Under the explicit understanding that this is not an exhaustive list, the major risk factors that may prevent full achievement of our strategic ambitions are listed in detail in this section. There may be current risks that the company has not fully assessed, or that are currently identified as not having a significant impact on the business, but which could at a later stage develop a material impact. The company’s risk management systems endeavor to ensure the timely discovery of such incidents.

An overview of our major risk factors follows. The five risks that we currently assess as the most significant for the forthcoming five years are indicated.

We have identified major risk factors that may prevent full achievement of our strategic ambitions. These are explained in more detail over the following pages, with the top five risks highlighted.

Major risk factors assessed by AkzoNobel

















Identification of major transforming technologies


Worsening of economic conditions

Implementation of strategic agenda


International operations




Ensuring stakeholder support









Attraction and retention of talent


Sourcing of raw materials

Management of change


Energy pricing and emission trading rights

Production process risks


Product liability




Environmental liabilities












Cash flow




Contribution to pension funds




Decline of asset values




Fluctuations in exchange rates












Complying with laws and regulations

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