Adidas Holders Urged to Replace Rabe as Supervisory Chair (1)

Adidas AG shareholders should vote against the reelection of chairman Thomas Rabe because the supervisory board isn’t diverse enough and he has too many outside responsibilities, a key proxy adviser said.

Institutional Shareholder Services Inc. is highlighting issuesthat some big Adidas investors have raised for years concerning Rabe, who is also chairman and chief executive officer of media company Bertelsmann SE and CEO of entertainment company RTL Group.

Union Investment, an Adidas shareholder based in Frankfurt, has decided to vote against Rabe’s reelection because of his many outside positions, Vanda Rothacker, a sustainability strategist for the fund manager, ...