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.
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
Hannover Re´s Code of Conduct supports employees in successfully coping with the often complex ethical and legal challenges of their day-to-day activities. Every employee commits him/herself to honest and fair as well as legal behaviour towards colleagues and clients. In common with the Corporate Governance principles, the Code of Conduct is also mandatory for all employees of Hannover Re worldwide and is accepted as part of employment contracts.
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.
Possible topics include abidance by all laws including the prevention of money laundering and fraud, anti-corruption, data privacy and information security, anti-competitive practices, as well as observance of embargo provisions.
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.
A Web-based whistleblower system has also been set up to enable employees, customers and third parties to report 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.