Accountability Body

The APF Pension Fund has an accountability body (AB). The board is accountable to the AB for its policy and the manner in which the policy is implemented. In addition, the AB has an important advisory task.

Solicited and unsolicited recommendations
The AB advises the board on various matters, both on request and at its own initiative. These recommendations relate to such matters as communication and information policy, the remuneration policy, the administrative agreement with the employers and the complaints and disputes procedure. The AB also advises on the form and structure of the internal monitoring process and on the profile of the supervisory board members.

In a request for advice that is sent to the AB, the AB is given an overview of the reasons for the decision in question. The AB also receives a list of the expected consequences a decision has for the participants, former participants and pension beneficiaries.

The board asks the AB for advice well in advance, so that this information can be taken into account and may influence board decisions.

Opinions regarding the board's actions
The AB bases its opinion on the board's actions on, among other things, the board report and the financial statements. Furthermore, the opinion of the AB is based on the findings of internal supervision and the policy choices for the future. This opinion of the AB and the board’s response to that opinion will be published and incorporated in the board report.

AB composition and term of office
The AB consists of 8 members: 6 members on behalf of pension beneficiaries and 2 members on behalf of employees. The two members on behalf of the active members are nominated by the AkzoNobel Central Works Council. The members on behalf of the pensioner beneficiaries are elected by pensioners of the pension fund. The members' term of office is four years.

Members of the AB may stand for re-election twice. All members are assessed as to whether they meet the profile.

These are the members of the AB: