Bayer board wins back shareholder support as weedkiller talks continue

Bayer's executive board won a clear vote of confidence from shareholders on Tuesday, following a rebuke last year over the handling of lawsuits related to a weedkiller.

FRANKFURT - Bayer’s executive board won a clear vote of confidence from shareholders on Tuesday, following a rebuke last year over the handling of lawsuits related to a weedkiller.

At Tuesday’s vote on management, there was a 7.6% abstention rate among shareholders that were registered participants at the AGM, which was held virtually as gatherings are banned due to the coronavirus pandemic. The vote of confidence, which wraps up every German AGM, has no bearing on management’s liability or tenure, but it is treated as a key gauge of investor sentiment.

“We also took to heart the disappointing voting results at last year’s Annual Stockholders’ Meeting. We ... took on board the criticisms expressed and worked to improve,” Chief Executive Werner Baumann told investors earlier on Tuesday.

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