The Executive Committee has established a Sustainability Council to advise on sustainability developments. The council monitors the integration of sustainability into management processes and oversees the company’s sustainability targets and sustainability performance. The council is chaired by the CEO and includes members of the Executive Committee, Managing Directors from our businesses and Corporate Directors of Strategy, Human Resources (HR), Sustainability, Operations, HSE&S, Procurement and Communications.
Progress regarding sustainability objectives, development, target-setting and implementation is reviewed quarterly by the Executive Committee, semi-annually by the Supervisory Board, and is verified annually by PricewaterhouseCoopers Accountants N.V.. The Audit Committee takes an active role in assessing the quality and reliability of sustainability performance reporting. Our sustainability framework is further explained in the Sustainability statements.
In November, we opened our first regional Application Training Center in Dubai. The state-of-the-art facility will offer advanced training programs for customers, enabling them to build capacity and deepen their knowledge of paints and coatings. It will focus in particular on original equipment manufacturers and refinishers in industries as diverse as automotive and rail, aerospace and consumer electronics.
Corporate Compliance Committee
The company has a Corporate Compliance Committee to support the Executive Committee with its responsibility in assuring and managing compliance, and with its reporting to the Supervisory Board. The Corporate Compliance Committee systematically identifies material compliance risks, assists in assurance of compliance with laws, regulations and ethical standards, monitors compliance and reports findings and recommendations to the Executive Committee. The Corporate Compliance Committee consists of the General Counsel (chair), the Corporate Secretary, the Group Controller, two senior business managers and Corporate Directors of Internal Audit, Compliance, HR and HSE&S. Other members may be added to the Committee at the discretion of the Executive Committee.
AkzoNobel has a company-wide compliance monitoring tool in place to discuss and monitor progress with respect to compliance-related issues. More details on the compliance and integrity management system, including the so-called Non-Financial Letter of Representation process, is available in the Compliance and integrity management chapter.
Executive Committee Pensions
The Executive Committee Pensions oversees the general pension policies of the various pension plans of the company and their financial consequences for AkzoNobel. The committee is chaired by the CFO and includes the Executive Committee member responsible for HR, the General Counsel, the Treasury function, Pensions and Rewards.
The Board of Management has established a Disclosure Committee comprising the Director Legal Corporate, the Corporate Secretary, the Group Controller and the Director of Investor Relations. The task of the Disclosure Committee is to establish and maintain disclosure controls and procedures and to advise the Board of Management and a committee comprising the CEO, CFO and General Counsel on the accurate and timely disclosure of material financial and non-financial information.
Health, safety, environment and security.