Proxy advisory firm Hermes EOS has called on Deutsche Bank AG shareholders to discharge the lender's supervisory and executive boards of liability for their actions in 2018 at the general annual meeting May 23, according to a Reuters report carried by Handelsblatt.
Hermes representative Roland Bosch said May 22, according to the report, the executive board needs more time to achieve a turnaround at the embattled group in this challenging time. Deutsche Bank which is still struggling to regain investor trust, saw its share price plummet to a new all-time low May 20. The slump was a market reaction to a report saying some Deutsche executives had prevented suspicious transactions involving entities controlled by U.S. President Donald Trump and his son-in-law, Jared Kushner, from being reported to authorities.
Hermes also advised shareholders not to vote to dismiss supervisory board chairman Paul Achleitner, saying such change would not be in their interest at this time, according to the news report.
The proposal to remove Achleitner from office has been made by Deutsche Bank shareholder Riebeck-Brauerei von 1862 AG, according to an amended agenda released by the German lender.
At least three large shareholders of Deutsche Bank are pushing for the dismissal of Achleitner whose contract runs until 2022, insiders have told Reuters, according to the report.