Deutsche Bank has defended its risk and control system after proxy adviser Institutional Shareholder Services (ISS) called for shareholders to vote against the board.
The influential proxy advised its members to vote against "discharging" Deutsche's board, the vote of confidence under the German corporate code, at its AGM on May 23. A vote against discharge is the strongest way for the shareholders to express their disapproval at the board's AGM.
In a statement issued Wednesday, Deutsche said the ISS report "does not reflect the current situation of our bank and its control environment." "While we acknowledge that there is still work ahead of us, we have significantly improved our risk and control systems in the last three years and we will continue to do so."
In the advisory circulated to investors, ISS had dismissed Deutsche's claims of improving "know your customer" and AML controls, according to a report in the Financial Times on Tuesday, and disputed that the bank's performance resulted from an unfavorable market environment.
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