Investor Opposition Over Rabe's Multi-role Concerns at Adidas
Allianz Global Investors plans to oppose the reelection of Adidas' Chair, Thomas Rabe, due to his multiple roles at other companies. Last year, despite concerns, Allianz supported Rabe hoping for a successor, which Adidas has yet to present. Concerns about effective board leadership remain unaddressed.
In a recent move, Allianz Global Investors, a major stakeholder in Adidas, announced its intention to vote against the reelection of the company's Chair, Thomas Rabe, citing his commitments at multiple companies.
Despite raising concerns about Rabe's 'overboarding' last year, Allianz had previously backed his position expecting a succession plan, which Adidas has not yet provided. The investor now seeks clarity on the competencies needed for an effective board leader.
The issue has drawn attention, with leading proxy advisor ISS previously advising against Rabe's reappointment due to his simultaneous roles as CEO at RTL Group and Bertelsmann Management SE.
(With inputs from agencies.)
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