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Allianz Annual Report 2012

Board of Management and Group Committees Members of the Board of Management’s committees – the Group Capital Committee, the Group Finance Committee, the Group IT Committee and the Group Risk Committee – are elected from within the Board itself. Board Committees B 001 Board COMMITTEEs RESPONSIBILITIES Group Capital Committee Michael Diekmann (Chairman), Dr. Paul Achleitner  until 31 May 2012, Oliver Bäte  until 31 December 2012, Dr. Dieter Wemmer  from 1 January 2013, Dr. Maximilian Zimmerer  from 1 June 2012 Proposals to the Board of Management concerning risk strategy, strategic asset allocation and risk capital allocation within the Group. Group Finance Committee Dr. Paul Achleitner (Chairman)  until 31 May 2012, Dr. Maximilian Zimmerer (Chairman)  from 1 June 2012, Oliver Bäte  until 31 December 2012, Dr. Helga Jung  from 1 February 2012, Jay Ralph  from 1 January 2012, Dr. Dieter Wemmer  from 1 January 2013, Dr. Werner Zedelius Deciding on material investments, preparing and monitoring the Group’s investment policy, financing and capital management. Group IT Committee Dr. Christof Mascher (Chairman), Oliver Bäte  until 31 December 2012, Jay Ralph, Dr. Dieter Wemmer  from 1 January 2013, Dr. Werner Zedelius Developing, implementing and monitoring the Group- wide IT strategy, approval of relevant IT investments. Group Risk Committee Oliver Bäte (Chairman)  until 31 December 2012, Dr. Dieter Wemmer (Chairman)  from 1 January 2013, Dr. Paul Achleitner  until 31 May 2012, Clement Booth, Jay Ralph, Dr. Maximilian Zimmerer  from 1 June 2012 Establishing and overseeing a Group-wide risk management and monitoring system. as of 31 December 2012 (and subsequent changes) The Board has also set up the Group Compensation Com- mittee, the Group Underwriting Committee and the Inter- national Executive Committee as permanent Group com- mittees.TheseGroupcommitteespreparedecisionsforthe Board of Management of ­Allianz SE, submit proposals for resolutions and ensure the smooth flow of information within the Group. group committees B 002 group COMMITTEES RESPONSIBILITIES Group Compensation Committee Board members and executives reporting to the ­Allianz SE Board of Management Designing, monitoring and improving compensation systems, annual submission of a report on the results of its monitoring, along with proposals for improvements. Group Underwriting Committee Members of the Board of Management, executives below ­Allianz SE Board level and Chief Underwriting Officers of Group companies Monitoring of the underwriting business and its risk management, developing an underwriting policy and strategy. International Executive Committee All members of the Board of Management of ­Allianz SE and Managing Directors of the largest subsidiaries of ­Allianz Group Discussion of overall strategic issues for the ­Allianz Group (for composition, see page 53). The responsibilities and composition of Board of Manage- ment and Group committees are set out in the respective Rules of Procedure, which require the approval of the Board of Management. The ­Allianz Group runs its operating entities and business segments via an integrated management and control pro- cess. The Holding and the operating entities first define the business strategies and goals. On this basis, joint plans are then prepared for the Supervisory Board’s consideration when setting targets for performance-based remuneration of the members of the Board of Management (for details, please see the Remuneration Report starting on page 74). When filling managerial positions, the Board of Manage- ment takes diversity into consideration and, in particular, aims for an appropriate representation of women. In par- ticular, 30 % of managerial positions in Germany are to be filled by women by 2015. The Board of Management reports regularly and compre- hensively to the Supervisory Board on business develop- ment, the financial position and earnings, budgeting and achievement of objectives, business strategy and risk expo- sure. In line with the Code’s recommendation, the Supervi- sory Board has issued reporting guidance which more clearlydefinestheinformationandreportingrequirements of the Board of Management. Certain important decisions of the Board of Management require approval by the Supervisory Board. Some of these requirements are stipulated by law or by decisions of the Annual General Meeting (AGM). These include approval for  53    International Execu- tive Committee  74   Remuneration Report Annual Report 2012    Allianz Group64

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