{"id":50088,"date":"2024-08-10T08:34:19","date_gmt":"2024-08-10T12:34:19","guid":{"rendered":"https:\/\/allianceadvisors.com\/?p=50088"},"modified":"2025-03-17T14:51:30","modified_gmt":"2025-03-17T18:51:30","slug":"2024-germanys-sdax-agm-season-review-key-takeaways","status":"publish","type":"post","link":"https:\/\/allianceadvisors.com\/es\/2024-germanys-sdax-agm-season-review-key-takeaways\/","title":{"rendered":"2024 Germany\u2019s SDAX AGM Season Review &#8211; Key Takeaways"},"content":{"rendered":"<div class=\"wpb-content-wrapper\">[vc_row][vc_column]<figure class=\"vcex-image vcex-module  wpb_animate_when_almost_visible wpb_fadeIn fadeIn\"><div class=\"vcex-image-inner wpex-relative wpex-inline-block\"><img width=\"1500\" height=\"1000\" src=\"https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2024\/08\/AdobeStock_169126043.jpg\" class=\"vcex-image-img wpex-align-middle skip-lazy\" alt=\"man in glasses working beside office window\" data-no-lazy=\"1\" srcset=\"https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2024\/08\/AdobeStock_169126043.jpg 1500w, https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2024\/08\/AdobeStock_169126043-300x200.jpg 300w, https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2024\/08\/AdobeStock_169126043-1024x683.jpg 1024w, https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2024\/08\/AdobeStock_169126043-768x512.jpg 768w, https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2024\/08\/AdobeStock_169126043.jpg?w=600 600w, https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2024\/08\/AdobeStock_169126043.jpg?w=900 900w, https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2024\/08\/AdobeStock_169126043.jpg?w=1200 1200w, https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2024\/08\/AdobeStock_169126043.jpg?w=450 450w\" sizes=\"(max-width: 980px) 100vw, 980px\"\/><\/div><\/figure>[\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text css=&raquo;&raquo;]\n<h2><span style=\"color: #e1251b;\">2024 Germany&rsquo;s SDAX AGM Season Review &ndash; Key Takeaways<\/span><\/h2>\n<p>For the German small-cap index (&ldquo;<strong>SDAX<\/strong>&rdquo;) Alliance Advisors has analyzed all available voting results for AGMs held between 1 January 2024 until 31 July 2024, for all cases where also the recommendations from ISS and Glass Lewis were available. Where applicable, we also excluded non-Germany incorporated companies, as the <a class=\"glossaryLink cmtt_Shareholder Vote Projection\" aria-describedby=\"tt\" data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Voting Guidelines&lt;\/div&gt;&lt;div class=glossaryItemBody&gt; Criteria and principles used by institutional investors and proxy advisory firms to evaluate...&lt;\/div&gt;&lt;div id=&amp;quot;cmtt_related_articles&amp;quot; class=&amp;quot;cmtt_related_articles_wrapper&amp;quot;&gt;&lt;div class=&amp;quot;cmtt_related_title cmtt_related_articles_title&amp;quot;&gt;Related Articles: &lt;\/div&gt;&lt;ul class=&amp;quot;cmtt_related&amp;quot;&gt;&lt;li class=&amp;quot;cmtt_related_item&amp;quot;&gt;&lt;a href=&amp;quot;https:\/\/allianceadvisors.com\/es\/the-importance-of-pre-agm-shareholder-engagement-cornerstone-practices-for-greater-china-2023\/&amp;quot;&gt;The Importance of Pre-AGM Shareholder Engagement Cornerstone Practices for Greater China 2023&lt;\/a&gt;&lt;\/li&gt;&lt;li class=&amp;quot;cmtt_related_item&amp;quot;&gt;&lt;a href=&amp;quot;https:\/\/allianceadvisors.com\/es\/2023-u-s-proxy-season-review\/&amp;quot;&gt;2023 U.S. Proxy Season Review&lt;\/a&gt;&lt;\/li&gt;&lt;\/ul&gt;&lt;\/div&gt;&lt;div class=glossaryTooltipMoreLinkWrapper&gt;&lt;a class=glossaryTooltipMoreLink href=https:\/\/allianceadvisors.com\/es\/glossary-index\/voting-guidelines\/ &gt;Read more...&lt;\/a&gt;&lt;\/div&gt;\" data-link=\"https:\/\/allianceadvisors.com\/es\/glossary-index\/voting-guidelines\/\" href=\"https:\/\/allianceadvisors.com\/es\/glossary-index\/voting-guidelines\/\" data-mobile-support=\"0\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex=\"0\" role=\"link\">voting guidelines<\/a> and expectations from investors and proxy advisors can be different.