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Proxy Advisors in Germany: Exploring Key Similarities and Differences

Understanding the positions of Germany's dominant proxy advisors, including Glass Lewis, ISS, and BVI on issues such as executive compensation, independence, diversity, and corporate strategy is crucial to successfully prepare your shareholder meetings. This summary of their guidelines explores key issues and highlights similarities and differences.

Market Practice
2023 AGM Season

Proxy Advisors in Germany: Exploring Key Similarities and Differences


Proxy advisors, such as Glass Lewis, ISS, and BVI, are becoming increasingly influential in promoting corporate governance and exercising voting rights in Germany. 

While these advisors share common practices in providing guidance to investors, there are nuanced differences in their stances on executive compensation and its representation in the companies’ remuneration reports, independence, diversity, and corporate strategy. For instance, BVI generally approves virtual shareholder meetings with certain conditions, while ISS and Glass Lewis favour hybrid events.

Our proxy voting guide to the 2023 AGM season for German companies provides an easy to access summary of the most important voting guidelines of these proxy advisors, including their positions on virtual and hybrid shareholder meetings, executive compensation, diversity, and independence, and ESG. 

Click the link below to access our report. Please note that the report is available only in German.

Max Gerber

Max Gerber

Max is Curator of Customer Success and Customer Development at ACCNITE. Max started his professional career as a sell-side equity research analyst where he focused on listed real estate companies in the DACH-region. During his time in equity research Max lead the coverage of 8 companies. His responsibilities included various deal-related situations including IPOs and capital increases. Together with C-Levels and IROs he met investors on roadshows globally. Following his tenure on the sell-side, Max switched sides to become an IRO himself for a German mid-cap company. His day to day tasks comprised institutional investor engagement where Max represented his company at numerous conferences and events. Further responsibilities included the organisation of the AGM, coordination of annual and quarterly reports and peer group or market analyses. Max holds an M.A. in International Business and Finance and is a certified Real Estate Economist from the International Real Estate Business School. As disciplined strength athlete he knows what it means to set the bar high.

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