June 25, 2020 / 6:44 PM / a month ago

UPDATE 1-Proxy advisor Glass Lewis calls on Daimler investors to abstain from vote on boards

(Adds details on recommendation change)

FRANKFURT, June 25 (Reuters) - Proxy advisor Glass Lewis on Thursday recommended Daimler shareholders abstain from this year’s vote over the business conduct of the carmaker’s executive and non-executive boards, citing ongoing investigations.

Glass Lewis reports show that the advisory firm had previously recommended casting a vote of no confidence on both boards but later changed to abstain in an updated version. A Glass Lewis spokeswoman confirmed the change.

Daimler, which is due to hold its annual general meeting on July 8, earlier this year said 2019 earnings were hurt by 4.2 billion euros ($4.72 billion) in charges related to diesel-related probes and legal proceedings over emissions. ($1 = 0.8906 euros) (Reporting by Ludwig Burger, Editing by Franklin Paul and Chizu Nomiyama)

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