German insurance giant Allianz SE has won the backing of proxy adviser Glass Lewis after the collapse of its Florida-based hedge fund business, according to a report by BloombergLaw.
Glass Lewis is said to have recommended shareholders to sign off on the AGM actions of Allianz SE’s supervisory and management boards at next month’s annual shareholder meeting, despite admitting that legal risk arising from the demise of the company’s Structured Alpha Funds may be ‘reasonably’ regarded as a cause for concern.
Allianz last month took a USD4.2 billion charge to cover the settlements and related regulatory investigations arising from the collapse of the funds.
