At Adidas’ annual general meeting this Thursday, shareholders re-elected Thomas Rabe as chairman for another year, marking his fifth year in the role. The re-election comes despite opposition from Institutional Shareholder Services (ISS), a proxy advisory firm, which in April advised against Rabe’s reappointment. ISS cited concerns over Rabe’s multiple executive roles, including his positions as CEO of German broadcaster RTL Group and CEO of media conglomerate Bertelsmann, as potentially “excessive.”
Adidas has indicated that Rabe’s continued chairmanship is intended to facilitate a smooth transition of leadership, with plans to appoint his successor in 2025. Rabe, who has served as chairman since 2020, emphasized the importance of succession planning in a letter to shareholders: “The succession planning for the Supervisory Board as a whole and for myself as Chairman of the Supervisory Board are paramount for me.”
Additionally, the meeting saw the approval of executive compensation policies, although not without dissent. Norway’s sovereign wealth fund, Adidas’ fifth-largest shareholder, voted against the executive pay resolution for the second consecutive year, signaling ongoing concerns among some investors about the company’s governance practices.
