Deutsche Telekom – AGM 19 june 2020
General: The AGM is to be held in the form of a virtual AGM in accordance with the German Law 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 postal vote or by granting authority to the proxies designated by the Company.
Item 4: We raise our concerns over the increase of the on-target total remuneration of the CEO by 29% in financial year 2019. We consider such a significant raise as inadequately high, especially given the fact that the Company does not provide any justification for it. In line with our guidelines we would in principle recommend opposing the discharge of the Chairman of the Supervisory Board's General Committee, Prof. Dr. Ulrich Lehner. However, as the discharge is proposed in a bundled resolution we recommend shareholders to oppose the discharge of the Supervisory Board as a whole.
Item 6: We recommend to oppose the re-election of Prof. Dr. Michael Kaschke to the Supervisory Board due to his insufficient attendance at Supervisory Board and committee meetings in financial year 2019.
Deutsche Telekom is engaged in the telecommunications services and information technology sectors. Co. operates as an integrated telecommunications provider. It is organized into four operating segments: Germany, Europe, and the United States; and Systems Solutions, as well as Group Headquarters and Shared Services. Co. provides fixed-network lines, broadband lines and mobile communications. Co. also provides customized Information and Communication Technology (ICT) solutions for corporate customers under the T-Systems brand. The Group Headquarters and Shared Services segment comprises cross-segment management functions, real estate services, and mobility solutions, among others.
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