Deutsche Bank management gets shareholder backing of its agenda at AGM

Deutsche Bank supervisory board chairman Paul Achleitner speaks during the bank's annual general meeting in Frankfurt, Germany May 18, 2017. REUTERS/Ralph Orlowski

FRANKFURT (Reuters) - Deutsche Bank’s management team got all it asked for in a shareholder vote on Thursday, including free reign over possible future capital increases.

In a vote at the bank’s annual general meeting, shareholders backed the re-election of supervisory board chairman Paul Achleitner to a second five-year term. They also endorsed the management and supervisory boards’ actions of 2016.

Some larger shareholders, like Union Investment, had urged shareholders to vote against authorizing management to write what they called another blank check after hefty capital increases in recent years.

But in the end shareholders authorized a measure that could allow the bank to issue new shares with subscription rights by almost 39 percent of over the next five years.

Shareholders rebuffed a move for an independent audit to probe management’s role handling recent scandals that include the manipulation of Libor and Russian trades.

Reporting by Tom Sims; Editing by Edward Taylor