We purchased and sold goods and services to various related parties in which we hold a 50 percent or less equity interest (investment in associates and joint ventures). Such transactions were conducted at arm’s length with terms comparable to transactions with third parties. In 2008, a significant related party transaction was a €258 million gas supply by the company to Delesto, a joint venture of AkzoNobel and Essent. Delesto transforms gas into steam and electricity. The steam is used in our production processes and the electricity is sold to the market.
We have contracts with several pension funds, for which the financial impact is disclosed in . At year-end 2008, AkzoNobel had a loan to AkzoNobel Pension Fund in the Netherlands of €89 million. In addition, an amount of €189 million paid in escrow is still outstanding at year-end 2008 in relation to the AkzoNobel UK pension fund (2007: €269 million).
We consider the members of the Board of Management to be the key management personnel as defined in IAS 24 “Related parties”. For details on their remuneration and that of the Supervisory Board, as well as on shares and options held, see . In the ordinary course of business, we have transactions with various organizations with which certain of its members of the Supervisory Board or Board of Management are associated, but no related party transactions were effected in 2008. Likewise, there have not been any transactions with members of the Supervisory Board or Board of Management, any other senior management personnel or any family member of such persons. Also no loans have been extended to members of the Supervisory Board or Board of Management, any other senior management personnel or any family member of such persons.