The Allianz Group Corporate Responsibility department, and particularly the Group ESG Office, including a team dedicated to Climate Integration, is responsible for steering the integration of ESG and climate aspects into core investment and insurance activities and acts as the Executive Office of the Group ESG Board. It also handles reporting on non-financial matters and supports operating entities in integrating the Group’s strategic approach and policies.
Key insurance operating entities, our internal asset managers, and the complete investment management function Allianz Investment Management (AIM) have well-established dedicated climate and ESG functions and practice, which eventually also report to Board level.
At AIM, the Investment Management Board (IMB) oversees the implementation of the climate and ESG strategy for Allianz’s proprietary investment portfolio of EUR 672.8bn (FY 2018). This includes regular discussions and decisions around operationalization of the portfolio decarbonization and SBTi, analyses on asset stranding in climate scenarios, as well as engagement dedicatedly on climate aspects. Within AIM, climate and ESG is steered at IMB level, with the managing director in charge of the implementation.
ESG specialists and/or representatives from different local operating entities, global lines, and Group centers come together in the ESG Working Group to develop and discuss projects and proposals for ESG and climate integration in the business.
Specifically for climate change, we have a Climate Contact Group (CCG), consisting of experts from across the Group, exchanging and developing proposals on climate integration into business. Input from the CCG informs top management and Group ESG Board.
Additional bodies and functions within the Group monitor and analyze market, technological as well as regulatory trends and developments – insights are shared with relevant stakeholders. In 2019, we are further strengthening the Group-wide network on climate and ESG-related matters.
Moreover, several units also have dedicated competence centers on promoting low-carbon technologies: Allianz Capital Partners, Allianz Global Investors, Allianz Global Corporate & Specialty, Allianz Climate Solutions, and others.
For more information on our risk governance and committees can be found in the Allianz Group Annual Report 2018 on page 74ff. and on our governance approach see the Chapter "Managing Sustainability" in the 2018 Group Sustainability Report.