Deutsche Bank: ECGS recommends to oppose the discharge

Deutsche Bank faced a lot of criticism at this years’ AGM in which traditionally only a small part of the company’s share capital participates (2012: 34.94%). ECGS recommended its clients to oppose the discharge of the supervisory board, the remuneration system for the executives as well as the election of two non-executive board members, among them the new chairman, Paul Achleitner. Regarding the discharge of the supervisory board, ECGS was especially concerned about the preparation of the succession process for the company’s CEO, Josef Ackermann which we considered having harmed the public image of Deutsche Bank or – as the representative of DSW, the German partner of ECGS, alluded to the motto of Deutsche Bank – the succession planning neither showed passion nor performance. Having been given only three, later two minutes per shareholder, investors at the meeting mainly criticized the chaotic process in finding a successor for Mr Ackermann, the decrease in share price during the Ackermann area but also honored his achievements during his term of office especially with regard to the strengthening of the classical banking segment. Finally, the supervisory board was discharged with a majority of 77.74% only, a slap in the face especially for supervisory board chair Clemens Börsig who made way for Paul Achleitner as chair.

Find our full analysis on Deutsche Bank here.