ZURICH (Reuters) – Siemens shareholder Deka Investment will vote against the reelection of Jim Hagemann Snabe as chairman at the German engineering group, it said on Monday.
Snabe, who has been a member of the Siemens supervisory board since 2013 and chairman since 2018, is seeking two more years as chairman at the company’s shareholder meeting on Thursday.
“Mr. Snabe has 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,” said Deka’s head of sustainability and corporate governance Ingo Speich.
Deka owns a stake of 0.79% in Siemens and is the 11th biggest investor in Siemens, according to Refinitiv data.
(Reporting by John Revill, Editing by Friederike Heine)
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