EY must not become auditor of Deutsche Bank AG again!

Shareholders submit counter-motion to the Annual General Meeting on 22 May 2025 and ask for support

Deutsche Bank AG is planning to reappoint Ernst & Young (EY) as auditors at the Annual General Meeting on 22 May 2025. This has provoked vigorous opposition from shareholders.

What these shareholders are criticising: The reappointment of EY for the important office of auditor cannot be reconciled with EY's negative role in the Wirecard scandal. This is all the more true as EY has so far not only refused to clarify the Wirecard scandal, but is also unwilling to negotiate compensation for Wirecard investors. What's more, in January/February 2024, the German EY subsidiary underwent a spectacular change of legal form. This change in legal form has significantly limited creditors' access to the assets of the formerly uniform German EY national company. In other words, EY has made itself small in order to be able to flee into insolvency in the event of danger. 

Shareholder Roberto Siotto from Braunschweig, who submitted the relevant counter-motion to the Annual General Meeting on 22 May: ‘We have no sympathy for the fact that EY is to be reappointed as auditors by Deutsche Bank. EY is one of those responsible for the Wirecard scandal, the biggest financial scandal in German history. EY expressly refuses to comply with a request from the highest court and to endeavour to reach a settlement with the injured parties.’

Berlin-based lawyer Dr Wolfgang Schirp, whose law firm is representing the largest group of plaintiffs in the Wirecard case against EY, including Roberto Siotto, adds: ‘Deutsche Bank AG is also harming itself by appointing EY. As a result of the change of legal form in January/February 2024, EY is only liable with the liable capital entered in the commercial register. This is an amount of approximately EUR 2 million. Such a low liability amount is no longer appropriate for the size of the task at Deutsche Bank AG, nor for the amount of the expected fee. EY GmbH & Co. KG Wirtschaftsprüfungsgesellschaft would no longer be in a position to adequately cover possible claims. Why does Deutsche Bank AG commission a contractual partner such as EY, which makes itself look small and thus makes it clear that it does not intend to comply with court judgements, but instead wants to flee into insolvency if necessary?’   

What is particularly irritating about Deutsche Bank's decision to mandate EY again: Two fund companies of the Deutsche Bank subsidiary DWS invested large amounts in Wirecard shares and lost money. These fund companies are themselves suing EY for damages. Roberto Siotto asks: ‘How can it be that the fund companies - the “granddaughters”, so to speak - are suing EY, but the “grandmother”, Deutsche Bank AG, is still mandating EY as auditor? All standards of good corporate governance are being violated here.’  

Roberto Siotto, together with his lawyer Dr Wolfgang Schirp, has therefore submitted a counter-motion to the Annual General Meeting on 22 May, which is aimed at not reappointing EY as auditors. The two activists are expressly asking all other shareholders for their support.

For further questions please contact:

- Roberto Siotto, Braunschweig, tel. 0049-172-7539755, mail: robertosiotto@gmx.de;

- Lawyer Dr Wolfgang Schirp, Schirp Schmidt-Morsbach Rechtsanwälte mbB, Kantstraße 149, D - 10623 Berlin, tel. 0049-179-5320213, mail: schirp@schirp.com, URL: www.schirp.com