The board of management of Allianz has decided to establish the function of a chief governance officer (CGO) for Allianz and Allianz Group. The CGO will coordinate all corporate governance activities and keep the board updated on the latest developments related to corporate governance.

The Allianz board has appointed Thomas Munkel, currently chief administrative officer (CAO) of Allianz, as new CGO effective September 1, 2010. In his role he will report to CEO Michael Diekmann.

Michael Diekmann, CEO of Allianz, said: Allianz is one of the companies leading the way in corporate governance. We were among the first to implement the rules of the German Corporate Governance Codex, we published our top management compensation before this became a legal requirement, and we were the first DAX company to transform ourselves into a Societas Europaea.

“We want to be proactive in adhering to higher standards in regulatory requirements and serve the interests of our customers, investors and employees.