DSW, Germany’s leading investors association and our ECGS German partner, requested to supplement a special audit to the agenda of the annual general meeting of Deutsche Bank on 21 of May 2015 ( DSW completed its ECGS research report soon available on the on line ECGS Shop) as follows :
« Pursuant to Section 122, Paragraph 2 of the German Stock Corporation Act, DSW (Deutsche Schutzvereinigung für Wertpapierbesitz – The No.1 German Association for Private Investors) will request that the following items be included in the agenda of the General meeting of Deutsche Bank AG that will take place on 21 of May 2015:
Appointment of a special auditor in accordance with Section 142, Paragraph 1 of the German Stock Corporation Act to audit the question, whether the management and supervisory board of Deutsche Bank violated their legal duties and thereby harmed the company.
Description of the issues covered by the audit:
The subject matter of the special audit shall include the following issues:
- Appropriateness of the reserves established for all risks deriving from all legal and supervisory proceedings:
Do the reserves established exceed/or fall below the extent required thereby taking all risks currently known into consideration? The audit should include all risks out of payments with respect to LIBOR, legal proceedings with respect to mortgage loans and with funds by Esch etc. At the very least, it should cover the 20 largest legal proceedings against DB.
- Are all precautions taken as consequence of these proceedings with respect to compliance, sufficient in order to recognize in the future similar cases and avoid them? This question includes a check whether the implemented internal systems will be sufficient in order to prevent similar cases in the future.
The special audit shall be done by: BDO AG Wirtschaftsprüfungsgesellschaft, Hamburg.
Reasons:
In view of DSW the chapter of all past violations at Deutsche Bank should come to an end soon. In order to close this chapter shareholders will need to know whether the reserves established for all the ongoing proceedings out of these violations are sufficient. If this is not the case then this will have quite an impact on the development of profit of the company. DSW therefore sees the need to have a special auditor to take a close look at these risks and the reserves established in order to avoid similar cases in the future.
If you hold shares of Deutsche Bank at least for 3 months and you would like to support our demand to supplement the agenda of the General meeting of Deutsche Bank, then we will be very proud, if you could send us your registration until 17 of April to
Thank you for your support. »
PARIS April 15 2015
BUY on line the ECGS research report soon available on the on line ECGS Shop.
