CORPORATE RESPONSIBILITY that the code is integrated into every country unit’s day to day operations and that employees’ understanding of its concepts are raised through education and accountability. As part of this, AEGON will continue to monitor the effects of the implementation and ensure ongoing compliance with the code.  As a large decentralized company, active corporate responsibility policies were already established among AEGON’s country units, before the introduction of the code, with many different kinds of activities taking place. A major objective has been to form a full and accurate picture of these policies and activities throughout the AEGON Group. During the year a centralized and robust method of gathering and monitoring corporate responsibility activities was developed. This method was based upon the guidelines of the United Nations-backed body, the Global Reporting Initiative (GRI). From this, AEGON has been able to form a clear picture of corporate responsibility activities group-wide for the first time. This has enabled AEGON to develop a real understanding of the different drivers, market cultures and attitudes to corporate responsibility in all the country units. This process will continue in 2004 and will enable AEGON to embed its core values and enhance reporting. Creating a better future for all its stakeholders is central to AEGON’s overall mission. An integral aspect of this is the belief that as a major international group, AEGON has a responsibility to contribute positively to the society and environment in which its operates. While profitable and sustainable growth is paramount, AEGON attaches equal importance to the manner in which that growth is achieved. The belief that companies like AEGON must consider these wider responsibilities is shared throughout AEGON’s Executive and Supervisory Boards, as well as its senior management. AEGON is committed to the ongoing development of corporate responsibility, which is the responsibility of a member of the Executive Board, who also chairs AEGON’s corporate responsibility strategy team. Under the Executive Board is a corporate responsibility department. The department’s role is to manage AEGON’s corporate responsibility improvements across the group, including policy formulation and the management of corporate responsibility reporting. In addition, there are corporate responsibility country unit heads and a corporate responsibility Inner Circle. The Inner Circle provides an inter-country forum on corporate responsibility issues and consists of representatives from AEGON’s major country units. The international nature of the Inner Circle ensures that AEGON’s corporate responsibility policies take full consideration of the cultural priorities and sensitivities relevant to each geographic area of AEGON’s operations. In 2002, AEGON developed a Code of Conduct, which articulates more clearly a series of business principles and rules of conduct to guide all of AEGON’s businesses and employees. AEGON strives to create better futures for all its stakeholders by following the principles of the code - Respect, Quality, Transparency and Trust. The past year has seen the introduction of the Code of Conduct to the country units, which by the end of 2003 was implemented throughout most of the AEGON Group. AEGON will continue this implementation in 2004 to ensure that every AEGON employee is aware of the group’s core values, business principles and rules of conduct. AEGON believes that it is vital AEGON will publish its first corporate responsibility report later in 2004, which will provide a further update on progress that has been made. More information on this and on corporate responsibility within AEGON can be found within the corporate responsibility chapter of AEGON’s website at: www.aegon.com. Trust: We build long-term relationships by honoring our commitments. Transparency: We provide open, accurate and timely information about our products, performance and financial results.  Quality: We offer products and services that are designed to improve the futures and financial security of our stakeholders. Respect: We treat all our stakeholders the way that we want to be treated with consideration for individual and cultural diversity. AEGON’S CORE VALUES AEGON GROUP ANNUAL REPORT 2003 75