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Important security note: Warning of attempted fraud in the name of DWS

We have detected that fraudulent individuals are misusing the "DWS" trademark and the names of DWS employees on the internet and social media. These fraudsters are operating fake websites, Facebook pages, WhatsApp groups and Mobile Apps. Please be aware that DWS does not have any Facebook Ambassador profiles or WhatsApp chats. If you receive any unexpected calls, messages, or emails claiming to be from DWS, exercise caution and do not make any payments or disclose personal information. We encourage you to report any suspicious activity to info@dws.com, including any relevant documents and the original fraudulent email. Additionally, if you believe you have been a victim of fraud, please notify your local authorities and take steps to protect yourself.

Corporate Governance

Expressing our view

Letters to Investee Companies

Each year we send out various letters to investee companies and request to have a constructive dialogue. The letters address changes to our corporate governance and proxy voting policies, as well as developments in our governance and sustainability activities or expectations on focus topics (thematic). 

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We, at DWS Investment GmbH, explain our expectations of enhanced governance practices that are aimed at protecting and promoting the interests of our clients in order to fulfill our fiduciary duties.

Pre-Season Letter 2025

We at DWS Investment GmbH reiterate our commitment to fulfill our fiduciary duties in the best interest of our clients. We believe that sound corporate governance practices among our investee companies are both precondition and catalyst to achieving meaningful progress and create long-term sustainable value.

Pre-Season Letter 2024

Thematic engagement: Net-Zero by 2050

We expect companies that face substantial climate transition risks to accelerate their efforts in setting ambitious emission reduction targets and providing enhanced transparency on their roadmap towards climate neutrality.

  • Letter sent to 30 companies from various industries worldwide.

Net Zero letter 2024

Thematic engagement: DWS Coal Policy

In line with DWS’ commitment to drive towards net zero emissions in our portfolios well before 2050, DWS introduced the DWS Coal Policy in 2023. Guided by the science-based timelines for the phase out of thermal coal under the International Energy Agency (IEA) net zero pathway, our Coal Policy outlines specific actions, including investment restrictions and engagement strategies. We expect companies with a coal share of revenues between 5% and 25% to accelerate their phase-out from coal and publish transition plans by end of 2025 at the latest.

  • Letters sent to 12 companies in the utility and coal mining sectors in October 2024.
  • Our thematic engagement activities and follow-up dialogues with these companies aim to determine whether investees are committed to phasing out thermal coal activities and to encourage them to publish credible transition plans for implementing this coal phase-out by 2025 at the latest.

Coal Engagement Letter 2024


We at DWS Investment GmbH (DWS) remain fully committed to fulfill our duties as a fiduciary and we aim to protect the assets entrusted to us by our clients. Therefore, we continue to promote sound, robust governance standards and responsible transformations of business models. As a global fiduciary, we regard it as our responsibility to address challenges in the market.

Pre-Season Letter 2023

Thematic engagement: Net-Zero by 2050


We expect companies that face substantial climate transition risks to accelerate their efforts in setting ambitious emission reduction targets and providing enhanced transparency on their roadmap towards climate neutrality.

  • Letter sent to 80 companies from various industries worldwide in 2023

Net Zero letter 2023

Thematic engagement: DWS Coal Policy


In line with DWS’ commitment to drive towards net zero emissions in our portfolios well before 2050, DWS introduced the DWS Coal Policy in 2023. Guided by the science-based timelines for the phase out of thermal coal under the International Energy Agency (IEA) net zero pathway, our Coal Policy outlines specific actions, including investment restrictions and engagement strategies. We expect companies with a coal share of revenues between 5% and 25% to accelerate their phase-out from coal and publish transition plans by end of 2025 at the latest.

  • Letters sent to 27 companies in the utility and coal mining sectors in December 2023.

  • Our thematic engagement activities and follow-up dialogues with these companies aim to determine whether investees are committed to phasing out thermal coal activities and to encourage them to publish credible transition plans for implementing this coal phase-out by 2025 at the latest.

