Shareholders Oppose EY's Reappointment as Deutsche Bank Auditor

Deutsche Bank AG plans to reappoint Ernst & Young (EY) as its auditor during the Annual General Meeting on May 22, 2025, prompting shareholder opposition. Shareholders criticize EY for its involvement in the Wirecard scandal, one of the largest financial scandals in Germany. EY's refusal to clarify its role in the scandal or negotiate compensation for affected investors intensifies these concerns.

Shareholder Roberto Siotto, supported by Berlin-based lawyer Dr. Wolfgang Schirp, submitted a counter-motion against EY's reappointment. Siotto argues that EY's recent legal restructuring significantly limits its liability, making it an unsuitable auditor for Deutsche Bank's needs. This change contradicts good corporate governance standards, as Deutsche Bank's subsidiaries are suing EY over Wirecard-related losses.

Siotto and Schirp call for shareholder support to reject EY's reappointment, emphasizing the contradiction of Deutsche Bank working with a firm that minimizes its own liabilities and responsibility.