Adidas's chief executive (CEO) told shareholders on Thursday that the protests during the Olympic torch relay did not directly hurt their brand image, but could not rule out a negative impact on the future.

Adidas, the world's second largest sporting goods manufacturer, is one of the 12 official sponsors of the Beijing Olympic Games and has the power to use the Olympic logo globally.

After the violence in Tibet in March this year, pro Tibet elements destroyed the Olympic torch relay ceremony in London, Paris and other cities.

The role of Olympic sponsors is controversial.

The company's chief executive, Herbert Hainer, said at the annual meeting that "we have not yet seen any damage to our image," but he said the situation could change.

Hainer adds that Adidas provides employment for China, which is also a way to support it.

Adidas once expressed its understanding of the "special importance of protecting human rights", but it should not be handled by Olympic sponsors.

Critics use this annual meeting to express their concerns.

However, advertisers believe that Adidas's commitment to invest millions of advertising fees during the Olympic Games will not be withdrawn, but may be under pressure to comment on China's human rights record and Tibetan independence activists.

CEO of Germany's Volkswagen told its shareholders last month that he had urged the Chinese government to open up society.

Volkswagen is the first automaker to enter China, and also one of the sponsors of the 2008 Olympic Games.