Deutsche Bank Investors Reject Pay System While Backing CEO
- Cryan faced investors in his last day sharing the CEO role
- ‘Do exactly what you have promised,’ major investor tells him
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Deutsche Bank AG investors, while backing Chief Executive Officer John Cryan, rejected the bank’s new plan for executive compensation on concern it gives the board too much scope to reward managers.
Shareholders at their annual meeting in Frankfurt on Thursday voted 51.9 percent against the plan, which introduces an extra bonus component for Deutsche Bank’s four divisional heads. While the rejection isn’t binding, supervisory board chairman Paul Achleitner said earlier in the day that the company would consider providing more information about the pay system in light of the objections.