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German Corporate Governance Code

Update of the Declaration of Conformity by the Board of Management and Supervisory Board of Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München with the German Corporate Governance Code in accordance with Section 161 of the German Stock Corporation Act

Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München (“the Company”) 
published in November 2021 its latest Declaration of Conformity with the recommendations 
of the German Corporate Governance Code of 16 December 2019 (published on 20 March 
2020, “DCGK”). The Company’s Declaration of Conformity is to be updated and 
supplemented as follows:

Recommendation C.5 DCGK: Number of supervisory board mandates

In accordance with the recommendation C.5 DCGK, members of the management board of a 
listed company shall not have, in aggregate, more than two supervisory board mandates in 
non-group listed companies or comparable functions, and shall not accept the chairmanship 
of a supervisory board in a non-group listed company.

The Supervisory Board member Renata Jungo Brüngger sits on the Board of Management of 
Daimler AG. Following restructuring measures undertaken by the Daimler Group, Ms. Jungo 
Brüngger has accepted two supervisory board memberships at companies that, in the view 
of Daimler AG, are now to be classified as non-group companies: Firstly, she is a supervisory 
board member of Daimler Truck AG. Secondly, she is a supervisory board member of the 
listed (since today) company Daimler Truck Holding AG, which holds all shares in 
Daimler Truck AG.

The Supervisory Board has satisfied itself that Ms. Jungo Brüngger will continue to have 
enough time to fulfil her tasks at the Company.

Otherwise, the Declaration of Conformity of November 2021 remains unchanged.

Munich, 10 December 2021

The Board of Management
The Supervisory Board

Since the last Declaration of Conformity in November 2020, Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München has complied with all recommendations of the German Corporate Governance Code of December 16, 2019 (published on March 20, 2020) and will continue to do so in future.

Munich, November 2021

Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München has fulfilled all the recommendations of the German Corporate Governance Code of December 16, 2019 (published on March 20, 2020) and will continue to do so in future.

Since the last declaration of conformity in November 2019, Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München has fulfilled all the recommendations of the German Corporate Governance Code of February 7, 2017 (published on April 24, 2017).

Munich, November 2020

Since the last declaration of conformity in November 2018, Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München has fulfilled all the recommendations of the German Corporate Governance Code of February 7, 2017 (published on April 24, 2017) and will continue to do so in future.

Munich, November 2019

Since the last declaration of conformity in November 2017, Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München has fulfilled all the recommendations of the German Corporate Governance Code of February 7, 2017 (published on April 24, 2017) and will continue to do so in future.

Munich, November 2018

Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München has fulfilled all the recommendations of the German Corporate Governance Code of February 7, 2017 (published on April 24, 2017) and will continue to do so in future.

Since the last declaration of conformity in November 2016, Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München has fulfilled all the recommendations of the German Corporate Governance Code of May 5, 2015 (published on June 12, 2015).

Munich, November 2017

Since the last declaration of conformity in November 2015, Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München has fulfilled all the recommendations of the German Corporate Governance Code of May 5, 2015 (published on June 12, 2015) and will continue to do so in future. 

Munich, November 2016

Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München has fulfilled all the recommendations of the German Corporate Governance Code of May 5, 2015 (published on June 12, 2015) and will continue to do so in future.

Since the last declaration of conformity in November 2014, Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München has fulfilled all the recommendations of the German Corporate Governance Code of June 24, 2014 (published on September 30, 2014).

Munich, November 2015

Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München has fulfilled all the recommendations of the German Corporate Governance Code of June 24, 2014 (published on September 30, 2014) and will continue to do so in future.

Since the last declaration of conformity in November 2013, Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München has fulfilled all the recommendations of the German Corporate Governance Code of May 13, 2013 (published on June 10, 2013).

Munich, November 2014

Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München has fulfilled all the recommendations of the German Corporate Governance Code of 13 May 2013 (published on 10 June 2013) and will continue to do so in future. Since the last declaration of conformity in November 2012, Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München has fulfilled all the recommendations of the German Corporate Governance Code of 15 May 2012 (published on 15 June 2012).

