In 2016 the Supervisory Board passed a resolution defining a quota for women represented on the Supervisory Board, the Board of Management and the top two executive levels below the Board of Management. The target quota for the Supervisory Board and the top two executive levels below the Board of Management is 20 percent and 33 percent for the Board of Management. During the year under review the quota for women in each of the top two executive levels below the Board of Management was 18 percent and 8 percent in the Supervisory Board. No women were represented on the Board of Management. During the year under review the Supervisory Board’s Nomination Committee resolved to recommend that the target quota should be achieved by the end of October 2021. Notwithstanding the above MünchenerHyp considers itself to be a modern enterprise as reflected by its social, cultural and business values and views the promotion of the underrepresented gender as a natural element of its embedded leadership culture.