01 Introduction and strategy 02 Measuring and managing sustainability 03 Climate change related disclosur e 04 Strengthening our foundation 05 Our univ ersal principles 01.8 Our sustainability governance 01.8.1 Key bodies involved in sustainability governance Group Sustainability Board Ultimate responsibility for matters relating to sustainability resides with the Board of Management of Allianz SE as the Group’s parent company. To support the Board of Management in its decision-making, Allianz Gr oup established a dedicated Group Sustainability Board (known until January 2022 as the Group ESG Board). It is composed of members of the Board of Management of Allianz SE and Group Center heads and meets quarterly. The Group Sustainability Board is suppor ted by the Global Sustainability function in the execution of its responsibilities. The core objectives of the Group Sustainability Boar d are: • Preparing the overall framework for sustainability for the Allianz Group. • Integrating sustainability into the Group’s processes, into Allianz as an organization (operations and organization) and Allianz’s business (investment, insurance, asset management). • Maintaining oversight of and steering overarching sustainability matters, such as topics concerning the climate, society and governance. The core responsibilities of the Group Sustainability Boar d are: • Suggesting strategic ambitions and develop proposals for sustainability related targets for the sustainability performance management within Allianz Group. • Developing recommendations for Allianz’s positioning and viewpoints on critical sustainability related topics. • Regularly informing and advising the Allianz SE Board of Management on sustainability related topics and activities. • Striving to embed sustainability related matters in the strategy, activities and targets of Group Centers and OEs. • Aligning on sustainability related internal and external communication including reviewing the Group’s approach to rating and reporting. • Monitoring the progress to implement and execute the sustainability related strategic ambitions. Details on Sustainability Board and related targets linked to the remuneration of the Board of Management can be found in sections 01.8 and 05.4. Allianz SE Supervisory Board: Sustainability Committee The Supervisory Board of Allianz SE established its Sustainability Committee in 2021. Its core objectives include: • Advising the Supervisory Board on sustainability-related issues to support economically sound and sustainable development and positioning of Allianz Group. • Closely monitoring and supporting oversight of the Management Board’s sustainability strategy, in particular the management and execution of the strategic framework for Group-wide sustainability measures. • Preliminary examination of the sustainability-related statements of the Group’s non-financial statement in the Annual Report and the Sustainability Report including the Tax Transparency Report, as part of the Supervisory Board’s review. • Supporting the Personnel Committee in the preparation of the Sustainability- related target setting as well as the review of the set targets’ fulfillment for the Management Board’s remuneration. In 2022, the Sustainability Committee prep ared the recommendation of the sustainability related targets for the members of the Board of Management of Allianz SE, reviewed the respective achievements of the Board of Management and gave its recommendation to the Personnel Committee of the Supervisory Board. The Sustainability Committee was informed on the Sustainability Str ategy and provided advice and guidance on critical issues. Read more about the Sustainability Committee and its members in section 05.4. For further details about the remuneration system of Allianz Group, please see the Group Annual Report 2022, Remuneration Report, pages 26–52. A llianz Gr oup Sustainability R ep or t 2022 22