<\/p>\n<p>This meant that we could compare the voting results of 58 companies for the purposes of this report.<\/p>\n<h3><span style=\"color: #e1251b;\">Executive Remuneration-Related Items<\/span><\/h3>\n<ul>\n<li>For 56 different <strong>remuneration reports<\/strong>, ISS recommended 33 times against (<strong>=59%<\/strong>) and Glass Lewis 23 times against them (<strong>=41%<\/strong>). This also includes 19 times where both proxy advisors recommended against the same report (<strong>=34%<\/strong>). The lowest support of such an item was at <strong>29.3%<\/strong> of the votes cast only, and the average support being <strong>85.3%<\/strong> of the voted shares cast. Two companies had no voting on their remuneration report on the <a class=\"glossaryLink cmtt_AGM (Annual General Meeting) and EGM (Extraordinary General Meeting)\"  aria-describedby=\"tt\"  data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Agenda&lt;\/div&gt;&lt;div class=glossaryItemBody&gt; A structured outline of topics and activities to be covered during an AGM or EGM, including...&lt;\/div&gt;&lt;div id=&amp;quot;cmtt_related_articles&amp;quot; class=&amp;quot;cmtt_related_articles_wrapper&amp;quot;&gt;&lt;div class=&amp;quot;cmtt_related_title cmtt_related_articles_title&amp;quot;&gt;Related Articles: &lt;\/div&gt;&lt;ul class=&amp;quot;cmtt_related&amp;quot;&gt;&lt;li class=&amp;quot;cmtt_related_item&amp;quot;&gt;&lt;a href=&amp;quot;https:\/\/allianceadvisors.com\/es\/south-korean-consumer-products-company\/&amp;quot;&gt;Case Study: Activism&lt;\/a&gt;&lt;\/li&gt;&lt;li class=&amp;quot;cmtt_related_item&amp;quot;&gt;&lt;a href=&amp;quot;https:\/\/allianceadvisors.com\/es\/the-importance-of-pre-agm-shareholder-engagement-cornerstone-practices-for-greater-china-2023\/&amp;quot;&gt;The Importance of Pre-AGM Shareholder Engagement Cornerstone Practices for Greater China 2023&lt;\/a&gt;&lt;\/li&gt;&lt;\/ul&gt;&lt;\/div&gt;&lt;div class=glossaryTooltipMoreLinkWrapper&gt;&lt;a class=glossaryTooltipMoreLink href=https:\/\/allianceadvisors.com\/es\/glossary-index\/agenda\/ &gt;Read more...&lt;\/a&gt;&lt;\/div&gt;\"  data-link=\"https:\/\/allianceadvisors.com\/es\/glossary-index\/agenda\/\"  href=\"https:\/\/allianceadvisors.com\/es\/glossary-index\/agenda\/\"  data-mobile-support=\"0\"  data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex='0' role='link'>agenda<\/a>.<\/li>\n<li>For the 22 different <strong>remuneration policies<\/strong>, the situation is similar. ISS recommended to vote against 12 times (<strong>=55%<\/strong>) and Glass Lewis recommended 4 times (<strong>=18%<\/strong>) against. This also includes 4 times where both were against the same report (<strong>=18%<\/strong>). The lowest support was <strong>33.9%<\/strong> of the votes cast, and the average support <strong>88.0%<\/strong>.Supervisory Board (Re-)Elections<\/li>\n<\/ul>\n<p>A total of 59 directors have been (re-)elected to the supervisory board at the observed SDAX companies.<\/p>\n<ul>\n<li>Only <strong>19 of these 59 candidates were female<\/strong> (<strong>=32%<\/strong>). ISS recommended against four of these candidates (<strong>=21%<\/strong>) and Glass Lewis against five (<strong>=26%<\/strong>). This also includes one case where both proxy advisors recommended against the same female director. The lowest support was <strong>75.1%<\/strong> of the shares voted and the average support was at <strong>92.2%<\/strong>.