Deutsche Wohnen – AGM 5 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 6a: We recommend to oppose the re-election of Matthias Hünlein, Chairman of the Supervisory Board, due to the following concerns: Firstly, in financial year 2019, an additional long-term incentive (LTI) was introduced for certain Management Board members and shareholders are not provided with the opportunity to decide on this amendment to the remuneration system. Secondly, it is not disclosed whether, in case of his re-election, Mr. Hünlein shall again be proposed for the position of Chairman. Consequently, without declaring so, the Company deviates from the respective recommendation of the German Corporate Governance Code 2017. In line with our guidelines we therefore recommend to oppose his re-election, as he is also the Chairman of the Supervisory Board's Executive and Nomination Committee.
Deutsche Wohnen is a holding company. Co.'s business focus is on residential and nursing properties in conurbations and metropolitan areas of Germany. Co. conducts its operations through three segments: asset/property management, disposal and nursing. Co.'s asset/property management segment includes all activities relating to the management and administration of residential property, the management of rental contracts and tenant support. Co.'s disposal segment comprises the disposal of residential units and portfolios managed by its Deutsche Wohnen Corporate Real Estate GmbH subsidiary. Co.'s nursing segment manages and markets retirement and nursing homes for senior citizens.
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