Coal Engagement Letter 2023

Our involvement in annual general meetings

Based on our continuous corporate governance activities and in line with our fiduciary duty, we have sent the following questions to the boards of some of our portfolio companies in written form:

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DWS AGM questions Tokyo Gas Co Ltd.
DWS AGM questions Dai Nippon Printing Co Ltd.
DWS AGM questions Adani Ports and SEZ Ltd.
DWS AGM questions Ivanhoe Mines Ltd.
DWS AGM questions B2Gold Corp.
DWS AGM questions Mitsui & Co Ltd.
DWS AGM questions Shopify Inc.
DWS AGM questions Toyota Industries Ltd.
DWS AGM questions Dollarama Inc.
DWS AGM questions Standard Bank Group Ltd.
DWS AGM questions Mowi ASA
DWS AGM questions Brookfield Corporation
DWS AGM speech Scout24 SE (German only)
DWS AGM questions OceanaGold Corporation
DWS AGM questions Sanlam Ltd. (SLM)
DWS AGM questions Tourmaline Oil
DWS AGM speech Vonovia SE (German only)
DWS AGM questions EQT AB
DWS AGM speech Daimler Truck Holding AG (German only)
DWS AGM questions TotalEnergies SE
DWS AGM speech Fresenius SE & Co. KGaA German only)
DWS AGM questions ENN Energy Holdings Limited
DWS AGM questions Truecaller AB
DWS AGM speech Porsche AG (German only)
DWS AGM questions Shell Plc
DWS AGM questions Anglo American Platinum Ltd.
DWS AGM questions NIBE Industrier AB
DWS AGM speech TAG Immobilien AG (German only)
DWS AGM speech Volkswagen AG (German only)
DWS AGM questions Equinor ASA
DWS AGM speech Commerzbank AG (German only)
DWS AGM speech BMW Group AG (German only)
DWS AGM speech SAP SE (German only)
DWS AGM questions Covivio SA
DWS AGM questions SSAB AB
DWS AGM speech Allianz SE (German only)
DWS AGM questions Woodside Energy Group Ltd.
DWS HV-Rede Mercedes-Benz (German only)
DWS AGM speech Lufthansa (German only)
DWS AGM speech DHL Group (German only)
DWS AGM questions Anglo American Plc
DWS AGM speech Munich Re (German only)
DWS AGM speech Henkel AG & Co KGaA (German only)
DWS AGM speech Bayer AG (German only)
DWS AGM speech Nestlé S.A (German only)
DWS AGM questions Santos Limited
DWS AGM speech Deutsche Telekom AG (German only)
DWS AGM speech Infineon AG (German only)
DWS AGM speech Siemens Energy AG (German only)
DWS AGM speech Siemens Healthineers AG (German only)
DWS AGM speech Siemens AG (German only)
DWS AGM speech TUI AG (German only)
DWS AGM speech thyssenkrupp AGM (German only)
DWS AGM speech Sixt SE (German only)
DWS AGM questions Northern Star Resources Limited
DWS AGM questions Mirvac Group
DWS AGM questions Bidcorp Group
DWS AGM questions FedEx Corporation
DWS AGM questions Experian Plc
DWS AGM questions Uranium Energy Corp.
DWS AGM questions Snowflake Inc.
DWS AGM questions Dell Technologies Inc.
DWS AGM questions United Therapeutics Corporation
DWS AGM questions CarMax, Inc
DWS AGM questions Equity Residential
DWS AGM speech Jenoptik AG (German only)
DWS AGM questions Regeneron Pharmaceuticals, Inc.
DWS AGM questions Grand Canyon Education, Inc.
DWS AGM questions Comcast Corporation
DWS AGM speech Evotec SE (German only)
DWS AGM speech Porsche AG (German only)
DWS AGM questions Ameris Bancorp
DWS AGM questions Chevron Corporation
DWS AGM questions The Southern Company
DWS AGM speech Volkswagen AG (German only)
DWS AGM questions Exxon Mobil Corporation
DWS AGM questions TotalEnergies SE
DWS AGM questions Shell Plc.
DWS AGM questions Cheniere Energy Inc.
DWS AGM questions Safran SA
DWS AGM questions Ross Stores Inc.
DWS AGM speech Fresenius SE (German only)
DWS AGM questions Lennox International Inc.
DWS AGM speech adidas AG (German only)
DWS AGM questions Valero Energy Corporation
DWS AGM questions Phillips 66
DWS AGM speech SAP SE (German only)
DWS AGM question ConocoPhillips
DWS AGM question Equinor ASA
DWS AGM question Loews Corporation
DWS AGM speech Deutsche Börse Group AG (German only)
