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SAP narrowly receives shareholder endorsement
May 10, 2017 / 1:10 PM / 7 months ago

SAP narrowly receives shareholder endorsement

MANNHEIM, Germany, May 10 (Reuters) - SAP’s supervisory board only narrowly won backing from shareholders at the company’s annual general meeting (AGM) on Wednesday following a revolt against the company’s remuneration plans.

With almost 70 percent of SAP share capital present at the AGM, only 50.49 percent of them voted in favour of endorsing the actions of the supervisory board.

Earlier, leading shareholder advisors had called on SAP investors to oppose the actions of the supervisory board at Europe’s largest technology company, citing opposition to management pay.

Institutional Shareholder Services (ISS) took issue with the supervisory board’s unwillingness to acknowledge any need to improve its remuneration system despite shareholder dissent.

SAP Chief Executive Bill McDermott’s 15.6 million euro payout for 2016 ranks at the top end of German corporate pay.

Supervisory chairman and SAP co-founder Hasso Plattner promised shareholders more transparency about management pay, but some shareholders said it was too little, too late. (Reporting by Harro ten Wolde; Editing by Edward Taylor)

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