Bayer CEO Wins ISS Backing But Glass Lewis Withholds Support
- Both recommended against vote for CEO before rebuke last year
- Negotiations to resolve Roundup litigation slowed by pandemic
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Two influential shareholder advisory groups are split on whether investors should support Bayer AG’s management at its upcoming annual meeting, a year after a damaging no-confidence vote.
Glass Lewis & Co. still sees risks brought about by Bayer’s takeover of agriculture giant Monsanto, advising shareholders to abstain rather than vote to endorse Chief Executive Officer Werner Baumann’s actions in 2019. While Institutional Shareholder Services Inc. recommended backing Baumann and his team, it expressed concern that litigation related to the Roundup weedkiller could further hurt the company’s value and reputation.