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Allianz Annual Report 2012

A To Our Investors 35 Letter to the Investors 40 Supervisory Board Report 49 Supervisory Board 50 Board of Management 53 International Executive Committee 54 Allianz Share 59 Services for Allianz Investors Annual Report 2012    Allianz Group In our meeting on 13 September2012, we first dealt extensively with the strategy of the ­Allianz Group, includingitsriskstrategyandtherealignmentoflifeinsurancebusinessinalowinterest-rateenviron­ ment. The Board of Management then reported on the business performance and financial position of the Group. The Supervisory Board welcomed the Board of Management’s decision to give ­Allianz Group employees in 21 countries the opportunity to buy ­Allianz shares under favorable conditions. The Standing Committee approved the use of Authorized Capital 2010/II to issue these shares to employees. In the executive session, we dealt with changes to the German Corporate Governance Code (Code) and with the preparation for the efficiency review. At the 12 December 2012 meeting, the Board of Management informed us of the third-quarter results, further business developments and the situation of the ­Allianz Group. We also received reports on the impact of Storm Sandy and the impact of the U.S. drought on crop insurance. We then ­discussed planning for the 2013 fiscal year and the three-year period 2013-2015, as well as the remuner­ation structures within the ­Allianz Group and the Declaration of Conformity with the Code. We further reviewed and approved the appropriateness of the remuneration of the Board of Management by a vertical and horizontal comparison. Based on a recommendation from the Personnel Committee, the Supervisory Board adopted a resolution to set yearly premiums for pension schemes for mem- bers of the Board of Management for the year 2013 and set targets for the variable remuneration of Board of Management members for 2013 as well as for the 2013-2015 Mid-term bonus. We also approved the revised objectives for the composition of the Supervisory Board following the changes to the Code. We carried out the regular review of efficiency of the Supervisory Board and adopted a resolution transferring responsibility for monitoring the effectiveness of the risk management system from the Audit Committee to the Risk Committee of the Supervisory Board. The meeting was followed by a separate information session in which members of the Board of Management gave presentations on current topics. Declaration of conformity with the German Corporate Governance Code The Supervisory Board dealt with the new version of the Code dated 15 May 2012. Necessary changes to the Supervisory Board’s rules of procedure as well as new objectives for the composition of the Board were resolved at the December meeting. 43