On Thursday, at the virtual AGM, the Deutsche Pfandbriefbank AG (pbb) shareholders approved the majority of the items on the agenda, including approval of the members of the Management and Supervisory Boards.
The AGM also approved that the consolidated profit from 2019 be retained allowing pbb to further strengthen its capital base, despite its very good capital structure and a conservative, risk-orientated portfolio. As most banks regulated by the ECB, pbb complies with a respective recommendation made by the regulatory authorities. The Management and Supervisory Boards have reserved the right to re-examine the market situation after 1st October, 2020, when there is a greater level of certainty regarding the impact of the COVID-19 pandemic on which to base decisions. The ECB has explicitly made it possible for banks to present a new dividend proposal for the distribution of profits for the financial year 2019 at a further General Meeting.
As part of the report by the Management Board, CEO Andreas Arndt said: “We are convinced that our solidity, and our comparable strength in the real estate finance market, provide us with opportunities, especially in this challenging time, which we will consistently endeavor to use to our advantage. Defending our solid position, maintaining our risk-conservative approach, and proactively taking advantage of opportunities – those are our principles for the time ahead.”
The presence amounted to 48.6% of the share capital.
Notes for the Editor:
Please find below a table of the results of resolutions passed.
Results of Resolutions by the Annual General Meeting 2020
Agenda Item | Approval Rate |
|---|---|
2. Appropriation of consolidated profit | 99.5 |
3. Formal approval of the Members of the Management Board for the financial year 2019 | 99.8 |
4. Formal approval of the Members of the Supervisory Board for the financial year 2019 | 99.0 |
5. Appointment of external auditors for the financial statements and consolidated financial statements, and auditors for any review of interim financial information | 94.3 |
6. Cancellation of the Authorized Capital 2015, the authorisation of the Management Board to increase the share capital (Authorised Capital 2020/1) – with the authorisation to exclude the subscription right of the shareholders – and the corresponding amendments to the Articles of Association | 97.0 |
7. Authorisation of the Management Board to increase the share capital (Authorised Capital 2020/1) – with the authorisation to exclude the subscription right of the shareholders – and the corresponding amendment to the Articles of Association | 99.5 |
8. Authorisation of the Management Board to issue profit participation rights and other hybrid bonds with the authorisation to exclude the subscription right of the shareholders, on the cancellation of the existing authorisation and of the Conditional Capital 2015, and on the corresponding amendment of the Articles of Association | 97.0 |
9. Authorisation to acquire own shares in accordance with section 71 (1) no. 8 AktG, including under exclusion of the right to tender, and to use those own shares, also under exclusion of the shareholders’ statutory subscription right, and on the authorization to redeem own shares acquired and to reduce the capital, and on the cancellation of the existing authorization | 98.2 |
10. Authorisation to use derivatives in connection with the acquisition of own shares pursuant to section 71 (1) no. 8 AktG and to exclude the tender and subscription right | 65.8* |
11. Introduction of provisions for convening reorganization general meetings, amendment of the Articles of Association | 46.3* |
12. Amendment of the Articles of Association in section 3 (2) (transmission of information to shareholders), section 14 (5) sentence 2 and sentence 3 (proof of share ownership) and section 14 (6) sentence 3 (exercise of voting rights by proxies) | 99.9 |
*not approved
*not approved
Media Contact:
Walter Allwicher, +49 89 2880-28787, walter.allwicher(at)pfandbriefbank.com