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Allianz SE

PRI reporting framework 2019

You are in Strategy and Governance » Governance and human resources

Governance and human resources

SG 07. RI roles and responsibilities (Private)

SG 07 CC. Climate-issues roles and responsibilities

07.5 CC. Indicate the roles in the organisation that have oversight, accountability and/or management responsibilities for climate-related issues.

Board members or trustees

Chief Executive Officer (CEO), Chief Investment Officer (CIO), Chief Risk Officer (CRO), Investment Committee

Other Chief-level staff or head of department

Portfolio managers

Investment analysts

Dedicated responsible investment staff

External managers or service providers

Other role, specify (1)

Other description (1)

          Team within Corporate Responsibility

07.6 CC. For board level roles for which have climate-related issues oversight/accountability or implementation responsibilities, indicate how these responsibilities are executed.

Allianz SE has a divisional Board structure based on functional and business responsibilities. Business-related divisions reflect our business segments Property/Casualty, Life/Health, Asset Management, and Corporate and Other. In 2018 they were overseen by five Board members. The following divisions focus on Group functions, along with business-related responsibilities: Chairman of the Board of Management; Finance, Controlling and Risk; Investment Management; Operations; Human Resources, Legal, Compliance, and M&A; Business Transformation. For further information on Board of Management members and their responsibilities, please refer to the Allianz Group Annual Report 2018, page 10.

The Allianz Group has had a Climate Change Strategy in place since 2005, which steers our insurance and investment business and is regularly updated. Within the Group, diverse functions and committees steer sustainability topics within their scope of influence.

The highest governing body for sustainability-related issues is the Group ESG Board. Three Allianz SE board members host the ESG Board, meeting quarterly. It owns corporate responsibility and climate-related topics and oversees the Allianz Group Climate Change Strategy. Thereby it steers the whole corporate responsibility agenda, including climate-related topics; this includes the integration of climate and ESG aspects into all business lines and core processes dealing with insurance and investment. It also informs and involves the Board of Management on relevant topics and activities at least twice a year. It also reviews and recommends policy proposals for consideration by the BoM and relevant Board committees. Functional departments directly update the Group ESG Board on material sustainability issues.

See also SG 07.4 for further information on the ESG Board's responsibilities and oversight.

The Group Finance and Risk Committee (GFRC) consists of members of the BoM and oversees risk management and monitoring, including sustainability and climate risks. It also serves as an escalation point based on analysis and deliberations within the Group ESG Board. Risks identified as emerging and/or significant are addressed either in the GFRC or the Group Underwriting Committee (GUC). The GUC consists of Members of the BoM, the Group Chief Risk Officer, Chief Underwriting Officers, and other executives of the Group. It monitors underwriting business, as well as its risk management and strategy and develops an underwriting policy.

For more information on our risk governance and committees see Allianz Group Annual Report 2018, pages 12f. and 63f. and on our governance approach see the Chapter "Managing Sustainability" in the 2018 Group Sustainability Report.

The Board of Management reports regularly and comprehensively to the Supervisory Board on business development, the company’s financial position and earnings, planning and achievement of objectives, business strategy, and risk exposure. Climate-related issues are part of these regular updates where relevant.

07.7 CC. For the management-level roles that assess and manage climate-related issues, provide further information on the structure and process involved.

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.

07.8 CC. Explain how the organisation engages external investment managers on the TCFD recommendations and its implementation.

SG 08. RI in performance management, reward and/or personal development (Private)