In the form of recommendations ("shall") it sets internationally and nationally recognized behavioral standards. Furthermore the code provides the companies with suggestions ("should") for sound and responsible corporate management and supervision. Contrary to legal rules, it is not obligatory to comply with recommendations and suggestions.

As far as recommendations are concerned, however, listed companies are obliged to explain once a year to what extent these have been complied with (Declaration of Conformity). Possible deviations must be disclosed. In addition to the Declaration of Conformity, Allianz also voluntarily provides information on the compliance with suggestions.

The German Corporate Governance Code summarizes the fundamental guidelines of Corporate Governance in Germany. The Board of Management and the Supervisory Board of Allianz SE are issuing a yearly statement in respect of the recommendations of this Code.

The Declaration of Conformity regarding the German Corporate Governance Code in accordance with § 161 of the German Stock Corporation Act (AktG) was submitted by the Board of Management and the Supervisory Board of Allianz SE on December 15, 2022. Therein, Allianz SE declares compliance with all of the recommendations made by the Government Commission on the German Corporate Governance Code (Code version as of April 2022). The yearly Declaration as of December 2022 is available for download: