Major shareholder representatives see the resignation of the German bank chief Anshu Jain and Jürgen Fitschen positive. “We welcome the response of the Supervisory Board in a timely manner to the General Meeting,” says Hans-Christoph Hirt from influential British shareholder advisor Hermes SPIEGEL ONLINE. “In order to get the great challenges of the Bank in the handle, a real new beginning was inevitable.”
Hirt, who represents important funds, had already called on the shareholders’ meeting in late May a comprehensive remodeling of the Executive Board and harsh criticism of Jain and Fitschen practiced.fund manager Ingo Speich from Union Investment – one of the 20 largest investors of Deutsche Bank – welcomed the change at the top as well: “The Supervisory Board draws the consequences of the vote disaster at the general meeting’s decision for John Cryan comes as no surprise..”
The criticism from investors, but also employees of the management duo has recently become louder. The Supervisory Board Jain had demonstratively strengthened his back just before the General Meeting and decisively entrusted him with the implementation of the new strategy should lead the bank into the next decade
However, the shareholders had the board -. Especially Jain – missed at the AGM a lesson: 39 percent of the capital present – including major investors from Germany and the United States – voted against his discharge. Normal are approval rates of 95 percent and more.
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