Institutional Shareholder Services (ISS) in the US has recommended MAN shareholders vote against the re-election of Ferdinand Piech as supervisory board chairman at the truckmaker’s annual meeting on Monday.
ISS is also opposing the appointment of four Volkswagen executives on the supervisory board of the truck maker, Financial Times Deutschland reported.
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ISS claims VW’s executives are not independent.
The proposal also violates German corporate governance as three VE executives are already on the supervisory board of MAN’s competitor Scania, the report said.
