Succeeding
as yourself,
together
Diversity, Equity andInclusion Report 2022

The 2022 Diversity, Equity and Inclusion Report is designed tocommunicate Allianz Global Investors’ (AllianzGI) efforts andprogress to promote diversity, equity and inclusion (DEI) within
our own workforce and in wider society. We share this informationin the spirit of transparency, outlining our successes and where
we need to do more, both in terms of delivering short-term targets
and on our overall journey.

Allianz Global Investors Diversity, Equity and Inclusion Report 2022

The content of this report relates to all
AllianzGI DEI activities and locations
during the 2022 fiscal year (01 January2022 to 31 December 2022), unlessotherwise stated.

Contents
Foreword

02

Find out more
AllianzGI is an active investment
management firm and part of the
Allianz Group. More information on
our sustainability commitments andperformance can be found in thefollowing reports and on our website:

01 Introduction

03

02 Workplace

07

03 Workforce

16

AllianzGI Sustainability and
Stewardship Report 2022

04 Marketplace

31

Allianz Group Sustainability
Report 2022

05 Next steps

36

01

Foreword2022:
a year of
consolidation
I am pleased to welcome you to our Diversity,
Equity and Inclusion report. 2022 marked our
10‑year anniversary of conscious DEI commitment
at AllianzGI and we are proud of how far wehave come.
2022 was a year during which we consolidated the
DEI foundations on which we will continue building.
We sharpened our focus on nurturing psychologicalsafety and raised awareness of how the working
and lived experience of majority and minority
groups can differ.

Allianz Global Investors Diversity, Equity and Inclusion Report 2022

Meaningful change occurs when organicbottom-up efforts are combined with astrong leadership focus and provision of
education, tools and processes. This is why
we are increasing our efforts to deliver
impactful and sustainable change atevery level, within and outside our firm.
Simply speaking, we want AllianzGI to
be a safe, inclusive and diverse place
which we all enjoy being part of and we
also want to help make this a reality for
wider society.

We are proud of our progress in fostering
a welcoming and inclusive workplace but
we fully acknowledge that there is much
more work to be done.
We will continue to nurture the grassroots
efforts of our passionate colleagues,
hire diverse people and foster a culture
where everyone can contribute andbelong. At the same time, we will embed
inclusive and diverse practices acrossour entire value chain, including with
our external stakeholders.
I am tremendously encouraged bywhat we have achieved to dateand look forward to driving anotherdecade of positive change with yourcontinued support.

Tobias Pross (He/His/Him)
CEO AllianzGI

02

01 Introduction

02 Workplace

03 Workforce

04 Marketplace

05 Next steps

01
Introduction

Strengthening
our visionand strategy
We want to create an inclusive workplace we are all
proud of, where there is space for different opinions andvoices to be heard and where we learn from each other.

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01 Introduction

02 Workplace

03 Workforce

04 Marketplace

05 Next steps

01.1 Our approach
Our reputation for inclusion
strengthens our brand andenhances our licence to operate.
We also serve our social purposeby using our responsible investor
values to make a positive
contribution to society.
Our commitment includes all dimensionsof diversity, in particular ethnicity,
sexual orientation, gender identity,age, and disability. Applying anintersectional approach to addressing
our diversity challenges is key tomaking sustainable progress.
In addition to increasing representation,
we strive to create an equitable andinclusive workplace where systems
and practices are fair and unbiased.
This means ensuring equal access andopportunities and creating a cultureof collaboration and support.

Our DEI strategy

Workplace:
How does it feel to work here?
We focus on how our employees
from majority and minority groups
can feel more included and valued
in our workplace.
Build a safe work culture and nurturea healthy workplace: enhance
psychological safety and wellbeing
through relevant practices, policies,
tools, trainings and communication.
Understand the employee experienceand engagement through a DEI lens:collect and analyse diversity data
and feedback throughout theemployee lifecycle.

Workforce:Who do we recruit and grow?
We aim to attract and develop
a large variety of talents to growthe diversity of our workforce andenhance women’s representation
at senior levels in the organisation.
Attract and develop a wide varietyof talent to grow the diversity of
our workforce at all levels including
senior management, paying special
attention to gender, ethnicity.

Marketplace:
How do we serve oursocial purpose?
We use our responsible investor
values to make a positive
contribution to society as well as
making our industry more inclusiveand diverse.
Align DEI with the work of otherteams to better serve our Corporate
Citizenship purpose.
Expand our activities to serve
additional Corporate Citizenshipobjectives beyond financial
literacy programmes.

To do this, we must be intentional
about our approach to embedding
DEI into everything we do. This is the
purpose of our DEI strategy, which isbuilt around three key pillars and thefollowing priorities.

