Shareholders punish German Bank leadership from – Reuters Germany

       

– by Kathrin Jones and Alexander Hübner

       

Frankfurt (Reuters) – The German bank has rebuffed the attempt at a strategic and personnel realignment at its shareholders.

       

Although advertised the two CEOs Anshu Jain and Jürgen Fitschen at the annual general meeting in Frankfurt on Thursday for a second chance and admitted failings. But they reaped little applause, but loud boos from the audience. This was reflected surprisingly clear in the voting results contradict: Well over one-third of the capital represented said the board of the mistrust. Large investors such as retail investors miss details of the recently presented “Strategy 2020″, which amounts to a Schrumpfkur of Germany’s biggest money home.

       

Also, the Wednesday night ado, launched Executive conversion was not enough to appease the spirits. At the worst performer in the vote Jain, for whose relief less than 61 percent of the shareholder votes cast. Fitschen was only marginally over the bar. That was a bitter lesson, are usual in Germany approval rates of 95 percent and more. Nevertheless, it could have been worse for the Manager: Influential shareholder adviser ISS as from the US and Hermes from London whose voting recommendations usually follow Anglo-Saxon funds, the investors had suggested beforehand to vote against the discharge of the Board. The fund company Union Investment, one of the 20 largest shareholders, known openly, no longer support the bank management.

        
       

“the goat the gardener MADE”

       

A particularly critical view many shareholders that Jains role in the Group will be even stronger, even though he is responsible as a former chief investment banker for numerous litigation with which still cost a lot of money and wipe out painstakingly achieved profits regularly. “Are you the problem of the bank, the solution or both?” Said Markus Kienle of the small shareholders’ association SdK before well 5000 shareholders at the address Jains. Klaus Nieding by DSW scolded: “Who does the buck to the gardener, must not be surprised if he bare eats the garden and the other sheep do the same.”

       

solely because of their involvement in the global scandal over manipulated reference interest rates, the Bank had to pull the trigger a record fine of 2.5 billion dollars to the regulators in the UK and the US. Nieding called for a special audit of external litigation took it at the AGM but not a majority.

       

Continued …