Munich, November 2013

Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München fulfils all the recommendations of the German Corporate Governance Code of 15 May 2012 (published on 15 June 2012) and will continue to do so in future. Since the last declaration of conformity in November 2011, Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München has fulfilled all the recommendations of the German Corporate Governance Code of 26 May 2010 (published on 2 July 2010).

Munich, November 2012

Since the last declaration of conformity in November 2010, Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München has fulfilled all the recommendations of the German Corporate Governance Code of 26 May 2010 (published on 2 July 2010) and will continue to do so in future.

Munich, November 2011

Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München fulfils all the recommendations of the German Corporate Governance Code of 26 May 2010 (published on 2 July 2010) and will continue to do so in future. Since the last declaration of conformity in November 2009, Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München has fulfilled all the recommendations of the German Corporate Governance Code of 18 June 2009 (published on 5 August 2009).

Munich, November 2010

Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München fulfils all the recommendations of the German Corporate Governance Code of 18 June 2009 (published on 5 August 2009) and will continue to do so in future. Since the last declaration of conformity in November 2008, Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München has fulfilled all the recommendations of the German Corporate Governance Code of 6 June 2008 (published on 8 August 2008).

Munich, November 2009

Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München fulfils all the recommendations of the German Corporate Governance Code of 6 June 2008 (published on 8 August 2008) and will continue to do so in future. Since the last declaration of conformity in November 2006, Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München has fulfilled all the recommendations of the German Corporate Governance Code of 14 June 2007 (published on 20 July 2007).

Munich, November 2008

Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München fulfils all the recommendations of the German Corporate Governance Code of 14 June 2007 (published on 20 July 2007) and will continue to do so in future. Since the last declaration of conformity in November 2006, Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München has fulfilled all the recommendations of the German Corporate Governance Code of 12 June 2006 (published on 24 July 2006).

Munich, November 2007

Since 24 July 2006, Munich Re has complied with all the recommendations of the Government Commission's German Corporate Governance Code of 12 June 2006 (published on 24 July 2006).

Since the last declaration of conformity in November 2005, Munich Re has fulfilled – with only one exception – the recommendations of the Government Commission's German Corporate Governance Code in the version of 2 June 2005 (published on 20 July 2005). The exception involved the since deleted recommendation in item 4.2.4 sentence 2 of the German Corporate Governance Code (individualised disclosure of the Board of Management's remuneration in the notes to the consolidated financial statements).

Munich, November 2006

Between the last declaration of compliance in December 2004 and 20 July 2005, Munich Re fulfilled the recommendations of the Government Commission's German Code of Corporate Governance in the version of 21 May 2003, with the exception stated below. Since 21 July 2005, Munich Re has fulfilled the recommendations of the Government Commission's German Code of Corporate Governance in the version of 2 June 2005 (published on 20 July 2005) and will continue to fulfil these recommendations, with the exception stated below:

  • Item 4.2.4 sentence 2
    For the business year 2004, the remuneration of the members of Munich Re's Board of Management was shown in detail for the whole Board in the notes to the consolidated financial statements, broken down according to fixed compensation, performance-related components and components with long-term incentive effect, although not individualised as recommended by the German Code of Corporate Governance. For the business year 2005, too, the Board of Management's remuneration will be published in detail for the whole Board but not individualised.


Munich, November 2005

Since the last declaration of compliance on 5 December 2003, Munich Re has fulfilled the recommendations of the Government Commission's German Code of Corporate Governance in the version of 21 May 2003, or will fulfil these recommendations in future, with the following exceptions:

Item 7.1.2

  • The consolidated financial statements for the business year 2003 were published on 15 April 2004. This means Munich Re kept well within the deadline stipulated in the German Commercial Code but did not comply with the 90-day deadline recommended in the German Code of Corporate Governance.
  • The publication of the consolidated financial statements for the business year 2004 is scheduled to take place within the 90-day deadline. In line with previous announcements, since the second quarter of 2004 the interim reports have been made publicly accessible within the 45-day deadline recommended by the German Code of Corporate Governance.

