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Note 5: Employee benefits

Salaries, wages and other employee benefits in operating income In € millions 2016* 2017 * Represented to present the Specialty Chemicals business as discontinued operations. Salaries and wages (1,467) (1,515) Post-retirement cost (35) (126) Other social charges (292) (294) Total (1,794) (1,935) Average number of employees Average number during the year 2016* 2017 * Represented to present the Specialty Chemicals business as discontinued operations. Decorative Paints 14,800 14,700 Performance Coatings 19,300 19,800 Corporate and other 2,100 1,700 Total 36,200 36,200 The average number of employees working outside the Netherlands was 33,600 (2016: 33,300). [...]

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Social value*

Employees At year-end 2017, the number of employees decreased by 1% to 45,400 people (year-end 2016: 46,000 people). For more details, see Note 5 of the Consolidated financial statements. Employees 45,400 at year-end 2017 Employees by Business Area in % at December 31, 2017 Safety The number of reportable injuries reduced by 27% compared with 2016, while the injury rate is now at the target level set for 2020 (0.20 per 200,00 hours worked). Lost time injuries and contractor injuries also continued to go down. For more details, see Note 9 of the Sustainability statements. Programs During 2017, we carried out 332 societal projects with a total budget spend of about [...]

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Medium-term risks

[...] of funding shortfalls. Mitigating actions Our policy is to offer defined contribution schemes to new employees and, where appropriate, to existing employees. The most significant defined benefit schemes are the ICI Pension Fund and the AkzoNobel (CPS) Pension Scheme in the UK. Both are closed to new entrants. They are managed and controlled by independent trustees. The funded status of these schemes is affected by the trustees’ investment decisions, market conditions, demographic experience and any regulatory actions. This may require additional funding from the former employing entities and Akzo Nobel N.V. and may adversely impact our business and results We [...]

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Business Area statistics

[...] 6.9 8.8 11.7 12.8 12.5 Capital expenditures 120 112 154 155 206 171 143 158 107 112 Average number of employees 24,600 22,900 21,800 17,100 17,200 16,800 15,500 15,100 14,800 14,700 Average revenue per employee 203 200 228 246 250 248 252 265 259 265 Average operating income per employee (27) 6 13 14 (117) 24 16 23 25 23 Performance Coatings Revenue 4,575 4,112 4,786 5,170 5,702 5,571 5,589 5,955 5,665 5,775 EBIT 467 492 503 456 542 525 545 792 759 669 Operating income 444 433 487 458 542 525 545 792 735 668 ROS4 10.2 12.0 10.5 8.8 9.5 9.4 9.8 13.3 13.4 11.6 Average invested capital3 2,010 1,868 2,063 2,267 2,499 2,463 2,480 2,692 2,586 2,860 ROI4 23.2 26.3 24.4 [...]

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Declaration and reporting

[...] fraud attempts and cyber-attacks and preparing for the GDPR. Individual declarations Annually, employees confirm their awareness of, and compliance with, the Code of Conduct as part of their year-end performance evaluation. Each year, designated employees must also confirm compliance with competition laws and AkzoNobel’s competition law policy as part of the Competition Law Compliance Declaration process. This reminds them of the rules and invites them to disclose any concerns. In 2017, the declaration was preceded by the launch of our new digital training and various other communications to improve understanding and engagement. In 2017, over 12,000 employees [...]

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CEO statement

[...] our new CEO dedicated as much time as possible to visiting some of our sites around the world, meeting employees and learning more about how we work with our customers. During 2017, we received unsolicited proposals from a competitor which undervalued AkzoNobel and raised a number of other concerns. We carefully and seriously considered each of these proposals, but concluded they were not in the best long-term interests of the company, its shareholders and other stakeholders. We also held constructive discussions about a possible merger with one of our peers, which ended without agreement. As the industry continues to consolidate, we will continue to strengthen our [...]

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Policies and controls

Our Code of Conduct and Business Partner Code of Conduct explain our three core principles of safety, integrity and sustainability to our employees and business partners and outline what we expect from them. Both are available in 32 languages. The two Codes are supplemented by internal rules and procedures – which are available to employees in our Directives Portal – and by agreements with our business partners. Employees are asked to confirm compliance with the Code of Conduct as part of their annual performance evaluation and business partners are asked to sign our Business Partner Code of Conduct or show they apply similar business principles. In 2017, we [...]

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Supervisory Board activities

[...] productivity is an investment in the future success of AkzoNobel, motivating and giving pride to employees, because sustainability is a core principle, defining what the company is and what it stands for. The Supervisory Board reviews sustainability as an intrinsic value driver in the work of all businesses and all functions. Likewise, the Sustainability Council – which advises the Executive Committee on sustainability developments – contains representatives of every business and function and is led by the CEO. Over the last 15 years, AkzoNobel has successfully differentiated itself from its competitors by taking a pragmatic approach to business sustainability, [...]

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Note 11: Programs

[...] and 5,259 people involved in the painting process, including 259 AkzoNobel volunteers. In 2017, our employees took part in a total of 185 (2016: 99) “Let’s Colour” projects. Community RePaint Every year, millions of liters of perfectly good paint are thrown away. The average household has 17 tins of paint sitting in garages or sheds, whereas potentially up to 65% of it could be good enough for reuse. Our Community RePaint initiative works across the Netherlands, Belgium and the UK, collecting leftover reusable paint and re-distributing it to communities, charities and people in need. Dulux Academy Employability is recognized as being a main driver for strong [...]

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Value creation summary

[...] a series of national and international initiatives, some of which involve volunteer support from our employees. The aim is to benefit the creation of more social value. All these initiatives are designed to play a role in contributing to our financial performance and enable us to deliver more economic value for our investors. Economic value Environmental value Social value Organization €3.9 billion revenue €351 million EBIT €2.7 billion invested capital €112 million capital expenditures During 2017, we invested in increased asset integrity in both growth and mature markets, while continuing to invest in selected growth projects, such as the Ashington (UK) [...]

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