ISS Recommends BMW Shareholders Vote Against Reithofer Appointment
Advisory firm ISS has recommended that BMW shareholders should vote against the appointment of outgoing chief executive Norbert Reithofer as chairman of the carmaker’s supervisory board, newspaper Frankfurter Allgemeine Sonntagszeitung reported, reported Reuters. ISS said BMW would go against general corporate governance practice with the appointment as there will be no cooling off period between ... Read More »
Advisory firm ISS has recommended that BMW shareholders should vote against the appointment of outgoing chief executive Norbert Reithofer as chairman of the carmaker’s supervisory board, newspaper Frankfurter Allgemeine Sonntagszeitung reported, reported Reuters.
ISS said BMW would go against general corporate governance practice with the appointment as there will be no cooling off period between the two roles, the newspaper said in excerpts of an article to be published on Sunday.
Last year BMW said that Reithofer, who is close to the regular 60-year-old retirement age for top executives at BMW, will be succeeded by Harald Krueger, the company’s 49-year old production chief.
Fund manager Union Investment, which owns 0.7 percent of BMW shares, according to Thomson Reuters data, told the newspaper it would follow ISS’s advice and vote against the proposal during the carmaker’s annual general meeting on Wednesday.
Johanna Quandt, the widow of industrialist Herbert Quandt who is credited with transforming BMW, and her children Stefan Quandt and Susanne Klatten own almost 47 percent of BMW, according to BMW’s website.
More Industry
Pennsylvania Dealership Under New Retailers
The sale of the Chrysler Dodge Jeep Ram store puts a family auto group on a leaner path as first-time dealers take the helm.
Read More →
Battery Storage Takes Priority Over EVs
U.S. automakers are prioritizing battery energy stationary storage over electric-vehicle production as the consumer demand for EVs lags the rest of the world.
Read More →
Auto Dealers Feel Better But Not Great
A second-quarter Cox Automotive poll of franchised retailers and independents found better views of the current market after a good spring but anticipation of third-quarter storminess.
Read More →
New-Vehicle Sales Picture Relative
A May forecast is complicated by last spring’s trade tariff effects on auto retail. Despite continued hard realities, many consumers took advantage of ways to bite the bullet.
Read More →
Auto Group Acquires Third Nissan Rooftop
Iowa-based Coleman Automotive Group recently acquired its seventh dealership, McGrath Nissan, which it renamed Nissan of Elgin.
Read More →
April Less Affordable
Based on prices, reduced incentives and slower household income growth, consumers found it more challenging to buy new last month, Cox Automotive reported.
Read More →
Building an Extraordinary F&I Agency
Work to determine your specialized talent, because that fact will determine everything about your agency’s future.
Read More →
Recipe for Compliance
The secret to both amazing barbecue and compliance is the same: understanding the basics and committing to a process.
Read More →
EVs Getting More Attractive
A growing percentage of U.S. consumers are open to switching and fewer are adverse to the idea, according to a recently completed survey. That’s despite the end of a tax break.
Read More →
EV Sales Drop in April Following Surge
North American electric-vehicle sales were down 28% year-over-year, a sharp contrast from global EV sales growth of 6%.
Read More →