CIG Pannnia letbiztost: Report on corporate governance for the year 2021



The shares of CIG Pannónia Life Insurance Plc. (registered address: H-1095Budapest,

Könyves Kalman krt. 11.B., hereinafter: Company) have been classified by Budapest Stock Exchange Company Limited by Shares (hereafter: BSE) in the “Premium” category from July 1, 2013. The decisive proportion of 94,428,260 shares is held by Hungarian companies and Hungarian individuals. According to information officially known to our Company, based on direct and indirect shareholding, the share of Hungarikum Biztosítási Alkusz Kft. is 57.27%, Kaptár Befektetési Zrt. at 3.33%, while dr. Gabor Moricz as a natural person holds an ownership share of 3.17%. The number of other shareholders is about six thousand. The Company considers its responsibilityshareholders to fully comply with corporate governance recommendations. In accordance with his requirements, we present the governance and operation of the Companyrational characteristics as follows.


The management body of the Company is the Board; it is the duty of the Board to develop and manage the organizational structure of the Company. The extent of its powers is defined by the applicable laws, the The statutes, the resolutions of the General Assembly Meeting and Council’s rules of procedure. The Board is responsible for adopting its own rules of procedure by majority vote of Board members. The rules of procedure regulate, between other points, matters related to the Council’s the functioning, the structure of the Board and the mandatory elements of the content of meetings and minutes. The Board of Directors of the Company is composed of at least three, but not more than seven members; its members are appointed and revoked by the General Assembly. The rules applicable to senior employees as specified in Act LXXXVIII of 2014 on insurance activities (hereinafter referred to as: Insurance Act) apply to members of the Board of Directors. The Board fulfilled its mission as a body of 3 members at the beginning of the year, and as a body of 4 members after the meeting of the Management Board with competence of the General Meeting of April 7, 2021.

Given the fact that the hierarchy of the Company is less articulated due to given the relatively low number of employees, the members of the council have not formally divided up the tasks but exercise them as a college.

The Board has defined a wide range of powers reserved for it, in addition to those provided for in the articles of association. These are mainly the skills that require continuous operational assignment, control and significant resources in the area of ​​strategy, risk management, and the consequences of the decision can be longer term. All other operational decisions at the level of day-to-day operations are made independently by the management of the company, within the framework and in the manner defined in the internal policies of the company.

Members of the board of directors of the company

Zoltan PolanyiChairman of the Board (Board member since April 7, 2021, Chairman since May 12, 2021)

Zoltán Polányi was the director of CIG Pannónia Life Insurance Plc. and Deputy CEO of CIG Pannonia First Hungarian general insurance cPlc. since January 2021. Since October 2004 to January 2021 employee of UNIQA Biztosító Zrt., held commercial management positions between 2004 and 2007, from 2008 to 2011 responsible for the insurer’s dependent agent network, from 2012 to 2013 responsible for all insurance sales channels, between June 2014 and 2016 he was General Manager of Sales, General Manager, then from the summer of 2016 a member of the Board of Directors in charge first of sales, then after the transformation of the insurer, of the corporate field (Corporate, Bank, Affinity). Before UNIQA Insurance, he was an employee of the K&H Leasing group between 1999 and 2004. Until 2003, he was commercial director of K&H Leasing, then general manager of K&H Alkusz Kft. In 1999, he was head of the wholesale division of Porsche Hungaria Kft.

Areas of specialization within its competence: insurance and financial markets, business strategy and business model, governance system, regulatory requirements.

Expiry of his Board membership: 19.04.2024

dr. Istvan FedakChairman of the Board (Director since June 21, 2019, Chairman of the Board since August 14, 2020)

dr. István Fedák graduated from the MBA faculty of Budapest University of Economics in 1998 and then from the Faculty of Law of the Pázmány Péter Catholic University in 2002. He is a certified auditor. He started his career at Creditanstalt Rt. as a risk manager, then he was first business development manager, then head of risk management at the Rt factor. After completing his law studies, he started working at the law firm Fedák, later worked at MFB Bank. He held financial and executive positions within the OT Industries group between 2008 and 2015. He was then CEO of Eurobond year period. He was Deputy General Manager for Law and Finance of Keszthelyi Holding cPlc. since 2016 and CEO of Agenta-Consulting Ltd. from 2017 until 2020.

Areas of specialization within its competence: insurance and finance markets, business strategy and business model, governance system, regulatory requirements.

Expiry of his Board membership: 21.06.2022

dr. Peter BogdanffyDirector (since May 17, 2019)

dr. Péter Bogdánffy graduated from the Faculty of Law of József Attila Tudományegyetem in Szeged. He obtained a qualification in German and Hungarian economic law at the University of Potsdam. He started his professional career as a lawyer at the law firm Noerr in 2000, then worked as a partner at the law firm Faludi Wolf Theiss. He was a board member of Siemens cPlc. between 2008 and 2011, he had in the meantime been responsible for legal management as chief legal counsel for the companies of Siemens in Hungary. He was a member of the Board of Directors and Deputy Managing Director of BROKERNET Investment Holding cPlc. since 2012, Chairman of the Board of Directors of BROKERNET Investment Holding cPlc. since 2012 and member of the Supervisory Board of Quantis Alpha cPlc. since 2012. He was a member of the Supervisory Board of CIG Pannonia Life Insurance Plc. between 2013 and 2015, he then worked as a management consultant as a private entrepreneur. He has been working as a lawyer since 2016. He was a member of the supervisory board of Keszthelyi Holding cPlc. since February 2019. In addition to his law degree and his licenser review, dr. Péter Bogdánffy speaks perfect English and German Professional competence. He is a member of the Budapest Bar Association and the Hungarian Association for Corporate Compliance.

Areas of specialization within its competence: insurance and finance markets, business strategy and business model, governance system, regulatory requirements.

Board membership expires: 17.05.2022

Zsuzsanna Ódorné AngyalMember of the Board (since August 14, 2020)

Zsuzsanna Ódorné Angyal graduated from the UNUniversity of Agricultural Sciences of Gödöllő as an economist and graduated in accounting, then she graduated as a professor of engineering. At Szent István University, she broadened her professional knowledge with postgraduate studies at the Faculty of Agricultural Experts of the European Union. She also has the qualifications of tax consultant, payroll manager, social security manager and internal auditor.

She began her professional career in small companies, then from 2009, she first managed the direct relations of the subsidiaries of OPUS GLOBAL Plc. then coordinated and supervised activities in the economic and management area (finance, accounting, management control) and compliance. From 2017 for two years, she was CEO of OPUS GLOBAL Plc., then currently, as Deputy General Manager of the company, she coordinates day-to-day operations, global management, consolidation and preparation of financial statements of the group.

She speaks English and German. She has been a member of the Company’s Board of Directors since August 14, 2020.

Areas of specialization within its competence: money and capital markets, business strategy and business model, development and operation of a management system, financial analysis, regulatory requirements and frameworks.

Expiry of his Board membership: 14.08.2023

Akos VeiszMember of the Supervisory Board (since September 26, 2017)

Ákos Veisz graduated in economics in 2006, at the Budapesti Corvinus University, majoring in Finance, and he wasward with the college professional Award. In 2005 he studied at the University of Tilburg (Netherlands) with an ERASMUS scholarship, and between 2007 and 2010 he participated in several continuing professional training courses abroad in the fields of exchange rate policy, financial markets and sovereign debt management. Between 2006 and 2010, he worked as a financial analyst in the Economic Policy Department of the Ministry of Finance, then as an economic analyst in the

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