages in trading activities on its own account only and is subject to regulatory and we encourage
requirements set by local authorities. all IMC employees to
play an active role in
Our risk appetite monitoring, recording,
At IMC, our risk appetite ranges from “low” (risk-averse) to “medium” (balanced and managing the
approach). Overall, IMC has a medium appetite for risks that are inherent to our core risks in our business”
activities and the achievement of our strategic goals, and a low appetite for all other
risks. IMC has an extensive risk management framework in place to manage risks Rik Ghijsels, Chief Risk
within our risk appetite. Officer, Amsterdam

The categories of risk that IMC typically encounters through its activities include:

Business and strategic risk

IMC is exposed to a certain degree of business and strategic risk by virtue of our highly
specialized activities and the environment in which we operate. We have a medium
appetite for this risk.

As part of our strategy, we manage our risk exposure in this area by trading on multiple
markets across multiple products with a diversified set of strategies, thereby avoiding
becoming dependent on a single market or product. We mitigate business and strategic
risk further by defining, reviewing, and adapting our strategy as necessary via a thorough
assessment process. We periodically assess new markets and business opportunities with
a view to further diversifying our activities.

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Financial (market, credit, and liquidity) risk 2023: Managing risks amid business expansion
Financial risk is at the core of IMC’s business model as a market maker. Accordingly, We periodically identify relevant themes that merit additional consideration given
we have a medium appetite for this type of risk. IMC’s external and internal capital developments taking place within our business. In 2023, we took further steps to address
requirements are determined primarily by market risk, which is recognized as the main the key themes identified at the start of 2022 as requiring our attention:
risk driver within financial risk. We manage our overall financial risk profile through
a combination of controls, like our detailed limit framework. T
 he expansion of our front-line workforce of traders and engineers requires us to
continue to invest in strengthening our risk and compliance teams. In 2023, we
Regulatory risk recruited additional employees into these departments, bringing our headcount to 60
IMC’s appetite for regulatory risk is low. The company and its employees are responsible at the end of 2023.
for ensuring compliance with relevant laws, regulations, and rules. We manage our S
 trengthening our footprint through the strategic acquisitions of Cardinal Capital
regulatory risk profile through policy, procedures, and surveillance, among other tools. Management and Altas Technologies. Cardinal Capital Management is a proprietary
trading firm based in Chicago, which has been rebranded to IMC Securities, and
Operational risk positions IMC for an enhanced presence on the CBOE floor. Altas Technologies is
IMC accepts a certain loss level proportionate to our revenues as a result of minor a Dutch-based developer specializing in automated systems designed for predicting
incidents, given that eliminating operational risk entirely would significantly reduce our and trading on financial markets.
ability to operate, innovate, and maintain competitive advantage. As such, we have In the midst of a thriving Indian economy, in 2023 we expanded our Mumbai office
a medium appetite for minor incidents and related losses. IMC seeks to avoid critical from 20 to 54 employees, anticipating our local headcount to surpass 80 by end-2024.
operational incidents and severe losses. We have a low appetite for these events and In light of this growth, IMC’s Mumbai office now has its own local risk and compliance
actively manage such risks through various internal controls. personnel.
IMC is continuously developing its valuation capabilities to introduce new trading
Information security risk strategies and expand the range of products we trade. In 2023, further enhanced our
We have a low appetite for information security risk caused by external threat actors risk management and capital framework in line with the further diversification of our
and apply industry-recognized frameworks to reduce such risks to low residual levels. trading business.
Sharing information and knowledge internally is an integral part of IMC’s culture and IMC continued to make strides in the rapidly evolving cryptocurrency marketplace.
way of working. To support this philosophy, we maintain a medium appetite for the risks This emerging asset class introduces unique risks beyond our traditional risk landscape,
associated with these activities. We manage these risks via a dedicated information prompting us to consistently develop and further refine our risk management
security framework. practices.

Our risk management approach was further shaped by the changing impact of
macroeconomic and geopolitical factors on our markets. In 2023, inflation persisted at
elevated levels in numerous developed nations, with varied interest rate environments
resulting from assertive interest rate hikes across major economies. Additionally, both

07
OUR VALUES volatility and trading volumes registered lower levels compared to previous years.

Celebrating ­success… but keeping In addition, we took further steps to strengthen our risk governance. We further
strengthened IMC’s Group Risk Management team to enable us to manage risks more
both feet firmly on the ground systematically across our global network of offices.

