Commerzbank’s Achievements and Positive Outlook
At the recently concluded Annual General Meeting (AGM) of Commerzbank, all agenda items were approved, signaling a positive outlook for the bank. The actions of the Board of Managing Directors and the Supervisory Board were ratified, along with adjustments to the remuneration system. Additionally, amendments to the Articles of Association were accepted, aimed at shortening the term of office for Supervisory Board members.
Chairman of the Board of Managing Directors, Manfred Knof, expressed optimism for the year ahead, stating, “With regard to the Bank, we remain optimistic for this year and expect to further improve our results.” He highlighted the bank’s successful performance in the first year of its transformation, particularly in the customer business, despite the challenges posed by the global pandemic.
Embracing Strategy 2024
Commerzbank’s strategy for 2024 has proven effective, even in the midst of a pandemic. Knof emphasized the bank’s commitment to staying on course and focusing on the future. He acknowledged that there is still much work to be done in order to achieve the goals of the strategy and ensure sustainable profitability.
Shareholder Approval and Voting Results
Following extensive debate, shareholders approved all agenda items at the AGM. The voting results were as follows:
- Ratification of Board of Managing Directors’ actions and Supervisory Board’s actions: 99.36% and 85.27% majority, respectively.
- Election of auditor: KPMG elected with 99.71% majority for the full financial year 2022, completing a change that began last year.
- Approval of remuneration report: The remuneration report for the previous financial year was approved with 59.85% majority. The bank aims to implement further improvements based on the feedback received.
- Adjustments to the remuneration system for the Board of Managing Directors: Adjustments to the system received 84.60% approval. The changes aim to simplify the system, enhance transparency, and align variable remuneration with the bank’s sustainable development. The introduction of a share ownership guideline for the Board of Managing Directors and an increase in the share-based part of variable compensation are also planned.
- Amendments to Articles of Association concerning Supervisory Board compensation: Amendments related to the standardization of compensation for the Supervisory Board received a 99.20% majority.
- Shortening the term of office for Supervisory Board members: The AGM approved a reduction of the term of office from five to four years with a 99.50% majority. Furthermore, the AGM was granted the right to determine an even shorter term of office when electing shareholders’ representatives.
Commerzbank’s Future
While Commerzbank celebrates its achievements and shareholder support, the bank remains dedicated to its strategic goals and long-term profitability. The bank’s commitment to progress and improvement is demonstrated by the approved adjustments to the remuneration system, as well as the amendments to the Articles of Association. By aligning remuneration with sustainable development and standardizing Supervisory Board compensation, Commerzbank aims to enhance transparency and performance.
For additional information about the AGM, visit www.commerzbank.com/agm.
Disclaimer: This release contains forward-looking statements and expresses the current plans, expectations, estimates, and projections of Commerzbank’s management. The actual results and developments may differ materially due to various factors, including market conditions, asset prices, regulatory changes, and other risks. The information provided in this release is accurate as of the date of publication, and Commerzbank has no obligation to update or revise any forward-looking statements in the future.
