The role and responsibilities of the Supervisory Board
Separate and independent, the Supervisory Board supervises and advises the Board of Management and the Executive Committee in performing its management tasks.
Major management decisions and AkzoNobel strategy are discussed with, and approved by, the Supervisory Board. Its activities and meetings are detailed in a report published every financial year. Acting in the interests of AkzoNobel and its stakeholders, the Supervisory Board is also responsible for monitoring the Board of Management and the Executive Committee, as well as for setting the direction of the company's business. This includes:
- achieving our operational and financial objectives
- our corporate strategy and risks inherent in our business activities
- how internal risk management and control systems are structured and operated
- the main financial parameters and the financial reporting process
- compliance with applicable laws and regulations.
An independent voice and viewpoint
Under Dutch law, the Supervisory Board must be independent of the Board of Management and the Executive Committee. This means Supervisory Board members can neither be Board of Management members, Executive Committee members, nor employees of the company.
AkzoNobel Auditor Independence Policy
The new Dutch regulations have an immediate impact on the application of our Independence policy, and the policy itself will be revised as soon as possible.
In the mean time, the pre-approval procedure has been tightened to ensure that as from January 1, 2013 the KPMG network is not engaged for any new assignments regarding audit related and non audit related work.