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.

Governmental Commission

The Governmental Commission "German Corporate Governance Code" is in charge of the initial compilation and the continuing revolution of the German Corporate Governance Code. Thenceforward, the Commission has to review the Code for possible adjustments at least once a year, considering legislative and practical developments concerning corporate governance.

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:

Over and above the formal Declaration of Conformity, Allianz SE publishes a list of its corporate governance practice regarding to all recommendations and suggestions of the German Corporate Governance Code:

Following the recommendation of the German Corporate Governance Code you can find the Declarations of Conformity of the past 5 years here. Allianz complied with the German Corporate Governance Code over the past years almost without exception. The few exceptions were of formal nature, referred to a very short time period or anticipated future changes of the German Corporate Governance Code.