Category: Deutsche Bank

Video messages from Patricia Namirembe, Fridays for Future Uganda and Coedie McAvoy, Wangan and Jagalingou, on the occasion of the Deutsche Bank 2022 Annual General Meeting:

Deutsche Bank claims to support the goals of the Paris Agreement and achieving net zero global emissions by 2050. The bank is a signatory to the Paris Pledge for Action, the German financial sector’s Climate Commitment and the Net Zero Banking Alliance [1]. CEO Christian Sewing has also publicly stated, “The fight against climate change is probably the greatest challenge facing humanity, and we banks will have to fundamentally align ourselves with it.” [2]

Deutsche Bank’s claims must be measured against what scientific and economic expert bodies say is required to limit global warming to 1.5ºC and achieve net zero global emissions by 2050. Weiterlesen

Re Agenda Item 3: Ratification of the acts of management of the members of the Management Board for the 2021 financial year

The Association of Ethical Shareholders Germany proposes that ratification of the acts of management of the Management Board be refused.

Reasons:
The Management Board of Deutsche Bank AG has failed to uphold its own commitment to comply with international climate targets and sustainable finance.

Lending to the coal industry continues

Despite the tightened 2020 framework for managing environmental and social risks and having signed the climate commitment of the German financial sector and the Net Zero Banking Alliance, Deutsche Bank is still a major lender to companies in the fuel industry. Weiterlesen

Our statement for the Annual General Meeting 2021 of Deutsche Bank

Dear Shareholders,

In 2015, Deutsche Bank vowed to support the Paris Agreement [1]. However, since then, Deutsche Bank’s actions have not matched its rhetoric.

Since the Paris Agreement was signed, Deutsche has been a major financier of coal, oil and gas. According to the Banking on Climate Chaos report, between 2016-2020, Deutsche provided US$30.438 billion to companies responsible for expanding fossil fuels [2]. These investments seriously undercut Deutsche Bank’s claims to support climate protection.

The Intergovernmental Panel on Climate Change (IPCC) has been clear that limiting global warming to 1.5ºC avoids many of the more severe impacts that would occur at 2ºC of warming [3]. Weiterlesen

Re Agenda Item 2: Ratification of the acts of management of the members of the Management Board for the 2020 financial year

Association of Ethical Shareholders Germany proposes that ratification of the acts of management of the Management Board be refused.

Reasons

The Management Board of Deutsche Bank continues to pursue a course of action that is incompatible with the goals of the Paris Agreement on Climate Change.

Because it provides finance to the fossil fuels sector, Deutsche Bank is part of the problem

Although Deutsche Bank toughened up its environmental policies last July and has subjected a greater number of coal and other fossil fuel companies to review and exclusion, it still remains a significant source of finance for fossil fuels. Weiterlesen

Re Agenda Item 2

The Association of Ethical Shareholders Germany proposes that ratification of the acts of manage-ment of the Management Board be refused.

Reasons

The Management Board of Deutsche Bank has failed to adequately meet its responsibility to implement more effective measures to tackle climate change and satisfy its human rights due diligence It is not enough to merely formally commit to the objectives of the Paris Agreement on Climate Change, the UN’s 2030 Agenda for Sustainable Development and the UN Global Compact.

Disregard for UN principles for human rights due diligence

Deutsche Bank continues to fail to fully apply the UN Guiding Principles on Business and Human Rights (UNGPs) in its business conduct. Weiterlesen