Corporate Governance

Corporate governance stands for a form of responsible company management and control geared to long-term creation of value. One of our particular aims in this context is to foster the confidence of investors, clients, employees and the general public. Also of great relevance for us are efficient practices on the Board of Management and Supervisory Board, good collaboration between these bodies and with the companies’ staff, and open and transparent corporate communications.

Since the 2016 financial year, this statement combines the Statement on Corporate Governance of Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München (Munich Reinsurance Company) pursuant to Section 289f of the German Commercial Code and the Group Statement on Corporate Governance pursuant to Section 315d of the German Commercial Code.

For the 2019 financial year, this statement includes corporate governance reporting within the meaning of the German Corporate Governance Code.

Efficient practices on the Board of Management and Supervisory Board, good collaboration between these bodies and with the Group’s staff, an organisational 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.

Corporate governance reporting within the meaning of the German Corporate Governance Code is included in the Statement on Corporate Governance for the 2019 financial year.

The Corporate Governance Reports for previous years can be found in the respective Group Annual Reports:

On the basis of Directive 2014/95/EU on the disclosure of non-financial and diversity information, disclosure requirements for non-financial information were codified under commercial law for the first time for the 2018 financial year. Up to and including 2019, Munich Re complied with these requirements by publishing a combined non-financial (Group) report separately from the combined management report. This report combined the non-financial information about Munich Reinsurance Company and Munich Re (Group). As of the financial year 2020, the combined non-financial statement is integrated into the respective Group Annual Report instead of in a separate report.

The German Stock Companies Act requires joint-stock companies to have Articles of Association. These record such information as the company's name, its registered seat, the amount of its share capital and the number of members of its Board of Management and Supervisory Board. 

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.