ISS backs call for special audit of Deutsche Bank management
FRANKFURT May 3 Shareholder advisory and proxy voting firm ISS has backed a call for a special audit of Libor-manipulation and Russian money-laundering scandals at Deutsche Bank to probe what role management and supervisory boards may have played.
ISS has thrown its weight behind a proposal originally put forward by shareholder Marita Lampatz. Proxy voting firm Glass Lewis has also backed calls for a special audit.
ISS said, however, a vote against discharging the German lender's management and supervisory boards at the annual shareholder meeting on May 18 was "not warranted at this time", and it would not be appropriate to vote against the re-election of Chairman Paul Achleitner.
Deutsche Bank declined to comment on ISS's letter, which was first reported by German daily Handelsblatt and seen by Reuters on Wednesday. (Reporting by Kathrin Jones and Edward Taylor; Editing by Georgina Prodhan)