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US Aareal Bank and hedge funds today with a tasting - that's why

08:50  18 may  2021
08:50  18 may  2021 Source:   pressfrom.com

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(Bloomberg) - at the current Annual General Meeting of Aareal Bank AG, wants the activist investor Petrus Advisers Ltd. Create supervisory boards. Reason is a dispute to the strategy. The project could fail because other investors and voting consultants do not take it. By contrast, the hedge fund has assistance in his criticism of the remuneration of the management, which he classifies as too high. Also, it is tuned today. Bloomberg News answers the three most important questions about the Annual General Meeting.

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Which weight do the activist investors have?

The Activistic Investor Petrus Advisers or its co-chief investment officer TILL Hufnagel hold its own information, according to 9.6% of the voting rights. The hedge fund Teleios Capital Partners collects similar demands such as Peter and finally came to 5.1%, according to documents for the Annual General Meeting.

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Another big shareholder is Deka Investment GmbH at 9.6%. Included, however, a 6.5% heavy single mandate, behind which the Supply Institution of the Confederation and the Countries is. Janus Henderson as well as Allianz Global Investors also include great stock packages.

Hedgefonds-Dominanz © Bloomberg HedFashion Dominance Why should three supervisory boards be deselected?

Peter demanded a spin-off of the software subsidiary Aareon to the shareholders of the Aareal, because the division could grow faster faster. This refuses the bank. To give its demands, Peter wants to deselect the Oversse Morija Kors, Christof von Dryander and Dietrich Voigtländer today and replace them through their own candidates, including ex-Commerzbank segregation Marion Khuny. There is little support for this:

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Deka: "We do not see the occupation of the Supervisory Board critical and see no compelling arguments that a change is justified at this time. In addition, by the vacant CEO position and the associated restlessness on the board, the Supervisory Board should work stabilizing. " DSW: "We are against a fragmentation of the Supervisory Board, in which three supervisory boards are deselected as a group and chosen three new supervisory boards as a group. This is missing here. "Institutional Shareholder Services: Peter have not made a sufficiently convincing arguments, which is justified by a change at this time". Glass Lewis: Peter Advisers ultimately failed to prove that a reconstruction of the Supervisory Board likely will lead to a better result for the bank.

no recommendation issued the voting rights consultant Ivox, which belongs to Glass Lewis, but subject to other guidelines. According to his analysis, it is not clear to what extent a partial reinstation of the Supervisory Board has a positive effect on the development of the company.

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Why is there criticism of the remuneration of the board?

According to Peter, the remuneration for the Aareal managemet is too high. Salaries and pension commitments of the executives should be reduced to "an ethical level". Some voting consultants and shareholders followed the criticism in advance by recommending or announced a rejection of the remuneration system at the Annual General Meeting:

Deka: "The salary package is well above what comparable companies pay their directors, which is mainly due to the proposed basic salary - is more likely to be at the level of the largest European banks. " DSW: "We can not carry out the compensation system because the supply services of the Board members - are too high - in terms of total remuneration - and thus the company is financially burdened over the years." Institutional Shareholder Services: The voting rights consultant referred to concerns regarding the level of the CEO compensation package and too little information in certain areas.

The voting rights consultant Glass Lewis and Ivox riveted shareholders to vote for the compensation system.

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