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 performance. It further ensures the alignment of sustainability activities across functions and businesses. The council, which meets on a quarterly basis, consists of business unit and functional directors, the Chair of the NextGen Council, as well as the CEO.
During 2022, a Sustainability Reporting Steering Committee was set up to oversee sustainability reporting. This committee aligns different functions within the organization with the aim of harmonizing and implementing upcoming legislation. The Sustainability Reporting Steering Committee reports into the Sustainability Council as an advisory body. Due to the increased importance of sustainability reporting, the topic will be embedded into the Sustainability Council in 2023.
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 AkzoNobel’s strategy to create shared value, building on our core values of safety, integrity and sustainability. Progress regarding sustainability objectives, development, target setting and implementation is reviewed quarterly by the Executive Committee, and semi-annually by the Supervisory Board.
The Audit Committee takes an active role in assessing the quality and reliability of sustainable performance reporting and external auditor PwC has been engaged to perform a limited assurance engagement on specific indicators included in the Sustainability statements. Their report can be found in the Financial information.
Integrity and Compliance governance committees
The Executive Committee is responsible for maintaining a culture of integrity and ensuring an effective Integrity and Compliance program and framework and has delegated part of the responsibilities to specific committees. The Supervisory Board’s Audit Committee oversees this responsibility. More details on the Integrity and Compliance governance committees can be found in Integrity and compliance management.
Executive Pensions Committee
The Executive Pensions Committee oversees the general pension policies of AkzoNobel’s various pension plans and their financial consequences for the company. The committee is chaired by the CFO and includes the Chief Human Resources Officer and Corporate Directors of Legal, 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 CEO, CFO and General Counsel on the accurate and timely disclosure of material financial and non-financial information.