Leading proxy voting adviser Pensions & Investment Research Consultants (PIRC) recommended that investors in scandal-hit Danske Bank oppose a resolution planning a break-up of the lender at its annual general meeting this month.
Danske is under investigation in the United States, Denmark, Estonia, France and Britain over some 200 billion euros ($225.78 billion) in payments from Russia, ex-Soviet states and elsewhere that were found to have flowed through its Estonian unit.
PIRC said on Tuesday that the size of the bank helps it to meet the financial needs of large Danish businesses and asset managers.
“In addition the universal business model helps the company to be resilient and flexible in the case of financial crisis,” PIRC said.
