Closing and integration of Aegon NL

Throughout the year, there was frequent contact between the employee participation body and the Executive Board (EB) and from 1 July, with members of the Management Board, on the progress of the integration of a.s.r. and Aegon NL. This was also regularly discussed with the Supervisory Board (SB). Prior to the closing of the transaction with Aegon, members of a.s.r.’s Works Council and members of Aegon’s Central Works Council were involved in the process of harmonising employee benefits. Joint advice was also issued by the Works Council and the Central Works Council regarding the proposed employer integration.

All requests for advice relating to the integration of a.s.r. and Aegon NL fall under the auspices of the Central Works Council. To deal with the requests for advice, working groups were formed for each division of a.s.r., with members of the a.s.r. subcommittee, the relevant Aegon Works Council(s), two Central Works Council members and a secretary. The working group members list their own questions and comments and then contact their colleagues from the relevant division to include their questions and concerns when assessing the application. This often leads to questions, which are subsequently discussed with the director in question. Once the questions have been adequately addressed, the working group provides preliminary advice, which is submitted to the Central Works Council of a.s.r. The advice is then submitted by the Central Works Council to the director for a decision. With regard to the integration, 24 requests for advice have been submitted since 1 October 2023.

Other topics

An important advisory process for a.s.r. Nederland’s Works Council was the proposed update of the EB’s remuneration policy and the change in remuneration of the SB. During this process, the Works Council carefully considered how a.s.r.’s relevant stakeholders (customers, employees, shareholders and society at large) were expected to respond. Various discussions were held with SB members about the proposed changes. An external expert was also consulted on trends in executive remuneration and an ethicist on the moral aspects of these changes. In addition, the transaction with Aegon NL, resulting in a larger company with inherently heavier responsibilities for directors, was included in the considerations. On this basis, the Works Council advised the SB to submit the proposed changes to the shareholders, who subsequently agreed to this.

In addition, the Works Council advised on the reappointment of Ingrid de Swart as a Member of the EB and on the reappointment of SB members Gerard van Olphen and Gisella van Vollenhoven. Advice was also given on the structure of the Management Board.

Several (follow-up) requests for advice relating to the integration are expected in 2024.