In addition to the Corporate Governance principles, Hannover Rück SE has adopted its own more extensive Code of Conduct 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.
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 results-driven 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. The current Sustainability Strategy for the period from 2018 to 2020 defines four action fields and specifies concrete goals and measures that are to be implemented in the strategy cycle. In accordance with the CSR Directive Implementation Act of 11 April 2017, Hannover Rück SE has also published a combined non-financial statement which can be found on page 75 et seq. of this year’s Group Annual Report.
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 a net zero carbon footprint. 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. Performance indicators have therefore been defined for personnel development and advancement. Employee retention is encouraged, while diversity and equal opportunities are promoted.
Following a by-election four of the members of the Supervisory Board of Hannover Rück SE in the year under review were women. In addition, one woman sits on the Supervisory Board’s Finance and Audit Committee and one is a member of the Nomination Committee. Detailed information on the topic of sustainability is provided on our website.
The proportion of women serving on the Supervisory Board in 2018 was 44% and thus exceeded the 30% target currently defined pursuant to §§ 76 Para. 4, 111 Para. 5 Stock Corporation Act (AktG) for the period from 1 July 2017 to 30 June 2022. This is equivalent to an increase of 33% compared to the previous year. The target for the Executive Board is 14%, which means that one woman shall serve as a member of the Executive Board in the specified period.
The target for the two levels of senior management below the Executive Board is 18%.