Shareholders, ladies and gentlemen. On behalf of my colleagues on the Supervisory Board, I would like to welcome you very warmly today to today's Annual General Meeting of DWS Group GmbH & Co. KGaA. Unfortunately, once again, we can only exchange with you virtually today. At the time when we had to decide on the format of today's Annual General Meeting, the high level of uncertainty about the further course of the pandemic left us with no other choice. We could not ignore the rapid momentum with which the Omicron variant was spreading and its almost explosive growth, which is why the risk of a face-to-face event was simply not justifiable. We have no choice but to hold the Annual General Meeting once again in a virtual format today before we can hopefully finally move on to personal exchange with you on site again next year.
Because as an active dialogue-oriented asset manager, personal exchange with you is particularly important to us. In order to enable you to respond to our comments despite the virtual format, Asoka Woehrmann and I have already had our speech scripts placed on our website for you in the run-up to the AGM. It was important to us to ensure that you were going to have the opportunity to submit questions for today, even on the basis of our speeches, of course, not least in the light of last week's events, which I will comment on in a moment. As last year, we also once again offer you the additional opportunity to ask follow-up questions relating to questions submitted prior to the AGM during today's AGM. We hope that this approach will enable us to enter into an intensive and direct dialogue with you despite the current circumstances.
In the details, I will provide you with more specific explanations before we enter into the general debate. Ladies and gentlemen, before turning to the actual contents of my speech, let me briefly take you through the formalities required at an AGM, and hereby open today's AGM of DWS. The Annual General Meeting was convened in proper form and in due time with the publication of the agenda in the Federal Gazette of 28th of April, 2022. Of the members of the Management Board of the General Partner, Asoka Woehrmann , Claire Peel, Manfred Bauer, and Stefan Kreuzkamp are present here today. We are particularly delighted that our CFO, Claire Peel, has been able to travel here from London again this year and has joined us here in the studio.
Although we have not planned for her to speak at today's AGM, not least due to language reasons, she nevertheless plays an important role for our AGM as her primary responsibility is her role as DWS Group's CFO in charge of Finance. Claire was intensively involved in preparing the answers to your questions, in particular questions regarding financial issues. Thank you very much, Claire, for being here today. The other members of the Management Board and the members of the Supervisory Board are not present in person today due to the virtual format of the AGM. You will now see my colleagues on the Supervisory Board on the screen. Starting with the shareholder representatives, they are my deputy, Ute Wolf, Annabelle Bexiga, Aldo Cardoso, Minoru Kimura, Bernd Leukert, Richard Morris, and Margret Suckale. As employee representatives, Stefano Accorsini, Angela Meurer, Erwin Stengele, and Said Zanjani.
Let me also welcome all of them very warmly here today. They are following our AGM on their screens, as are the Management Board Members not attending in person and joining us on the panel here today. In addition, our notary is sitting on the right-hand side from your perspective, Dr. Habetha. He will be taking notarized minutes of today's Annual General Meeting. Let me now make a number of comments regarding the list of attendees. In the framework of our virtual Annual General Meeting, the list of attendees will only comprise the company's proxies represented here in the attendance area today. Numerous shareholders have used the opportunity to authorize and instruct proxies. In addition, we have received absentee votes from many shareholders. The votes cast by way of absentee voting will be included in the voting separately.
Based on the data available as of today at 9:30 A.M., let me announce attendance as follows. The company's share capital of EUR 200 billion breaks down into 200 million no-par-value shares. Of this total, 170,746,953 no-par-value shares conferring the same number of votes are represented at today's AGM. This corresponds to 85.38% of the share capital. In addition, we have received absentee votes for 10,149,886 no-par-value shares. The total number therefore amounts to 180,896,839 no-par-value shares. This corresponds to 90.45% of the share capital.
Shareholders who have duly registered and provided evidence of their shareholdings have the opportunity to cast their vote by means of absentee voting or authorize or instruct the proxies of the company via the shareholder portal until shortly after the Q&A session today. I will announce the exact time at which we will close the shareholder portal prior to the end of the Q&A session. Shareholders who have authorized or instructed proxies or voted by absentee voting have the opportunity to change their instructions, proxies, and votes until that point in time via the shareholder portal. In order to use the portal, please use the access data on the voting card sent to you following proper registration and evidence of your shareholdings.
