Latest news with #AllianzGI
Free Malaysia Today
9 hours ago
- Business
- Free Malaysia Today
Adidas investor AllianzGI to vote against chair's reelection at AGM
Allianz Global Investors has been identified as the 13th biggest investor in Adidas, according to LSEG data. (AP pic) LONDON : A leading investor in German sportswear company Adidas said today that it planned to vote against the reelection of chair Thomas Rabe at the company's annual shareholders' meeting on Thursday because he holds too many roles at other companies. Despite being concerned about the so-called 'overboarding' last year, Allianz Global Investors (AllianzGI)- the 13th biggest investor in Adidas, according to LSEG data – said it had supported Rabe's reelection last year on the basis that the company would find a replacement. 'Since then, the company has not presented a successor or laid out a 'convincing' succession plan,' Allianz said in a statement. 'We want to understand the key competencies required for the incoming chair to effectively lead the board, as well as how the search process is managed,' said Matt Christensen, global head of sustainable and impact investing at AllianzGI. 'The incoming chair should possess strong leadership skills, industry experience, unquestionable independence, and enough time to lead the board, especially in times of crisis,' Christensen said. Last year, leading proxy advisor ISS had recommended investors vote against Rabe's reappointment due to an 'excessive' number of roles at other companies, which include being chief executive at both RTL Group and Bertelsmann Management SE.
Fashion Network
13-05-2025
- Business
- Fashion Network
Adidas investor AllianzGI to vote against chair's reelection at AGM
A leading investor in German sportswear company Adidas, opens new tab said on Monday it plans to vote against the reelection of Chair Thomas Rabe at the company's annual shareholders' meeting on Thursday because he holds too many roles at other companies. Despite being concerned about the so-called "overboarding" last year, Allianz Global Investors - the 13th biggest investor in Adidas, according to LSEG data - said it had supported Rabe's reelection on the basis that the company would find a replacement. Since then, the company has not presented a successor or laid out a "convincing" succession plan, Allianz said in a statement. "We want to understand the key competencies required for the incoming chair to effectively lead the board, as well as how the search process is managed," said Matt Christensen, Global Head of Sustainable and Impact Investing at AllianzGI. "The incoming chair should possess strong leadership skills, industry experience, unquestionable independence, and enough time to lead the board, especially in times of crisis." Rabe is Chief Executive Officer at both RTL Group and at Bertelsmann, the media conglomerate that owns RTL. Adidas did not immediately reply to a request for comment. AllianzGI's statement comes after leading proxy advisor Institutional Shareholders Services for the second year recommended investors vote against Rabe's reelection, saying he has too many roles at other companies and that the board is "insufficiently gender diverse". Proxy advisor Glass Lewis recommended investors vote for Rabe's reelection, but that they reject Adidas' executive compensation, saying the company has not engaged sufficiently with shareholders after 41% of them voted against the remuneration report last year. Adidas gave large severance payments of 7.2 million euros ($8.01 million) and 4.8 million euros to two departing executives last year, Glass Lewis said, after three big severance packages in 2023 and a payout of around 15 million euros to former CEO Kasper Rorsted in 2022. "We remain troubled by the allocation of substantial severance payments following the dissent expressed by shareholders in the past two years," Glass Lewis said in its note to shareholders.
