Commerzbank shareholders reject plans for shorter AGM notice period

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Investors blocked Commerzbank’s plans to change the rules around how it convenes shareholder meetings at the bank’s annual shareholder meeting in Frankfurt on Wednesday.

Germany’s second largest lender had wanted to give itself the option in future of shortening the notice period for convening general shareholders meetings to adopt resolutions on a capital increase.

However, the change required the backing of two thirds of shareholders, and at the meeting in Frankfurt, just 66.44 per cent of the capital represented backed the proposal.

Commerzbank said that it reserved the right to put the issue to a vote again at a later date.

All other motions were approved.

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