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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 of Management members in the interests of ­Allianz Group. In relation to this, resolutions were also adopted in May and August 2012 by written procedure. The Audit Committee held five meetings in the 2012 fiscal year. In the presence of the auditors, it discussed the ­Allianz SE and ­Allianz Group consolidated financial statements, management reports and auditor’s reports. In addition, the committee checked 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 checks, 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. In July, a written resolution granted approval to issue a mandate to the auditor for a project in connection with the U.S. Foreign Account Tax Compliance Act. The committee also dealt with the risk management and risk monitoring system, the compliance system, the internal auditing system as well as the accounting process and internal financial reporting control mecha- nisms – 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. In the February meeting, the committee also discussed the merger of the Legal and Compli- ance divisions into a single Group Legal & Compliance division. In its November 2012 meeting, the committee approved the audit plan by Group Audit for 2013. The Risk Committee held two meetings in 2012. The committee continued the efficiency review which had begun in the previous year and dealt in particular with the allocation of tasks between the Risk and the Audit Committee. In both meetings, the committee discussed the current risk situation of the ­Allianz Group with the Board of Management and received reports on the progress of prepara- tions for the risk-oriented development of statutory capital requirements for insurance companies (“Solvency II”). The committee again dealt extensively with the consequences of the sovereign debt crisis in Europe and with measures for risk reduction. The risk report, as well as other risk-related statements in ­Allianz SE, consolidated financial statements and management and group manage- ment reports, were preliminarily reviewed by the auditor and the Audit Committee was informed of the result. The appropriateness of the early risk recognition system in ­Allianz was also discussed. The Nomination Committee met once during the year. The meeting was convened to prepare the Supervisory Board’s resolution on the amendment of the objectives for the composition of the Super- visory Board. The amendment was necessary due to changes in the Code. The Supervisory Board was regularly and comprehensively informed of the committees’ work. 45