British fund manager Hermes wants other shareholders of Deutsche Bank
Hermes wants shareholders to vote to withhold exoneration of the supervisory board for the 2011 financial year at Deutsche Bank's annual shareholder meeting on May 31 and already has the backing of 27 pension and investment funds holding around 0.5 percent of the bank's shares, the newspaper said in an report released on its Internet site.
A shareholder vote to rebuke the supervisory board would not be binding, but it could prompt changes by incoming supervisory board Chairman Paul Achleitner.
We want to give Mr Achleitner a clear mandate to undertake a thorough review of corporate governance and eventually push through additional changes on the supervisory board, the newspaper quoted Hermes manager Hans-Christoph Hirt as saying.
Hermes was particularly irritated that Deutsche Bank did not give shareholders the opportunity to vote on its remuneration report for last year, the paper said.
Hermes' motion at the shareholder meeting also criticises Deutsche's supervisory board over the handling of a leadership transition that calls for Chief Executive Josef Ackermann step down in May, to be replaced by Anshu Jain and Juergen Fitschen as co-chief executives.
The paper quoted Deutsche Bank as saying that current supervisory board Chairman Clemens Boersig would comment as appropriate on the Hermes proposal at the shareholder meeting.
(Reporting by Jonathan Gould, additional reporting by Edward Taylor)