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Allianz Deputy Chairman to Step Down Amid ‘Overboarding’ Outcry

Feb. 10, 2022, 11:33 AM

Sitting on several supervisory boards isn’t uncommon in corporate Germany, but not all investors are happy about it.

So much so that Allianz SE Deputy Chairman Jim Hagemann Snabe has decided not to stand for re-election at this year’s annual shareholder meeting. He’ll leave the insurer he has helped oversee since 2017, the Munich-based firm said in a statement on Thursday.

Jim Snabe
Photographer: Ralph Orlowski/Bloomberg

In so doing, Snabe “wishes to address concerns expressed by investors who fear a so-called ‘overboarding’ due to the mandates he holds in various companies,” Allianz said. The company will propose Rashmy Chatterjee to the supervisory board at ...