Careers Contact us
Menu

AllianzGI announces its vote against Stellantis’ remuneration report and the re-election of two non-executive Directors

08.04.2025 | Allianz Global Investors (AllianzGI), one of the world’s leading active investment managers, has announced today that it intends to cast its proxy vote against 3 items at Stellantis’s upcoming Annual General Meeting on 15 April. Those include item 2c., Stellantis’ remuneration report, and items 3a. and 3f. related to the re-election of two Non-Executive Directors as they are members of the Remuneration Committee.

The remuneration report of Stellantis CEO Carlos Tavares has faced notable dissent since the Fiat Chrysler and PSA merger, with opposition votes of 44% in 2021, 52% in 2022, 48% in 2023, and 30% in 2024. AllianzGI has consistently voted against the report, citing insufficient assurance of alignment between executive compensation and long-term company performance.

Despite engagement efforts, responses from Stellantis failed to alleviate concerns regarding the incentivisation mechanism. The pay package of €23.1 million for the former CEO proposed under the remuneration report appears overly generous, particularly given the lackluster operating performance and the circumstances surrounding the CEO's forced resignation. The impact of the profit warning on the variable pay is only reflected in the bonus (with a zero payout) but not in the other components of the variable pay which would still grant him a payout of €20.5 million. In particular, the Transformation Incentive and the Shareholder Return Incentive plans were a recurrent topic of our engagement calls – in our view, the related payments do not warrant our support. There are ongoing concerns about the Remuneration Committee's actions and oversight. Moreover, since the Chair won't stand for re-election, AllianzGI will vote against the re-election of two Non-Executive Directors, both of whom are also members of the Remuneration Committee.

Matt Christensen

Matt Christensen, Global Head of Sustainable and Impact Investing:
“Our decision to vote against Stellantis’ remuneration report and the re-election of the two members of the Remuneration Committee up for renewal reflects our commitment to ensuring that executive compensation is aligned with long-term company performance and stakeholder interests. We believe that the current pay package does not adequately address the concerns raised during our engagement efforts, and we urge the Remuneration Committee to act in the interest of shareholders while also taking sustainability into account.”

Earlier this year, AllianzGI published its annual analysis of how it voted at AGMs in 2024 around the globe, based on its participation in 8,879 (2023: 9,137) shareholder meetings and voting on around 90,000 shareholder and management proposals. AllianzGI voted against, withheld, or abstained from at least one agenda item at 72% (2023: 71%) of all meetings globally. The firm opposed 19% of capital-related proposals, 22% of director elections, and 41% of remuneration-related proposals, reflecting its high expectations for governance standards.

For further information please contact:

Sophie Niven
M: +44 7500 785667
Email: sophie.niven@allianzgi.com



About Allianz Global Investors:

Allianz Global Investors is a leading active asset manager with over 650 investment professionals in over 20 offices worldwide and managing EUR 571 billion in assets. We invest for the long term and seek to generate value for clients every step of the way. We do this by being active – in how we partner with clients and anticipate their changing needs, and build solutions based on capabilities across public and private markets. Our focus on protecting and enhancing our clients’ assets leads naturally to a commitment to sustainability to drive positive change. Our goal is to elevate the investment experience for clients, whatever their location or objectives.

Data as at 31 December 2024. Total assets under management are assets or securities portfolios, valued at current market value, for which Allianz Global Investors companies are responsible vis-á-vis clients for providing discretionary investment management decisions and portfolio management, either directly or via a sub-advisor (these include Allianz Global Investors assets which are now sub-advised by Voya IM since 25 July 2022). This excludes assets for which Allianz Global Investors companies are primarily responsible for administrative services only. Assets under management are managed on behalf of third parties as well as on behalf of the Allianz Group.

1 https://www.stellantis.com/en/investors/stock-and-shareholder-info/shareholder-meetings

  • Disclaimer
    Investing involves risk. The value of an investment and the income from it will fluctuate and investors may not get back the principal invested. Past performance is not indicative of future performance. This is a marketing communication. It is for informational purposes only. This document does not constitute investment advice or a recommendation to buy, sell or hold any security and shall not be deemed an offer to sell or a solicitation of an offer to buy any security. The statements contained herein may include statements of future expectations and other forward-looking statements that are based on management's current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. We assume no obligation to update any forward-looking statement.

