LSEG London Stock Exchange Group Plc

   By Euan Conley 
 

Investment advisor Hermes EOS on Tuesday recommended that Deutsche Boerse AG (DB1.XE) shareholders give only "qualified support" for the re-election of Joachim Faber as the company's chairman.

Hermes EOS said in a statement that despite recommending that shareholders vote against Mr. Faber's "discharge," it supports his re-election as chairman for a further three-year term as part of an orderly transition.

However, the advisory firm called on him not to serve the full term and instead provide investors with clarity on his successor by the next annual general meeting in 2019.

Deutsche Boerse needs to move on from insider dealing allegations related to its executive remuneration system as well as its failed merger with the London Stock Exchange Group PLC (LSE.LN), Hermes EOS said, citing the "active role" Mr. Faber played in the negotiations.

In Germany, a formal vote of discharge for management and supervisory boards is essentially a vote of confidence which allows shareholders to approve or disapprove of actions taken by either board over the course of the year. It has no legal bearing.

Hermes EOS said it recommends voting to re-elect four incumbent supervisory board members, as well as electing three new nominees: Martin Jetter, Barbara Lambert and Joachim Nagel.

Write to Euan Conley at euan.conley@dowjones.com

(END) Dow Jones Newswires

May 15, 2018 08:43 ET (12:43 GMT)

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