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Allianz Annual Report 2013

A To Our Investors  5 Letter to the Investors 10 Supervisory Board Report 17 Supervisory Board 18 Board of Management 20 International Executive Committee 21 Allianz Share Annual Report 2013    Allianz Group 13 tion of the Board of Management with effect from 1 January 2014, to set the yearly premiums for pension schemes for members of the Board of management, and set out their targets for 2014. We also reviewed and approved the appropriateness of the remuneration of the Board of Management by means of a vertical and horizontal comparison. In line with a new recommen- dation of the Code, the “upper management” and “relevant workforce” groups were defined for the vertical comparison. In addition, we intensively discussed the Supervisory Board’s efficiency review, which we carried out for the first time in 2013 with the aid of an external advisor, and we discussed potential improvements in the way the Supervisory Board operates. DECLARATION OF CONFORMITY WITH THE GERMAN CORPORATE GOVERNANCE CODE The Supervisory Board dealt with the new version of the Code dated 13 May 2013. On 12 December 2013 the Board of Management and the Supervisory Board issued the Decla- ration of Conformity in accordance with § 161 of the German Stock Corporation Act (“Aktien­ gesetz”). The Declaration was posted on the company website, where it is available to share- holders at all times. ­­Allianz SE fully complies and will continue to fully comply with the recommendations of the German Corporate Governance Code Commission made in the Code’s version of 13 May 2013 with one exception. Deviating from Item 5.3.2 of the Code, the Supervisory Board’s Risk Committee – rather than the Audit Committee – will be responsible for monitoring the risk management system. Further explanations of corporate governance in the ­­Allianz Group can be found in the Corpo- rate Governance Report starting on    page 27  and the Statement on Corporate Management pursuant to § 289a HGB starting on    page 32. More information on corporate governance can also be found on the ­­Allianz website at    www.Allianz.com/corporate-governance. Committee activities The Supervisory Board has formed various committees in order to perform its duties efficiently: the Standing Committee, the Personnel Committee, the Audit Committee, the Risk Committee and the Nomination Committee. The committees prepare the discussion and adoption of reso- lutions in the plenary sessions. Furthermore, in appropriate cases, the authority to adopt reso- lutions has been delegated to the committees. There is no Conciliation Committee because the German Co-Determination Act (“Mitbestimmungsgesetz”) which provides for such a commit- tee does not apply to ­­Allianz SE as a European Company (SE). Please find the composition of the committees at the end of the reporting period on    page 15.

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