On January 22, 2023, Union Investment criticized Bayer's AG chairman Norbert Winkeljohann for a lack of engagement, such as exploring a spin-off of the company's consumer health division. Further, Markus Manns, portfolio manager at Union Investment stated that Bayer Chair Norbert Winkeljohann does seek dialogue with investors, but he should have initiated more. It would definitely have been a matter for the supervisory board to help initiate a spin-off of Consumer Health, Markus Manns also noted that chairs at competitors are much more engaged in creating value for shareholders.