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01 Introduction

02 Workplace

03 Workforce

04 Marketplace

05 Next steps

01.1 Our approach

What do wemean bydiversity,
equality,equity andinclusion?
Allianz Global Investors Diversity, Equity and Inclusion Report 2022

Diversity is the endless mix of visible and invisible traits thatmake each individual unique, such as gender, age, disability,
nationality, ethnicity, sexual orientation, cultural background,personality types, and family status.
Inclusion is the behaviour we demonstrate and the processes
we use to enable everyone to give their best. Our culture ofinclusion embraces and values our differences – it helps us feel
free to be who we are.
Equality means that everyone is treated the exact same way
regardless of need. For example, it means that two groups
are given the exact same resources to fulfill a designatedgoal, regardless of whether they have the same access to
those resources.
Equity recognises the different circumstances of individuals
and allocates the resources needed to reach the exact same goal.
It means that those two groups are given the resources they needto fulfill the designated goal.

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02 Workplace

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04 Marketplace

05 Next steps

01.2 Our impact

DEI at a glance
AllianzGI is a leading active asset manager with more than 500 investment professionals and
600 relationship managers working across more than 20 offices worldwide. We are all definedby more than one characteristic, making us endlessly diverse.
Women in leadership

Nationalities and age

Workforce ratio% female managers1

2022:

2022:

58%
male

42%
female% women in seniorleadership positions

No. of nationalities

Average age

32%

2022:

2022:

66

2022:

2021: 32%

Managing Directors

2021: 63

26%

50%

ExCo members
2021:
male 59%/female 41%

Our DEI strategy

2021: 23%/50%

43 years
male/female

2021: male 44 years/
female 43 years

Workplace:
In 2022, we’ve re-stated our zerotolerance philosophy towards
harassment and discrimination.
Workforce:
We’re enhancing women’s representation
at all levels, and particularly among
senior management.
Marketplace:
We’re working to make our wider
industry more inclusive and diverse.

1 This refers to the first level of leadership where managers have at least one direct report.
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01 Introduction

02 Workplace

03 Workforce

04 Marketplace

05 Next steps

02
Workplace

Building asafe andinclusive
culture andworkplace
We foster an inclusive culture and workplace where
everyone feels they belong and where they can succeed
as themselves. This is why we are continuing ourefforts to enhance inclusion and psychological safety
through relevant practices, policies, tools, trainings
and communication.

Allianz Global Investors Diversity, Equity and Inclusion Report 202207

01 Introduction

02 Workplace

03 Workforce

04 Marketplace

05 Next steps

02.1 Building a safe and inclusive culture and workplace
Our workplace culture is criticalto our success as a leading
global active asset manager.
Everyone who works at AllianzGI
is responsible for behaving inaccordance with our values
and for co-creating our
inclusive culture.
We foster inclusive behaviour to embrace
diversity and empower people to succeed
as themselves. This is a benefit diversity
brings, adding value for our employees
and clients, enhancing our brand andgrowing our business.
We are creating a working environment
where people, performance and clientsmatter equally and take a strong stanceon inclusion and diversity.

Allianz Global Investors Diversity, Equity and Inclusion Report 202208

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02.2 Strengthening our zero-tolerance philosophy towards harassment and discrimination
Our commitment to creating a diverse and inclusive culture
requires us to meet the highest standard of ethics.
All employees have the right to come towork with the comfort and confidence
that they will be free from harassment,
unlawful discrimination, bullying andabusive conduct of any kind.
In 2022, Legal & Compliance andInclusion & Diversity teams reviewed
all our existing local and regional antiharassment and anti-discrimination
policies and established a new Global
Anti-Harassment and Anti-Discrimination
Policy which aligns with our DEI policy.

​​​​The policy re-states our zero-tolerance
approach towards any form of misconduct
and provides guidelines to protect ouremployees and organisation. It describes
how we can all contribute to preventing
discrimination and/or harassment, defines
roles and responsibilities of managers andemployees, and explains how employees
are protected against retaliation and how
complaints are handled.

Our actions, words, and behaviour
matter. We want a workplace culturethat is respectful and supportive of all
employees and their uniqueness.”
Petra Trautschold (She/Her/Hers)
Global Head of HR

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02.3 Consolidating our inclusive way of working: hybrid working
We want to be the preferred inclusive home for ourindustry’s best talent, and we strive to provide a caring
and inclusive work environment where employees havethe support they need to succeed.
As a global business, hybrid working has
been a reality at AllianzGI for many years
and a global framework for flexible work
arrangements has been in place since2016. We build on the benefits of remote
working while continuing to nurture
the elements of our office culture that
help foster collaboration and a senseof belonging.

