Allianz communicates with stakeholders on corporate responsibility through its website and Annual Report 2003.

Allianz''s notion of corporate responsibility includes the Group''s entrepreneurial and economic role, corporate governance, sustainability and corporate citizenship. Allianz economic role relates to issues such as the future of social security and risk management. Responsible and transparent corporate governance are considered as a central challenge and indispensable prerequisite for the creation of sustainable value for Allianz shareholders and all other stakeholders (more information on this topic is provided on pages 10 to 13 of the Annual Report). Sustainability is described as an inherent component of Allianz''s understanding of conducting business. Corporate Citizenship represents the company''s commitment to the community beyond its business.

The sustainability section of the website describes Allianz''s performance according to the three pillars of sustainability - economy, environmental protection and social issues. The website also describes the role of the Sustainability Strategy Team in advising the company''s management on the integration of social and environmental factors into business decisions.

Allianz is currently starting a strategic stakeholder dialogue with the environmental organisation WWF. The dialogue will encompass various business units, addressing issues such as marine pollution, climate change, emissions, etc. This dialogue will be an important forum to communicate Allianz''s progress in implementing the principles of the Global Compact.

Implementation of the Global Compact principles is addressed on pages 97 to 99 of the Annual Report. Allianz states that it makes the Global Compact its system of reference against which the Group''s entrepreneurial responsibility is measured. The report provides a non-exhaustive list of actions that the company is taking to implement the principles. Human rights principles (1 and 2) are implemented through Socially Responsible Investment and implementation of the Equator Principles. Labour principles (3, 4, 5 and 6) are implemented through Allianz Code of Conduct, which provides for respect of diversity, freedom of association and collective bargaining and prohibits child labour. Global Compact principles on environment (7, 8 and 9) are implemented through the company''s involvement in the Carbon Disclosure Project and UNEP and through the Allianz Environmental Foundation and Allianz Center for Technology.

The Allianz news site (www.allianzgroup.com) covers developments that take place under the umbrella of the Global Compact. The employees'' journal also covers in regular intervals development around the internal implementation of the Global Compact.

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In the past, Allianz focussed on external communications of its sustainability policy and actions. This has been done with regards to rating agencies (workshops have been hold, to improve reporting).

Allianz''s commitment to sustainability has been recognised since 2002 by the most important rating agencies for sustainable business practices. For the third successive time, Allianz has received a top rating in the Dow Jones Sustainability Index.

Corporate Responsibility Magazine - Edition Two is based on the Corporate Responsibility concept of the Allianz Group. The magazine also addresses Corporate Responsibility themes and encourages people toward more personal responsibility and social initiatives.

In the future, a stronger focus will be put on communicating the Global Compact and the projects that Allianz associates with it to the 170,000 employees of the Group. The employee journal will be the most important tool for that at the moment.