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Deutsche Bank to face non-confidence vote from shareholders

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.

Source

https://www.riskscreen.com/kyc360/news/investor-advisor-iss-urges-no-confidence-vote-in-deutsche-bank/

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Jaime Prieto

Mr. Jaime Prieto is a lawyer experienced in Financial Crime, Anti-Money Laundering and Counter Terrorism Financing having extensive professional experience in both public and private sectors. Mr. Prieto has been a Head of Compliance in the European Union, the Americas and the Caribbean for banks, trust companies, asset managers, Big Four audit and advisory firms, RegTechs, government agencies and other types of financial professionals. In addition to his experience, he has been legal and educational chair in several compliance and sectorial organisations and performed as a teacher and speaker for a number of organisations and in several local and international forums. Furthermore, Mr. Prieto is an experienced Money Laundering Reporting Officer anda Data Protection officer with additional experience in risk management.
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