Corporate Governance
A reliable and responsible corporate governance is an indispensable basis for the sustainable development of Euler Hermes Kreditversicherungs-AG, and is a prerequisite for the continuing creation of value. Questions regarding corporate management, control and transparency are summarized under "Corporate Governance".
It is the duty of management to find an appropriate balance for the interests of the company’s stakeholders - customers, employees, shareholders, business partners as well as the public – since they are the basis for the company’s success. Trust between Euler Hermes and its stakeholders can be promoted and strengthened by effective corporate management and management control together with a high level of transparency. A good interaction of all stakeholders is the key to securing healthy and sustainable growth for our company.
In 2002 the German Corporate Governance Code and the Transparancy and Company Disclosure Act were adopted. They take into account internationally and nationally recognized standards of good and responsible corporate leadership. The Code compiles the main statutory regulations for the management and supervision of German listed companies. At the same time the German corporate governance system became more transparent and comprehensible for local and foreign investors.
The German Corporate Governance Code is mainly aimed at listed companies. Euler Hermes Kreditversicherungs-AG was de-listed in 2002. For this reason and since Euler Hermes Kreditversicherungs-AG is part of Allianz, the management and the supervisory board of our company decided to abstain from issuing a declaration of compliance regarding the German Corporate Governance Code in accordance with § 161 of the German Stock Corporation Law (AktG). Nevertheless, Euler Hermes Kreditversicherungs-AG’s basic principles of corporate governance are based on the German Corporate Governance Code.
Allianz SE issues a declaration of compliance once a year on its internet website. In this statement Allianz SE declares that it is currently in compliance with all recommendations of the Code.
Checking of addresses in order to prevent doing business with terrorist organisations and persons connected with them
In order to prevent doing business with terrorist organisations and persons connected with them in any way whatsoever, and to ensure compliance with current rules, Allianz has set up a number of guidelines.
These guidelines are based on the national and European legislation for the combating of international terrorism and have been implemented group-wide. They are therefore also binding for Euler Hermes Kreditversicherung.
As a consequence of this, we, Euler Hermes Kreditversicherung, check on a daily basis our address databases against a sanctions list which is published by Allianz and updated daily and which contains the names of terrorist organisations and persons connected with them. The sanctions list is drawn up on the basis of the data collected by the EU and the OFAC.
If and when we find any unambiguous matches between our address databases and the sanctions list, we will discontinue our business relationship with the organisation or the person concerned at the earliest opportunity. These addresses will in addition be provided with a locking flag in our computer systems, so that no business relations can be initiated in the future with the addresses blocked in this way.
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Euler Hermes Group