The attendance area in this building in Mainzer Landstraße 11-17 in Frankfurt am Main comprises the auditorium and a separate area in front of the auditorium, where the votes will be counted later today. Moreover, one of the company's proxies will also be present in that area today. The agenda with the wording of the respective resolution proposals is available for inspection here. The notary also has a copy at hand. You can also look up the exact wording of the agenda on our website. The Annual General Meeting will be broadcast in full length in video and audio on our website today. Our shareholders and the interested public will have access to the broadcast. A recording up to the end of the speech of the CEO will also be available on our website following the close of today's Annual General Meeting.
Moreover, a script of the questions and answers presented at today's Annual General Meeting will be available on our website in German, as well as in the form of an English translation after the end of today's Annual General Meeting. Much on the formalities. Ladies and gentlemen, before I talk about the Supervisory Board's work last year, I would like to touch on the important personnel decisions taken over the past few days. On Wednesday last week, we mutually agreed with Asoka Woehrmann that his mandate as CEO of DWS would end with today's Annual General Meeting. We would like to express our gratitude for the way Asoka Woehrmann has handled this matter. This decision was preceded with many discussions over the past weeks and months due to allegations relating to our ESG reporting and further accusations, rumors, and even anonymous personal threats in the past.
He and his family, as well as all of DWS, have been put under considerable strain. In order to protect our company and his family, Asoka Woehrmann is now clearing the way for a new start in terms of leadership at DWS. This decision is a testament to his sense of responsibility and to what has distinguished him in all his years of work for Deutsche Bank and DWS. His DWS, with its clients and employees, has always been Asoka Woehrmann's top priority, and that is also how he has treated this decision, which I truly believe deserves our respect. Asoka Woehrmann has played a decisive role in shaping DWS over the past 2.5 decades and has always shown enormous energy and passion for the company.
He was a successful Fund Manager and a leading Investment Strategist, one of the most prominent and respected capital market experts in the industry. Since Asoka Woehrmann took the helm of DWS in the autumn of 2018, he has successfully established the firm as a leading European Asset Manager with global reach. He has driven the transformation of DWS and its independence as a listed company and has been instrumental in setting the course for a successful future. For example, under his leadership, DWS has made an early and determined effort to build up an extensive product portfolio in sustainable investment products to allow investors access to this segment. By 2021, DWS was already reaping the rewards of this successful transformation. It was a year of records in terms of profit, cost-income ratio, net inflows, and assets under management, which will be discussed later too.
Of course, this is also largely Asoka Woehrmann's achievement, and he and his entire team at DWS deserve great credit for this, both externally and internally. Over the years, he has done a lot to foster a strong team spirit at DWS and to grow DWS into the global organization it is today. Approachable, authentic, and full of empathy. These are attributes that you hear about Asoka Woehrmann time and again from companions and colleagues. He's also popular because he takes a clear stance and is willing to fight for his convictions and values. At the same time, Asoka has always acted as a fiduciary for his clients. For me personally, Asoka Woehrmann is also a valued companion and a reliable partner.
Ladies and gentlemen, I believe I not only speak on behalf of the Supervisory Board and our employees, but also for you when I say thank you very much, dear Asoka, for all you have done and contributed to DWS over the many years. I am pleased that with Stefan Hoops, we have an outstanding manager ready to succeed Asoka Woehrmann at the helm of DWS. Stefan Hoops has proven his capital market expertise and deep understanding of clients, as well as excellent leadership skills in various management positions within Deutsche Bank over the past few years. He has strategic vision, a global network, and experience in digitalization.
Specifically in his current role as Head of Deutsche Bank's Corporate Bank, he has shown that he can consistently lead a globally operating business, even in the event of strong headwind, set a new direction, and put it on a sustainable growth path. He has also played a significant role in helping the Corporate Bank achieve its best results in the first quarter of 2022 since its foundation in 2019, and keeping it on track to meet the 2022 targets. With a PhD in economics, Stefan spent the first 15 years of his career working in capital markets. He therefore has extensive expertise in financial markets and a deep understanding of how financial markets are intertwined. In the Investment Bank of Deutsche Bank, he looked after institutional clients for many years, including the world's largest asset managers, most recently as Global Head of Institutional Sales.
