Societas Europae / European company
The European company (also: Societas Europaea - SE) is a legal form for companies in the EU. It was created on the basis of "Council Regulation (EC) No. 2157/2001 of October 8, 2001 on the European Company Statute (SE)" and "Council Directive 2001/86/EC of October 8, 2001 supplementing the European Company Statute with regard to the involvement of employees". As a European Company, Allianz SE is subject to special European SE regulations and the German SE Implementation Act ("SE-Ausführungsgesetz") in addition to German stock corporation law.
On October 13, 2006, Allianz AG adopted the legal form of a European company (Societas Europaea - SE) by the merger with its Italian subsidiary Riunione Adriatica di Sicurtà S.p.A. and has subsequently been operating under the name Allianz SE. Allianz was the first company in the EURO STOXX 50 Index to adopt the legal form of a European company. Shares in Allianz SE were traded for the first time on October 16, 2006.
The main features of the company’s corporate constitution – in particular the two-tier board system (Board of Management and Supervisory Board) and the principle of equal employee representation on the Supervisory Board – have been maintained by Allianz SE.
As a consequence of the change of its legal form, the German Co-Determination Act ("Mitbestimmungsgesetz") no longer applies to Allianz SE. The size and composition of the Supervisory Board is now determined by general European SE regulations. These regulations have been implemented in the Statutes and by an agreement concerning the Participation of Employees in Allianz SE.
The possibility of reducing the number of supervisory board members, in deviation of the provisions of the German right of co-determination, has increased the efficiency of the supervisory board. Furthermore, the supervisory board has more international members, as employee representatives from other European countries are also represented on the supervisory board.
The legal form of a European company contributes to Allianz having a uniform European image and simplifies restructuring efforts in the Group. Allianz SE is based in Munich.