Reuters
13-05-2025
- Business
- Reuters
Adidas investor AllianzGI to vote against chair's reelection at AGM
LONDON, May 12 (Reuters) - A leading investor in German sportswear company Adidas ( opens new tab said on Monday it plans to vote against the reelection of Chair Thomas Rabe at the company's annual shareholders' meeting on Thursday because he holds too many roles at other companies. Despite being concerned about the so-called "overboarding" last year, Allianz Global Investors - the 13th biggest investor in Adidas, according to LSEG data - said it had supported Rabe's reelection on the basis that the company would find a replacement. Since then, the company has not presented a successor or laid out a "convincing" succession plan, Allianz said in a statement. "We want to understand the key competencies required for the incoming chair to effectively lead the board, as well as how the search process is managed," said Matt Christensen, Global Head of Sustainable and Impact Investing at AllianzGI. "The incoming chair should possess strong leadership skills, industry experience, unquestionable independence, and enough time to lead the board, especially in times of crisis." Rabe is Chief Executive Officer at both RTL Group and at Bertelsmann, the media conglomerate that owns RTL. Adidas did not immediately reply to a request for comment. AllianzGI's statement comes after leading proxy advisor Institutional Shareholders Services for the second year recommended investors vote against Rabe's reelection, saying he has too many roles at other companies and that the board is "insufficiently gender diverse". Proxy advisor Glass Lewis recommended investors vote for Rabe's reelection, but that they reject Adidas' executive compensation, saying the company has not engaged sufficiently with shareholders after 41% of them voted against the remuneration report last year. Adidas gave large severance payments of 7.2 million euros ($8.01 million) and 4.8 million euros to two departing executives last year, Glass Lewis said, after three big severance packages in 2023 and a payout of around 15 million euros to former CEO Kasper Rorsted in 2022. "We remain troubled by the allocation of substantial severance payments following the dissent expressed by shareholders in the past two years," Glass Lewis said in its note to shareholders. ($1 = 0.8990 euros)
Fashion Network
12-05-2025
- Business
- Fashion Network
Adidas investor AllianzGI to vote against chair's reelection at AGM
A leading investor in German sportswear company Adidas, opens new tab said on Monday it plans to vote against the reelection of Chair Thomas Rabe at the company's annual shareholders' meeting on Thursday because he holds too many roles at other companies. Despite being concerned about the so-called "overboarding" last year, Allianz Global Investors - the 13th biggest investor in Adidas, according to LSEG data - said it had supported Rabe's reelection on the basis that the company would find a replacement. Since then, the company has not presented a successor or laid out a "convincing" succession plan, Allianz said in a statement. "We want to understand the key competencies required for the incoming chair to effectively lead the board, as well as how the search process is managed," said Matt Christensen, Global Head of Sustainable and Impact Investing at AllianzGI. "The incoming chair should possess strong leadership skills, industry experience, unquestionable independence, and enough time to lead the board, especially in times of crisis." Rabe is Chief Executive Officer at both RTL Group and at Bertelsmann, the media conglomerate that owns RTL. Adidas did not immediately reply to a request for comment. AllianzGI's statement comes after leading proxy advisor Institutional Shareholders Services for the second year recommended investors vote against Rabe's reelection, saying he has too many roles at other companies and that the board is "insufficiently gender diverse". Proxy advisor Glass Lewis recommended investors vote for Rabe's reelection, but that they reject Adidas' executive compensation, saying the company has not engaged sufficiently with shareholders after 41% of them voted against the remuneration report last year. Adidas gave large severance payments of 7.2 million euros ($8.01 million) and 4.8 million euros to two departing executives last year, Glass Lewis said, after three big severance packages in 2023 and a payout of around 15 million euros to former CEO Kasper Rorsted in 2022. "We remain troubled by the allocation of substantial severance payments following the dissent expressed by shareholders in the past two years," Glass Lewis said in its note to shareholders.
Daily Mail
12-05-2025
- Business
- Daily Mail
Allianz GI to vote against Adidas chair re-election as 'overboarding' row reignites
Allianz Global Investors will vote against the re-election of Thomas Rabe at Adidas' upcoming AGM, reigniting a row over the chairman's other work commitments. The €571billion fund manager said on Monday it would vote against Rabe's re-election to Adidas' supervisory board at the 15 May meeting, citing 'overboarding' concerns. A majority of Adidas investors backed Rabe's re-election last year despite prominent proxy advisory firm Institutional Shareholder Services recommending they vote against the reappointment due to his roles at other companies. Rabe, who is looking for his sixth year as chair, is also chief executive of listed media group RTL as well as German conglomerate Bertelsmann. Allianz GI says this is 'too many commitments in addition to his role at Adidas', but had voted to reappoint Rabe last year anyway on the basis that the group had a transition plan in place. However, the fund manager said, Adidas 'has neither presented a successor to the chair nor, in our view, a convincing succession plan since then'. The group called on Adidas to present to investors a 'succession plan and ultimately, a candidate, as soon as possible, allowing sufficient time for induction to ensure seamless handover'. It said: 'AllianzGI believes that the selection of a chair should be well prepared and communicated clearly to investors. 'This includes a stringent competence profile of the candidate to be selected including, for example, senior management expertise, industry and international experience as well as outstanding leadership skills. 'In times of geopolitical disruption, the incoming chair should have sufficient time to fulfil his duties and not serve as an executive at the same time, and be truly independent.' Allianz GI is not among Adidas' top 10 major shareholders, so Rabe's position likely rests with other top investors yet to comment. Global head of sustainable and impact investing Matt Christensen added: 'The incoming chair should possess strong leadership skills, industry experience, unquestionable independence, and enough time to lead the board, especially in times of crisis.'
