Deutsche Bank elects Sigmar Gabriel to the Supervisory Board

Dhe shareholders of Deutsche Bank have elected the SPD politician and former Vice-Chancellor Sigmar Gabriel to the Supervisory Board. This is the result of the general meeting of the largest German money house on Wednesday evening. Gabriel’s appointment had triggered criticism in January – as is so often the case when former top politicians switched to business. The former foreign minister was appointed by court order for the Deutsche Bank supervisory board in March.

The shareholders also elected two new supervisory boards: the lawyer Dagmar Valcarcel and Deutsche Börse boss Theodor Weimer. The 60-year-old is considered the most promising candidate to succeed Paul Achleitner in May 2022. Including postal voting, almost 44 percent of the shareholders were represented. Although the general meeting this year was only held online due to the corona crisis, it was longer than nine and a half hours longer than the face-to-face meeting in May 2019 in the Frankfurt Festhalle.

Deutsche Bank does not want its corona restructuring to slow it down. “As a Deutsche Bank, we have to be more profitable than today if we want to play a role in European consolidation,” emphasized CEO Christian Sewing at the online general meeting of the Frankfurt-based Dax group on Wednesday. He is convinced that the restructuring initiated in 2019 “is the best way to make Deutsche Bank sustainable and profitable in international competition”.

The sixth year in the red?

Management believes that the bank is in a strong enough position to survive the corona crisis without major injuries. “We are part of the solution and are also convinced that Deutsche Bank can emerge stronger there,” said Sewing. After five consecutive years of losses, the bottom line is that there are still red numbers in the current year.

The fund company Deka Investment warned of possible conflicts of interest. Weimer himself had said at the previous general meeting of Deutsche Börse the day before that he was currently planning to fulfill his contract with the stock exchange, which ran until December 31, 2024, “until the end of the regular term.” Weimer emphasized: “As long as I am CEO of Deutsche Börse the chair of the supervisory board at Deutsche Bank is excluded. “


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