Activest activists

24 January 2003

Two top German fund managers have named a dozen companies at whose shareholder meetings they intend to kick up a fuss. So few? Public rows are a real last resort for these investors. German shareholders still prefer a softlysoftly approach.

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Top German fund managers Union Investment and DWS have made public the list of companies they plan to criticise at their annual shareholders' meetings. DWS, a subsidiary of Deutsche Bank with a total investment in German equities worth around E5bn, wants to speak up for shareholders against the management of Telefonica, Adecco, Suez, Ericsson, Bayer, Fresenius, Deutsche Telekom, Volkswagen, Salzgitter and Allianz, according to the Frankfurter Allgemeine Zeitung. Union, which has E7bnE8bn invested in german shares, is targeting MLP, TUI, Alcatel and Ahold. Among fund managers in Germany, Union and DWS are almost alone in regularly pillorying companies at their AGMs.

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