Deutsche Bank launches Tender Process for Auditor Rotation
Deutsche Bank (XETRA: DBKGn.DE/ NYSE: DB) has initiated a tender process for the annual audit of its financial statements in response to new EU regulation and changes to the EU Directive on statutory audits. This subject was referenced in the Supervisory Board Report of the bank’s 2016 Annual Report.
Regulation (EU) No 537/2014 and changes to Directive 2014/56/EU require a rotation of the external auditor at regular intervals. Accordingly, and in conformity with German law, Deutsche Bank has put in place a process for the engagement of a new external auditor for the financial year 2020, for both Deutsche Bank AG and the Deutsche Bank Group.
As part of this process the bank’s Audit Committee will oversee a tender process and make recommendations to the Supervisory Board by the end of 2018. The Supervisory Board plans to make a recommendation to shareholders on the appointment of a new external auditor at the 2019 Annual General Meeting (AGM) for the review of the interim financial statements of the first quarter 2020. It is anticipated that the new auditor will be appointed for the full financial year 2020 at the AGM 2020.
Going forward, in compliance with EU regulation and German law, the bank plans to undertake a rotation of its auditor at least every ten years.
For further information please contact:
Deutsche Bank AG
Press & Media Relations
Monika Schaller +49 69 910 48098
Christian Streckert +49 69 910 38079
+49 800 910 8000 (Frankfurt)
+44 20 7541 4100 (London)