Colleagues make individual use offlexible working guidelines, in the waythat best suits their individual work andlife situation.
In 2022, the framework for flexible
working was updated, with AllianzGI
now aiming to allow1 employees to workoccasionally from abroad up to 25 days
per calendar year.

As how we work and do business evolves,
our flexible hybrid work environment
empowers our colleagues to balance
work, career development and personal
priorities. It also meets the needs
and expectations of a diverse andmultigenerational workforce.

Our hybrid working policies allow
for a much better work life balance
especially, but not only, for families
with small children. I am thrilled tosee that – compared to the previous
generations – now both parents
spend much more time with theirkids and develop a stronger bondwith them.”
Greg Hirt (He/His/Him)
Global Chief Investment Officer
Multi Asset

1 Due to considerations such as social security, immigration, domestic labour law and existing crosscountry agreements, each cross-border working is reviewed and approved on a case-by-case basis.
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02.4 Leveraging on technology as a lever of inclusion: our new digital tools and spaces
As how we work and do businessevolves, we are implementing aflexible hybrid work environmentthat is here to stay.
New tools and equipment enable usto effectively collaborate and innovate
across locations and borders. Our meeting
spaces are being equipped with the verylatest technology for great hybrid meeting
experiences, with further upgrades tocome over the next few months.

We planned and started the upgrade to Windows 10
and Microsoft 365 already before the pandemic andthe development has only been accelerated. Almost
every employee has a laptop computer and canseamlessly work from everywhere. The meeting room
video/audio setup is fully integrated with MS Teamsand in many meeting rooms, modern MS Surface Hub
devices facilitate joint innovation and co-creation.”
Daniel Lehmann (He/His/Him)
Head of Enterprise Services

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02.5 Breaking taboos: talking about cancer, menopause and mental health“We care for tomorrow” is our
employee value proposition,a promise we make to current
and future employees. Thisdrives us to provide a caring
work environment where
employees have the support
they need to succeed and thrive.
Putting ourselves in other people’s
shoes and learning about the struggles
minority and majority groups facecan help us understand and support
each other. Our holistic approach tohealth incorporates mental, socialand physical wellbeing.

World Cancer Day
It is difficult to know where to start withtalking about cancer, whether we areinterested to learn more, know someone
who has been diagnosed or want tosupport someone who is worried abouta family member or friend. We createda dedicated brochure to guide colleagues
through the attitudes, words and values
that can help us improve the support
we give to people and create a caring
work environment.

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02.5 Breaking taboos: talking about cancer, menopause and mental healthWorld Menopause Day
Breaking down stigma and creating
an inclusive environment starts withknowledge. 75% of those who go throughmenopause experience symptoms
such as insomnia, fatigue or hot flushes– to mention a few of the impacts.
Social stigma and misunderstanding canincrease the burden on women. To help
educate on the topic of menopause,
we created an educational brochure on
menopause symptoms and useful insights
explaining why it is a topic to be awareof in the workplace. We explored how
menopause is regarded across cultures –for example, in some regions it represents
the transformation into more powerfulversions of ourselves while in others it
can have negative connotations.

75%of those who go throughmenopause experience
symptoms such as insomnia,
fatigue or hot flushes.

Allianz Global Investors Diversity, Equity and Inclusion Report 2022

What really surprises andsometimes even shocks
me personally, is that evenwhen speaking to other
women about my problems
during menopause, they
don’t want to hear about
it. It is still such a taboo
subject (not only in theworkplace). We needto make this what it is,a normal stage in every
woman’s life.”
Natascha Körber (She/Her/Hers)
Team assistant

Mental Health Day
We took a closer look at the intersection ofmental health and inclusion in 2022 during
Mental Health Day. Coach and mental healthexpert Janice Benning gave us an overview
on the mental health issues which various
majority and minority groups might face atwork and how we can collectively reduce
stigma, support people and create a safe
environment. 200+ colleagues attended thisbespoke webinar on the intersection of mental
health and inclusion.

200+

colleagues attended a bespoke
webinar on the intersection ofmental health and inclusion.

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02 Workplace

03 Workforce

04 Marketplace

05 Next steps

02.5 Breaking taboos: talking about cancer, menopause and mental healthInternational Men’s Day
and Movember
Research shows that men are statisticallyless likely to seek support for theirhealth and tend to bottle up emotional
challenges. Every November, theMovember foundation calls out to men
and women to raise funds for men’s
health. Wondering why it’s called
Movember? At the start of November,men around the world start growing a
moustache to show their support to thecause. Put moustache and November
together and you get Mo-vember!
This year, the AllianzGI and Friends
Movember fund raised over EUR 11,235
to support the cause.

