- Pressemitteilung BoxID 504292
VIP filed a shareholder counterproposal regarding agenda item 4 of the Deutsche Bank annual general meeting on 31st May: Approval of the discharge of the supervisory board
Since there have rarely been so strong concerns about the work of non-executive directors in a major German company, we ask shareholders to vote against the discharge of the members of the supervisory board for their performance in 2011. The main reasons to vote against the approval of the discharge can be summarised as follows:
1. Deficiencies in the succession planning for Deutsche Bank executives, including apparent breaches of the duty of confidentiality
2. Failure to change the chairman and CEO on the same day
3. Failure to take account of significant investor concerns about management board remuneration
4. Insufficient alignment of the company culture and strategy with the principle of sustainability
The vote on the discharge of the supervisory board of Deutsche Bank is very significant for the development of corporate governance in Germany. A strong vote against the discharge of the non-executives at Deutsche Bank will make it clear to all current and future supervisory board members in Germany that shareholders expect them to meet certain performance standards. It will also send a strong signal to Deutsche Bank, give the incoming chair a mandate for change, which we believe should involve an external evaluation of the composition and work of the supervisory board, further personnel refreshment and most importantly better integration of sustainability into the bank's culture and strategy going forward.
You can find the full text of our counterproposal in VIPsight.EU
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