business
Thursday, May 21, 2015
“We are no longer the bank that we were once”, a shareholder complained. With him make a lot of shareholders of Deutsche Bank at the meeting to vent their anger. The board receives a bad relief result.
The shareholders of Deutsche Bank have the top management missed a hearty lesson. At the General Meeting in the Festhalle in Frankfurt voted only 61 percent for relief of Co-CEOs Anshu Jain and Jürgen Fitschen and their fellow board members. This was announced by chairman of the board Paul Achleitner.
Even the outgoing residential customers Board Rainer Neske was only marginally more votes than the other members. Nearly one-tenth of the capital represented abstained. Are usual at general meetings in Germany approval rates of 95 percent and more.
Achleitner had the vote individually on the board members, after some major investors had practiced massive criticism of the results so far of the management team. Influential shareholder adviser as ISS and Hermes Fund had recommended in advance, does not relieve the board. When relief shareholders vote on the work of managers in the financial year. Dismissed it could but only the Supervisory Board. The Supervisory Board itself was ratified by 91.5 percent.
Achleitner had brought only on the eve of the shareholders’ meeting by restructuring the management board on the way in which Jain has been strengthened. Inflamed to the longstanding chief investment bankers among the shareholders the most criticism – major investors such as retail investors accuse him of being an accomplice in mind that the Bank is still under way groans many expensive lawsuits that eat up the profits
Charts
Jain and Fitschen had to listen a lot to the general meeting. The 4,000 shareholders who had found their way into the Festhalle were insecure, some of them even angered clearly.
Many securities owners are not at all satisfied with the course of conduct of Germany’s biggest money home. On the one hand they disappointed the weak development of the share price, on the other hand, the handling of the leadership with the numerous scandals of the past.
“The horrendous penalties are reflected in the profit and at the same time lack the money for reasonable projects, “said shareholder Walter Liehmann. So He made reference to the fine of around EUR 2.3 billion, which had to pay the German bank about a month ago on American and British regulators. Peter Simm, also a shareholder of Deutsche Bank was “disappointed and frustrated” over the course of conduct. The once “good reputation” of the money the house is “completely gone”.
Very little applause for Jain
Actually, were Jain and Fitschen in 2012 begun to provide this reputation to restore. They wanted to bring the German bank with the Strategy 2015+ back on its feet and herald a cultural transformation. The numerous scandals of the past should refurbished and new failings of bankers be prevented.
However, the shareholders are not convinced of the success of the strategy and cultural change. Bitter pushes many of them, the complaint of supervisors, according to which the Bank did not sufficiently cooperate in the workup of the Libor scandal – in spite of the promised culture change
Jain knows the bitterness of shareholders. He expects “of course with uncomfortable questions,” he said at the beginning of his speech and promised the shareholders an “honest look at what we have promised” to throw. The applause for kept within limits.
Jain goes next to the successes achieved in his opinion, in recent years, the Executive Board, on the less positive points a. The litigation had proved to be “lengthy and more costly than expected,” Jain said, the cost remains “challenging”.
“No Vision”
Read more about
thunderous applause reaped against Klaus Nieding of the German protection combination for security possession (DSW). The new strategy, which the German bank announced in late April, was “no vision”. In particular, the separation of the Postbank meets the investor protectors on sour: Still at the AGM last year have referred to the connection of German Bank and Postbank as a “unique construct” Jain, a year later, the subsidiary bank will still sold
<. p> Nieding also called an external auditor who looks the bankers on the finger. It should be clarified whether the provisions made by the Bank with a view to pending legal proceedings and the threat of penalties in the billions would be sufficient.
“We are no longer the bank that we were here,” lamented Hans-Martin Buhlmann of the union Institutional private investors, representing more than seven million shareholders by its own account. The management of Deutsche Bank at the meeting cold wind blew contrary.
Source: n-tv.de
themes
No comments:
Post a Comment