Our stakeholders

 

It is important for a company like AEGON to define who its stakeholders are. AEGON's view is that any individual or group of individuals who are affected by the company's operations, or who, in turn, affect the social, economic or environmental climate in which AEGON operates, should be considered a stakeholder of the company. AEGON's approach is to engage with all stakeholder groups as actively as possible and to take their interests into account when making decisions.

 

At the same time, AEGON realizes that the interests of various stakeholder groups may not always coincide, and that this may give rise to dilemmas for the company. In such situations, AEGON endeavors to assess the potential impact on individual stakeholders and stakeholder groups before reaching its decision, guided by its business principles.

 

For ease of reporting, AEGON has grouped its stakeholders into five main groups:

 

 

'Direct relationship'

'Indirect relationship'

Customers
  • Policyholders, savers and other individual investors
  • Pensioners
  • Companies and multinational corporations
  • Other institutional clients
  • Potential customers

 
  • Consumer associations
  • Single issue groups

Investors
  • Retail shareholders
  • Institutional investors
  • Bondholders
  • Financial analysts
  • Shareholder and other investor representative groups.

Employees
  • Full-time employees
  • Part-time employees
  • Tied agents
  • Former employees and potential new employees

 
  • Trade unions and other employee representative groups

Business partners
  • Suppliers
  • Joint venture partners
  • Banks
  • Distributors
  • Brokers, agents and other intermediaries
  • Independent and other financial advisors
  • Industry associations and forums.

 

The Wider Community
  • Charitable organizations
  • Non-governmental and humanitarian organizations.
  • Individuals and organizations sponsored by AEGON.
  • Governments, and insurance and financial industry regulators.

 
  • International and governmental bodies and associations.
  • Organizations issuing rules and guidelines implemented by AEGON.
  • International credit and Corporate & Social Responsibility (CSR) rating agencies.

 

 

AEGON stakeholder review

AEGON held its second annual stakeholder review in October 2009. The purpose of the review was to give the company's stakeholders an opportunity to assess the content and relevance of AEGON's 2008 Sustainability Report.

 

The objectives of this review are:

  • To involve stakeholders more closely in AEGON's sustainability reporting process
  • To strengthen external assurance with regard to the annual Sustainability Report
  • To improve the overall quality of the company's sustainability reporting
  • To ensure that AEGON's sustainability reporting and initiatives remain relevant to the company's stakeholders.

 

As part of the 2009 review, AEGON surveyed nine individual stakeholders or stakeholder groups, including shareholders and non-governmental organizations as well as representatives of employees and the media. AEGON assessed all recommendations made by those stakeholders surveyed and, where possible, has incorporated them into the company's reporting process.

 

Main recommendations

AEGON's response

Give clarity on vision and direction of AEGON.

 

AEGON has included additional material in this report, setting out the company's strategy and approach to sustainability. This includes, among other things:

  • An interview with Marco Keim, the Management Board member responsible for sustainability.
  • Defining what AEGON regards as 'sustainability'.
  • Identifying the company's main stakeholders.
  • Describing the role sustainability plays in AEGON's broader strategy.

Outline topics of material importance to AEGON.

 

The issues AEGON considers to be 'of material importance' are set out in detail under 'Defining Sustainability'.

 

Be more specific about targets and goals.

 

AEGON has included material in this report on its ambitions and objectives in the area of sustainability.

  • In his interview, Mr. Keim sets out some of the company's broader goals with regard to sustainability.
  • AEGON's objectives for 2010 are included as a separate section in this chapter.
  • Further specific goals and targets are mentioned in various parts of the report, including:
    • Our Approach to Sustainability
    • The Wider Community
    • Our Customers
  • AEGON has also been working toward setting specific targets with regard to its consumption of energy and other raw materials. AEGON expects to reach a decision on these targets during the course of 2010.

 

Be transparent about achievements and failures.

 

With this report, AEGON has made a number of additions aimed at providing a more balanced overview of its sustainability performance, both its strengths and weaknesses:

  • A more extensive overview of the external reports published during the year, which deal with AEGON's sustainability performance.
  • Specific 'dilemmas' with regard to AEGON's approach to responsible investing.
  • More extensive reporting of customer complaints and possible incidents of discrimination and corruption.

  

Address what AEGON wants to achieve with its Sustainability Report.

 

 

AEGON has included further details on its approach to sustainability issues in this report. Please see the section 'Defining Sustainability' for further details.

Explain investment policy and engagement policy in greater depth.

 

AEGON Asset Management has now adopted a long-term plan to introduce comprehensive responsible investment principles over the next two years. This plan is explained in detail in the 'Global Principles for Responsible Investment' section of this report.

 

 

Other remarks

 

Positive

 

Negative

Most stakeholders surveyed found the 2008 report to be an improvement on the previous year's.

 

There were relatively few targets included the report; the report also lacked vision and details of specific business dilemmas.

The report contained a lot of useful and relevant information.

 

There was too much focus on the economic aspects of AEGON's operations.

There was positive reaction to the chapter in the report dedicated to AEGON's handling of the global financial crisis.

 

There was insufficient information on the company's investment policies and its approach to shareholder engagement.

The report was an accurate reflection of AEGON as a company.