Reuters writes that the British financial authority has placed the London division of DB "under enhanced watch" since back at the end of 2014, amid "concerns over corporate governance and internal audit". Following these revelations, Institutional Shareholder Services (ISS), an international shareholder consulting firm, has advised DB shareholders to vote in favor of the beginning of an independent audit process, because "there are significant doubts concerning the ability of the supervisory board to investigate the potential illegal actions of its members, which reflects a conflict of interests". The next general shareholder meeting of the shareholders of Deutsche Bank will take place in Frankfurt on May 19th, 2016, according to the notice to attend located on the website of the bank. The recommendation of the ISS also comes as a result of the recent resignation of an important member of the Supervisory Board of the bank. A press release posted on the DB website states that Georg Thoma, member of the Supervisory Board and president of the Integrity Committee, has presented his resignation two years before his term was set to expire. In the same press release, Paul Achleitner, the president of the Supervisory Board, stressed Thoma's achievements and thanked him "for everything he did for the bank". Unfortunately for the biggest German financial institution, Georg Thoma actually did too much, and the result was an open conflict with both the executives, as well as with the Supervisory Board. Bloomberg writes that "Thoma went too far with investigating the potential illegal activities of the bank" and has been "isolated" as a result of "examining the ties between the members of the executive management and the lawsuits that the bank has been involved in over the last two years". One of Thoma"s "targets" was actually Paul Achleitner, and the conflict blew up in the press last week, when Alfred Herling, the vice-president of the Supervisory Board, criticized Georg Thoma for "being too zealous and spending too much time investigating potential illegalities", according to Bloomberg. The conflict between the two is marked by a bitter irony, as it was precisely Achleitner that recommended Thoma for the position on the Integrity Committee, based on their friendship, "cemented" by their cooperation on the privatization of the East-German chemical industry, according to the Bloomberg article.
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