About 62% of the votes were in favour of Brenntag's candidates, a show of moderate confidence in the leadership when activist investors are pushing for management changes and a separation of the company's Specialties and Essentials units.

In a letter addressed to shareholders on Friday, activist investor PrimeStone Capital said the level of support for the company's nominations showed "deep frustration among Brenntag's shareholders".

It revealed a demand for "an improved overall governance with a strengthened and more open supervisory board," it added, and for the "consideration of the separation of Essentials and Specialties with a heightened sense of urgency".

PrimeStone, which holds a 2% stake in Brenntag, says the separation would boost the company's shares, which are already up by a fifth year-to-date at around 72 euros ($78.90).

During the AGM, Chief Executive Officer Christian Kohlpaintner said it was too soon to spin off the specialties unit, which was hit by high costs and falling demand in the first quarter.

"In the short term, our focus is on...closing the performance gap at Brenntag Specialties and to drive forward the operational structure in both divisions towards greater independence," Kohlpaintner said.

All other proposals were approved at the meeting, including an increase in the 2022 dividend to 2.0 euros per share.

($1 = 0.9125 euros)

(Reporting by Tristan Veyet and Matteo Allievi in Gdansk; Editing by Milla Nissi, Kirsten Donovan and Barbara Lewis)