<\/li>\n<li><strong>40 of these 59 candidates were male<\/strong> (<strong>=68%<\/strong>). ISS recommended to vote against them 17 times (<strong>=48%<\/strong>) and Glass Lewis five times (<strong>=13%<\/strong>). This also includes four cases where both <a href=\"https:\/\/allianceadvisors.com\/es\/logistica-de-proxy-y-juntas-virtuales-de-accionistas\/\">Proxy Advisors<\/a> recommended against the same male director. The lowest support was <strong>59.2%<\/strong> and the average support was at <strong>90.5%<\/strong>.Shareholder Proposals<\/li>\n<\/ul>\n<p>Within the observed companies, we have found eight relevant shareholder proposals. This means that these agenda items have been put on the agenda not by the management, but on shareholder request and a vote has been casted and\/or disclosed.<\/p>\n<ul>\n<li>These eight cases have occurred at only three companies. One company had five such agenda items, another two and the last one only one such agenda item.<\/li>\n<li>ISS was against six of the <a class=\"glossaryLink cmtt_Proxy Solicitation\" aria-describedby=\"tt\" data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Shareholder Proposal&lt;\/div&gt;&lt;div class=glossaryItemBody&gt; A proposal submitted by a company&amp;#039;s shareholders for a vote at the company&amp;#039;s annual meeting....&lt;\/div&gt;&lt;div id=&amp;quot;cmtt_related_articles&amp;quot; class=&amp;quot;cmtt_related_articles_wrapper&amp;quot;&gt;&lt;div class=&amp;quot;cmtt_related_title cmtt_related_articles_title&amp;quot;&gt;Related Articles: &lt;\/div&gt;&lt;ul class=&amp;quot;cmtt_related&amp;quot;&gt;&lt;li class=&amp;quot;cmtt_related_item&amp;quot;&gt;&lt;a href=&amp;quot;https:\/\/allianceadvisors.com\/es\/the-importance-of-pre-agm-shareholder-engagement-cornerstone-practices-for-greater-china-2023\/&amp;quot;&gt;The Importance of Pre-AGM Shareholder Engagement Cornerstone Practices for Greater China 2023&lt;\/a&gt;&lt;\/li&gt;&lt;li class=&amp;quot;cmtt_related_item&amp;quot;&gt;&lt;a href=&amp;quot;https:\/\/allianceadvisors.com\/es\/2023-u-s-proxy-season-review\/&amp;quot;&gt;2023 U.S. Proxy Season Review&lt;\/a&gt;&lt;\/li&gt;&lt;\/ul&gt;&lt;\/div&gt;&lt;div class=glossaryTooltipMoreLinkWrapper&gt;&lt;a class=glossaryTooltipMoreLink href=https:\/\/allianceadvisors.com\/es\/glossary-index\/shareholder-proposal\/ &gt;Read more...&lt;\/a&gt;&lt;\/div&gt;\" data-link=\"https:\/\/allianceadvisors.com\/es\/glossary-index\/shareholder-proposal\/\" href=\"https:\/\/allianceadvisors.com\/es\/glossary-index\/shareholder-proposal\/\" data-mobile-support=\"0\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex=\"0\" role=\"link\">shareholder proposal<\/a> (<strong>=75%<\/strong>), and Glass Lewis was against seven (<strong>=88%<\/strong>).<\/li>\n<\/ul>\n<div class=\"layoutArea\">\n<div class=\"column\">\n<h3><span style=\"color: #e1251b;\">Virtual AGMs<\/span><\/h3>\n<p>Only one company had a virtual-AGM related item on their agenda.<\/p>\n<ul>\n<li>The company asked for a renewal until 2026, which has been supported by ISS and Glass Lewis, with an approval rate of 98.7%.<\/li>\n<\/ul>\n<p>Authorizations limited up to <strong>two years<\/strong> were a common standard in 2023. Therefore, for the 2025 AGM season, it can be expected that many German companies will ask their <a href=\"https:\/\/allianceadvisors.com\/es\/captacion-e-implicacion-de-accionistas\/\">shareholders<\/a> to support a renewal of their authorization to hold virtual meetings, too. As already shown in 2023 &ndash; and according to our conversations with investors &ndash; mainly German and French investors will again oppose such as a matter of principle.<\/p>\n<p>Interestingly, overall, our research for Austria showed investors to be less rigid.<\/p>\n<ul>\n<li>Only one company limited the authorization until 2026, whereas five companies limited it until 2027, 10 companies until 2028 and two companies until 2029. Both ISS and Glass Lewis supported them all and none of them failed.<\/li>\n<\/ul>\n<h3><span style=\"color: #e1251b;\">Discharges of Management &amp; Supervisory Board Members<\/span><\/h3>\n<p>The discharge voting has an outstanding importance in Germany. First, the supervisory board members are not elected on an annual basis. Second, the management board members are appointed, but not elected. Thus, at companies where shareholders are dissatisfied, they may opt to use this instrument to express it through a negative vote.