Allianz is now a European Company (SE) and still has a responsibility to achieve excellence in its corporate governance and corporate controls.
Allianz AG has adopted the form of a European Company (Societas Europaea or SE) on October 13, 2006, and is the first DAX and first EURO STOXX 50 company to do so. This step comes along with a couple of important changes in the corporate governance structure. In particular, the reduction of the size of the Supervisory Board to 12 members and the Europeanization of its composition constitute a milestone for the modern and efficient corporate governance of Allianz.
The conversion to an SE and our ongoing efforts to ensure high corporate governance standards have been warmly welcomed by our customers and shareholders as well as by the public. Furthermore, the special interest shown by analysts and institutional investors indicates that corporate governance matters can also have an impact on the overall rating of a corporation.
The regulatory framework for corporate governance was subject to changes during the last year. An important point was the regulation by law regarding the individual disclosure of the compensation of the members of the board of management by the German “Vorstandsvergütungsoffenlegungsgesetz” and the corresponding changes in the German Corporate Governance Code.
