April 30, 2018 / 7:59 PM / a year ago

REFILE-UPDATE 1-Proxy adviser Glass Lewis urges vote against Deutsche Bank board actions at AGM

(Corrects spelling in headline)

* Urges votes against both supervisory and management boards

* Spokesman for Deutsche Bank declines to comment

* AGM scheduled for May 24

FRANKFURT, April 30 (Reuters) - Proxy adviser Glass Lewis has recommended that shareholders in Deutsche Bank vote against ratifying the actions of the management and supervisory boards at the lender’s 2018 annual general meeting next month.

German companies typically ask shareholders to approve the actions of their boards over the previous year at the annual shareholder meetings. Votes against the boards’ actions amount to a vote of no confidence but are largely symbolic.

Deutsche Bank declined to comment.

“There seems to be strong consensus that performance has fallen well short of expectations, that restructuring measures have taken too long to be implemented and have yet to yield any substantial results,” Glass Lewis wrote in a report.

Last week Deutsche Bank, under new Chief Executive Christian Sewing, announced it was paring back its global investment bank after a sharp fall in quarterly earnings.

Deutsche’s annual shareholder meeting is scheduled to take place on May 24. (Reporting by Tom Sims Editing by David Goodman)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below