Deutsche Bank Top Investor BlackRock to Outsource AGM Voting
- Shareholder advisers recommend voting against both boards
- Several European companies have seen investors revolt
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BlackRock Inc., the largest single shareholder of Deutsche Bank AG, won’t vote on the performance of the bank’s management and supervisors at an annual meeting that’s shaping up to be one of the season’s most contentious.
Shares of Germany’s largest lender fell to a fresh record low on Monday as pressure mounts on management to show it can restore growth and profitability after a series of failed turnaround efforts. Last month, it broke off merger talks with Commerzbank AG, leaving investors guessing what’s next in terms of strategy. The world’s biggest shareholder advisory firms recommend voting against the supervisory and management boards.