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Fat bonuses for pseudo climate protection
Mega bonuses with pseudo climate targets? A new Greenpeace report shows how the Deutsche Bank subsidiary DWS justifies high bonuses with greenwashing: https://presseportal.greenpeace.de/224008-greenpeace-recherche-dws-topmanagement-reichert-sich-mit-exzessiven-boni -by-greenwashing The new Greenpeace research shows: The remuneration system of the Deutsche Bank subsidiary DWS systematically torpedoes effective climate and sustainability goals. Compared to the rest of the industry, the CEO collects an above-average amount of money for easily achievable but ecologically nonsensical sustainability goals. This is greenwashing with a system.
Mega bonuses with pseudo climate targets? A new Greenpeace report shows how the Deutsche Bank subsidiary DWS justifies high bonuses with greenwashing: https://presseportal.greenpeace.de/224008-greenpeace-recherche-dws-topmanagement-bereichert-sich-mit-exzessiven-boni-durch-greenwashing
The new Greenpeace research shows: The remuneration system of the Deutsche Bank subsidiary DWS systematically torpedoes effective climate and sustainability goals. Compared to the rest of the industry, the CEO collects an above-average amount of money for easily achievable but ecologically nonsensical sustainability goals. This is greenwashing with a system. Compared to other German fund companies, DWS brings up the rear when it comes to climate protection.
Background: In the summer of 2021, the whistleblower Desiree Fixler started a greenwashing scandal that shook the financial industry and is still making headlines today: The former sustainability manager revealed that the fund company DWS advertised its fund products as greener than they actually were. Since then, US and German supervisory authorities have been investigating DWS and the parent company Deutsche Bank for capital investment fraud in connection with greenwashing - a first in the industry. In the meantime, Greenpeace has been able to identify further cases of greenwashing in several studies by the Deutsche Bank subsidiary. All of this raises the suspicion that the fraud with sustainability promises at DWS seems to be systematic.
Greenpeace is calling for an end to greenwashing bonus payments and instead for top management variable remuneration to be linked to effective sustainability goals such as binding investment rules for coal, oil and gas companies.
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