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Company Response

21 Jun 2022

Response by Allianz

Thank you for your request regarding the Report “Dirty Profits”. Please find below our approach on human rights. You are welcome to get back in case of more specific questions.

Allianz is committed to respecting human rights in line with various human rights standards such as the United Nations (UN) Guiding Principles for Human Rights, International Bill of Human Rights and as set out by the Labor Standards of the International Labor Organization (ILO). Allianz recognizes the importance of human rights, as both a value-based and a business issue. As such, Allianz has integrated human rights aspects in its business. Our approach is based on the Organization for Economic Cooperation and Development (OECD) Guidelines for Multinational Enterprises. We have been complying to and reporting on the UN Global Compact (UNGC) principles annually since 2002 (Allianz SE profile on the UNGC website). 

Human rights are relevant for Allianz across its various roles – as an insurer and investor, as an employer, as a company (including in our supply chain), and as a corporate citizen. Allianz has different processes in place for each of these dimensions and continuously aims to improve the incorporation of human rights into its business.

In 2021, Allianz collaborated with a third-party consulting company to perform a Human Rights Impact Assessment based on UNGP’s methodology to improve human rights integration in our core business and organization. We also strengthened our approach by publishing our Human Rights Approach embedded in the Allianz Group ESG Integration Framework.

As an insurer and investor, Allianz has developed a human rights due diligence process as part of its overall ESG approach, which is integrated into our broader risk management system. We use a combination of sector- and country-specific approaches to identify human rights risks. Allianz has developed ESG guidelines for sensitive business sectors, which include a sector-specific human rights guideline (see Allianz Group ESG Integration Framework, section 03.4.7). Thus, relevant human rights aspects are reviewed as part of the overall risk assessment for any investments into non-listed asset classes in the respective sector.

In addition, Allianz has developed a watch list for sensitive countries where systematic human rights violations occur. We carry out a due diligence process in accordance with our Human Rights Guideline In terms of our investments, if we identify an issuer in our listed investment portfolio that is flagged for human rights issues by our external sustainability data provider, we prioritize this issuer for a systematic engagement (see Group Sustainability Report 2021, section 02.2).

Should you have further questions, please do not hesitate to contact us.