Based on personal experience I know thatmen do not access healthcare as often
as they should do. This is for a number ofreasons including stigma, missing awarenessand fear. Therefore, it is important to me tosupport Movember and make men awareof their potential health issues and how they
can get support.”
Helge Baur (He/His/Him)
Legal, Compliance and Risk Senior Project Manager

AllianzGI and Friends
Movember fund raised over

EUR 11,235
to support the cause.

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02.6 Supporting employee health and wellbeing
We have been working to consolidate the wide range of tools andactivities on offer at AllianzGI to help colleagues stay mentally andphysically healthy. In 2022, we used health and wellbeing intranet
stories as an opportunity to systematically remind colleagues
about the offers available, which include:
Health and Wellbeing hub:resources on mental, social, andphysical wellbeing available via
our intranet.

Random Coffee:
helping colleagues from around theworld stay connected, regardless of
where they are.

Global Health Talks:
online events organised around
World Health Day in April to discuss
mental health, resilience, and wellbeing with engaging experts fromoutside and inside Allianz.

Employee Assistance Programme(EAP):
free and confidential support for
employees and their families tohelp them deal with personal or
work-related problems that might
adversely impact their health,mental and emotional wellbeing
or work performance.

Mindfulness sessions:
opportunities to explore mindfulness
techniques for wellbeing, emotion
regulation, focus and attention
organised by the Allianz Global
Mindfulness Community.

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03
Workforce

Attracting anddeveloping
talentOur reputation for inclusion strengthens our brand as an employer andenables us to attract, retain and engage the most talented employees,
develop skills for the long term and achieve gender balance at seniorlevels. A diverse workforce furthermore helps us to understand andmeet the needs of the diverse customers and communities we serve.
Since we announced our first gender equality ambitions in 2017,
the diversity of our workforce has been improving through actions
that span the entire employee cycle. We are consolidating on thisby systematically applying a DEI lens to all our recruitment, talentmanagement and reward practices.

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03.1 Enhancing women’s representation at all levels of the organization1
In line with Allianz Group’s targets, we have committed toachieve a minimum global female representation of 30%
in senior leadership positions.2
To achieve improved female
representation, our gender equality
action plan spans all seniority levels withtargeted focus on specific functions andlocations where more action is needed.
The action plan covers talent attraction,
hiring, compensation benchmarking andsupporting development opportunities
for women.
Since 2020, we reached a 50/50 malefemale representation in our Executive
Committee. A number of our most seniorglobal leadership positions are now
occupied by women. They include the
Global Head of Investments, Global
CIO Equities, Global COO, and Head of
Products. We are not yet where we would
like to be at management levels below
this and will make a special effort toaddress this moving forwards.

Female representation at seniorlevels vs. 2021

+3%

Overall Managing
Directors population+7%

Global workforce by gender and corporate titles
Managing
Director

26%

Director

28%

Vice President

+4.5%

58%
58%

42%
49%
51%

Staﬀ 3
Total
employee

72%
42%

AssistantVice PresidentManaging Directors
within Distribution

74%

58%
42%

Managing Directors in APAC
Male

Female1 Due to restrictive jurisdiction on data privacy in the majority of the countries we operate in,our metrics are limited to gender diversity.
2 Senior leadership positions equal ExCo and Managing Directors positions.
3 Staff refers to entry-level corporate title.
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03.1 Enhancing women’s representation at all levels of the organization1

Investment
Managing
Director
Director

Distribution
87%

13%

Vice President

69%

31%

AssistantVice President

68%

33%
35%

Staﬀ 2
Total
employee

77%

23%

65%
68%

32%

Managing
Director
Director

65%

35%

73%

27%
51%
49%

Vice President
AssistantVice President

34%

66%

29%
71%

Staﬀ 2
Total
employee

52%
48%

Enabling Functions
Managing
Director

36%

Director

37%

Vice President
AssistantVice President

64%

43%

57%

50%
50%
44%
56%

Staﬀ 2
Total
employee

63%

54%
46%
Male

Female1 Due to restrictive jurisdiction on data privacy in the majority of the countries we operate in, our metrics are limited to gender diversity.
2 Staff refers to entry-level corporate title.
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03.1 Enhancing women’s representation at all levels of the organization1

EuropeAsia PacificManaging
Director
Director
Vice President
AssistantVice President
Staﬀ 2
Total
employee

