FAQ - frequently asked questions

Understandably, we have received many questions from shareholders in recent weeks and months about the impact of the corona pandemic with regard to the Annual General Meeting and the dividend.

1. Did the Annual General Meeting of Allianz SE take place as scheduled?

Yes. The Annual General Meeting took place in the form of a purely virtual meeting in Munich on May 6, 2020.

2. How could shareholders follow the Annual General Meeting?

Shareholders of Allianz SE could follow the entire Annual General Meeting live on the internet. We have already been offering our shareholders this option since 2002. If you have not already registered for the Annual General Meeting invitation by e-mail delivery, you can find the access data for the Online Service in the invitation, which we started to send on April 15, 2020. The opening of the Annual General Meeting by the Chairman of the Annual General Meeting as well as the speech of the Chairman of the Board of Management were publicly broadcast on www.allianz.com/agm without requiring access data.

3. How could shareholders exercise their voting right?

Shareholders could exercise their voting right as usual by absentee vote or by granting authorization and instructions to persons appointed by Allianz SE to vote on your behalf, both in paper form and in electronic form via the Online Service, until the end of the registration period on April 29, 2020. Absentee vote or instructions could still be changed after this date via the Online Service until the start of the voting on the day of the Annual General Meeting.

4. When were the invitations sent?

The dispatch of the invitations to our shareholders started on April 15, 2020. This was significantly later than usual. Against the background of the current situation, the legislator has shortened the deadlines compared to the regular deadlines under stock corporation law. Due to the high print run –  Allianz has approximately 700,000 shareholders (per April 30, 2020) – the reprint required by the convocation as a virtual general meeting and enveloping of the documents was a time consuming process.

5. Is the execution of an Annual General Meeting in the form of a physical meeting mandatory in Germany?

In principle yes. However, the Act to Mitigate the Consequences of the COVID-19 Pandemic under Civil, Insolvency and Criminal Procedure Law (COVID-19-Act), which was passed on March 27, 2020, allowed an Annual General Meeting in 2020 without physical attendance of shareholders or their representatives. 

6. How many persons usually attend the Annual General Meeting in person?

In 2019, the Annual General Meeting was attended by 3,900 shareholders and representatives, with an average number of attendees of just under 3,600 for the last three years. The majority of the shareholders are usually not present during the entire event. On average, the number of shareholders present at the time of the passing of the resolutions, was approximately 175 for the Annual General Meetings 2017-2019. Due to its longer duration, this number was just slightly above 100 at the Annual General Meeting 2019. Approximately 75 percent of the shareholders or representatives leaving the Annual General Meeting before its end exercise their voting right by granting authorization and instructions to persons appointed by Allianz SE. For comparison: the total number of shareholders amounts to approximately 700,000 (per April 30, 2020).

7. By when does the Annual General Meeting need to take place?

The Annual General Meeting of Allianz SE as a Societas Europaea (SE) needs to take place within the first 6 months following the end of the business year it is related to, i.e. by June 30. This is a special rule for companies in the legal form of an SE deviating from the general rule which requires the Annual General Meeting to be held within the first 8 months. The extension of the deadline until December 31, 2020, which the COVID-19-Act allows public limited companies, does not apply to companies that have the legal form of an SE.

8. How long in advance does the Annual General Meeting need to be convoked?

In principle, Allianz SE has a notice period of 37 calendar days, not counting the day of the Annual General Meeting. The COVID-19-Act provides for a shortened period of 21 calendar days before the day of the Annual General Meeting for 2020. The changed participation modalities granted by the special law required a new convocation.

9.  Is an Annual General Meeting required for the pay-out of the dividend?

Yes. According to the German Stock Corporation Act (Aktiengesetz), the Annual General Meeting has to approve the proposed appropriation of net earnings in order to authorize the company to pay out the dividend. Without this resolution dividend payments by Allianz SE cannot occur. However, the COVID-19-Act allows the installments to be paid on the dividend in 2020 even without a corresponding statutory regulation.

10. Do Allianz’s statutes allow for an advance payment of retained earnings?

No. Allianz's statutes do not provide for the possibility of an advance payment of retained earnings. However, the COVID-19-Act provides for this option in 2020 even without amending the statutes. 

As with all content published on this site, these statements are subject to our Forward Looking Statement disclaimer.