One day before the Annual General Meeting of Deutsche Bank subsidiary DWS, they demonstrated for a more climate-friendly orientation of the investment company. At around 6 a.m., they unfurled a 100-square-metre banner from the roof of the plinth building next to the main entrance with the slogan: "DWS commit, protect the climate!"

The occasion is the upcoming Annual General Meeting of DWS on Thursday, at which the greenwashing allegations against the Deutsche Bank subsidiary will once again be discussed. This concerns alleged fraudulent labeling in the marketing of sustainable investment products. Since August 2021, several authorities in Germany and the USA have been investigating allegations of capital market fraud. Former head of sustainability Desiree Fixler accuses DWS of reporting a higher level of sustainability for ESG funds than they actually have. DWS rejects this.

Deutsche Bank holds around 80 percent of its fund subsidiary. It explained that sustainability and climate protection are strategic priorities for it. "This applies to all business areas and therefore also to our majority shareholding in DWS." She therefore supports DWS "in its sustainability strategy and in constantly developing its guidelines and standards".

Last year, former DWS CEO Asoka Wöhrmann resigned following investigations into the greenwashing allegations. The remuneration of 13.8 million euros for the former CEO has sparked criticism from shareholders. The high remuneration for the new CEO Stefan Hoops is also a source of irritation for shareholders. According to the speech text published in advance, Hoops wants to explain to shareholders at the Annual General Meeting that DWS has been cooperating actively and transparently with the authorities since the investigations began. "With regard to our internal reviews, we can emphasize once again: We continue to stand by our financial disclosures and the prospectuses of our funds."

DWS stated that it agrees with Greenpeace that climate change requires decisive action. "However, we do not agree with Greenpeace on how to get there." While Greenpeace is calling for an immediate exit from certain companies, DWS, as a trustee of its clients' money, is focusing on the potential long-term and holistic effects of an immediate exit on the economy and society. The fund company has recently adopted a policy on coal companies and is constantly assessing the need to introduce further policies, including an oil and gas policy.

(By Tom Sims, Hans Seidenstücker, edited by Myria Mildenberger. If you have any questions, please contact our editorial team at berlin.newsroom@thomsonreuters.com (for politics and the economy) or frankfurt.newsroom@thomsonreuters.com (for business and markets)