Frankfurt Deutsche Bank major shareholder Deka wants to stand behind the management board and supervisory board of Germany’s largest financial institution at the general meeting. “Management has done a good job in the past twelve months,” said Deka portfolio manager Andreas Thomae on Monday. “The risks in the mining unit were reduced faster than expected and the costs were cut according to plan. That paid off in the current crisis. “
The fund company will therefore take the pressure off both bodies at the Annual General Meeting on Wednesday. The shareholders’ meeting is taking place virtually this year because of the corona pandemic.
At the 2019 Annual General Meeting, the management team headed by CEO Christian Sewing and supervisory board director Paul Achleitner had to accept sharp criticism from shareholders because they lacked a perspective for Germany’s largest financial institution. In July Sewing then announced a new strategy, which includes cutting 18,000 jobs worldwide and returning to German private and corporate customers.
“The conversion work is still in full swing, but the turnaround in the group has been completed and success is emerging,” said Thomae. “Since 73 percent of the restructuring costs have already been booked, profitability should improve slightly from 2021 and noticeably from 2022.”
The fund company Union Investment had already declared last week to vote for the discharge of the board of directors and the supervisory board. The voting rights advisor Glass Lewis does not want to exonerate Achleitner.
The bank’s problems in recent years are at least in part attributable to the 63-year-old Austrian, who has headed the supervisory body since 2012. In 2019 Achleitner received almost 72 percent of the votes cast. A year earlier, he had received more than 84 percent approval.
More: In a previously published speech to the Annual General Meeting: Christian Sewing wants to make Deutsche Bank “stormproof”.