"We want to give [incoming Chairman Paul] Achleitner a clear mandate to undertake a thorough review of corporate governance and eventually push through additional changes on the supervisory board," said Hans-Christoph Hirt, the head of European corporate governance at Hermes, a British fund management firm.
The Financial Times reported Tuesday that Hermes owns only 0.5 percent of Deutsche Bank shares, but that it was practiced at investor revolts, having led a shareholder protest at microchip firm Infineon in 2010.
Retiring Chairman Clemens Borsig, who is leaving next month, would comment on the shareholder rebellion "as appropriate," the bank said.
Currently, Hermes is lobbying for shareholders to vote no at next month's shareholder meeting on a resolution approving of the bank's supervisory board's performance for the past year.
It would be a non-binding vote, but it would send a message that shareholders want changes at the top level of management.
A "no" vote would follow trend of discontentment among shareholders at financial firms.
At Barlclay's, a $40.3 million pay package for Chief Executive Officer Bob Diamond has sparked a dispute. Last week, shareholders in a non-binding vote rejected a $15 million pay deal for Citigroup CEO Vikram Pandit.