Siemens Shareholder Deka Investment Opposes Reelection of Chairman
Zurich, Switzerland - Siemens shareholder Deka Investment has announced plans to vote against the reelection of Chairman Jim Hagemann Snabe at the company's upcoming shareholder meeting.
Snabe, who has served on Siemens' supervisory board since 2013 and as chairman since 2018, is seeking a two-year extension at Thursday's meeting. However, Deka Investment has expressed concerns regarding Snabe's independence.
"Mr. Snabe will have been a member of the supervisory board for more than 10 years at the time of the election, which means he is no longer independent according to our rules," stated Ingo Speich, Deka's head of sustainability and corporate governance.
Deka holds a 0.79% stake in Siemens, making it the 11th largest investor in the company. The investment firm's decision to oppose Snabe's reelection highlights concerns about board independence and corporate governance at Siemens.