May 6, 2016 / 11:17 AM / a year ago

Glass Lewis recommends not backing Deutsche Bank co-CEO

A statue is seen next to the logo of Germany's Deutsche Bank in Frankfurt, Germany, January 26, 2016. REUTERS/Kai Pfaffenbach/File Photo

FRANKFURT (Reuters) - Shareholder advisory firm Glass Lewis has recommended that investors at Deutsche Bank’s shareholder meeting on May 19 do not vote in favor of the 2015 performance of outgoing co-CEO Juergen Fitschen and some former executive board members.

The non-binding vote is a standard agenda item at annual general meetings in Germany, where shareholders are asked to approve executives’ performance the previous year.

Citing oversight concerns, Glass Lewis said shareholders should not approve of Fitschen or of former executives Anshu Jain, Stefan Krause, Stephan Leithner, Henry Ritchotte and Stuart Lewis, who have all left since Chief Executive John Cryan took the helm in July.

British shareholder advisory group Pirc also recommended this week not endorsing Deutsche Bank’s board members.

Glass Lewis said shareholders should vote for a special audit into whether management at the lender breached obligations on various legal and regulatory matters, in line with similar demands made by shareholder advisory group ISS.

ISS, however, recommended shareholders approve of the management board.

Reporting by Arno Schuetze; editing by Adrian Croft

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