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Three lines of defense Management of the main risks involves a continuous cycle of:
Risk ownership Identifying and assessing risks by using risk assessments. All relevant risks are defined
The responsibility to manage risk is the domain of the primary business, which consists and assessed for impact and likelihood.
of trading (making trading decisions) and IT (managing trading technology). Determining adequate controls to mitigate risk to acceptable tolerance levels.
Examples of key controls include the global limit structure to limit exposure to relevant
Risk oversight market factors, IMC’s software development and change management process,
Risk oversight at IMC is the domain of the Risk Management and Compliance a thorough set of pre- and post-trade safety limits to control risk on the execution
department. Compliance focuses on the regulatory framework in which we operate, of trades, surveillance of trading activity, and an incident database to identify, file,
while Risk Management ensures our levels of financial and operational risk are aligned and analyze incidents.
with the risk tolerance of the wider IMC Group, and with clearing organizations. Through Intra-day and real-time monitoring of important risk issues and reporting to relevant
our risk monitoring systems, we ensure our business operations stay within regulatory stakeholders. IMC’s Risk Management and Compliance teams have several monitoring
and clearing limits, as well as IMC’s own risk appetite limits. systems in place to manage IMC’s risks.

Risk Management sets these limits and manages processes for the business.

Risk Management and Compliance assess all existing and new business activities for
adherence to our risk appetite. They work closely with the business when moving into
any new operations or activities, such as our cryptocurrency trading activities.

Risk assurance
Risk assurance entails the responsibility to provide independent assurance on the
effectiveness of governance, risk management, and internal control systems in the
business, specifically in relation to risks that threaten the achievement of the company’s
goals. It’s the domain of the Internal Audit department.

08
OUR VALUES

Daring to imagine how things could be...

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IMC’S RISK PROCESS GOVERNANCE

Risk tolerance
Capital management
Internal audits

Strategy approval process Local and Global Risk Committee

Risk and control self-assessment Assurance Committee

rt Mi
po ti
Re ga
& t

or

e
nit
Mo
RISK TOLERANCE
Periodic strategy and
business reviews
Identity and access management
Diversification to reduce
dependencies Business Network and systems security
Continuous investment in and Information Policies, procedures, standards
people and technology Strategic Security Awareness and training
Monitoring industry trends Risk
CAPITAL Monitoring, incident management,
Strong KPI reporting response
infrastructure
As
se if y
s s nt
Market, Ide
Credit, and
Compliance
Liquidity
Risk

Operational
Sensitivity analysis Regulatory affairs
Risk
Stress testing limit Trading surveillance
Framework Policies, procedures, standards
Counterparty analysis Risk assessments
Pre- and post-trade risk controls
Intra-day monitoring Training and education
Policies, procedures, standards
Quality assurance
Monitoring, incident management,
response
External event analysis
Risk assessments

RISK
IMC ANNUAL REPORT 2023 33
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Sonya, Trader, Amsterdam

“
The collaborative ethos at
IMC creates a supportive
environment conducive to
growth and innovation
Joining IMC’s internship program in the summer of
2021 provided me with a glimpse into the Amsterdam
office's vibrant culture. Despite the challenges of the
COVID era, the experience was enriching, offering
insights into this highly collaborative environment
where teamwork is encouraged. This positive
experience solidified my decision to join IMC full-
time in February 2023, where I initially worked on
the trading desk before embarking on the Global
Traineeship in Sydney.

The Global Traineeship not only equipped me with the

fundamental skills necessary for my role, but also provided
invaluable exposure to IMC's global operations and strategic
alignment. Plus, interacting with colleagues from different
offices during the Traineeship fostered connections and
facilitated a deeper understanding of IMC's culture and goals.

The collaborative ethos at IMC, where colleagues prioritize

collective success over individual achievements, creates a
supportive environment conducive to growth and innovation.
This culture, combined with the company's reputation and
opportunities for career advancement, makes IMC an enticing
choice for aspiring professionals in the trading industry.

