Pension-backed Ethos Foundation is joining forces with DSW, Shareholders for Change and Better Finance in calling on German DAX-listed companies to hold in-person AGMs. 

The four, representing a total of more than €350bn of AUM, have sent letters to the 10 biggest DAX firms to force them to overturn decisions to hold virtual-only AGMs made during the COVID-19 pandemic.

Authorisations to continue to hold virtual-only AGMs are up for renewal in 2026.

Letters went out to companies including Allianz, Beiersdorf, BMW, Deutsche Bank, Deutsche Börse, E.On, Infineon Technologies, Mercedes-Benz, Merck and Siemens, urging the chairs of the boards of directors and supervisory boards to hold in-person shareholder meetings again in 2025.

Vincent Kaufmann, CEO of Ethos Foundation, said: “The AGM is an essential part of shareholder democracy. It is often the only time of the year when shareholders cannot only meet the management of the company that they are co-owners, but also ask questions, submit ideas and proposals, and speak openly in front of the other shareholders.”

Marc Tüngler, CEO of DSW added: “The constructive and direct exchange between shareholders and the board of directors, as well as dialogue between shareholders, are important elements of the AGM. The hybrid solution, which gives the company’s co-owners the freedom to choose their preferred format for meeting once a year, remains the most appropriate format.”

Ethos took a similar approach in Switzerland, which bore fruit, with only six listed companies holding virtual-only AGMs this year.

Correction: This article previously mistakenly referred to DWS, instead of DSW.

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