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The Supervisory Board's work

Part of the Supervisory Board’s work is carried out by its committees.

The composition of committees and the tasks assigned to them are regulated by the Supervisory Board’s Rules of Procedure. The Supervisory Board receives regular reports on the activities of its committees.
Standing Committee

The Standing Committee is responsible for the approval of certain transactions which are assigned to it for resolution by the Rules of Procedure for the Supervisory Board (e.g. capital measures). It supervises the Corporate Governance of the company and prepares the annual declaration of compliance as well as the efficiency check of the Supervisory Board's areas of responsibility. Furthermore, it decides on undertaking changes to the articles of association concerning the wording onl

The Standing Committee has five members: the Chairman of the Supervisory Board, two members elected on the suggestion of the shareholder representatives and two members elected on the suggestion of the employee representatives.

The members of the Standing Committee are as follows:

  • Michael Diekmann (Chairman)
  • Jean-Claude Le Goaër
  • Herbert Hainer
  • Jürgen Lawrenz
  • Jim Hagemann Snabe

 

Personnel Committee

The Personnel Committee is responsible for preparing the appointment of members of the Board of Management as well as the representation of the company vis-a-vis members of the Board of Management. It deals with all personnel issues of the members of the Board of Management, including the consent to the assumption of mandates in other companies. It also reviews the extent to which members of the Board of Management have achieved their targets and prepares the review of the Board of Management’s remuneration system, including the setting of targets for variable remuneratio

The Personnel Committee of the Supervisory Board is comprised of the Chairman of the Supervisory Board, one member elected by the Board on the suggestion of the employee representatives and another elected by the Board on the suggestion of the shareholder representatives. The Committee is chaired by the Chairman of the Supervisory Board.

The members of the Personnel Committee are as follows:

  • Michael Diekmann (Chairman)
  • Gabriele Burkhardt-Berg
  • Herbert Hainer

 

Audit Committee

The Audit Committee reviews the annual Allianz SE and consolidated financial statements, management reports (incl. risk report) and the proposal for the appropriation of net earnings. It also checks the quarterly financial statements and the half year financial report. The Audit Committee monitors the financial reporting process as well as the effectiveness of the internal control and audit systems. It prepares the decision for the appointment of the external auditor, which in German insurance companies is the responsibility of the Supervisory Board; in this context it examines the independence of the auditor. It commissions the auditor and determines the key focus points of the audit and the amount of compensation for the audit

The Audit Committee of the Supervisory Board consists of five members. Three members are elected by the Board on the suggestion of the shareholder representatives, two others on the suggestion of the employee representatives. The Chairman of the Committee is also elected by the Supervisory Board.

The members of the Audit Committee are as follows:

  • Dr. Friedrich Eichiner (Chairman)
  • Sophie Boissard
  • Michael Diekmann
  • Jean-Claude Le Goaër
  • Martina Grundler

At least one independent member of the Audit Committee must have expertise in the fields of accounting or auditing. The Supervisory Board has determined that Dr. Eichiner meets these requirements.

Risk Committee

The Risk Committee monitors the risk developments in the Allianz Group as well as the efficiency of the risk management system. The Committee also conducts a preliminary review of the risk-related statements in the course of the audit of the annual financial statements and management reports, informing the Audit Committee about its findings.

The Risk Committee consists of five members, of whom three are elected on the suggestion of the shareholder representatives and two on the suggestion of the employee representatives. The Supervisory Board also elects the Chairman of the Committee.

The members of the risk committee are as follows:

  • Michael Diekmann (Chairman)
  • Christine Bosse
  • Dr. Friedrich Eichiner
  • Godfrey Hayward
  • Frank Kirsch

 

Technology Committee

The functions of the Technology Committee are the continuous exchange on technology trends and developments relevant for the business of Allianz Group and the consultation on the technology and innovation strategy of the Management Board. Furthermore the Technology Committee supports the Supervisory Board in its supervision of the execution of the technology and innovation strategy of the Management Boar

The Technology Committee consists of five members. Three members are elected by the Supervisory Board upon the proposal of the shareholder representatives and two members upon the proposal of the employee representatives. The Chairman of the Committee is also elected by the Supervisory Board.

The members of the Technology Committee are as follows:

  • Jim Hagemann Snabe (Chairman)
  • Gabriele Burkhardt-Berg
  • Michael Diekmann
  • Dr. Friedrich Eichiner
  • Jürgen Lawrenz

 

Nomination Committee

The Nomination Committee sets concrete objectives for the composition of the Supervisory Board as well as selection criteria for shareholder representatives on the Supervisory Board. The Committee is seeking suitable candidates for the election of shareholder representatives to the Supervisory Board

The Nomination Committee comprises the Supervisory Board Chairman and two other shareholder representatives elected by the shareholder side. The Committee is chaired by the Chairman of the Supervisory Board.

The members of the Committee are as follows:

  • Michael Diekmann (Chairman)
  • Christine Bosse
  • Jim Hagemann Snabe
Sustainability Committee

The Sustainability Committee exchanges regularly on sustainability-related issues (Environment, Social, Governance – ESG) which are relevant for an economically sound and sustainable development as well as for the reputation of Allianz Group. It closely monitors the Management Board’s sustainability strategy, in particular the management of the strategic framework for all Group-wide sustainability measures and supports the Supervisory Board in the oversight of the execution of the sustainability strategy. The Sustainability Committee also supports the Personnel Committee in the preparation of the ESG-related target setting as well as the review of the set targets’ fulfillment for the Management Board’s remuneration.

The Sustainability Committee has five members: three members are elected upon the proposal of the shareholder representatives and two upon the proposal of the employee representatives.

The members of the Sustainability Committee are as follows:

  • Christine Bosse (Chairwoman)
  • Sophie Boissard
  • Gabriele Burkhardt-Berg
  • Michael Diekmann
  • Frank Kirsch

Publication of members' participation in meetings

The Supervisory Board considers it good corporate governance to publish the details of individual members’ participation in plenary sessions and committee meetings.
The attendance rate for all meetings in fiscal 2019 was 99%, including the committee sessions. In the previous year, the attendance rate had been 100% for all persons who served as members of the Supervisory Board at the end of fiscal 2018.

Rules of Procedure of the Supervisory Board of Allianz SE

Besides general regulations, the Rules of Procedure contain, in addition to general provisions, regulations relating to the tasks of the Supervisory Board and its committees.