<\/p>\n<p>We have separated the analysis for <strong>bundled and individual discharge of each board<\/strong>.<\/p>\n<ul>\n<li>For the <strong>bundled management board<\/strong> discharges, in 34 cases only ISS has been against one of these items.The lowest support was at 75.1% and the average support at 96.4%.<\/li>\n<li>For the <strong>individual management board discharges<\/strong>, in all 48 cases ISS and Glass Lewis have been in favour. The lowest support was at 49.1% and the average support at 94.3%.<\/li>\n<li>For the <strong>bundled supervisory board discharges<\/strong>, in all 42 cases both ISS and Glass Lewis have been against one items, but not against the same. The lowest support was at 71.2% and the average support at 94.4%.<\/li>\n<li>For the <strong>individual supervisory board discharges<\/strong>, at all 131 cases ISS recommended against only once, and Glass Lewis four times (<strong>=13%<\/strong>). In none of these cases both <a href=\"https:\/\/allianceadvisors.com\/es\/logistica-de-proxy-y-juntas-virtuales-de-accionistas\/\">proxy advisors<\/a> were against the same item. The lowest support was at 36.5% and the average support at 92.1%.The lowest support was at 61.2% of the votes cast only, and the average support being 72.0% of the voted shares cast.<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<div class=\"layoutArea\">\n<div class=\"column\">\n<h3><span style=\"color: #e1251b;\">The Kommanditgesellschaft auf Aktien<\/span><\/h3>\n<p>Within our analyzed SDAX group of 58 companies, eleven (<strong>=19%<\/strong>) are Kommanditgesellschaft auf Aktien (&rdquo;<strong>KGaA<\/strong>&rdquo;). The KGaA is a hybrid legal form, which has elements from both, a limited partnership and a stock corporation. For them, the authority and scope for influence of the supervisory board of a KGaA is limited in comparison to a supervisory board of a pure stock corporation. The general partner instead has a lot of the competencies which a supervisory board normally has.<\/p>\n<ul>\n<li>For the 11 discharges of the General Partner, ISS was once against. The lowest support was at <strong>96.1%<\/strong> and the average support was at <strong>98.6%<\/strong><\/li>\n<\/ul>\n<p>In the past, we have observed that this multiple board setup can be confusing for international institutional investors. Negative votes against KGaA&rsquo;s supervisory boards maybe sometimes should have fallen to the general partner, as the matters criticized were often under their influence or responsibility.<\/p>\n<p>So, we asked the question if the discharge voting for a company&rsquo;s supervisory board was higher or lower relative to the discharge voting of their general partner.<\/p>\n<ul>\n<li>For each of the 11 companies, the general partner had a higher approval rate for their discharge than their supervisory board achieved.<\/li>\n<li>The highest difference at one company was at 16.5 percentage points (general partner = 99.5% vs. supervisory board = 83.0%), the lowest difference at a company 0.4 percentage points (96.1% vs. 95.6%). The average difference is at 4.5 percentage points.<\/li>\n<\/ul>\n<h3><span style=\"color: #e1251b;\">What is next?<\/span><\/h3>\n<p>Shareholders are becoming more engaged and vocal, demanding transparency, accountability, and alignment with their expectations on issues like <a href=\"https:\/\/allianceadvisors.com\/es\/asesoria-de-remuneracion-ejecutiva-gobierno-corporativo-y-sostenibilidad\/\">compensation<\/a> or board diversity. Companies need to adapt by enhancing transparency, demonstrating strong <a class=\"glossaryLink cmtt_Corporate Governance Advisory\" aria-describedby=\"tt\" data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Corporate Governance&lt;\/div&gt;&lt;div class=glossaryItemBody&gt; The system of rules, practices, processes, and structures by which a company is directed and...