At the Corporate Bank in turn, Stefan Hoops was in charge of payment transactions and the securities custody business for asset managers and other capital market players, among other responsibilities. Stefan Hoops therefore brings many valuable experiences to his new role. What was also important to us in selecting him as new CEO of DWS is that Stefan Hoops is an authentic and strong leader. He motivates employees by inspiring ideas and passion for business. Ladies and gentlemen, by building on the successes of the past few years, Stefan Hoops will continue to develop DWS further, strengthen its global position. In our view, he is the right man for DWS.
Mr. Hoops will introduce himself to you later in the course of our AGM. Ladies and gentlemen, we understand that a change of CEO also raises questions about the future direction of the company. Therefore, allow me to emphasize at this point, the Supervisory board, which is intensively involved in the strategy process at DWS, and also Deutsche Bank, as the majority shareholder of DWS, stand firmly behind DWS's strategy and financial targets without any ifs or buts.
For DWS, transformation and growth remain key to becoming one of the market leaders. As before, this includes the flexibility to pursue inorganic growth opportunities while continuing our focus on organic growth. This applies wherever appropriate opportunities arise for us to achieve economies of scale, expand our product experience, or extend our presence in growth regions. In the same way, we maintain our focus on Environmental, Social, and Governance topics, in short, ESG. This is a key trend that will continue to strongly shape the industry. We also fully support DWS's strategy to position itself as an independent listed company with its own processes, structures, and systems tailored to an asset manager. At the same time, Stefan Hoops and his management team must and will of course have the task over the coming weeks and months to review the strategy and to set some additional priorities.
As the Supervisory Board, we are very much looking forward to developing our DWS together with him and his team. Ladies and gentlemen, so much for the current changes for now. Allow me to continue with the Supervisory board's report on its activities over the past financial year. To perform our function effectively, the entire Supervisory board and its standing committees regularly receive information, in particular from members of the Management Board. This includes updates on business development, strategy, corporate, financial and personnel planning, profitability, as well as risk, liquidity, and capital management. The key activities of the Supervisory Board for the reporting year 2021 are presented between pages XI to XIX of the DWS Annual Report 2021. Therefore, I will only highlight a few of the topics we dealt with here.
In total, the Supervisory Board and its standing committees held 22 meetings over the last financial year, with an average attendance rate of more than 99%. The full Supervisory Board met for plenary sessions 9x . Besides monitoring day-to-day business operations, the main focus here was to advise the Executive Board on strategic development issues. Specifically, this includes DWS's transformation programs and growth ambitions, as well as measures to further strengthen its market position. Together, the Supervisory Board and the Management Board further developed DWS's future program, which is geared towards transformation, growth, and leadership. As part of these efforts, the Supervisory board analyzed the mega trends in the asset management industry in-depth. In particular, we considered the challenges and opportunities of digital innovation and the key topic of sustainability. With regard to ESG, we have extensively dealt with the changes in reporting disclosure standards.
In particular, we discussed the dynamic environment of regulatory frameworks and client requirements. We also discussed how we can more closely link the product strategy with our overarching ESG strategy and our approach to ESG product classification. In addition, we have analyzed DWS's contribution to achieving global net zero emissions. That is climate neutrality in 2050. Apart from these topics, we also specifically addressed the allegations relating to DWS's ESG reporting disclosures, which were made last year by the former group sustainability head. When the Supervisory Board first became aware of this issue in March 2021, we immediately organized an external independent analysis and plausibility check of the allegations as a first step. The aim of this analysis was to establish an appropriate basis for further evaluation. The independent analysis did not find any evidence to support the allegations.
After considering the findings of this review in July 2021, the Supervisory Board came to the decision that there was no need to further examine the matter. During the third quarter, we decided to set up a temporary subcommittee of the Supervisory Board to ensure continuous and efficient oversight of the Management Board's handling of the ESG allegations, especially in terms of information requests from authorities in the U.S. and Germany. The Management Board and the appointed legal advisors report to the subcommittee on a weekly basis and as required. In particular, in the light of last week's events, I would like to highlight the following. Up to the present moment, no facts have come to light that would require a separate examination by the Supervisory Board or that would have given us reason to intervene.