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CORPORATE GOVERNANCE
IMC’s governance comprises a two-tier board: IMC’s Management employment policy that is gender-neutral. Currently, all members of the Management Board
Board determines the firm’s strategy and oversees its execution, while and one member of the Supervisory Board are male.
IMC’s Supervisory Board has the statutory responsibility to supervise
and may also provide counsel to the Management Board. The company is aware that gender diversity is below the goals as set out in Article 2:276
Section 2 of the Dutch Civil Code. IMC has implemented a Gender Diversity Policy designed
Up to the end of 2023, IMC B.V. qualified as an investment holding company as referred to facilitate the recruitment and retention of female talent. IMC will continue to strive for
to in Article 4(1)(23) of the investment firms regulation (IFR) supervised by the Dutch diversity and commits to fostering an inclusive culture and company at all levels, providing
Central Bank. With the formation of US-based IMC Global Holdings LLC as IMC Group's equal opportunities for everyone.
new top holding as of January 1, 2024, the group is no longer subject to the consolidated
supervision requirements of the EU Investment Firms Regulation (IFR) and Investment IMC’s Supervisory Board comprises members who are well-qualified to perform the
Firms Directive (IFD). However, reflective of the value we place on the input of the functions of supervising the activities of the Management Board and providing that Board
Supervisory Board, IMC chose to maintain its two-tier governance approach. Regulated with counsel. Membership of the Supervisory Board is determined in accordance with an
IMC entities are supervised by their respective national competent authority and comply internal schedule of resignation.
with the local applicable capital requirements.
Each member of the Supervisory and Management Boards has been appointed with
In its consideration of the composition of its Management and Supervisory Boards, IMC the approval of the Dutch Central Bank.
takes into account all relevant factors and excludes none, not least the availability of
suitable candidates, the structure of the two Boards, and the need to ensure continuity IFRS
in the business. IMC’s results for 2023 are presented in accordance with International Financial Reporting
Standards (IFRS) as adopted by the European Union. PricewaterhouseCoopers Accountants
Reflecting the best fit N.V. has audited IMC’s financial statements and issued an unqualified auditor’s report
The size and composition of the Management Board and its combined experience and thereon. Once approved by the Supervisory Board and adopted by IMC’s shareholders, the
expertise reflect the best fit for the profile and strategy of the firm. IMC operates an financial statements will be filed with the Trade Register of the Chamber of Commerce in
Amsterdam, the Netherlands.
IMC’S MAIN REGULATORS ARE:

Netherlands: US: Australia: Hong Kong: India: South Korea:

- De Nederlandsche Bank N.V. - US Securities and Exchange - The Australian Securities - The Securities and Futures - The Securities and Exchange - Financial Supervisory Service
(DNB) Commission (SEC) and Investments Commission Commission of Hong Kong (SFC) Board of India (SEBI) (FSS)
- The Netherlands Authority for - The Commodity Futures (ASIC)
the Financial Markets (AFM) Trading Commission (CFTC)
- The Financial Industry
Regulatory Authority (FINRA)
IMC ANNUAL REPORT 2023 35
 Report of the Report of the
About IMC Management Board Supervisory Board People & culture IMC Investments Risk management Corporate ­governance

REMUNERATION
IMC rewards its employees through a fixed and variable remuneration
package in accordance with industry standards. The leading principle
is a discretionary profit-sharing variable remuneration that reflects
the financial and non-financial contributions of employees and rewards
these in line with the company’s performance.

The principles for variable remuneration are described in IMC’s Global Remuneration
Policy. In 2022, the policy was updated to reflect the relevant rules and regulations
under the IFD, which are implemented into, among others, the Financial Supervision Act
(Wet op het financieel toezicht) and the Regulation on Sound Remuneration Policies 2021
(Regeling Beheerst Beloningsbeleid Wft 2021).

The Dutch Central Bank has granted IMC permission to apply the Group Capital Test
of Article 8(1) IFR instead of prudential consolidation under Article 7 IFR. As a result,
the IFD remuneration and governance rules only have to be applied by IMC Trading B.V.
on an individual basis, but do not extend to other IMC group companies
(Article 25(4) IFD).

IMC’s Global Remuneration Policy

The principles of IMC’s Global Remuneration Policy reflect the size, nature, and risk
profile of the company. IMC’s business scope is limited to trading activities for its own
account and risk. IMC has no external clients and holds no client money or deposits. For
the major part of IMC’s business, the trading horizon is short. Potential risks are revealed
in the short term, typically before the year-end and, in all cases, prior to the payment of
variable remuneration.

It’s IMC’s view that, with these principles, we have implemented a robust and effective
remuneration framework that encourages employees to act responsibly and allows IMC
to respond to significant changes if needed.

IMC's regional offices may further specify the principles of the Global Remuneration
Policy in their local employment contracts or internal policies to comply with local
requirements.

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Key principles of IMC’s Global Remuneration Policy

Gender-neutral and applicable to all employees within the IMC Group. Variable
remuneration is discretionary.
Variable remuneration is calculated based on IMC’s global financial results, together
with an assessment of individual employee performance against clear, measurable,
pre-agreed objectives.
Remuneration is based on the principle of profit-sharing: no variable remuneration is
awarded in the event that IMC isn’t profitable.
Variable remuneration is awarded on a provisional basis. IMC has the right to withhold,
defer, reduce, or request the return of all or part of the variable remuneration in certain
circumstances.

Payment is made in two annual installments above a certain remuneration threshold.

Prior to the payment of the second installment, IMC will reassess payment conditions on
the basis of the financial situation of the company and the employee’s performance or
conduct.

In addition to deferred amounts of variable remuneration, selected senior managers of

IMC Group invest a fixed percentage (50%) of their gross variable remuneration in IMC
equity to align their interests with the long-term interests of IMC and its shareholders.
These equity units will be appraised at fair value by means of a net income multiple
approach using a fixed multiplier, and have a lock-up period of up to four years.

09
OUR VALUES

Having fun

IMC ANNUAL REPORT 2023 37

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About IMC Management Board Supervisory Board People & culture IMC Investments Risk management Corporate ­governance

COMPOSITION OF
THE MANAGEMENT BOARD
Rob Defares is Chief Executive Officer and Chairman of the Management Board.
Mr. Defares is a co-founder of IMC. He studied Economics at the Free University of
Amsterdam and graduated in 1988.

Johan Benning has been Chief Financial Officer since January 1, 2014 and a member
of the Management Board since May 1, 2016. From 1995 until 2013, Mr. Benning worked
at GE in several functions, and from 2008 until 2013, he was CFO at two GE Capital
businesses. He began his career at Rabobank in 1988. He studied Accounting & Economics
at Amsterdam Business School, where he earned a bachelor’s degree. Following this,
he gained a Master of Science in Corporate Finance from Tilburg University. After
graduating in 1994, he earned an MBA from the University of South Carolina, US.

Jan Willem Kohne joined the Management Board as Chief Operating Officer in July 2023.
Mr. Kohne has been with IMC since 2000 and started his career in business development.
From 2006 onward, he has held several leadership positions. He spent three years in
Hong Kong as Managing Director, served as the Global Head of Human Resources, and
was the Managing Director of our Amsterdam office for almost nine years.

Michiel Knoers became IMC’s Global Chief Trading Officer in September 2022 and has
been a member of the Management Board since January 2023. Mr. Knoers joined IMC
in July 2011 as a quantitative research analyst. In August 2014, he became Derivatives
Trading Lead in IMC’s Chicago office, and returned to IMC’s Amsterdam office as Head
of Trading Europe in December 2018. Mr. Knoers studied Physics and Astronomy at
Radboud University in Nijmegen.

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COMPOSITION OF
THE SUPERVISORY BOARD
David Cole has been a member of the Supervisory Board since September 1, 2015.
Mr. Cole was appointed Chairman of the Supervisory Board effective July 11, 2018.
Mr. Cole was Chief Financial Officer and a member of the Group Executive Committee
of Swiss Reinsurance, Ltd. He was formerly Chief Financial Officer and a member of
the Management Board of ABN AMRO N.V.

Mr. Cole earned a Bachelor of Business Administration from the University of Georgia,
US, and followed the International Business Program at Nyenrode Business University,
the Netherlands.

Annelies van der Pauw joined the Supervisory Board on April 12, 2021. Mrs. Van der
Pauw studied Law at the University of Utrecht and Leiden, as well as the University of
Florida, US. Mrs. Van der Pauw was a Partner at Allen & Overy (and its predecessor) in
Amsterdam, focusing primarily on mergers and acquisitions, and equity capital markets.

10
OUR VALUES

Being here to stay

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OUR VALUES

1. Creating a good opportunity

and daring to make the
most of it

2. Making things happen today

– and making them better
tomorrow

3. Recognizing the best ideas

regardless of hierarchy

4. Taking responsibility for

others as well as ourselves

5. Anticipating change and

continuously innovating

6. Bringing together talented,

diverse people and giving
them lots of responsibility

7. Celebrating success… but

keeping both feet firmly
on the ground

8. Daring to imagine
how things could be...

9. Having fun

10. Being here to stay

IMC ANNUAL REPORT 2023 40

Colophon

©IMC B.V.
Amsterdam, March 2024
IMC B.V.

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