Proxy adviser ISS backs investigation into Deutsche Wohnen loan to Vonovia

Deutsche Wohnen SE

30/05/2023 15:21

BERLIN, May 30 (Reuters) - Proxy adviser Institutional
Shareholder Services (ISS) backs a call by activist investor
Elliott for a special investigation into a loan that German
property company Deutsche Wohnen  DWNG.DE  made to its top
shareholder Vonovia  VNAn.DE , it said on Tuesday. 
    "While there is currently no clear and irrefutable evidence
of wrongdoing by members of the management and supervisory
boards in connection with the loan agreement, the conduct of the
boards in the context of Vonovia's takeover raises legitimate
concerns about potential conflicts of interest and breach of
fiduciary responsibilities," ISS said in a research report.
    Therefore, a vote for the special audit was considered
warranted, the report said.
    Deutsche Wohnen's supervisory board has said that it did not
see any need for an investigation.

 (Reporting by Kirsti Knolle
Editing by Miranda Murray)
 ((kirsti.knolle@thomsonreuters.com;  +49 30 220133561;))