Updates of Deutsche Bank AG
Sign up for myFT Daily Digest to be the first to know about Deutsche Bank AG news.
PwC advised DWS to establish itself as soon as the accounting company analyzes and removes the false claims of the supervisor’s general profiles, and raises questions about the autonomy of the audit.
This was stated between March and former DWS boss Desiree Fixler. Shortly after his dismissal, he criticized DWS for falsely portraying its use of natural styles, associations and management practices in the search for companies for its products.
Fixler expressed his concerns on a five-page page, reviewed by the Financial Times, and sent an email to DWS chairman Karl von Rohr on March 17.
According to the Wall Street Journal last month, U.S. and German officials began investigating, which sent a price tag for the manager’s shares.
Christian Sewing, CEO of Deutsche Bank, a major shareholder in DWS, told experts Friday that discussions on street washing are “noisy”. He also spoke about the need to be “extremely careful, self-controlled, and diligent in your work [ESG] policy, your reports, your measure and when deciding whether ESG is compliant or not? ”
DWS denies any wrongdoing and ordered PwC to investigate the allegations within a few days of receiving the document.
During a video presentation on March 23, key DWS members agreed to “take [all of Fixler’s allegations] in-depth monitoring accordingly [them]”, According to a document that FT saw.
Meanwhile, another PwC team led by its partner Nicole Röttmer was advising the financial manager on how to achieve its goal of producing zero zero by 2050.
DWS paid around € 300,000 for PwC net-zero queries, which were completed, according to people familiar with the matter. The treasurer also spoke to PwC in early 2021 to authorize reliable weapons that cost about $ 50,000 a year, which he eventually decided to contend with, said one resident.
During the “Gamma” project, the Big Four company interviewed seven DWS employees and reviewed the emails and demonstrations that Fixler mentioned.
In view of the controversial issue – that the amount of funding generated in the ESG inclusion process was raised in the annual report – PwC also reviewed the DWS KPMG Auditor’s working papers.
PwC found that the ESG model adopted the system, and that the numbers were challenged by KPMG in the annual review, people familiar with the study say. “The number reported in the annual report was small compared to the previous internal report,” said one person.
In mid-May, PwC said in a 42-page report, that it “could not identify the group’s contents”. PwC also denied Fixler’s allegations that he was fired for retaliation for expressing his concerns internally.
Fixler told FT that “he wants to know how PwC handled potential conflicts between his business and ESG and the monitoring that takes place in the same area” and indicated that he was not connected at any time during the investigation.
In a summary of the study, PwC on May 21 stated that “there is no other way to collect data (e.g. through Fixler’s mother) that is important at the moment”, noting that “what is said in this statement can be based on our assumptions with existing DWS”. .
However, Fixler says PwC needs to keep in touch with them about some of the issues that were in their email to the DWS chair, but not in its correspondence in detail, including what they see as “barriers” to anti-crime.
One person close to the European finance minister said that although it was “interesting” that PwC did not contact Fixler, the same investigation was “sufficient” and was not interrupted by the company’s adviser.
Both PwC affiliates declined to comment. PwC also declined to comment on its various DWS laws, citing customer privacy but said it was “important to note that the fears you express about our rights or disputes are unfounded”.
DWS said it “represents its disclosure in its annual reports. DWS vehemently denies the allegations made by a former employee.”