German Corporate Governance Code

German Corporate Governance Code

In the previous year Hannover Re was not in compliance with three recommendations of the German Corporate Governance Code (DCGK); this year, the company’s implementation of the recommendations of the Code as amended 13 May 2013 diverges from the recommendations in four respects. The recommendations in question are that a cap on severance payments should be included when concluding or renewing a management board contract (Code Item 4.2.3 Para. 4), that the Chairman of the Supervisory Board should not chair the Audit Committee (Code Item 5.2 Para. 2) and that the Chairman of the Audit Committee should be independent (Code Item 5.3.2). Purely as a precautionary measure, a divergence from the recommendation contained in Code Item 4.2.3 Para. 2 regarding caps on the amount of variable compensation elements in management board contracts has been declared. The reasons for these divergences are set out in the following Declaration of Conformity pursuant to § 161 Stock Corporation Act (AktG). The present and all previous Declarations of Conformity of the company are published on its website (


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