Declaration of Conformity pursuant to § 161 Stock Corporation Act (AktG) regarding compliance with the German Corporate Governance Code (DCGK) at Hannover Rück SE
According to § 161 Stock Corporation Act (AktG) the Executive Board and Supervisory Board of German listed companies are obliged to provide an annual declaration of conformity regarding the recommendations of the "German Corporate Governance Code” published by the Federal Ministry of Justice and Consumer Protection on a comply-or-explain basis.
According to recommendation C.7 GCGC, more than half of the shareholder representatives in the Supervisory Board should be independent of the company and its Executive Board. A member of the Supervisory Board is independent of the company and its Executive Board if he or she has no personal or business relationship relationship with the company or its Executive Board that could give rise to a significant and not only temporary conflict of interest. When assessing the independence of its members from the the company and the Executive Board, the shareholder side of the Supervisory Board should also consider whether a member has a tenure of more than 12 years. Ms. Pollak has been a member of the Supervisory Board since 3 May 2011, which is now twelve years. The Supervisory Board does not see any material conflicts of interest arising from Ms. Pollak's twelve years of Supervisory Board membership that influence her Supervisory Board activities. However, the Supervisory Board comes to the conclusion that being a member of the Supervisory Board for many years could in principle give rise to conflicts of interest and will regularly review its assessment of Ms. Pollak's independence.
The Executive Board and Supervisory Board declare in accordance with § 161 AktG that Hannover Rück SE complies with all other recommendations of the German Corporate Governance Code in the version dated 28 April 2022 (published on 27 June 2022) and intends to continue to comply with these recommendations in the future.
Hannover, 8 November 2023