MUNICH (Reuters) - A majority of shareholders rejected German reinsurance group Munich Re’s (MUVGn.DE) management pay policy on Wednesday, following criticism of the remuneration system by shareholder adviser Institutional Shareholder Services (ISS).
Supervisory board Chairman Bernd Pischetsrieder said at the group’s annual general meeting that shareholders representing only just over 34 percent of votes had approved the pay policy.
ISS earlier this week said shareholders should vote against Munich Re’s pay policy because it was not transparent enough and contained only vague information on management targets.
The shareholder vote is not binding for Munich Re, but Pischetsrieder said the group would discuss the matter with ISS.
Reporting by Alexander Huebner; Writing by Maria Sheahan; Editing by Harro ten Wolde