The headquarters of Germany's Deutsche Bank are photographed early evening in Frankfurt, Germany, January 26, 2016. REUTERS/Kai Pfaffenbach/File Photo FRANKFURT (Reuters) - Influential shareholder advisory group ISS is recommending that shareholders attending Deutsche Bank’s (DBKGn.DE) shareholder meeting vote for a special audit on whether management at the lender breached legal obligations in connection with various legal and regulatory matters. “The recent sudden resignation of the supervisory board member in charge of these internal investigations, and the circumstances surrounding his resignation, raise significant doubts about the supervisory board’s ability to investigate potential wrongdoing by its own members, which highlights a conflict of interest,” ISS said on Tuesday. Last week, Deutsche Bank announced the departure of the supervisory board’s member tasked with clearing up past scandals. ISS also recommended that shareholders vote against the lender’s remuneration system for managers. Reporting by Arno Schuetze; Editing by Maria Sheahan
Shareholder advisory group, AGM, has backed shareholders at Deutsche Bank's ISS to vote for a special audit on whether management at the bank breached legal obligations in connection to a series of legal and regulatory issues. AGM also recommended that the shareholders vote against Deutsche Bank's remuneration system for managers. This latest announcement is on the same lines of advice given to the shareholders last week by UK advisory firm Pensions & Investments Research Consultants, who have recommended they do not approve the decisions made by the lenders' board.