Compliance with laws, regulations and codes
Munich Re has clear goals and values, including compliance with laws and consequently adopts a zero tolerance stance on corruption and other forms of financial crime. A Group-wide Code of Conduct and strict monitoring measures backed up by suitable information and documentation systems help to prevent any infringements of laws or regulations.
» Compliance, i.e. “acting in accordance with applicable laws and internal company directives and principles” (according to the definition in the » German Corporate Governance Code), is an integral part of Munich Re's corporate strategy. After all, legally correct dealings and active value management are key to our corporate image and integrity. We attach great importance to fulfilling high ethical, ecological and social standards.
Code of Conduct with binding rules
The central guideline for our activities is our » Code of conduct, which describes our values and – adapted to the field of business involved – has been implemented by our subsidiaries. The code describes in detail what we consider to be ethically principled, legally impeccable conduct. The code specifies rules that are binding for all Munich Re staff, describing not only how to deal with conflicts of interest, but also insider trading rules, laws regulating financial dealings, non-discrimination laws, environmental and data protection and other subject areas. Our Code of Conduct is reviewed and updated on a regular basis.
Systematically expanding compliance management
To optimise the outcome of this value management, we are constantly refining our compliance measures. These include regular face-to-face training, in particular in the area of antitrust law. Other compliance issues are conveyed by means of e-learning programs, for instance on data protection, information security and insider trading law. Since 2010, moreover, all staff at Munich Re (reinsurance) have had access to the new tutorial on our Code of Conduct. This tutorial is intended to help staff learn to identify matters involving compliance issues and to handle them correctly, for instance how to deal with confidential information or gifts. ERGO, too, is continually expanding its selection of tutorials on subjects such as compliance, money-laundering laws and anti-fraud management.
The monitoring of compliance in all Group companies is based not only on the Code of Conduct mentioned above, but also on our Compliance Manuals, which define the basic areas of responsibility and serve as the cornerstone of our global compliance management. The contact for questions regarding compliance is the Compliance Officer, who supports the Board of Management in developing and implementing organisational measures.
Safe channels of communication and protection of anonymity
In addition to monitoring compliance, Munich Re has introduced a Group-wide system for the reporting of any legal or regulatory infringements. The system allows rapid reporting on infringements via the Compliance Officer to the Board of Management.
Employees thus have the opportunity to report incidents directly to their supervisors, the Compliance Officer or Group Audit. To strengthen the compliance system further, Munich Re has appointed an independent, external » ombudsman, to whom staff can report irregularities confidentially or, if they prefer, even anonymously. The ombudsman also serves as an additional early-warning system to detect and prevent financial crime.
Global Compact as the central guideline
In August 2007, Munich Re signed the United Nations » Global Compact, ten principles that include environmental protection, the protection of human rights and anti-corruption rules. These principles represent a worldwide standard and help us to continue to improve corporate responsibility in our measures and processes and in core business at the international level. The Communication on Progress (COP) is located here on our corporate responsibility portal.
In our procurement policy, we also aim to achieve a balance in terms of economic, ecological and social aspects. The internal purchasing guideline of Munich Re (reinsurance) stipulates that all contracts with suppliers and service providers must include an appropriate corporate responsibility clause. In this way, we extend the commitments of the Global Compact to our business partners as well.
