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The triumphant procession of Paul Achleitner begins Thursday evening at half-past seven. Achleitner has just completed the annual general meeting of Deutsche Bank. After walking a half-football field in the auditorium, he meets the white-haired director in the auditorium and discovers a man with long, black hair: a fan of Achleitner.
The man does not just want to take a picture with the chief supervisor of the Deutsche Bank at the Frankfurt Festhalle, he also wants an autograph. Achleitner takes his time. The morning before the annual general meeting, the media probably still wrote: It's the latest fan of Achleitner.
You must correct this now: Paul Achleitner still has an incredible number of fans.
The shareholders of the largest German bank raised Tuesday evening Achleitner 71%, a largely symbolic election, which shows how investors are satisfied or dissatisfied management. At the same time, over 90% of investors rejected an application to deselect Mr Achleitner.
Shareholders manipulate their property by negligence
Immediately after the elections, the members of Deutsche Bank were surprised by the great approval. Of course, this is the tour de force that the bank wants to do tonight: look here, Achleitner has no problem – although this time has relieved less shareholders than last year.
But: The spin has a real core – and that's exactly the problem because Paul Achleitner is one of Blaubank's problems. And on Thursday night, another was added: the negligent treatment of shareholders with their property.
What was written in view of this Annual General Meeting is not all: the major shareholders should have introduced a rule of succession for Achleitner, influential special advisors – the main investors in their election decisions – recommending not to raise. After all, the Austrian Achleitner has been the chief overseer since 2012.
The strategic volts of the bank right now? Many. The course of action? Only one debacle, since taking office of Achleitner, the course fell by 75%. The hope of improvement? Has always been disappointed. Achleitner's success in other financial institutions? Spiegel Online recently wrote that its past banking merger was drawing a blood trail through the German financial sector.
Responsibility has become a trend
And now? Even 20 points less would have been enough for Achleitner to be relieved. The 71 and 90% are a success, at least in the hope that this time, the situation could be really reduced for Achleitner. At the same time, they are a disappointment.
Today, the German financial sector likes to talk about its responsibility for investments and investment decisions. Fund companies therefore like to send their employees to general meetings, so that their staff can speak. This is also a good advertisement. But responsibility has become a trend. The actual action is not very clear, it is too often soft.
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