Item 4.2.4 sentence 2

  • For the business year 2003, the remuneration of the members of Munich Re's Board of Management was shown in detail for the whole Board in the notes to the consolidated financial statements, broken down according to fixed compensation, performance-related components and components with long-term incentive effect, although not individualised as recommended by the German Code of Corporate Governance. For the business year 2004, too, the Board of Management's remuneration will be published in detail for the whole Board but not individualised.


Munich, December 2004

On 5 December 2003, the Board of Management and the Supervisory Board published the following declaration of compliance, in accordance with Section 161 of the German Stock Companies Act:

"On 6 December 2002, the Board of Management and Supervisory Board of Munich Re published their first declaration of compliance as per Section 161 of the German Stock Companies Act. Since making this declaration, Munich Re has fulfilled the recommendations of the German Code of Corporate Governance (the Code) in the version of 7 November 2002, or will fulfil the recommendations of the Code in the version of 21 May 2003, with the following exceptions:

Item 5.4.5 para. 1 sentence 3 of the Code recommends that separate remuneration be paid for the chairmanship and membership of Supervisory Board committees. At Munich Re's Annual General Meeting on 11 June 2003, Article 15 of the Articles of Association was amended in this respect with effect from the business year 2003. The amendment to the Articles of Association was entered in the Commercial Register on 22 July 2003. Thus, since then, Munich Re has complied with the recommendation in item 5.4.5 para. 1 sentence 3 of the Code.

The annual consolidated financial statements have hitherto been published within the periods stipulated in the German Commercial Code. In 2003, the statements for the business year 2002 were published on 30 April 2003; Munich Re thus kept well within the legal deadline. In future, Munich Re will optimise its processes even further so that the 90-day deadline recommended in item 7.1.2 of the Code can be complied with for the first time in the Group's annual report for the business year 2004. The 45-day deadline for the publication of interim reports, provided for in Code item 7.1.2, is scheduled to be complied with for the first time as from the second quarter 2004.

The remuneration of the members of Munich Re's Board of Management is shown in detail for the whole Board in the notes to the consolidated financial statements, broken down according to fixed compensation, performance-related components and components with long-term incentive effect. In view of these informative details on the structure and amount of the remuneration and its components, Munich Re is dispensing with an individualisation of the remuneration within the meaning of item 4.2.4 sentence 2 of the Code."

München, 5 December 2003

On 6 December 2002 Munich Re's Board of Management and Supervisory Board published their first declaration of compliance with the recommendations of the Government Commission German Code of Corporate Governance, as per Section 161 of the German Stock Companies Act.

"Munich Reinsurance Company (Munich Re) fulfils all of the recommendations of the German Commission Code of Corporate Governance with the following exceptions:

Additional remuneration is not yet paid for the chairmanship and membership of Supervisory Board committees. At the next Annual General Meeting on 11 June 2003 the Board of Management and Supervisory Board will propose an amendment to Article 15 of Munich Re's Articles of Association regarding the remuneration for the chairmanship and membership of Supervisory Board committees. (Code item 5.4.5 para. 1 sentence 3).

The annual consolidated financial statements have hitherto been published within the periods stipulated in the German Commercial Code. In 2002, the statements for the business year 2001 were published on 27 May 2002; Munich Re thus kept well within the legal deadline. In future, Munich Re will optimise its processes even further so that the 90-day deadline recommended in the German Code of Corporate Governance can be complied with for the first time in the Group's annual report for the business year 2004. The 45-day period envisaged in the Code for publishing interim reports will be adhered to for the first time as from the second quarter 2004. (Code item 7.1.2)."

Munich Re is well aware that corporate governance is an ongoing process. We will pursue this issue, developing our corporate governance principles further and thereby taking into account international standards. The decisive thing for Munich Re is that corporate governance is not only incorporated in rules and regulations but is also lived out in practice.

München, 6 December 2002