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, which meets quarterly, is chaired by the CEO and includes the Chief Corporate Development Officer, Chief Operating Officer, Chief Supply Chain Officer, Chief Human Resources Officer, representative business and functional directors and the Corporate Director of Sustainability. Significant sustainability aspects material to the company are reviewed annually, with input from internal and external stakeholders. The Sustainability Council focuses on topics with the biggest impact on accelerating the AkzoNobel strategy to create shared value, building on our core principles of sustainability, safety and integrity, including respect for human rights.
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.
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 is chaired by the General Counsel and also consists of 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 at the discretion of the Executive Committee.
AkzoNobel has a company-wide tool in place to discuss and monitor progress with respect to compliance-related issues. More details are available in the Compliance and integrity management chapter.
Executive Pensions Committee
The Executive Pensions Committee oversees the general pension policies of the various pension plans of the company and their financial consequences for the company. The committee is chaired by the CFO and includes the Chief Human Resources Officer, the Director Legal Corporate and Corporate Directors of Treasury, Pensions and Rewards.
The Board of Management has established a Disclosure Committee which consists of senior executives with a background in corporate law, finance and 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.