Institutional Shareholder Services (ISS), investor advisors suggested (together with other lead investor advice firms) to Deutsche Bank shareholder to vote against the confidence of management given the involvement of the Bank in the Russian Laundromat scandal.
In the coming shareholding meeting of May 23rd, it is likely that shareholders will produce a no-confidence vote regarding management actions of Deutsche Bank.
ISS stated that the time to hold managers and institutions responsible for their reckless actions and regulatory breaches has come, and therefore, this action is required in order to keep responsibility at decision making level.
ISS also stated that the lack of compliance culture and the risk behaviour are responsibility of management, and therefore they are to be held accountable.
In case the vote materialises, this will join the UBS case in which shareholder took on management to be responsible for their risky decisions.
This deepens the preoccupation about the bank standing as it has changed 3 times of CEO and lost 70% of share value since 2012 when the chairman Mr. Achleitner took the position.
