Progress report 2009
AEGON set out a number of objectives for its sustainability activities in 2009. The company made significant progress during the year toward these objectives. In some areas, however, progress was slower than expected, partly because of the impact of the global financial crisis.
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Objective
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Status
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Progress
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Establish a global 'Green Team' to develop a company-wide resource management program.
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Complete
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AEGON has now established a global 'Green Team', which met several times during 2009 to discuss the introduction of a coordinated program to manage the company's consumption of energy and other raw materials.
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Introduce limited external assurance covering AEGON's investment policies and its international commitments.
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Complete
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AEGON has introduced limited external assurance, beginning with this report. The limited assurance covers the entire report, rather than AEGON's investment policies and international commitments, which was the original intention. This assurance is provided by Ernst & Young Accountants LLP, AEGON's present financial auditor.
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Develop company-wide principles for investment, based on existing international commitments.
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In progress
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AEGON Asset Management has now adopted a long-term framework, which AEGON expects will lead to the development and introduction of comprehensive responsible investment principles over the next two years.
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Collate and publish details of AEGON's voting record as a shareholder in other companies.
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Deferred to 2010
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AEGON decided to defer this program until 2010, in part to free up resources for the company's responsible investment project.
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In addition, AEGON has two projects still underway from 2008:
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Objective
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Status
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Progress
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Establish company-wide sustainability standards for suppliers in all major procurement centers.
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Deferred
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AEGON is working on draft proposals for company-wide sustainability standards for suppliers in its major procurement centers in Europe and North America. Progress on these proposals has, however, been slower than expected, primarily because the focus of the company's procurement operations during the financial crisis has been on reducing costs. As a result, implementation of these standards has been deferred. Cost reduction efforts will continue into 2010, but AEGON's intention remains to develop a more integrated approach to procurement standards.
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Launch a global employee satisfaction survey as part of efforts to improve the working environment for staff.
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In progress
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In 2010, AEGON will begin by carrying out a survey of its 1,000 most senior managers. These managers will play a vital role in further strengthening internal communication and improving overall levels of employee satisfaction and engagement. During 2010, AEGON will make an inventory of employee satisfaction surveys currently being carried out across the company. On the basis of this inventory, a decision will be taken on whether and when to organize a company-wide employee satisfaction survey. This decision had originally been planned for the end of 2009 or early 2010, but was postponed to allow further work on the senior management and country unit surveys.
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