This is not a paywall.

Register for free to continue reading.

The news sucks. But your reading experience doesn't have to. Help us improve that for you by registering for free.

Please create a password or click to receive a login link.

Please enter your password or get a login link if you’ve forgotten

Open Sesame! Thanks for registering.

First Thing, Daily Maverick's flagship newsletter

Join the 230 000 South Africans who read First Thing newsletter.

We'd like our readers to start paying for Daily Maverick

More specifically, we'd like those who can afford to pay to start paying. What it comes down to is whether or not you value Daily Maverick. Think of us in terms of your daily cappuccino from your favourite coffee shop. It costs around R35. That’s R1,050 per month on frothy milk. Don’t get us wrong, we’re almost exclusively fuelled by coffee. BUT maybe R200 of that R1,050 could go to the journalism that’s fighting for the country?

We don’t dictate how much we’d like our readers to contribute. After all, how much you value our work is subjective (and frankly, every amount helps). At R200, you get it back in Uber Eats and ride vouchers every month, but that’s just a suggestion. A little less than a week’s worth of cappuccinos.

We can't survive on hope and our own determination. Our country is going to be considerably worse off if we don’t have a strong, sustainable news media. If you’re rejigging your budgets, and it comes to choosing between frothy milk and Daily Maverick, we hope you might reconsider that cappuccino.

We need your help. And we’re not ashamed to ask for it.

Our mission is to Defend Truth. Join Maverick Insider.

Support Daily Maverick→
Payment options

Deutsche Bank’s DWS to Keep ESG Focus After Greenwash...

Business Maverick

Business Maverick

Deutsche Bank’s DWS to Keep ESG Focus After Greenwash Claims

A police vehicle arrives at the headquarters of DWS Group, the asset management unit of Deutsche Bank AG, during a police raid in Frankfurt, Germany, on Tuesday, May 31, 2022. Deutsche Bank and its asset management unit had their Frankfurt offices raided by police, adding to legal headaches facing Germany's largest lender.
By Bloomberg
09 Jun 2022 0

Deutsche Bank AG’s investment unit will keep its focus on sustainability after facing claims of greenwashing that contributed to the resignation of the chief executive officer, according to DWS Group Supervisory Board Chairman Karl von Rohr.

The German lender backs “unconditionally the strategy and financial targets” of DWS, von Rohr, who’s also a deputy Deutsche Bank CEO, said in prepared remarks for the asset manager’s annual general meeting on Thursday. “We’re also keeping the focus on environmental, social and governance issues known as ESG.”

The chairman’s comments come just days after DWS CEO Asoka Woehrmann resigned in the immediate aftermath of a police raid on the firm’s Frankfurt headquarters over claims that it overstated its ESG capabilities to investors. The event has been seen by some observers as a turning point for an asset management industry which is now facing the risk of strong action by regulators and law enforcement over greenwashing.

Read More: DWS Sends ‘Shock Waves’ Through ESG Fund Management Industry

For DWS, the probe by German prosecutors leading to the raid means the firm’s next CEO, Stefan Hoops, will continue to face regulatory and investor headwinds as he sets out to clean house. Several shareholders have tabled motions asking the AGM to withhold approval for DWS’s leadership while another one has announced he’s seeking to get the event postponed altogether.

DWS has always denied the greenwashing allegations, which were first made by former Chief Sustainability Officer Desiree Fixler. An “independent assessment” commissioned by the firm found “no evidence” to support them, von Rohr repeated in his remarks published Tuesday.

“Sustainability is too important an issue to make it OK for us that some individuals exploit it for personal gain,” outgoing CEO Woehrmann said in his AGM speech, according to prepared remarks also published Tuesday. “The continuing inflows into ESG products not only highlight the trust of our clients but also the quality of our ESG offering.”

He repeated that DWS continues to stand by its public ESG disclosures. Woehrmann is set to step down once the AGM ends on Thursday.


Comments - share your knowledge and experience

Please note you must be a Maverick Insider to comment. Sign up here or sign in if you are already an Insider.

Everybody has an opinion but not everyone has the knowledge and the experience to contribute meaningfully to a discussion. That’s what we want from our members. Help us learn with your expertise and insights on articles that we publish. We encourage different, respectful viewpoints to further our understanding of the world. View our comments policy here.

No Comments, yet

Please peer review 3 community comments before your comment can be posted