It is quite clear that we cannot rely on the state alone to resolve the key issues and challenges of our time. Given the mighty scope and international nature of problems like climate change, we quickly run up against the limitations of the nation state. Rightly so, the call has been for greater responsibility – on the part of private citizens and companies as well.

Responsibility has a great deal to do with trust. In this area, business does not have an easy time of it at the moment. Almost daily, the news seems to confirm just the opposite of responsible conduct – even if the reports represent only a small part of the big picture. Confidence in the honesty of companies and managers, and in the positive forces inherent in a social order based on a market economy, is flagging. More and more public voices speak of "predatory capitalism" that makes its own rules. Companies can counteract these voices only by proving their credibility day after day. 

The business model of financial service providers like Allianz is founded on the confidence of our clients, employees, shareholders and the public. Take our clients as an example: they entrust their savings to us for decades because they rely on the fact that ultimately they will get a guaranteed annuity from us as long as they live. They rightly expect us to comply with the highest ethical principles. And precisely in a free market economy, we cannot afford anything else – any action that is not guided by this understanding will ultimately harm our business.

Additionally, for Allianz as a risk manager operating worldwide, business prospects are closely meshed with the issues that call for overall social responsibility: demographic change, global warming, social security and economic development for every region of the world. These are existential spheres that affect our business today and will continue to affect it tomorrow. That’s why the principle of sustainability is a crucial part of our business model. And as an international corporation, we feel a particularly strong duty to act sustainably. To do that, we also need pragmatic solutions that offer concrete benefits for our clients. Or in other words – only by acting sustainably can we ensure sustainable business success.

Here we must rely on our stakeholders’ understanding, because we constantly have to balance their various expectations. That is not always an easy task. Because acting responsibility in times of global uncertainty entails conflicting goals. Long-term business success is not always compatible with long-term job security. First-class products and first-class consulting are not available at the lowest prices.

So it all depends on the approach, in big things and in small ones. In our contributions toward resolving global challenges – like microinsurance policies that offer basic protection for the poorest people in the world, or investments in renewable energy – but also in clear-cut actions here at home, in our business conduct, in the reorganization of our insurance and banking business to safeguard its future, as well as in the work of our foundations that serve the common good. The is how to earn the confidence of others – including through dialogue.

That’s why we’re also starting a new chapter with our foundations. This evening, the "Pariser Platz Allianz Foundation Forum" will open, as a platform for this social dialogue. This is a joint effort by the Allianz Cultural Foundation, the Allianz Environmental Foundation, the Jürgen Ponto Foundation and the Dresden Cultural Foundation of Dresdner Bank. It is intended as a place for open speech, a place for people to argue and listen, a place to reflect and discuss creatively, without dogma. We want to learn from this dialogue, and draw attention to the great issues and challenges of our time. And we’re even going a step further. Our building in Berlin, next to the Brandenburg Gate, will also be open to other partners and foundations.

Corporate foundations have always also been an expression of their founders’ business responsibility. That was already the case when Jakob Fugger founded his "Fuggerei" in Augsburg in 1521. Allianz and Dresdner Bank tie into this great tradition of German businesses by establishing their own foundations. We stand for the time-honored voluntary commitment to return a portion of our business success to society through charitable action, and we want to pool our strengths, and that of our partners, into the Allianz Foundation Forum.

The latest statistics strengthen our resolve to pursue this path. We are currently experiencing an outright boom in foundations. Around 1,200 foundations were established in Germany in 2007 alone. The same year, total foundation assets came to some 80 billion euros. Of this, Dresdner Bank, as the market leader, manages the assets of some 2,000 foundations, and capital of more than eight billion euros. In all, charitable foundations spent more than seven billion euros from their own income and donations over the last year. That’s roughly equivalent to the budget for the German Ministry of Education and Research. And it emphasizes that foundations have returned to playing a key role in society. They provide impetus for many educational initiatives and learning models. And they are also proof of a vigorous commitment to civil society.

Allianz would like to offer a platform for these efforts at Pariser Platz in Berlin. We must pool our strengths to find joint solutions, promote open dialogue, and preserve a strong civil society. That is our idea of a culture of sustainability, and we hope to find many others who are willing to support us.

An abridged version of this editorial by Michael Diekmann first appeared in the "Tagesspiegel" from June 24, 2008.