&lt;\/div&gt;&lt;div id=&amp;quot;cmtt_related_articles&amp;quot; class=&amp;quot;cmtt_related_articles_wrapper&amp;quot;&gt;&lt;div class=&amp;quot;cmtt_related_title cmtt_related_articles_title&amp;quot;&gt;Related Articles: &lt;\/div&gt;&lt;ul class=&amp;quot;cmtt_related&amp;quot;&gt;&lt;li class=&amp;quot;cmtt_related_item&amp;quot;&gt;&lt;a href=&amp;quot;https:\/\/allianceadvisors.com\/es\/invictus\/&amp;quot;&gt;Invictus&lt;\/a&gt;&lt;\/li&gt;&lt;li class=&amp;quot;cmtt_related_item&amp;quot;&gt;&lt;a href=&amp;quot;https:\/\/allianceadvisors.com\/es\/south-korean-consumer-products-company\/&amp;quot;&gt;Case Study: Activism&lt;\/a&gt;&lt;\/li&gt;&lt;\/ul&gt;&lt;\/div&gt;&lt;div class=glossaryTooltipMoreLinkWrapper&gt;&lt;a class=glossaryTooltipMoreLink href=https:\/\/allianceadvisors.com\/es\/glossary-index\/corporate-governance\/ &gt;Read more...&lt;\/a&gt;&lt;\/div&gt;\" data-link=\"https:\/\/allianceadvisors.com\/es\/glossary-index\/corporate-governance\/\" href=\"https:\/\/allianceadvisors.com\/es\/glossary-index\/corporate-governance\/\" data-mobile-support=\"0\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex=\"0\" role=\"link\">corporate governance<\/a>, and addressing shareholder concerns to maintain investor support. Boards play a crucial role in this process and are expected to proactively form a relationship with the relevant <a class=\"glossaryLink cmtt_Institutional Shareholder\"  aria-describedby=\"tt\"  data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Stewardship&lt;\/div&gt;&lt;div class=glossaryItemBody&gt; The responsible and active oversight of investment holdings by institutional shareholders to...&lt;\/div&gt;&lt;div id=&amp;quot;cmtt_related_articles&amp;quot; class=&amp;quot;cmtt_related_articles_wrapper&amp;quot;&gt;&lt;div class=&amp;quot;cmtt_related_title cmtt_related_articles_title&amp;quot;&gt;Related Articles: &lt;\/div&gt;&lt;ul class=&amp;quot;cmtt_related&amp;quot;&gt;&lt;li class=&amp;quot;cmtt_related_item&amp;quot;&gt;&lt;a href=&amp;quot;https:\/\/allianceadvisors.com\/es\/invictus\/&amp;quot;&gt;Invictus&lt;\/a&gt;&lt;\/li&gt;&lt;li class=&amp;quot;cmtt_related_item&amp;quot;&gt;&lt;a href=&amp;quot;https:\/\/allianceadvisors.com\/es\/south-korean-consumer-products-company\/&amp;quot;&gt;Case Study: Activism&lt;\/a&gt;&lt;\/li&gt;&lt;\/ul&gt;&lt;\/div&gt;&lt;div class=glossaryTooltipMoreLinkWrapper&gt;&lt;a class=glossaryTooltipMoreLink href=https:\/\/allianceadvisors.com\/es\/glossary-index\/stewardship\/ &gt;Read more...&lt;\/a&gt;&lt;\/div&gt;\"  data-link=\"https:\/\/allianceadvisors.com\/es\/glossary-index\/stewardship\/\"  href=\"https:\/\/allianceadvisors.com\/es\/glossary-index\/stewardship\/\"  data-mobile-support=\"0\"  data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex='0' role='link'>stewardship<\/a> teams prior to the next <a href=\"https:\/\/allianceadvisors.com\/es\/captacion-e-implicacion-de-accionistas\/\">Shareholder Meeting<\/a> Season.<\/p>\n<p>Whilst some institutional investors will only file their voting behaviour from votes submitted at Shareholder Meetings in 2024 in late Q3 of 2024, we anticipate that the engagement efforts of German corporates will have to address these concerns. The aim needs to be to provide further transparency and explanatory information to prove that the feedback of investors has been heard and incorporated.<\/p>\n<\/div>\n<\/div>\n<p>If you would like to receive our suggestions on how to tackle your shareholder dissent prior to your next Shareholder Meeting, please <a href=\"https:\/\/allianceadvisors.com\/es\/contacto\/\">contact us<\/a>.[\/vc_column_text][\/vc_column][\/vc_row][vc_section css=&raquo;.vc_custom_1716540341709{padding: 20px !important;background-color: #f1f1f1 !important;}&raquo;][vc_row][vc_column][vc_column_text css=&raquo;&raquo;]Alliance Advisors has built a team of industry specialists with deep experience relating to all our product lines. If you would like to receive a copy of our reports and reviews in future, please enter your details in the form below.