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Danske Bank shareholders shun proposal to break up lender


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Danske Bank shareholders shun proposal to break up lender

Danske Bank A/S' shareholders rejected a proposal to split up the troubled Danish lender amid an ongoing multibillion-euro money laundering scandal.

The bank held its 2019 annual general meeting March 18, where shareholders also voted against an investigation into the possibility of claiming damages from certain member of its audit and risk committee and executive board. The breakup was proposed by shareholder and economist Frank Aaen, Reuters reported.

The shareholders also moved to scrap a proposed upper limit on the remuneration of its management team, among other matters. Chairman Karsten Dybvad said the executive board will waive their bonuses for 2018 in light of the scandal, Reuters reported separately March 18.