For the first time, the Commerzbank management recognizable clashed with the federal government. The federal government prevented on Thursday as a major shareholder plans of management and supervisory boards. This is all the more astonishing as Commerzbank with Klaus-Peter Müller has a chairman, who makes no secret of its proximity to the CDU.
Even Müller’s father was for the Christian Democratic Party in Dusseldorf honorary mayor. He moved to the former Hessian CDU Prime Minister Roland Koch in the election campaign. From 2008 to spring 2013 led Klaus-Peter Müller, the government commission, the recommendations for good corporate governance (Corporate Governance) gave, some of which later were to laws. And only a few days of soon 71 years old reserve officer Müller was appointed to head a commission to issue an opinion on possible organizational deficiencies in the Federal Ministry of Defence prior to the procurement of not particularly unerring G36 rifle.
Politics let Müller in ambush advised
In short, Klaus-Peter Müller is close to the government and quite funny Rhinelander fits so well with the Commerzbank, whose major shareholder is the federal government. But how could “Sagittarius Müller” – mocking him this nickname have missed because of its new appraiser task at the Federal Ministry of Defence – now fall into the ambush of the federal government? Had he not, the federal government indicated that it already had to turn down for political reasons miller plan to make an exception of the bonus rule for 210 investment bankers? Or has only the pressure of the opposition brought before the Annual General Meeting to a rethink in the Federal Ministry of Finance?
However, the legal rule in Europe stating that bonuses should be just as high as the annual salary. However, the bank shareholders’ meeting may decide an exception. This exception to the bonus rule would prevail even in Commerzbank for approximately 210 “mission-critical employees” Müller modeled after the Deutsche Bank. The Vorstandsollte may pay them twice the annual salary in bonuses.
Müller followed by many large fund companies. They too worry as shareholders apparently that Commerzbank with their bonuses is not competitive with other banks with which it advertises the best investment bankers. Nevertheless, it is to be welcomed that the Federal Government has made its influence and prevented the bonus except at Commerzbank.
Irreverent Bonus Policy
It is quite disrespectful to the small shareholders when duplicate bonuses would be paid at Commerzbank. Because the bank is for seven years not been able to generate so much profit, that it is enough for a dividend. While CEO Martin Blessing stoked now hopes, in one year, the drought could be overcome. But was promised by bankers a lot. Let us recall the CEO of Deutsche Bank, Anshu Jain, who in 2013 and thus prematurely proclaimed the end of the hunger march.
Inexplicably, however, is that such a political person as the Chairman of the Board Klaus-Peter Müller, the sensitivity is gone missing and he even makes such a bonus proposal. At the very least would have to wait twice bonus plan until the Bank is in fact capable of dividends. But now the plan is there, where it belongs: in the bucket
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