DWS AGM questions Camden Property Trust
DWS AGM question Repsol SA
DWS AGM questions Ford Motor Company
DWS AGM speech Mercedes-Benz AG (German only)
DWS AGM questions RTX CORPORATION
DWS AGM speech Lufthansa AG (German only)
DWS AGM questions Rio Tinto Limited
DWS AGM speech Deutsche Post AG (German Only)
DWS AGM questions Canadian Natural Resources Limited
DWS AGM questions Lockheed Martin Corporation
DWS AGM questions BP Plc
DWS AGM questions Anglo American Plc
DWS AGM speech Commerzbank (German Only)
DWS AGM speech BAYER (German Only)
DWS AGM speech BASF (German Only)
DWS AGM questions Marathon Petroleum Corporation
DWS AGM questions Nestlé S.A.
DWS AGM questions LVMH Moet Hennessy Louis Vuitton SE
DWS AGM speech Siemens Healthineers (German Only)
DWS AGM questions EQT Corporation
DWS AGM questions Saab AB
DWS AGM questions Industrivarden AB
DWS AGM speech Deutsche Telekom (German Only)
DWS AGM questions Airbus SE
DWS AGM questions ADNOC Gas
DWS AGM speech Siemens Energy AG (German only)
DWS AGM speech Aurubis AG (German only)
DWS AGM speech Siemens AG (German only)
DWS AGM speech thyssenkrupp AG (German only)
DWS AGM questions African Rainbow Minerals Ltd.
DWS AGM questions Washington H. Soul Pattinson and Company Limited
DWS AGM questions Silver Lake Resources
DWS AGM questions Northern Star Resources Limited
DWS AGM questions Beach Energy Limited
DWS AGM questions BHP GROUP LTD
DWS AGM questions Kelsian Group Ltd.
DWS AGM questions Darden Restaurants, Inc.
DWS AGM questions NHPC Ltd
DWS AGM questions Reliance Industries Ltd
DWS AGM questions Oil & Natural Gas Corporation Limited
DWS AGM questions Jindal Steel & Power Ltd
DWS AGM questions Grasim Industries Ltd
DWS AGM questions Naspers Ltd.
DWS AGM questions Hindalco Industries Ltd
DWS AGM questions UltraTech Cement Ltd.
DWS AGM questions Larsen & Toubro Ltd
DWS AGM questions JSW Steel Ltd
DWS AGM questions Adani Power Ltd
DWS AGM speech Fresenius Medical Care AG & Co. KGaA, extraordinary AGM (German only)
DWS AGM questions Vedanta Ltd
DWS AGM questions ENEOS Holdings, Inc.
DWS AGM questions Public Power Corp SA
DWS AGM speech Porsche AG (German Only)
DWS AGM questions CEZ as
DWS AGM questions Marubeni Corp.
DWS AGM questions TotalEnergies SE
DWS AGM questions Qiagen NV
DWS AGM speech Daimler Truck AGM (German Only)
DWS AGM speech Deutsche Telekom (German Only)
DWS AGM questions IAG
DWS AGM questions BJ's Wholesale Club Holdings, Inc.
DWS AGM questions Keurig Dr Pepper Inc.
DWS AGM questions Devon Energy
DWS AGM questions ExxonMobil
DWS AGM questions Chevron Corp
DWS AGM questions Commerzbank AG (German only)
DWS AGM questionsKumba Iron Ore Limited
DWS AGM questions Pioneer Natural Resources
DWS AGM questions The Travelers Companies
DWS AGM questions EOG Resources
DWS AGM questions Shell Plc
DWS AGM questions Rio Tinto Limited
DWS AGM speech Sixt SE (German only)
DWS AGM questions Southwest Airlines
DWS AGM questions E.ON SE (German only)
DWS AGM speech Fresenius Medical Care AG & Co. KGaA
DWS AGM questions Klépierre SA
DWS AGM speech SAP SE (German only)
DWS AGM questions Phillips 66
DWS AGM speech Volkswagen AG (German only)
DWS AGM questions Deutsche Post (German only)
DWS AGM speech Munich Re
DWS AGM questions Occidental Petroleum
DWS AGM speech RWE (German only)
DWS AGM speech Mercedes Benz (German only)
DWS AGM questions Metso Outotec Oyj
DWS AGM questions Bakkafrost
DWS AGM speech Bayer (German only)
DWS AGM speech BASF (German only)
DWS AGM questions - Getlink SE
DWS AGM questions LVMH
Questions HV - Deutsche Telecom(German Only)
DWS AGM questions ROCKWOOL A/S
DWS AGM questions BELIMO Holding AG
DWS AGM questions Siemens Healthineers AG
DWS AGM questions Infineon AG
DWS AGM questions (DSV A/S)
DWS AGM questions Siemens Energy AG (German only)
DWS AGM questions Siemens AG (German only)
DWS AGM questions thyssenkrupp AG (German only)