Male

57%

43%
55%
45%
49%
51%
35%
65%
28%
72%
44%
56%

United States

Managing
Director

22%

Director

24%

Vice President

76%
38%

AssistantVice President

62%

54%
46%
43%
57%

Staﬀ 2
Total
employee

78%

63%
37%

Managing
Director

25%

Director

27%

Vice President
AssistantVice President
Staﬀ 2
Total
employee

75%
73%
42%

31%
42%

59%
69%
58%

63%
37%

Female1 Due to restrictive jurisdiction on data privacy in the majority of the countries we operate in, our metrics are limited to gender diversity.
2 Staff refers to entry-level corporate title.
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03.2 Ensuring fair and equal pay for everyone
Our compensation principles underscore our commitment to an
inclusive environment and equal pay.
We understand equal pay is essential to
our business because:
It matters to our clients. Our clients
expect us to reflect their values andpriorities in how we invest and operate.
As a sustainable business, we arecommitted to fair and inclusive
pay decisions, as part of our socialand economic responsibility for our
employees, clients and communities.
It matters to our employees. We want
employees to have visibility into how pay
is managed and governed at AllianzGl,
but also confidence that pay decisions
are consistent and free from bias.
It matters to our leaders. We arecommitted to ensuring employees acrossthe globe are rewarded in a way thatis free from discrimination on the basisof our own commitment to inclusionand diversity.

It matters to our business. We provide
an appropriate level of compensation
to attract and retain our employees who
we need to deliver long-term sustainable
returns for our clients and shareholder.

• We engage third-party consultants toanalyse employee pay and identify
potential pay gaps using statisticalregression analysis as a standard
undertaking in the yearly compensation
review process.

• We support unbiased compensation
proposals by:– Basing pay decisions on objective
reasons and not taking into accountprotected characteristics.
– Regularly discussing individual pay at
local level with managers along withmarket references where available.
– Conducting yearly functional reviews
to support fair pay decisions.

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03.3 Talking about financial wellbeing during International Women’s Day
We used International Women’sDay 2022 as an opportunity
to raise awareness of topics
around financial wellbeing.
According to research by McKinsey1, an
unprecedented amount of assets will shift
into the hands of women over the next
three to five years.

The pension income of women in Germany
is a full 46% below that of men, making
Germany last in the OECD comparison
on gender pension gap.3 Our colleague
Michaela Sommer, Asset/Life Specialist
from Munich, dealt intensively withthis topic through a project, and helda webinar for all colleagues in Germany
to educate on understanding andreducing gender pension gap in Germany.

However, a recent BNY Mellon study2
shows that women are less likely to invest,
compounding financial disadvantages
and limiting women’s collective influence
on corporate behaviour and the world.
As part of the initiative, we asked
colleagues to share their personal
perspective on #financialwellbeing
and how they got started taking amore structured approach towards
their finances.

I manage my financial wellbeing by startingto save as early as possible and I always saveat least 30% of my income. It is important tostay disciplined on the budget and I would
never spend more than I earn. I keep enhancing
my investment knowledge through reading
and discussions and seek for investment
opportunities whenever they are available.”
Rima Suhaimi
President Director,
Head of Indonesia Distribution

1 https://www.mckinsey.com/industries/financial-services/our-insights/women-as-the-next-wave-of-growth-in-us-wealth-management
2 https://www.bnymellonim.com/uk/en/individual/inclusive-investment/
3 https://www.oecd.org/germany/PAG2019-DEU.pdf
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03.3 Talking about financial wellbeing during International Women’s Day

My mom is my role model.
She always had thisintrapreneurial mindset:
having her day job while
also being able to run somany different businesseson the side. I just grew up
with that and thought it isa given, but the older I got,
the more I learned thatmoney and savings don’tcome naturally.”

Financial planning for our retirement might
not be our favourite hobby, however, the still
existing inequalities should make us think twice.
In Germany we have one of the largest “genderpension gaps” according to the OECD (2020)
and the average retirement income of womenis 40% lower than for men. This issue is close to
my heart: raising awareness to colleagues andfriends, no matter whether male or female, thatit’s a wise step to plan and to put some serious
thoughts into their personal retirement plan.”
Michaela Sommer (She/Her/Hers)
Director, Corporate Pensions Solutions Germany

Aminata Diakite (She/Her/Hers)
Product Strategist

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03.4 Fostering education and networking with 100 Women in Finance
Asia Pacific marked the
beginning of our partnershipwith 100 Women in Finance,
Fintech Association of Hong
Kong, Singapore Fintech
Association and Fintech
Association of Malaysia bylaunching the Women Leadersin Fintech APAC series.
The first virtual event featured iconic
women founders of fintech start-ups in
the region.
In Europe, members of the 100 Women in
Finance network attended a Networking
Breakfast organized by the UK Embassyin Paris which focussed on ways we canbuild and maintain gender equity infinancial services.

