Calidad de Vida Relacionada con la Salud (CVRS)

Munich Re is convinced that long-term success is only possible if we take due account of economic, ecological and social requirements in our operations. this fundamental understanding is anchored in our mission statement and given concrete expression in our guiding principles for corporate responsibility. in this area, we concentrate in particular on

// the development of new, needs-based products and solutions, // an investment policy based on sustainability criteria,

// open dialogue with our stakeholders, and

// active responsibility towards employees, society and the environment. to make our understanding of corporate responsibility values more clearly visible inside and outside our group, Munich Re joined the united national global compact in august 2007. its ten principles offer us important action guidelines for anchoring corporate responsibility even more firmly in the processes relating to our core business. a significant role in this connection is played by corporate governance. We fulfil all the recommendations of the german corporate governance code and comply with corporate governance rules in all the markets in which we operate.

our actions are also guided by our own codes of conduct, implemented by the reinsur- ance group in 2006, by Meag in 2007, and by eRgo in 2008. each code specifies our rules for legally impeccable conduct, based on ethical principles, and describes our understanding of the relevant values. they contain regulations that are binding on all employees, in particular for dealing with conflicts of interest.

given that we manage substantial investments worldwide, we carry substantial responsibility in the area of asset management. in april 2006, Munich Re became the first german company to sign the un principles for Responsible investment (pRi), which we played a prominent role in helping to establish. our globally binding general investment guidelines (gig) in place since 2005 specify that our investments in shares, corporate bonds, bank bonds and government bonds must meet certain sustainability requirements. We invest at least 80% of the market value of our invest- ments in assets that are included in a sustainability index like the Dow Jones sustain- ability or satisfy generally recognised sustainability criteria. in addition, we have tightened our sustainability criteria for corporate and bank bonds since 2007 and are convinced that taking account of such criteria in our investments will have a favourable effect on risk and return in the long term.

engagement index of 82% indicates staff satisfaction

principles of un global compact as guidelines

Munich ReinsuRance coMpany annual RepoRt 2009

47 ManageMent RepoRt

the various indices we are listed in show that Munich Re is an attractive investment for investors who follow a socially responsible investment (sRi) approach. since 2001, for instance, our shares have featured in the Dow Jones sustainability index (the world’s leading sustainability index) and the Ftse4good.

although as a service provider Munich Re places comparatively little burden on the environment, our business is inextricably linked with ecological issues such as climate change. the growing number and greater intensity of weather-related natural catas- trophes mean a rising trend in loss amounts as well. a particular focus of our commit- ment is therefore on climate protection: we have long been contributing our specialist knowledge to numerous organisations and associations concerned with global warming. We have been analysing aspects of climate change for over 35 years, with a view to counteracting its impact. this knowledge is incorporated into our investment policy, risk management and product development.

as an internationally operating group, Munich Re also accepts its responsibility towards the communities in which we live and work. the focal points of our social commitment are the active promotion of science and the support of socially disadvan- taged youngsters and people in need. in addition, we have established ourselves as a patron of the arts and culture. the foundations we have set up play an important part, and they contribute substantially to sustainable development throughout the world. preserving our natural resources is a contribution to value-based management, as our economic success is inseparably linked with protecting people, the environment, and physical resources. our group-wide activities are focused on reducing greenhouse gas emissions. in 2007, we adopted a carbon-neutrality strategy for reinsurance, and we have already reached the first milestone: since 2009, business activities at our Munich location have been carbon-neutral. all our international reinsurance operations will follow suit by 2012. to achieve this, we are pursuing a fourfold strategy:

1) increasing our energy efficiency: Reducing carbon emissions by 10% per employee 2) purchasing green electricity

3) investing in renewable energy projects: compensating for carbon emissions and achieving carbon credits

4) Making up for inevitable emissions through the purchase and/or retirement of emission credits

Munich Re has had an iso 14001-certified environmental management system in place at its Munich head office since 2000. our Munich and Milan offices have been using only green electricity since 2008.

selectively promoting scientific work and sponsoring cultural and social projects is a key part of our corporate responsibility. Munich Re supports a large number of scien- tific institutions globally. For example, since 2008 we have been collaborating with the london school of economics and political science (lse) to advance research into the economic consequences of climate change. and since its foundation in 1922, the Munich university society has been housed on Munich Re premises. in the field of culture, our sponsorships include the pan-european gustav Mahler Jugendorchester, which we have supported since 2002.

Munich Re shares included in sustainability indices since 2001

Munich location carbon-neutral since 2009

Munich ReinsuRance coMpany annual RepoRt 2009

48 ManageMent RepoRt