Corporate Governance Services

DWS Corporate Governance and Proxy Voting Policy - Core Values 

Boards of Directors

  • Qualified, experienced, diverse and independent directors are mandatory for competent boards for an efficient decision-making process and long-term sustainable company performance. We understand diversity as a broader concept that encompasses gender, age, nationality, professional background, qualifications, and tenure:
    • extended transparency requirements on directors: CVs and board meeting attendance should be disclosed on the website
    • Over 50% of the board members should be independent
    • tenure is considered as a critical factor for independence (max. 10 years)
    • mandatory age limit set by the company is supported as to ensure a regular board refreshment
    • separation of CEO and Chairman roles is supported for an appropriate balance of power and impartiality
  • Board members need to spend sufficient time and have an appropriate degree of ‘independence in mind’ in fulfilling their responsibilities as directors:
    • maximum 3 board seats for executive directors
    • maximum 5 board seats for non-executive directors

Executive Compensation

  • Transparency and comprehensibility on qualitative and quantitative performance indicators are necessary to allow sufficient oversight of remuneration systems
  • Balance between fix and variable pay and appropriateness of total pay need to be ensured
  • Regular say-on-pay should take place as an important shareholder right
  • Relevant and adequate bonus-malus and claw-back mechanisms and reasonable deferral periods for executives need to be in place as key elements of a sustainable long-term oriented compensation structure

Shareholder Rights

  • We support the ‘one-share-one-vote’ principle and do not support voting caps
  • Interests of minority shareholders should be properly considered and necessary measures should be put in place
  • We support improved reporting practices on shareholder relevant information

Auditors

  • Key elements of appropriate disclosure as the term of appointment of the lead audit partner as to demonstrate his/her independence and objectivity: max. 5 year rotation for the audit partner

  • Disclosure of the non-auditing services and the appropriateness of the related fees to validate the independence of the external auditors

  • The audit firm has to be rotated after 10 years to ensure independence and objectivity

 Corporate Governance and Proxy Voting Policy (2025)

 Corporate Governance and Proxy Voting Policy (2024)

 Corporate Governance and Proxy Voting Policy (2023)

 DWS Stewardship Report (2024)

 DWS Stewardship Report (2023)

 Active Ownership: Engagement & Proxy Voting Report (2022)

 Active Ownership: Engagement & Proxy Voting Report (2021)

 Active Ownership: Engagement & Proxy Voting Report (2020)

 

The DWS commitment to stewardship is demonstrated by the official recognition of DWS Investments UK Limited as a UK stewardship code signatory.

In order to ensure effective and efficient fulfillment of the associated obligations, the relevant processes and facilities are organized centrally and carried out by the affiliates within the DWS Group or made available to them.

 

  UK Stewardship Code Report DWS Investment UK Limited
(nur in Englisch verfügbar)

Reporting and Communication

Proxy Voting Advisory

Voting results

Germany

Germany

Luxembourg

Luxembourg

U.S.

Proxy Voting in the US is subject to its own dedicated policy and guidelines, in line with local regulations.

U.S.

Corporate Engagement Process

We follow a stringent step-by-step approach in order to engage with our portfolio companies

*Notice:

Corporate Governance is conducted for DWS Investment GmbH, DWS Investment S.A. and for specific portfolio management mandates of DWS International GmbH.

The primary responsibility for the engagements and the exercise of voting rights outlined on this website lies with DWS Investment GmbH. To ensure an effective, efficient and consistent process, the following DWS legal entities have delegated the voting rights of their funds (in case of DWS Investment S.A.) respectively their institutional mandates (in case of DWS International GmbH) to DWS Investment GmbH:

- DWS International GmbH (applicable to mandates where the voting rights have been delegated by the institutional client)

- DWS Investment S.A

 

Reflecting our fiduciary duty to our clients, the exercise of our voting rights is made fully independent from any views or interests of our principal shareholder Deutsche Bank AG and other DWS legal entities.

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