Germany’s ban on managers “moving upstairs” to become non-executive directors could damage the country’s companies, some key European investors have warned. Hermes, the activist UK shareholder, wrote to the chairmen of Germany’s largest 80 companies on Wednesday, including Deutsche Bank and Siemens, saying the move “will lead to valuable experience and relevant knowledge being lost”. The ban – which is also opposed by DWS, Germany’s largest fund manager – came into force this month as part of a law on remuneration.

This entry was posted by Gwen Robinson on Thursday, August 27th, 2009 at 4:52 and is filed under Capital markets, People. Tagged with deutsche bank, hermes, siemens. Edit this entry.