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Our strategy

In 2017, we announced the decision to create two focused, high performing companies – Paints and Coatings, and Specialty Chemicals – with separation due to take place by April 2018. Pursuing this strategy will drive a step-change in growth and value creation and enable both businesses to become more agile, while accelerating profitability. Increased financial guidance was also announced for the two new businesses. 1 Excluding unallocated corporate center costs; assumes no significant market disruption 2 Excluding unallocated corporate center costs and invested capital; assumes no significant market disruption 3 Specialty Chemicals separation 4 Based on reported [...]

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Supervisory Board activities

[...] 3/3 Dick Sluimers4 36/38 10/10 4/4 – Patrick Thomas2 1/1 – – – Ben Verwaayen 35/38 – 6/7 3/3 Strategy reviews During 2017, the Supervisory Board continued to allocate adequate time to discuss strategic activities, in particular with regard to the events set out in the Timeline of key events in 2017. This included detailed Business Area by Business Area analyses, and the decision to separate Specialty Chemicals and create two high performing businesses. The company renewed its efforts to achieve functional excellence and efficiencies by implementing a transformation program, pursuant to which a new management structure was announced. In addition, [...]

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CEO statement

[...] key processes in place which have enabled the company to move forward and take the next step. Our new strategy – which has powerful performance and precise processes as cornerstones – is therefore a natural progression. It will make us more agile and drive the streamlining of our core capabilities – making and selling paint and striving for the best efficiency and performance in what we do. We gave full details of this new strategic direction when we officially announced our plans to create two focused, high performing companies – Paints and Coatings, and Specialty Chemicals. We have widespread shareholder support for the direction we are taking and our [...]

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Supervisory Board Chairman’s statement

For AkzoNobel, 2017 was a landmark year and one of the most eventful in its long history. During the year, significant changes were required to reshape the company and prepare for the future. The Supervisory Board made a substantial contribution to the new direction and strategy for AkzoNobel and was fully focused on ensuring the company acted in the best interests of all of its stakeholders, including shareholders. The Supervisory Board is convinced AkzoNobel has a compelling new strategy that will build on the strong financial foundation which has been put in place in recent years. Now is the right time to create two focused, high performing businesses – Paints [...]

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Paints and Coatings

[...] planning and are well positioned to accelerate growth and enhance profitability. We have a clear strategy to grow our business, develop our world class brands and color expertise and continue driving our digital and innovation agendas. And we have the organization in place to enable optimal alignment between business needs and operational and supply chain delivery. We’re convinced it’s the natural next step in our evolution as we remain committed to working closely with our customers and firmly establishing ourselves as the number one choice. Our new Aerospace Color Center in Dongguan, China, will offer improved and faster service to new and existing customers [...]

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Case studies

[...] – the largest ever global investment in the company’s paints activities – was proof of our growth strategy in action. “Ashington secures AkzoNobel’s future as a manufacturer of cutting-edge products, including paints that improve air quality, increase energy efficiency and protect against bacteria,” said Ruud Joosten, Chief Operating Officer of Paints and Coatings. “We have taken the best technology available globally, improved on it and put it all under one roof, ensuring that this new facility represents a significant step forward for the whole industry.” The new center of production for Dulux – a global mega-brand and the UK’s leading [...]

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Medium-term risks

[...] and could result in the company not realizing its financial guidance. Mitigating actions Continue our strategy to bring down our operational cost base and reduce complexity Leverage our Global Business Services to further standardize core functional processes in all regions Further deploy our commercial excellence programs and more sustainable product solutions to capture organic growth Develop alternative business models – e-commerce, partnerships with start-ups Have contingency plans prepared for a select number of scenarios, dealing with geographical or segment slowdowns International operations As a global business we are exposed to a variety of risks, many [...]

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Audit Committee

[...] progress of the audit plan. During the year, the Audit Committee approved the internal audit plan and strategy of the Internal Audit function, and agreed on the budget and resource requirements for the function. The Audit Committee also met separately with the Internal Auditor during the year to discuss the results of the audits performed and the status of the follow-up on action plans identified. In 2017, the Audit Committee was satisfied with the effectiveness of the Internal Audit function. Results and financial statements Before each publication of the quarterly results and the annual financial statements, the Audit Committee reviewed the financial results. In [...]

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Implementation in 2017

The Supervisory Board is responsible for ensuring that the remuneration policy, and its implementation, are aligned with the company’s objectives. Both the policy itself, and the checks and balances applied in its execution, are designed to avoid incidents where members of the Board of Management – and senior executives for whom similar incentive plans apply – act in their own interest, take risks that are not in line with our strategy and risk appetite, or where remuneration levels cannot be justified in any given circumstance. To ensure remuneration is linked to performance, a significant proportion of the remuneration package is variable and dependent on [...]

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Note 16: Post-retirement benefit provisions

[...] which are periodically subject to review for compliance with the pension fund’s investment strategy. In line with our proactive pension risk management strategy, we seek to reduce risk in our pension plans over time. We continue to evaluate different potential de-risking strategies and opportunities on an ongoing basis. Some future de-risking transactions may have both cash flow and balance sheet impacts which may be substantial, as have some of the de-risking actions already taken. The cost of fully removing risk would exceed estimated funding deficits. Between 2014 and 2017, ICIPF and a smaller UK plan, the ICI Specialty Chemicals Pension Fund (ISCPF), have [...]

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