Shareholder revolt at Deutsche Bank AGM
Deutsche Bank shareholders voted down the proposed new pay scheme for the management board, following a difficult financial year, with the bank being hit by -€6.1bn losses before tax, mainly due to impairments booked in the third quarter 2015 as well as the higher litigation and restructuring costs.
The proposed compensation scheme foresaw an additional division performance award for members of the management board, however, the proposal was rejected by 51.93% of shareholders.
Meanwhile, a shareholder proposal to introduce an audit into Deutsche Bank’s litigation costs was narrowly rejected by 53.60% of shareholders, despit a recommendation by shareholder advisor ISS to support the audit.
Ahead of the AGM, Deutsche Bank also announced that Jürgen Fitschen will step down from his position of co-chairman of the management board, which he currently shares with John Cyran. The group did not confirm his replacement. Fitschen will continue to work closely with the Deutsche Bank management board, focussing on the German and Asian market.