01 Introduction and strategy 02 Measuring and managing sustainability 03 Climate change related disclosure 04 Strengthening our foundation 05 Our universal principles 02.4 Human resources Within people analytics projects, we also study the reasons why people leave Allianz and develop target group-oriented measures to improve the candidate journey (including onboarding activities) and increase employee retention. Developing our Global Benefits Strategy Allianz supports its employees around the world with outstanding benefits. It shows that we care about their health, career goals, long-term prosperity and support them to find the right balance between work life, their loved ones, and personal fulfillment. Employees are offered attractive, fair, and sustainable benefits and our total remuneration is among the best in the industry. Compensation and benefits take economic, environmental, and social development into account, and incentives are oriented towards creating long-term value. Our new Global Benefits Strategy for the insurance business is organized around four pillars – Health, Money, Career, and Time. By mid 2023, we will have minimum standards in place for benefits available to all employees across Allianz. For more details on employee benefits, please see also our People Fact Book 2022. Fostering share ownership Allianz employees have the opportunity to benefit from the success of the company and its long-term performance and growth as shareholders as well as employees. Ownership is an important basis for identification with the company and increases employee engagement. The Allianz Employee Share Purchase Plan (ESPP) is designed to encourage employee share ownership by adding 1 Euro to every 3 Euro employees invest in Allianz shares. As a token of appreciation for meeting last year’s Group targets, Allianz made a gift of one Allianz share – or its cash equivalent in countries that do not offer the ESPP – to all employees in 2022. Currently, 61 percent (2021: 50 %) of Allianz employees in 41 countries own Allianz shares through the ESPP. We are seeing growing interest in the scheme with the highest investment volume (€ 144.4 mn; 2021: € 133.9 mn) to date. Allianz Engagement Survey See the section ‘Allianz Engagement Survey’ under 02.4 Human Resources above. Employee rights We ensure employee rights are protected across all operating entities. Allianz was one of the first companies to create pan- European worker participation standards and to establish a European SE Works Council under the legislation for Societas Europaea (SE) companies. Local employee representation is widespread across Europe. The Allianz SE holding company has a supervisory board made up of 50 percent employee representatives. Freedom of association and collective bargaining Allianz is committed to observing and implementing the fundamental rights and principles at work of the International Labor Organization (ILO), principles of U.N. Global Compact, and the OECD guidelines for multinational companies (agreement concerning participation of employees in Allianz SE). These include, among others, freedom of association and the right to collective bargaining. 97,542 Allianz employees (61.2 percent) – comprising 100 % of employees in Europe, including UK – are represented by independent trade unions or covered by collective bargaining agreements. For employees outside Europe, we cannot make any statement as working conditions including collective bargaining agreements are subject to local law. Social dialogue 2.0 We engage closely with employee representatives to support change implementation, manage impacts on employees, and promote opportunities. Social dialogue 2.0 is our pan-European forum which has existed for over a decade. It supports the progress of our business strategy, the Renewal Agenda, and our response to the increased pace of change of topics, such as the digital revolution. Discussions in 2022 included, among other topics, the new WOW, SWP, Data Ethics, and AI. 02.4.5 Health and well-being The health and mental well-being of our employees is a top priority. Our aim is to maintain and improve employee health and well-being across our global workforce by providing a consistent Health in Action Framework with Minimum Requirements for all Allianz entities. Our Occupational Health and Safety Policy and Management System Our global Allianz Occupational Health and Safety (OHS) Policy gives strategic guidance on health and wellbeing standards and premises to be implemented by local operating entities. It was published in 2021 and is applicable to 92 percent of RACo employees in 2022. Allianz Group Sustainability Report 2022 72