The term "corporate governance" refers to responsible enterprise management and supervision. The goal is to foster the trust placed in the company by investors, clients, employees and the general public. Hannover Re has defined Corporate Governance Principles that are guided by the German Corporate Governance Code. The company's Code of Conduct additionally sets out internal rules of conduct.
Corporate Governance Principles
State-of-the-art corporate governance is practised by Hannover Re as a matter of course. In addition to constant engagement with the changing legal framework, since 2003 the company has provided an annual Declaration of Conformity with the German Corporate Governance Code which can be accessed on the company’s website. Furthermore, the Corporate Governance Principles of Hannover Rück SE undergo regular updating and reflect the recommendations contained in the latest version of the German Corporate Governance Code as amended.
Code of Conduct
In common with the Corporate Governance principles, the Code of Conduct is also mandatory for all employees of Hannover Re worldwide. The Compliance Department of Hannover Re in Germany, as part of the company's Group Legal Services, bears responsibility for compliance with all laws and the topics of anti-corruption and the prevention of anti-competitive practices. This also includes observance of all sanction regulations relevant to the company. A compliance management system for sanctions, a screening software, a sanctions screening guideline and training activities for new employees help the company to identify and avoid the risk of possible sanctions violations at an early stage. The company's staff receive appropriate training.
Compliance with the law is a fundamental prerequisite for Hannover Re's business operations, for which trust and an immaculate reputation are essential. Compliance with relevant rules and regulations at all locations and subsidiaries is overseen by local compliance officers or staff members with a compliance function and the local management teams in cooperation with the Compliance Department and Group Legal Services as well as by the unit responsible for managing participating interests and is verified by Group Auditing at regular intervals. A Web-based whistleblower system has also been set up to enable employees, customers and third parties to report serious compliance violations in the respective local language or in English – anonymously if they so desire. Any tips and the resulting measures taken are included in the annual compliance report. In its Sustainability Strategy Hannover Re has set itself the goal of extending the company's IT-specific compliance standards in the context of sustainability and expanding the international compliance network.