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Further enterprise management principles of Hannover Re
In addition to the Corporate Governance principles, Hannover Rück SE has adopted its own more extensive Code of Conduct www.hannover-re.com/50943/code-of-conduct.pdf that is applied Group-wide as a set of minimum standards. Complementing our corporate strategy and the Corporate Governance principles, it establishes rules governing integrity in the behaviour of all employees of Hannover Re and is intended to help members of staff cope with the ethical and legal challenges that they face as part of day-to-day work. The rules defined in the Code of Conduct reflect the high ethical and legal standards that guide our actions worldwide. It is our belief that integrity in dealings with our stakeholders constitutes the foundation of a successful enterprise. In both our strategic planning and our day-to-day business activities, we therefore aspire to consistently apply the highest ethical and legal standards; for our actions and the way in which every single one of us presents and conducts himself or herself are crucial in shaping the image of Hannover Re.
Sustainability of enterprise management
The strategic orientation of Hannover Re towards sustainability constitutes an important element of the enterprise strategy. The aim is to achieve commercial success on the basis of a resultsdriven business model in accordance with the needs of our staff and the company as well as with an eye to protecting the environment and conserving natural resources. As part of the regular review of our Group Strategy and Sustainability Strategy and based upon a materiality analysis, we adjusted our Sustainability Strategy for the years 2015 – 2017 to the changing economic framework conditions. The current Sustainability Strategy defines four action fields and specifies concrete goals and measures that are to be implemented in the strategy cycle.
We thus strive to reduce as far as possible the greenhouse gas emissions produced by our day-to-day business activities in order to come closer to reaching our goal of carbon neutrality. Furthermore, we have defined strategic principles for our human resources management, since we consider our employees to be a crucial factor in the success of our company. Along with skills, qualifications and commitment, a high degree of diversity is one of the cornerstones of our successful business operations. The mentoring programme launched in 2012, for example, brings female members of staff together with seasoned senior executives for a purposeful, regular dialogue and is intended to help these female employees to actively shape their future career path. Three of the members of the Supervisory Board of Hannover Rück SE in the year under review were women. In addition, one of the members of the Supervisory Board’s Nomination Committee is a woman. Detailed information on the topic of sustainability is provided on our website www.hannover-re.com/60729/sustainability.
Targets pursuant to §§ 76 Para. 4, 111 Para. 5 Stock Corporation Act
In accordance with the Act for the Equal Participation of Women and Men in Leadership Positions in the Private Sector and the Public Sector, the Supervisory Board of the company was required by 30 September 2015 to define a target quota for women on the Supervisory Board and Executive Board of the company in the period until 30 June 2017. After extensive deliberations the Supervisory Board decided, in due consideration of the term of office of the Supervisory Board and the current mandates and contracts of service of the members of the Executive Board, to define within the specified period – without prejudice to possible decisions to the contrary that may be taken as warranted when the time comes – a target quota for women on the Supervisory Board of 30% and an anticipated continued quota of zero for the Executive Board. Should events result in the currently unforeseeable appointment of a new member of the Executive Board, the Supervisory Board shall give preference to a potential female candidate in case of equal personal aptitude and professional qualifications. The company’s Executive Board defined a target quota of 16.8% with the same deadline for the two levels of senior management below the Executive Board.