[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column]<style>.vcex-newsletter-form.vcex_69d6b5e6c7744 .vcex-newsletter-form-wrap{width:600px;}<\/style><\/p><div class=\"vcex-newsletter-form vcex-module wpex-flex wpex-max-w-100 vcex_69d6b5e6c7744\"><div class=\"vcex-newsletter-form-wrap\"><form action=\"https:\/\/allianceadvisors.us17.list-manage.com\/subscribe\/post?u=7b6c51574cd7a20b61f9e0084&amp;id=ff9d243557&amp;f_id=00f866e0f0%20method=post%20id=mc-embedded-subscribe-form%20name=mc-embedded-subscribe-form\" method=\"post\" class=\"wpex-flex\"><label class=\"vcex-newsletter-form-label wpex-text-current wpex-flex-grow\"><span class=\"screen-reader-text\">Escriba su direcci&oacute;n de correo electr&oacute;nico<\/span><input class=\"vcex-newsletter-form-input\" type=\"email\" name=\"EMAIL\" placeholder=\"Escriba su direcci&oacute;n de correo electr&oacute;nico\" autocomplete=\"off\" required><\/label><button type=\"submit\" value=\"\" class=\"vcex-newsletter-form-button wpex-flex-shrink-0 theme-button\">Sign Up<\/button><\/form><\/div><\/div>[\/vc_column][\/vc_row][\/vc_section]\n<\/div>","protected":false},"excerpt":{"rendered":"<p>[vc_row][vc_column][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text css=\u00bb\u00bb] 2024 Germany\u2019s SDAX AGM Season Review &#8211; Key Takeaways For the German small-cap index (\u201cSDAX\u201d) Alliance Advisors has analyzed all available voting results for AGMs held between 1 January 2024 until 31 July 2024, for all cases where also the recommendations from ISS and Glass Lewis were available. Where applicable, we also excluded&hellip;<\/p>\n","protected":false},"author":36,"featured_media":50032,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[237],"tags":[],"post_series":[],"ppma_author":[467,645],"class_list":["post-50088","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-whitepapers-es","entry","has-media"],"authors":[{"term_id":467,"user_id":36,"is_guest":0,"slug":"a-horstmeier","display_name":"Angelika Horstmeier","avatar_url":"https:\/\/secure.gravatar.com\/avatar\/53f6b73a8b5b895fdbf50193c79d89b401bf2ca64402144094954dcf6e759c8f?s=96&d=mm&r=g","0":null,"1":"","2":"","3":"","4":"","5":"","6":"","7":"","8":""},{"term_id":645,"user_id":52,"is_guest":0,"slug":"s-barbato","display_name":"Sandro Barbato","avatar_url":"https:\/\/secure.gravatar.com\/avatar\/e624b484087e8f4f0c72dca38c0a3631a0250712cf597e9480457f74129913a3?s=96&d=mm&r=g","0":null,"1":"","2":"","3":"","4":"","5":"","6":"","7":"","8":""}],"_links":{"self":[{"href":"https:\/\/allianceadvisors.com\/es\/wp-json\/wp\/v2\/posts\/50088","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/allianceadvisors.com\/es\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/allianceadvisors.com\/es\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/allianceadvisors.com\/es\/wp-json\/wp\/v2\/users\/36"}],"replies":[{"embeddable":true,"href":"https:\/\/allianceadvisors.com\/es\/wp-json\/wp\/v2\/comments?post=50088"}],"version-history":[{"count":5,"href":"https:\/\/allianceadvisors.com\/es\/wp-json\/wp\/v2\/posts\/50088\/revisions"}],"predecessor-version":[{"id":56450,"href":"https:\/\/allianceadvisors.com\/es\/wp-json\/wp\/v2\/posts\/50088\/revisions\/56450"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/allianceadvisors.com\/es\/wp-json\/wp\/v2\/media\/50032"}],"wp:attachment":[{"href":"https:\/\/allianceadvisors.com\/es\/wp-json\/wp\/v2\/media?parent=50088"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/allianceadvisors.com\/es\/wp-json\/wp\/v2\/categories?post=50088"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/allianceadvisors.com\/es\/wp-json\/wp\/v2\/tags?post=50088"},{"taxonomy":"post_series","embeddable":true,"href":"https:\/\/allianceadvisors.com\/es\/wp-json\/wp\/v2\/post_series?post=50088"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/allianceadvisors.com\/es\/wp-json\/wp\/v2\/ppma_author?post=50088"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}