Please activate JavaScript!
Please install Adobe Flash Player, click here for download

Allianz Annual Report 2013

Annual Report 2013    Allianz Group32 Statement on Corporate Manage­ment pursuant to § 289a of the HGB The Statement on Corporate Management pursuant to § 289a of the German Commercial Code (“Handelsgesetzbuch – HGB”) forms part of the Group Management Report. According to § 317 (2), sentence 3 of the HGB, this Statement does not have to be included within the scope of the audit. Declaration of conformity with the German Corporate Governance Code On 12 December 2013, the Board of Management and the Supervisory Board issued the following Declaration of Compliance of ­Allianz SE with the German Corporate Governance Code: DECLARATION OF CONFORMITY WITH THE GERMAN CORPORATE GOVERNANCE CODE “Declaration of Conformity by the Management Board and the Supervisory Board of ­Allianz SE with the recommendations of the German Corporate Governance Code Commission in accordance with § 161 of the German Stock Corporation Act (AktG) 1. ­Allianz SE fully complies and will continue to fully comply with the recommendations of the German Corporate Governance Code Commission (Code Commission) in the version of 13 May 2013, published by the Federal Ministry of Justice in the official section of the Federal Gazette (Bundesanzeiger), with the following exception: According to Item 5.3.2. of the German Corporate Governance Code, the Audit Committee of the Supervisory Board shall be responsible for the monitoring of the risk management system. The Supervisory Board of ­Allianz SE has additionally established a specific Risk Committee, which is, inter alia, responsible for the monitoring of the risk management system instead of the Audit Committee. 2. Since the last Declaration of Conformity as of 12 December 2012, ­Allianz SE has fully complied with the recommendations of the Code Commission in the version of 15 May 2012. Munich, 12 December 2013 ­Allianz SE For the Board of Management: Signed Michael Diekmann Signed Dr. Helga Jung For the Supervisory Board: Signed Dr. Helmut Perlet” In addition, ­Allianz SE follows all the suggestions of the German Cor- porate Governance Code Commission in its 13 May 2013 version and also followed all suggestions in the previous version of 15 May 2012. The Declaration of Conformity and further information on corporate governance at ­Allianz can be found on our website at    www.­Allianz.com/corporate-governance. The listed Group company Oldenburgische Landesbank AG issued its own Declaration of Conformity in December 2013, which states that Oldenburgische Landesbank AG complies with all of the recommendations of the German Corporate Governance Code in its version of 13 May 2013. Corporate governance practices INTERNAL CONTROL SYSTEMS Effective internal control systems for our internal and external finan- cial reporting are essential in order to gain the confidence of the capital market, our customers and the public. Consequently, the ­Allianz Group has implemented a comprehensive risk management system that involves regular assessments of the effectiveness of inter- nal controls as well as a quantitative limit system that helps the com- pany avoid unwanted risks. The internal requirements regarding the control of financial reporting refer to accounting, the reporting of Market Consistent Embedded Value (MCEV), and risk capital. For fur- ther information on the risk organization and risk principles, please refer to    page 119. (For further information on the internal controls over financial reporting and risk capital, please refer to    page 123.) The quality of the internal control systems is assessed by internal audit staff of the ­Allianz Group who are independent of the activities which are audited. Internal Audit is an independent, objective assur- ance and consulting activity designed to add value and improve our organization’s operations. It helps us to accomplish our objectives by introducing a systematic, disciplined approach and thus contribut- ing to the evaluation and improvement of the effectiveness of the risk management, control and governance processes. Therefore, internal audit activities are geared towards helping the company to mitigate risks as well as further assist in strengthening its governance pro- cesses and structures.

Pages Overview