Glass Lewis Endorses ZIM's Director Nominees Ahead of Annual Meeting

Glass Lewis Backs ZIM's Director Nominees

In a significant move just weeks before ZIM Integrated Shipping Services Ltd.'s Annual General Meeting scheduled for December 26, 2025, prominent proxy advisory firm Glass Lewis has advised shareholders to endorse all eight of ZIM's director nominees. The firm also recommended rejecting all three nominees presented by the dissident group intending to challenge the existing board. This recommendation follows a similar push from Institutional Shareholder Services (ISS), further solidifying the current board's position amid leadership critiques.

Background Context

ZIM, a major player in the shipping industry, has undergone a broad strategic review led solely by its independent board, with no management influence in the process. This signifies a robust approach to addressing the company’s evolving business landscape. With ZIM’s management completely distanced from the review process, it has received external assistance from financial and legal advisors to explore potential value-maximizing alternatives.

The Recommendation:

According to Glass Lewis, their assessment indicates no evidence of faults or conflicts within ZIM's board processes. They concluded that the current setup reflects a disciplined and neutral standard, assuring shareholders of its alignment with their interests. Notably, the advisory firm found the dissident group’s claims regarding management-led buyout risks unfounded, emphasizing that the ownership structure of ZIM dilutes any prospective control over such transactions.

Moreover, the dissidents failed to present a compelling rationale for their nomination, relying mostly on unsubstantiated claims and rumors rather than concrete evidence or analysis.

The report highlighted several issues raised by the dissenters regarding capital returns, pointing out that such demands were incompatible with the capital-intensive and cyclic nature of the shipping industry. It warned that a focus on immediate shareholder returns could jeopardize ZIM’s ability to maintain adequate liquidity during periods of freight-rate volatility and operational risk.

ZIM's Response and Vision

Yair Seroussi, Chairman of ZIM’s Board, expressed optimism regarding the endorsements by both Glass Lewis and ISS, marking it as a validation of the board's competence and independence. He emphasized a commitment to a transparent and structured approach during this pivotal review phase. ZIM hopes to unite shareholders, particularly Israeli institutional investors, to support the existing board members to ensure the strategic direction is maintained.

As part of its communication, ZIM is encouraging all shareholders to participate actively in safeguarding their investments by voting for the company's nominees. Additionally, the company has offered assistance to those needing help with the voting process, underscoring the importance of this crucial decision.

About ZIM

Founded in 1945 in Israel, ZIM stands as a leading entity in the global container shipping sector, operating in over 90 nations and servicing around 33,000 clients across more than 300 ports. Utilizing innovative digital strategies and an enduring commitment to Environmental, Social, and Governance (ESG) principles, ZIM strives to enhance customer experiences through superior maritime logistics and transportation services. With a unique strategy emphasizing fleet adaptability and targeted market engagements, ZIM aims to leverage competitive advantages across key trade routes.

In conclusion, as the date of the annual meeting approaches, ZIM is waiting with anticipation on how its shareholders will respond to the recommendations and the future direction of the company amidst external pressures and internal reviews.