Deutsche Bank – AGM 20 May 2020
WARNING: The AGM is to be held in the form of a virtual AGM in accordance with the German Act to Mitigate the Consequences of the COVID-19 Pandemic. The physical presence of shareholders or their authorised proxies is not possible. The voting rights may therefore be exercised solely by way of postal voting or by granting authority to the proxies designated by the Company.
Item 3.1: We recommend to oppose the discharge of Supervisory Board Chairman Dr. Paul Achleitner due to concerns over personnel decisions that have been taken and the handling of the AGM 2019.
Item 3.8: We recommend to oppose the discharge of Supervisory Board member Katherine Garrett-Cox due to her insufficient attendance rate at Board and committee meetings in financial year 2019.
Items 5 and 6: The Company proposes to be authorised to repurchase own shares, directly or through derivatives. We consider it not being the right moment for companies in difficult liquidity situations to repurchase shares as the potential impact of the COVID-19 induced crisis is not yet known. We therefore recommend opposition.
Items 9-13: Shareholder Riebeck-Brauerei von 1862 AG has again filed various motions to the agenda of this year's AGM. We recommend supporting the proposals to remove Dr. Achleitner (item 9) and Prof. Dr. Winkeljohann (item 10) from the Supervisory Board as well as the proposal to withdraw confidence in the work of several Management Board members (item 12) while we recommend opposing the remaining proposals of the shareholder.
Deutsche Bank is a holding company acting as an international financial service provider. Co. offers a wide variety of investment, financial and related products and services to private individuals, corporate entities and institutional clients around the world. Co. has operations or dealings with existing or potential customers in most countries in the world. Co. is organized into the following six corporate divisions: Global Markets (GM); Corporate & Investment Banking (CIB); Private, Wealth & Commercial Clients (PW&CC); Deutsche Asset Management (Deutsche AM); Postbank (PB); and Non-core Operations Unit (NCOU).
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