It is now the turn of the shareholders of AkzoNobel

Unions and employees of AkzoNobel who relied on a generous deposit in the pension fund are disappointed. The painting company refuses to supplement the reserves of the APF pension fund. Not to mention the 400 million euros requested by the APF and the unions. Shareholders can be satisfied, but the relationship with unions is getting tougher.

The quarrel between the pension fund, the unions and the company's summit was born in February. The APF then made a "moral call" to AkzoNobel's management (46,000 employees, turnover of 14.6 billion euros) to strengthen the pension buffers. The reason was the separation and sale of the chemical branch. The result is that some 2,500 employees in the Netherlands will soon work for a company from US investment firm Carlyle.

The APF feared that the ratio between premium payers and retirees could be skewed at one go if retirees from the chemical branch at APF and employees leave the fund. Such a thing happened earlier in 2007, when AkzoNobel sold the pharmaceutical Organon division. The APF is already aging, with 5,600 employee savers and 17,532 retirees.

At the moment, APF chemistry workers are still in agreement with AkzoNobel. Yet, the split is not without risks. This appointment only applies for three years. And the pension fund is far from good enough for pensions to increase according to inflation.

Now that AkzoNobel receives 7.5 billion euros from the sale of the chemical branch, the unions and the APF think the paint company would rather employ its staff. may encounter an additional payment or, if necessary, a loan of 400 million euros. Or did the management sometimes forget how the unions and the enthusiastic employees fought last year to prevent a takeover by the US PPG competitor?

The FNV driver, Erik de Vries, has already warned the boss of the company that the union's support was "never free". "I said, if you do not sell everything, but force shareholders to clean up, we know where to find you – it's exactly what's happening now." De Vries thinks the $ 400 million is a misery compared to billions of dollars. "If the people who made this company a big company see a lack of pension, you have as a company the moral duty to do something."

Money has already been promised

. The loyalty of the staff did not guarantee the independence of the painting company. Shareholder support was even more important. To ensure this, Akzo promised last year to pay billions of chemicals to its investors. "The money has already been promised," sums up a spokesman.

The painting company finds the additional payment unnecessary, as the APF is not much worse off than the other pension funds. Only 25 of the 205 funds are allowed to increase their pension this year with inflation.

According to a recommendation of the law firm Looyens & Loeff, on behalf of the company committee, the deposit is even risky. Since 2005, the APF has a pension form (the "premium contract") in which all risks are borne by retired savers and retirees. The employer does not have to deposit money in difficult times. This is good for AkzoNobel. And another advantage: the company avoids the strict accounting rules for companies that need to financially support their pension fund. They have to book money for it in their balance sheets, which reduces their own capital. Akzo fears that after filing they still have to comply with these stricter rules.

See also: AkzoNobel less and less

Climbing

The unions stick to their demands and also AkzoNobel unshakeable. In addition, there is also a disagreement over the new CEO of AkzoNobel. This rigorous negotiation is now parallel to the pension discussion. Unions launched strikes last week. The employees of Sassenheim, Wapenveld and Hengelo filed their work on Tuesdays and Wednesdays.

FNV & er De Vries calls the board of Looyens & Loeff "not independent enough" because this office does more business with AkzoNobel. That is why the FNV and CNV Vakmensen asked their opinion to Jaap Koelewijn, a professor at Nyenrode University. Koelewijn concludes that the deposit does not pose any problems for the accounting rules. As he says very clearly, he writes "that the contribution is non-obligatory and punctual". According to Erik Lutjens, a professor of pension law, AkzoNobel can legally and voluntarily collapse.

Even the former leaders of AkzoNobel, Aarnout Loudon (1982-1994) and Kees van Lede (1994-2003), joined the discussion. mixed. In Het Financieele Dagblad they Monday called the company to meet the unions and the APF. They believe that employees and retirees should not be subject to the split of the company.

The end of the pension dispute is not yet in sight. The FNV and CNV have proposed in a press release Tuesday afternoon to appoint a mediator, but according to a spokesman for AkzoNobel, this makes no sense. "We have already made it clear that the retirement deposit is not possible and useless."