Being part of the 100 Women in FinTech Visibility
committee, I am always inspired and continue
to learn from the fintech literacy panel and rolemodelling events shared by the senior executives
and experts in the fintech industry. Throughthis connection, I can get access to a global
fintech network of 200+ women (co)-founded
entrepreneurs, VC investors and corporate leaders
globally and motivate the next generation of
female talent.”
Wendy Wong (She/Her/Hers)
Program Manager, Digital Business

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03.5 Empowering talent across all ages and backgrounds
For our UK internshipprogramme, we partneredwith Sponsors for Educational
Opportunity, Ltd. (SEO London),a UK-registered charity
delivering superior educational,
training, and mentoring
support to young people fromunderrepresented backgrounds.
Through targeted actions such as thisone we encourage young people to join
the investment industry and enhance thediversity of thought and backgrounds
across our interns’ community.

Allianz Global Investors Diversity, Equity and Inclusion Report 2022

This experience has provided me with awealth of knowledge and insight into theasset management sector, as well as a clear
direction for my future career. Moving to London
appeared intimidating at first, but I am pleased
I did as it has provided me with an amazing
experience and introduced me to many
wonderful individuals.”Abdullah Shah (He/His/Him)
Management intern, Investment Business24

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03.5 Empowering talent across all ages and backgrounds

There are many passionate and dedicated colleagues within AllianzGI working
towards integrating I&D within our company culture, however there is still lots
to be done. Recognising this need to do more, the Women in Private Markets(WIPM) initiative was formally created in 2022 and aims to create awareness of
the issues that lead to the lack of diversity of our people within Private Markets,
as well as serve as a network for the female professionals in Private Markets toseek support and advice from both within and outside the firm. That said, theWIPM network is open to all Private Markets professionals, regardless of gender,and can serve as an education platform for I&D topics, available to everyone who
wishes to learn more. There is still much to be done but I’m glad that there has
been good reception of WIPM thus far, and that even if it is through baby steps,
we’re showing progress!”

Being a mentee in the NEO Mentoring Circles
has been an enriching experience both ona professional and personal side. Whenstarting working for AllianzGI fresh from
University, it was great to have experienced
colleagues providing guidance in challenging
times, career advices and helping me build
a professional network. I enjoyed the quality
time spent with them, their kindness andthe way they inspired me on a daily basis
throughout the past years.”Gaëlle Allet, CFA, CAIA (She/Her/Hers)
Product Specialist, Private Markets

Wee Kii Teh (She/Her/Hers)
Associate Portfolio Manager, Private Markets

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03.5 Empowering talent across all ages and backgrounds

I have had the great privilege of being included in Financial
News’ annual ‘Most Influential Women in European Finance’
list on a number of occasions. Every year I look through theseand other similar lists and always feel inspired when I readabout the achievements of the other women I see there. I am
incredibly passionate about the topic of female empowerment,
and strongly believe that actively sharing our stories andsuccesses, as well as speaking openly about our challenges,
is one very powerful way we can help encourage more women
into financial services and leadership positions.”
Deborah Zurkow (She/Her/Hers)
Global Head of Investments

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03.6 Supporting colleagues across all gender identities and sexual orientations
LGBT+ people deserve to be seen and valued for who they are in
the workplace. The challenge is that gender identity and sexual
orientation are invisible aspects of our identity. We really cannot
know someone’s gender identity or sexual orientation unless they
make it clear, and assumptions can be hurtful and traumatic.
We are consolidating actions to provide
a diverse and inclusive environment for
LGBT+ colleagues and clients of AllianzGI.
As well as raising awareness on LGBT+
terminology and language, we provided
a one-hour interactive webinar with ourtrans colleague Sarah Girling from Allianz
Technology, to talk about transgender
identity, the challenges trans people
experience and the support they need.
We were also delighted to host a talkin our Frankfurt office with Thomas
Hitzlsperger as part of our Pride 2022
celebrations. Thomas is the only (male)
professional football player in Germany
to come out as gay. Since then, he has

become an emblem for LGBT+ inclusion
and acts as the Ambassador for Inclusion
at the German Football Association.
Thomas shared his experience withcolleagues and talked about why hethinks inclusion and equal rights formembers of the LGBT+ community
are important.
Last but not least, to further support
colleagues who want to be an ally to theLGBT+ community as well as to create asafe space for colleagues on their own
personal coming out journey, we now offer
all colleagues the opportunity to join a
global Allianz LGBT+ mentoring program.

Allianz Global Investors Diversity, Equity and Inclusion Report 2022

It is very important to me that members of theLGBT+ community feel safe and supported andare able to be their genuine selves at work.
To further underline this commitment, I am
delighted that AllianzGI is taking part in the newly
created LGBT+ mentoring programme across thewhole of Allianz.”
John Bolton (He/His/Him)
Head of Content Management

We’re also incredibly proud to share that our colleague Zero Yiu
was listed as one of LGBT Great’s Top 100 Gamechangers 2022.

