LONDON (Reuters) -A leading investor in German sportswear company Adidas said on Monday 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 – 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 had 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.”
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.
(Reporting by Simon Jessop, Editing by Helen Reid and David Evans)
