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Note 1: Managing our sustainability agenda

[...] work with the expertise team and the business teams to ensure effective roll-out of the new strategy. Businesses and functions Accountability for managing sustainability and delivering against targets lies with the businesses and functions. The Managing Director of each business is responsible for managing sustainability as an overall part of business. The key sustainability business KPIs and targets form a dashboard which is monitored at least every six months as part of the Operational Control Cycle. All businesses have also appointed a sustainability manager, or focal point, to support the embedding of sustainability throughout their operations. They bring [...]

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Overview of risks

[...] pricing and emission trading rights Our Specialty Chemicals business operates two energy-intensive businesses, Pulp and Performance Chemicals and Industrial Chemicals. The latter conducts its business primarily in Europe. A non-level playing field for energy on a global level (e.g. shale gas, national policies, subsidies) and emission trading rights can affect the competitive position of these businesses and the competitive position of our customers. Mitigating actions Continue to analyze and review our competitive positions and proactively manage energy usage and costs Implement our Carbon Policy and work on energy efficiency programs Diversify our energy source [...]

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Processes and capabilities

[...] Capability Groups, which perform longer range and underpinning research in partnership with our businesses. Procurement There are four primary components of our Procurement process – strategic sourcing, key supplier management, purchase-to-pay and raw material price forecasting. Each of these elements is described in more detail below. Strategic sourcing Strategic sourcing forms the backbone of the commercial procurement process. It starts with the requirements defined by our businesses based on market demand and also incorporates supplier selection and negotiation, signing and implementing contracts and reviewing results. Key supplier management To support [...]

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Strategy

[...] rigor and focus on opportunity funnel management and key account approaches is supporting the businesses with their organic growth plans Talent management. In 2014, we redesigned our organizational structure to create a flatter organization, which allows us to work more efficiently and reduce costs while we improve the levels of professionalism in our functions. Beyond reorganization, we make sure that our employee base has the right spread by increasing our presence in higher growth regions, improving diversity and building a pool of global leaders Reduce organizational complexity and cost In early 2015, we adjusted our organization in line with our five chemical [...]

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Supervisory Board

[...] Board is constituted in a balanced manner to reflect the nature and variety of the company’s businesses, their international spread and expertise in fields such as finance, economic, societal, environmental and legal aspects of business, government and public administration. Consequently, the current members have a diverse and appropriate mix of knowledge and experience of the markets in which AkzoNobel operates, as well as insights from different markets and non-operational areas. According to the Act on Management and Supervision, a supervisory board of a large Dutch public company has a balanced composition if it consists of at least 30 percent female and at [...]

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Strategy

[...] and we are doing this by pursuing differentiated growth strategies. In roughly half of our businesses, our strategy is to outgrow the market organically in attractive markets where we are best able to win. In other parts of our Performance Coatings portfolio – where our position is often strong but the headroom for growth more limited – we want to grow with the market while driving operational excellence and controlling costs. Examples are: In Protective Coatings, we have a leadership position based on strong technologies, brands and reputation. We will continue to invest in generating higher levels of growth. We will also expand our market presence in high [...]

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Strategic focus areas

[...] is an appropriate choice because customers do have alternative sources of supply in almost all of our businesses Further development and implementation of our commercial excellence programs will continue to be a major priority for AkzoNobel in 2015 and will be a fundamental factor in achieving higher organic growth levels in the future. Reduction of product and process complexity Standardization and simplification of our processes is vital to achieving our vision and targets, as it will lead to a faster, more agile organization and reduced costs and resource use. In addition to improving our product portfolios through product and margin management, and our [...]

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Board of Management and Executive Committee

[...] Supply Chain and Research, Development and Innovation are discussed. The Managing Directors of our businesses, the Country Directors and the Corporate Functional Directors in charge of the different functions, report to individual Executive Committee members with specific responsibility for their activities and performance. The Executive Committee Pensions, chaired by the CFO, oversees the general pension policies (to be) implemented in the various pension plans of the company. The Executive Committee member responsible for HR and the General Counsel are also members. The company has a Sustainability Council, which advises the Executive Committee on sustainability [...]

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Compliance

[...] are responsible and accountable for raising awareness and compliance within their respective businesses and functions. We have appointed business and function compliance officers and have set up compliance committees in the businesses. Together with the compliance department, the compliance officer assesses the main compliance risks, improves and monitors compliance and its effectiveness and ensures training of the relevant employees. The compliance officers also ensure that alleged breaches of the Code of Conduct are investigated and findings and lessons learned are reported to the relevant business or function management team, who then take appropriate action. [...]

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How we created value in 2014

[...] have a revenue impact in divestments but in price/mix The divestment of the Primary Amides and Purate businesses was completed in 2013, and accounts for the divestment impact in Specialty Chemicals Specialty Chemicals announced the intended sale of its Paper Chemicals portfolio for €153 million. The business is currently part of Pulp and Performance Chemicals. The transaction is expected to be completed in 2015, subject to regular consultation with employee representatives and satisfaction of closing conditions such as receipt of required regulatory clearances Operating income Operating income increased 3 percent to €987 million, due to higher operating results [...]

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