Compliance

In addition to our Corporate Governance principles, the Code of Conduct was also revised in 2013 (http://www.hannover-re.com/resources/cc/generic/codeofconduct-e.pdf). 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 the Hannover Re Group.

The compliance report for the 2012 calendar year was submitted to the Finance and Audit Committee in March 2013. The report for the 2013 calendar year will be presented in March 2014. The reporting sets out the structure and diverse range of activities of Hannover Re in this regard. After in-depth examination of topics such as directors’ dealings, ad hoc and other reporting requirements, the insider register, adherence to internal guidelines, consulting agreements, data protection, international sanctions and the Group-wide whistleblower system, the report concludes that only a few circumstances have been identified which point to breaches of relevant compliance standards. After detailed exploration of these incidents, the necessary safeguards were put in place to ensure that such breaches do not occur again in the future.