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03.7 Listening to employee views: Pride Survey
2022 saw our second Pride
Survey, during which 324
colleagues shared their
sentiments on LGBT+ inclusion
in AllianzGI, giving feedbackon our efforts and where we
could do better. Thanks to their
participation, we identified
strengths and areas for
improvement.
Results were overall positive with mostparticipants feeling well educatedon inclusion and diversity topics andappreciating AllianzGI’s commitment
to building an inclusive workplace.
We also identified areas for improvement
such as feeling able to speak up about
LGBT+ topics, normalising the topic ofsexual orientation in the workplace andproviding more guidance on how to be
an LGBT+ ally.

AllianzGI’s commitment for each and every LGBT+ personin the company to feel valued, respected and to be able
to be themselves is truly lived on a daily basis.

Strongly agree

29%

Agree

49%

Neither agree
nor disagree

18%

Disagree3%

Strongly disagree

1%78%Strongly agree or agree

Allianz Global Investors Diversity, Equity and Inclusion Report 2022

I was deeply impressed and enlightened by
the webinar on transgender identity. It gaveme insights on what major social limitations
still exist, how strongly personal actions are
based on normative behaviour and how
strong the discrimination still is. Despite
the fact that the topic has clearly gained
importance, the reflection and descriptionof the speaker of her everyday effort madeit very clear that there is still a long way to
go to achieve broad social acceptance.”
Henning Schneider, CFA (He/His/Him)
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03.8 Supporting people of all origins
For Black History Month, the Allianz Global Race and Cultural
Ethnicity network (GRACE) went “Black to the Future” to highlightthe future for people of black heritage in an internal event hosted
and organised by our colleague, Richard Butler, who is passionate
about working on a better future for everyone and promoted
GRACE as a great way to get involved in your local entities.

Being active in promoting and collaborating withpeople of black heritage to realign and level theplaying field, while also highlighting an oftenoverlooked community, we can all play a part in
the advancement of the black community.
How about taking a moment to have a dialogue
with those around you and ask directly how they
can be supported?”
Richard Butler (He/His/Him)
Portfolio Analyst

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03.9 Building understanding around disability
Whether visible or invisible, a disability often implies having
different needs from others, but then who doesn’t. It is NORMAL
to be DIFFERENT and that is the slogan of Beyond, the Allianz
wide employee network focusing on disability inclusion,
co-sponsored by our CEO Tobias Pross.
To re-state our commitment to welcoming
and developing people with disabilities,
we held an in-person event with Tobias
on International Day of Persons with
Disabilities during which he shared why
the topic matters to him and why wecannot be serious about DEI if we do notaddress disability diversity and inclusion.

Together with the Business Disability
Forum, Tobias also hosted a global
webinar on “Disability, language andterminology” to help bust disability
stereotypes and misconceptions andprovide guidance on how to be a better
ally for people with disabilities.

The Allianz Beyond network is one of several
networks within the framework of DEI at Allianz.
It offers great support to colleagues withdisabilities and their allies, and also promotes
and makes more visible the skills and talentsof people with disabilities. Let’s continue theexchange and learn from each other!”
Axel Bitzer (He/His/Him)
Head of Department Telesales, Allianz Trade

We don’t have to be experts – we need to be
curious. The first step to being inclusive is being
willing to learn about and understand eachother. That starts with open dialogue.”Tobias Pross (He/His/Him)
AllianzGI CEO

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04
Marketplace

Broadening
our social
impactWe can play a significant role in supporting DEI in society byboosting investment in properties, goods, and companies that
promote sustainability and equity. Building on our DEI values toincrease our social impact is the third pillar of our DEI approach.
We are working to consolidate the way we influence and engage
with external stakeholders on DEI issues. This pillar of our strategy
is at an early stage and one we aim to expand in the years
to come.

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04.1 Promoting gender diversity
We are a member of the French investor group of the 30% Club1,
a global campaign aiming to increase gender diversity on boards
and executive teams. The purpose of the 30% Club France
Investor Group is to engage with SBF120 companies on gender
diversity to drive systemic change on company boards and withinsenior management teams and to develop best practices andrecommendations to make SBF120 companies more inclusive,
diverse and sustainable.
In 2022, AllianzGI chaired the investor
coalition, joining all corporate
engagements including 18 in-person
meetings and conversations via email.
We engaged with a French defence andaerospace company on their diversity
strategy and how they are planning toachieve gender equity and reduce thegender pay gap. In one year, the company
made great steps towards its diversity
trajectory, committed to realistic andcredible targets, and reaffirmed theobjective of the firm to be in line with
30% Club France vision. In particular, thecompany has a very proactive approach
to close the gender pay gap, which stoodas a best practice.

