Company briefs: Deutsche Bank

PHOTO: REUTERS

Deutsche Bank

Deutsche Bank on Monday said it planned to join a small number of financial institutions that link management pay to environmental, social and governance-related (ESG) criteria.

Germany's largest bank said that from next year, management compensation would be tied to reaching targets on sustainable finance investments, on the sustainability ratings it receives from five leading ESG ratings agencies and on succeeding in reducing the bank's own energy consumption.

REUTERS


ST Engineering

ST Engineering has placed its dormant subsidiary Homeland Security Services under members' voluntary liquidation.

"This exercise is part of ST Engineering's ongoing review to streamline its legal entity structure," the mainboard-listed defence and engineering group said yesterday in a bourse filing.

It added that it does not expect any impact on its net tangible assets or earnings for the current financial year.

ST Engineering shares closed at $3.86 yesterday, down 0.26 per cent.


Lufthansa

Ground crew at Germany's beleaguered airline giant Lufthansa have agreed to a €200 million (S$324.3 million) cut in personnel costs in exchange for avoiding forced redundancies until March 2022, trade union ver.di said on Monday.

The agreement covers 35,000 staff in Germany and includes the cancellation of bonuses and a suspension of wage increases.

The deal also allows for early retirement and voluntary redundancies and will protect employees from compulsory layoffs until the end of March 2022.

AGENCE FRANCE-PRESSE

A version of this article appeared in the print edition of The Straits Times on December 09, 2020, with the headline 'Company briefs: Deutsche Bank'. Print Edition | Subscribe