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Expert Corporate Governance Service (ECGS)
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Allianz SE - 8 May 2019

General: In line with German law, the auditor of an insurance company like Allianz is not appointed by the AGM but the Supervisory Board.

Item 5: Approval is sought for the new remuneration system for the Management Board which is applicable since financial year 2019. The new remuneration system is considered as an improvement compared to the previous remuneration system due to a reduction of complexity and the introduction of share ownership guidelines as well as malus and clawback provisions. However, we have concerns over the absolute level and structure of remuneration being paid to Management Board members: The maximum total remuneration (including pension benefits and benefits in kind) may reach up to EUR 10m for the CEO (~586% of base salary) and up to EUR 6m for the other Management Board members (~615% of base salary) which exceeds ECGS guidelines according to which the maximum total remuneration should not exceed 400% of base salary. We therefore recommend to oppose the new remuneration system for Management Board members.

Underlying
Allianz SE

Allianz is engaged in the provision of a range of insurance and asset management products and services. Co. has three business segments: Property-Casualty, which provides insurance products to both private and corporate customers, including motor liability and own damage, accident, general liability, fire and property, legal expense, credit and travel insurance; Life/Health, which provides life and health insurance products including annuities, endowment and term insurance, unit-linked and investment-oriented products and private health and supplemental health and long-term care insurance; and Asset Management, which provides institutional and retail asset management products and services.

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Proxinvest
Proxinvest

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