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Allianz Annual Report 2013

Annual Report 2013    Allianz Group12 of earnings by the Board of Management for the 2012 fiscal year. KPMG confirmed there were no discrepancies to their February report and issued an unqualified auditor’s report for the indi- vidual and consolidated financial statements. The Supervisory Board also dealt with the agenda for the 2013 AGM of ­­Allianz SE and approved the Supervisory Board’s proposals for resolution. In addition, we resolved to appoint KPMG as auditor for the individual and consolidated financial statements for the 2013 fiscal year as well as for the auditor’s review of the 2013 half-yearly interim report. By way of a presentation the Supervisory Board was also informed in detail about the performance of global credit insurer Euler Hermes. On 7 May 2013, just before the AGM, the Board of Management briefed us on the first quarter 2013 performance and on the Group’s current situation, particularly the capital adequacy. We further used this meeting to prepare for the subsequent AGM. The Supervisory Board adopted a resolution regarding the extension of Manual Bauer’s appointment until 31 December 2014, the year in which he will turn 60. In our meeting on 1 August 2013 the Board of Management reported in depth on the half-yearly results. We examined ­­Allianz Turkey’s business activities and the security of client data in the wake of the NSA disclosures. We also dealt with the issuance of ­­Allianz Shares to employees of ­­Allianz Group. We were given a presentation on the performance of ­­Allianz Lebensversicherungs-­ AG and had a thorough discussion about the challenges posed by persistently low interest rates and about product initiatives featuring a new guarantee concept. In the executive session, we agreed to a reduction in the thresholds regarding transactions in equity holdings which require our approval as well as to the respective amendment of our Rules of Procedure. At the meeting of 2 October 2013, we dealt extensively with the strategy of the ­­Allianz Group, including risk strategy and risk management, capital management and digitalization. We were also given a presentation on the business performance and further development of the busi- ness model at PIMCO and discussed the outflows of funds from fixed income investments. The meeting was followed by a separate information session for members of the Supervisory Board where ­­Allianz managers gave presentations on current topics. At the 12 December 2013 meeting, the Board of Management informed us of the third-quarter results, further business developments, the situation of the ­­Allianz Group, and several other issues. We then discussed the planning for the 2014 fiscal year and the three-year period 2014 –  2016, as well as the remuneration structures within the ­­Allianz Group and the Declaration of Conformity with the German Corporate Governance Code (Code). On the recommendation of the Personnel Committee, the Supervisory Board adopted a resolution to adjust the remunera-

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