Munich Re Group is a German multinational insurance company that provides reinsurance, primary insurance, and insurance-related risk solutions services. Founded in 1880 and headquartered in Munich, Germany, it has 39,281 employees and EUR 240 billion in assets under management. Munich Re's shares are listed on all German stock exchanges and on the Xetra electronic trading system.
In terms of senior leadership accountability, the responsibility for sustainability issues within the financial institution lies with the highest governing body. Munich Re links the remuneration of its executive team to sustainability performance criteria. The financial institution identified and prioritised its impacts through a materiality assessment process which included feedback from external stakeholders. The financial institution also discloses a list of trade associations of which it is a member including sustainability- and non-sustainability-related organisations.
As a member of GFANZ, the financial institution has set a target of net-zero financed emissions by 2050. As a member of Climate Action 100+, the financial institution discloses that it collectively engages with its clients on the topic of climate change. The financial institution discloses the aggregate amount and share of finance it devotes to climate solutions while specifying what these solutions are. Munich Re discloses time-bound targets for its climate solutions and aims to finance EUR 3 billion in renewable energy holdings by 2025. In addition, the financial institution discloses progress against the targets it has set for its climate solutions.
Munich Re has a publicly available policy statement committing it to respect human rights. The financial institution discloses the proportion of its total direct operations workforce for each employee category by age group. Munich Re also discloses the proportion of women in its total direct operations workforce for each employee category.
Munich Re has a grievance mechanism accessible to all workers and all external individuals and communities to raise human rights complaints or concerns. The financial institution has a policy prohibiting bribery and corruption. The financial institution also has a grievance mechanism for stakeholders to raise concerns and complaints regarding bribery and corruption.
Munich Re has a publicly available policy statement committing it to respect the ILO core labour rights. The financial institution discloses the proportion of its total direct operations workforce covered by collective bargaining agreements. Munich Re discloses a public commitment to protect personal data. The financial institution discloses income tax payments for all its tax jurisdictions. The financial institution includes anti-bribery and anti-corruption clauses in its contracts with direct business relationships. In a public policy statement, the financial institution discloses its approach to lobbying and political engagement. Munich Re also discloses its lobbying expenditures.
There is no evidence that Munich Re links the remuneration of its management team to sustainability performance criteria. No evidence was found that the financial institution is committed to gender equality and women’s empowerment. Munich Re has an opportunity to disclose the proportion of women in senior leadership roles as well as how it addresses any gender pay gaps. The financial institution has an opportunity to describe its engagement approach on sustainability themes and impact topics with investees.
Munich Re could disclose interim emissions reduction targets at the group level, such as a 45% reduction in financed emissions by 2030. The financial institution has an opportunity to disclose the key sectors and companies it has identified as priorities to engage with on climate change, specifically on the alignment with the Paris Agreement. Regarding nature and biodiversity, no evidence was found that the financial institution is committed to minimising its negative impacts or financing regenerative solutions.
The financial institution has an opportunity to describe a comprehensive process for identifying its human rights risks and impacts across all its activities, especially its financing activities. To provide transparency on financial inclusivity, the financial institution has an opportunity to disclose the amount of finance directed towards, for example, women-owned businesses, small- and medium-sized enterprises (SMEs) or low-income developing countries.
There is no evidence that the financial institution has a publicly available policy statement committing it to respect the health and safety of workers. There is also no evidence that the financial institution describes the process for identifying its bribery and corruption risks and impacts in specific locations or activities covering its own operations.
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Net income: EUR 3.52 billion; AUM: EUR 240.3 billion