A _ To Our Investors The Nomination Committee held one meeting in 2021, at which it reviewed the objectives for the composition of the Supervisory Board and proposed changes to the Supervisory Board in order to adapt to new legal requirements and to expand the skills profile. In particular, it was proposed to amend adequate expertise with respect to technology to explicitly include adequate expertise in cybersecurity as well as to add adequate knowledge in the area of sustainability. The Supervisory Board implemented these proposals in its meeting on 24 June 2021. The committee also reviewed the actual composition of the Supervisory Board. Furthermore, detailed preparations were made for the Supervisory Board elections at the AGM 2022, taking into account the objectives for the composition. The Nomination Committee discussed the general succession planning for the Supervisory Board and proposed the formation of a so-called “Staggered Board”, which has been strongly requested by investors. Beginning with the Annual General Meeting in 2022, the candidates standing for election as shareholder representatives will no longer be elected on the principle of block election with identical terms of office. In the case of new elections for retiring Supervisory Board members, new members shall then each be elected for the term of office stipulated in the Articles of Association, in order to also establish the Staggered Board for the following years. Furthermore, the Nomination Committee has intensively discussed potential candidates to succeed the members of the Supervisory Board who will retire in the coming years. For each retiring member of the Supervisory Board, outstandingly suitable candidates could be identified, each of whom has already declared their willingness to stand for election to the Supervisory Board at the Annual General Meetings in 2024 and 2025. Together with the Board of Management, the Nomination Committee has also agreed concrete measures to prepare the candidates at an early stage for the duties of a member of the Supervisory Board of Allianz SE as well as for the complex business of a globally operating and regulated financial services company. These measures include, for example, the preparation of candidates in the context of a mandate as a member of the supervisory board of a European subsidiary of Allianz SE or other appropriate measures, as well as the early identification of training measures based on the skill profile of the Supervisory Board. In addition, the Nomination Committee addressed the appointment of a further substitute candidate in the event that a Supervisory Board member had to be replaced at short notice. The Sustainability Committee, which was newly established by the Supervisory Board in February 2021, held two meetings in the 2021 financial year. At its constitutive meeting, the committee first dealt with structuring its area of responsibility, which covers the topics of environment, social responsibility and corporate governance, as well as data ethics, the committee’s mode of operation and its interfaces to other committees of the Supervisory Board, in particular the Personnel Committee and the Risk Committee. Key topics in the two meetings included sustainability reporting and the assessment of the Allianz Group by external providers of sustainability indices as well as the discussion of measures to improve the assessment, sustainability ambitions for the future and the implications arising from sustainability regulation. In addition, the committee dealt in detail with the strategy in the area of social responsibility and prepared the setting of sustainability targets for the Board of Management remuneration as well as the corresponding target achievement assessment for the financial year 2021 by the Personnel Committee and the Supervisory Board. The Supervisory Board was informed regularly and comprehensively of the committees’ work. Annual Report 2021 − Allianz Group 9