Investor Concerns Over EY's Reappointment Amid Wirecard Scandal

In the 2026 annual shareholders' meeting season, investor advocates have expressed concern over the decision to reappoint Ernst & Young (EY) as the auditor for Deutsche Bank and Volkswagen. The reappointment has been criticized due to EY's controversial involvement in the Wirecard scandal. Despite requests for clarification, EY has remained unresponsive and unwilling to negotiate with Wirecard investors.

In contrast, Allianz SE has opted for PwC as its auditor for 2026, a move that has been praised by advocates. They argue that EY's involvement in the Wirecard case undermines trust, especially as Deutsche Bank is embroiled in ongoing legal challenges, including allegations of money laundering.

Volkswagen's choice to stick with EY has baffled some legal experts due to past fiscal discrepancies. Investor advocates plan to propose counter-motions at the upcoming general meetings to prevent EY's reappointment.