Our understanding: Corporate governance report
Corporate governance stands for a form of responsible company management and control geared to long-term creation of value.
Efficient practices on the Board of Management and Supervisory Board, good collaboration between these bodies and with the Group’s staff, an organizational structure that fits the purpose of the Group, and efficient processes for conducting business are core elements of good corporate governance. They help to secure the confidence of investors, clients, employees and the general public in our corporate activities.
Details about corporate governance can be seen in the corporate governance report.
Statement on Corporate Governance for the 2018 financial year
Combined non-financial statement
Combined non-financial statement in accordance with Sections 289b(3) and 315b(3) of the German Commercial Code (HGB).
On the basis of Directive 2014/95/EU regarding the disclosure of nonfinancial and diversity information, disclosure requirements for non-financial information have been codified under commercial law for the first time for the 2018 financial year. Munich Re is complying with these requirements in a combined non-financial (Group) statement, and is publishing it separately from the combined management report. This report combines the non-financial information about Munich Reinsurance Company and Munich Re (Group).
Articles of Association
Also applicable to Munich Reinsurance Company is a co-determination agreement concluded pursuant to the German Act on the Co-Determination of Employees in Cross-Border Mergers (MgVG) of 12 December 2008 in the version dated 15 December 2017.
The principle of parity co-determination on the Supervisory Board has been upheld in the co-determination agreement, and strengthened by taking into account staff employed in the rest of Europe.
With regard to the likely exit (Brexit) of the United Kingdom from the European Union and the European Economic Area, a supplement (Protokollnotiz) to the Co-determination Agreement for Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München (dated 8/15 December 2017) was concluded in July 2019.