Annual report 2020
Akzo Nobel N.V. is a public limited liability company established under the laws of the Netherlands, with common shares listed on Euronext Amsterdam.
The company’s management and supervision are organized under Dutch law in a so-called two-tier system, comprising a Board of Management (solely composed of executive directors) and a Supervisory Board (solely composed of non-executive directors). The Supervisory Board supervises and advises the Board of Management and ensures a strong external presence in the governance of the company. The two boards are independent of each other and are accountable to the shareholders’ Annual General Meeting (AGM) for their performance.
A strong framework
Our corporate governance framework is based on the company’s articles of association, the requirements of the Dutch Civil Code, the Dutch Corporate Governance Code (the “Code”) and other applicable laws and regulations, including securities laws. The Code contains principles and best practices for Dutch companies with listed shares. Deviations from the Code are explained in the company’s annual report in accordance with the Code’s “comply or explain” principle.