ARYZTA is committed to corporate governance and recognises the importance of a strong framework to ensure it is implemented and managed correctly. The primary corporate governance instruments adopted by ARYZTA are the code of conduct and internal organizational regulations as described below: 

Code of conduct

ARYZTA’s global code of conduct covers, among others, the topics of employee responsibility; guidelines for ethical decision making; respect, fairness and safety in the workplace; the handling of conflicts of interest; working with business partners; communication, commitment and disclosure; and sustainability aspects.

Global Employee Code of Conduct (1.5 MB)

Supplier Code of Conduct (1.36 MB)

Organizational Regulations

The Board of Directors of ARYZTA AG adopts Organizational Regulations based on art. 716b CO and art. 17 of the Articles of Association.

Organizational Regulations of ARYZTA AG (300.96 KB)

UK Tax Strategy

This document covers our approach to managing our tax affairs as required in accordance with Finance Act 2016, section 161 and Finance Act 2016, Schedule 19, paragraph 19(2) for the year ending 31 July 2022.


While recognising the importance of these formal instruments, good corporate governance in practice requires a commitment to, and the practice of, values which guide the Group in serving the needs of its stakeholders, be they shareholders (institutional or retail), customers, consumers, suppliers, employees or other interested groups. ARYZTA is committed to keeping its corporate governance framework under review with a view to on-going developments in the area and the on-going evolution of the Group. 

Articles of Association

Articles of Association of ARYZTA AG (English) (476.64 KB)

Articles of Association of ARYZTA AG (Deutsch) (547.89 KB)

Shareholder rights

One share one vote

ARYZTA’s capital is composed of registered shares only. Each share entered in the share register with voting rights entitles the holder to one vote at the general meeting and all shares have equal dividend rights.

As part of the establishment of ARYZTA, former holders of IAWS Group plc shares and options received ARYZTA registered shares, delivered initially in the form of Capita Depository Interests and then replaced by CREST Depository Interests (CDIs). The CDI’s were previously listed on Euronext Dublin, however the listing was cancelled in March 2021. CDI holders were not the legal owners of the shares represented by CDIs, and therefore they were not in a position to directly enforce or exercise rights like a shareholder. Any CDIs that were not sold or exchanged for the underlying Swiss registered shares prior to the delisting, continue to exist within the Crest system, however, hold no voting rights.