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Allianz Annual Report 2013

Annual Report 2013    Allianz Group14 The Standing Committee held five meetings in 2013. These related primarily to corporate gover- nance issues, the preparation for the AGM, the Employee Stock Purchase Plan, and a review of the Supervisory Board’s efficiency conducted by an external advisor. During the fiscal year the committee passed resolutions requiring approval on the use of Authorized Capital 2010/II for the issue of shares to employees and to approve loans to senior executives. The Personnel Committee met four times over the fiscal year 2013. The committee dealt with personnel matters for both active and former members of the Board of Management, including succession planning and top management development. It also reviewed the extent to which members of the Board of Management had achieved their annual targets for fiscal year 2012 and the targets for the 2010-2012 mid-term bonus. The committee prepared the review of the Board of Management’s remuneration system, including the setting of targets for variable remuneration in 2014. In addition, the committee dealt with the mandates held by Board of Management members in the interests of the ­­Allianz Group. In relation to this, resolutions were also adopted by written procedure in April and July 2013. The Audit Committee held five meetings in 2013. In the presence of the auditors, it discussed the annual financial statements of ­­Allianz SE and the consolidated financial statements of the ­­Allianz Group, the management reports and auditor’s reports. In addition, the committee reviewed the half-yearly and quarterly financial reports and, together with the auditors, went through the details of the auditor’s review of these financial statements. After carrying out these reviews, the Audit Committee saw no reason to raise any objections. The committee also reviewed the auditor’s engagement and established priorities for the annual audit. In addition, assignments to the auditors for services not connected to the audit itself were discussed. An upper limit for “non-audit services” by KPMG was agreed upon, requiring approval from the Audit Committee if it is to be exceeded. The committee also dealt with the compliance system, the internal auditing system as well the accounting process and internal financial reporting control mechanisms, including the appropriateness of the respective systems and processes. The committee received regular reports from the Head of Group Audit, from the General Counsel and from the Chief Compliance Officer on material audit results and their status as well as on legal and compliance issues. The committee approved the audit plan by Group Audit for 2014. The Risk Committee held two meetings in 2013. In both meetings, the committee discussed the current risk situation of the ­­Allianz Group with the Board of Management. The risk report as well as other risk-related statements in the annual ­­Allianz SE and consolidated financial state- ments and management and group management reports, were reviewed with the auditor and

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