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Allianz Annual Report 2012

Annual Report 2012    Allianz Group Ladies and Gentlemen, During the 2012 fiscal year, the Supervisory Board fulfilled its duties and obligations as laid out in the company Statutes and applicable law. We monitored the management of the company and advised the Board of Management regarding the conduct of business. The Supervisory Board was directly involved in all major company decisions. Overview Within the framework of our monitoring and advisory activities, the Board of Management informed us on a regular basis, and in a timely and comprehensive manner, both verbally and in writing, on the course of business, as well as on the economic and financial development of ­Allianz Group and ­Allianz SE, including deviations in actual business developments from existing plans. Further key areas the Board of Management reported on were the business strategy, capital adequacy, the effects of the ongoing sovereign debt crisis in Europe, international discussions surrounding the systemic relevance of major financial institutions as well as the status of implementation of the Solvency II Directive. In addition, we were extensively involved in the Board of Management’s planning for both the 2013 fiscal year and the medium term. Supervisory Board Report 40