We also continued to engage with aFrench reinsurance company on gender
diversity due to the disconnect between
the percentage of women in the workforce
and at management/executive positions.
We appreciated the transparency andthe openness to address our concernsand observed a slight but real shift withrespect to meritocracy and looking to thestrengths and competences brought about
by cognitive diversity, ie, the presence ofbroadly diverse perspectives of mind.

1 https://30percentclub.org/france-investor-group/
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04.2 Supporting communities with the apprenticeship tax in France
The apprenticeship tax in France helps finance the developmentof apprenticeships and technological and vocational education.
It is the only tax that companies can freely allocate.
In 2022, in line with our DEI policy,
AllianzGI allocated 44% of its contribution(2021: 26%) to institutions working forcauses that meet our objectives as a
responsible investor:• Support for the professional integrationof young people without diplomas;• Training for young people withdisabilities; and• Home training for sick children.
We are keen to support internal andexternal initiatives that reflect our DEI
commitments and will continue to monitor
the distribution of this tax in the future.

I like to say Inclusion is a value shaping theway we think and behave. Behaving inclusively
might come naturally to some and might
require conscious efforts to others. At AllianzGI
we are committed to consciously look for big
and small opportunities to bring Inclusion andDiversity to life on a daily basis. Since a few
years ago, we’ve for example reconsidered
the way we allocate the apprenticeship tax inFrance to make it more inclusive and contributeto make education more accessible to people
with disabilities.”
Ilaria Ruzzi (She/Her/Hers)
HR Lead France

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04.3 Making our industry more inclusive and diverse
The European CFO Forum for
Asset Management publishedits first white paper on disclosureof Diversity and Inclusion(D&I) Metrics in the asset
management industry.
As stakeholders’ appetite for D&I
information continues to grow, thepaper discusses the current state of D&I
disclosure and highlights today’s bestpractices in the industry. Markus Kobler,
AllianzGI CFO was one of the leadauthors of the paper which can be
downloaded here.

We want to challenge
ourselves on how we can dobetter. If any colleague comes
into their place of work andfeels they can’t be their true
self, the goal of inclusionand diversity has not beenreached yet.”Markus Kobler (He/His/Him)
AllianzGI CFO

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04.4 Empowering women in tech
HerHackathon is an online hackathon event designed for women,
by women to close the gender bias in the design and developmentof products. Too many products carry a gender bias as they
are mainly developed by men. HerHackathon tries to shift theperspective and counter underrepresentation of women in tech.
For the second year in a row, AllianzGI
partnered with HerHackathon, to bringyoung female IT professionals together
to develop solutions for problems posedby partnering companies. The catch:they only have 72 hours.
Four teams went for our challenge withmembers of the AllianzGI team mentoring
them. The winning team – “Run thecode” – proposed an application which
would allow users to import their existing
portfolios and banking data into one app,giving them an overview of their financials
and ensuring strong data protection.
Their proposal then went up against otherfavourites from partnering companies andthe winners were chosen. Although Run
the code did not win, AllianzGI was able
to source some great ideas and present
our company as an attractive employer tofemale STEM professionals.

I was very impressed by
the creative solutions theparticipating teams came up
with in such a short amountof time.”
Yoana Ivanova
Business Manager TOP Office

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05
Next steps

Planning
actions fornext year
We know we have more work to do. Ensuring inclusion
has no endpoint, yet each step advances us towardachieving our DEI commitments. In 2023 and beyond,we will continue to be open and honest about ourwork and the progress we are making to pave theway towards a more inclusive fair and healthy
company for all.

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05.1 What next?
In 2023, we’re planning to reinforce our collaboration with businessheads to work on specific DEI functional action plans to ensure a
deeper integration of DEI in our company value chain.
We will also keep building a workplacethat allows for a healthier work-life
integration by promoting a culture offlex work and raising awareness on
major health challenges, prioritizing
psychological safety by raising awarenesson persisting challenges faced by underrepresented groups at work as well as
reinforcing training on our zero-tolerance
policy towards discrimination andharassment and growing the diversityof our workforce at senior levels, while
holding managers accountable for driving
progress. We also aim at improving
the way we collate quantitative andqualitative data from our employees todiscern their perceptions, experiencesand expectations and draw up concreteroadmaps to drive greater work
experiences for all and push the needle
even further towards true equality.
More than ever, employees are looking
for meaningful purpose in their careers.
And more than ever we stay committed
to create equitable practices that
foster inclusion.

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