    The views and opinions expressed herein, which are subject to change without notice, are those of the issuer or its affiliated companies at the time of publication. Certain data used are derived from various sources believed to be reliable, but the accuracy or completeness of the data is not guaranteed and no liability is assumed for any direct or consequential losses arising from their use. The duplication, publication, extraction or transmission of the contents, irrespective of the form, is not permitted.

    This material has not been reviewed by any regulatory authorities. In mainland China, it is for Qualified Domestic Institutional Investors scheme pursuant to applicable rules and regulations and is for information purpose only. This document does not constitute a public offer by virtue of Act Number 26.831 of the Argentine Republic and General Resolution No. 622/2013 of the NSC. This communication's sole purpose is to inform and does not under any circumstance constitute promotion or publicity of Allianz Global Investors products and/or services in Colombia or to Colombian residents pursuant to part 4 of Decree 2555 of 2010. This communication does not in any way aim to directly or indirectly initiate the purchase of a product or the provision of a service offered by Allianz Global Investors. Via reception of this document, each resident in Colombia acknowledges and accepts to have contacted Allianz Global Investors via their own initiative and that the communication under no circumstances arises from any promotional or marketing activities carried out by Allianz Global Investors. Colombian residents accept that accessing any type of social network page of Allianz Global Investors is done under their own responsibility and initiative and are aware that they may access specific information on the products and services of Allianz Global Investors. This communication is strictly private and confidential and may not be reproduced, except for the case of explicit permission by Allianz Global Investors. This communication does not constitute a public offer of securities in Colombia pursuant to the public offer regulation set forth in Decree 2555 of 2010. This communication and the information provided herein should not be considered a solicitation or an offer by Allianz Global Investors or its affiliates to provide any financial products in Brazil, Panama, Peru, and Uruguay. In Australia, this material is presented by Allianz Global Investors Asia Pacific Limited (“AllianzGI AP”) and is intended for the use of investment consultants and other institutional /professional investors only, and is not directed to the public or individual retail investors. AllianzGI AP is not licensed to provide financial services to retail clients in Australia. AllianzGI AP is exempt from the requirement to hold an Australian Foreign Financial Service License under the Corporations Act 2001 (Cth) pursuant to ASIC Class Order (CO 03/1103) with respect to the provision of financial services to wholesale clients only. AllianzGI AP is licensed and regulated by Hong Kong Securities and Futures Commission under Hong Kong laws, which differ from Australian laws.

    This document is being distributed by the following Allianz Global Investors companies: Allianz Global Investors GmbH, an investment company in Germany, authorized by the German Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin); Allianz Global Investors (Schweiz) AG; Allianz Global Investors UK Limited, authorized and regulated by the Financial Conduct Authority; in HK, by Allianz Global Investors Asia Pacific Ltd., licensed by the Hong Kong Securities and Futures Commission; in Singapore, by Allianz Global Investors Singapore Ltd., regulated by the Monetary Authority of Singapore [Company Registration No. 199907169Z]; in Japan, by Allianz Global Investors Japan Co., Ltd., registered in Japan as a Financial Instruments Business Operator [Registered No. The Director of Kanto Local Finance Bureau (Financial Instruments Business Operator), No. 424], Member of Japan Investment Advisers Association, the Investment Trust Association, Japan and Type II Financial Instruments Firms Association; in Taiwan, by Allianz Global Investors Taiwan Ltd., licensed by Financial Supervisory Commission in Taiwan; and in Indonesia, by PT. Allianz Global Investors Asset Management Indonesia licensed by Indonesia Financial Services Authority (OJK).

    Admaster: 4371409

Allianz Global Investors

You are leaving this website and being re-directed to the below website. This does not imply any approval or endorsement of the information by Allianz Global Investors Asia Pacific Limited contained in the redirected website nor does Allianz Global Investors Asia Pacific Limited accept any responsibility or liability in connection with this hyperlink and the information contained herein. Please keep in mind that the redirected website may contain funds and strategies not authorized for offering to the public in your jurisdiction. Besides, please also take note on the redirected website’s terms and conditions, privacy and security policies, or other legal information. By clicking “Continue”, you confirm you acknowledge the details mentioned above and would like to continue accessing the redirected website. Please click “Stay here” if you have any concerns.