Shareholder advisor recommends not endorsing Deutsche Bank chair

Top shareholder advisor Glass Lewis has called on Deutsche Bank investors to vote against ratifying the actions of the bank's chairman, Paul Achleitner, at this month's annual general meeting, citing "performance" concerns. The recommendation not to endorse his actions is a blow to one of Europe's most prominent bankers as Germany's largest lender tries to reverse five years of losses, attempts a major overhaul, and navigates the coronavirus outbreak.

Glass Lewis, in a report published on Friday, said that removing Achleitner was not in the bank's best interests but that the company's failings should be at least partially attributed to Achleitner given the numerous changes in leadership and strategy shifts that he has overseen. "We believe that a vote against the ratification of Dr. Achleitner for the past fiscal year is warranted," Glass Lewis said in its report to shareholders.

Deutsche Bank wasn't immediately able to comment, but it did say last month that the "entire supervisory board continues to have no doubts concerning Dr. Achleitner's comprehensive personal and professional skills and integrity." Last year, Achleitner received approval from 71.63% of shareholders.