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.