When DWS's offices were searched by the Frankfurt Public Prosecutor's Office last week, the focus of the public was once again on an important aspect of the investigations, namely the question of whether what DWS describes in its investment criteria is actually practiced in reality. That this has to be the case is obvious. As we have always done before, we will fully cooperate with the authorities in the investigation to help clarify the allegations. It goes without saying that the Supervisory Board will continue to closely monitor all the Public Prosecutor's investigations. I would like to assure you here unequivocally, we will take decisive action if misconduct is proven here or elsewhere. However, there also has to be a presumption of innocence. Accusations are not evidence, and investigations are not judgments.
Of course, it is our utmost priority and obligation to work closely with the regulatory authorities and the public prosecutor's office to clarify the allegations, but I oppose any form of prejudgment. Ladies and gentlemen, given the ongoing challenges of the COVID-19 pandemic, the Supervisory Board has also continued to address crisis management at DWS. In addition, we have focused on cultural change at the firm, which has been strongly influenced in the past year by the introduction of the functional role framework, a single compensation framework for employees, and a new way of working due to the pandemic. Furthermore, the Supervisory Board has looked at ongoing measures to improve compliance culture. These include promoting integrity principles and fostering a speak-up culture. This means we encourage employees to actively voice their concerns within the company.
The Supervisory Board also devoted its time to further developing the established standards of good corporate governance within the board itself. For example, it adjusted its competency profile and updated the rules of procedure for the Supervisory Board and the Risk and Audit Committee. These modifications were made to reflect legislative requirements to strengthen financial market integrity. The following were also the focus of Supervisory Board meetings. We discussed new cooperation opportunities and analyzed how to further develop strategic partnerships in key business segments. We explored various acquisition targets and how these enable DWS to scale up, strengthen its product expertise or its global presence. We talked about the ways in which we are implementing key transformation initiatives, and we analyzed new regulatory requirements. For example, we talked about the European Union's new regulatory framework for investment firms, which applies to DWS Group on a consolidated level.
As we do every year, the Supervisory Board looked at the dependency reports, which lists DWS's relationships with affiliated companies and thus Deutsche Bank. This dependency report was prepared by the Management Board and was audited by KPMG as auditor, who did not raise any objections and issued an unqualified audit opinion. Its wording is reproduced on page XIX of the Annual Report 2021. The Supervisory Board had no objections during its review of the dependency report and the audit report by KPMG. Likewise, there were no grounds for objections to the concluding statements of the Executive Board. The Audit and Risk Committee met eight times under the chairmanship of Ms. Ute Wolf. The committee supported the Supervisory Board in monitoring the financial reporting and accounting processes. It was intensively involved with the Annual and Consolidated financial statements, the half-year report, and the auditor's report.
Furthermore, the committee supervised the overall effectiveness of the risk management framework and how the EU Supervisory regime for investment firms is being implemented. Additionally, it discussed regulatory requirements under the Financial Market Integrity Strengthening Act and those relating to the work of the committee, the auditor, and the auditor's independence. For 2021, the committee recommended renewing KPMG's audit mandate. This was based on the findings of an independent review, which found no evidence of a breach of independence. Since KPMG has been DWS's auditor since 2016, it was decided to change the lead audit partner for financial year 2021. Ladies and gentlemen, the Remuneration Committee, which is chaired by Ms. Suckale, held four meetings in 2021. It discussed the appropriate design for remunerating employees and material risk takers, as well as the compensation framework for the Executive Board.
The committee also discussed the program to replace the previous hierarchical corporate title-based system with the new functional role framework, as well as significant regulatory developments and their impact on DWS's compensation framework. The Nomination Committee, which I chair, met once in 2021 and supported the Supervisory Board in conducting its audit on efficiency. For this reason, we evaluated the results of the audit and submitted corresponding proposals for action to the Supervisory Board. Details on the activities of the committees can be found on pages XIV-XVI of the Annual Report. Allow me to now outline the activities of the Joint Committee over the past financial year. Further details of which can be found from page XXII of our Annual Report. In 2021, the Joint Committee met 5x .
In accordance with its statutory duties and responsibilities, the committee reviewed the variable compensation in detail, as well as the compensation structure and individual targets for Managing Directors of the General Partner. The Joint Committee submitted proposals on these topics to the General Partners Meeting, which is responsible for determining the compensation of the Managing Directors and has followed these proposals. Furthermore, the committee considered the methodology used to evaluate potential merger and acquisition opportunities, and it also discussed potential measures to expand DWS's market position. In this context, the committee approved the transfer of the d igital investment platform, IKS into a long-term joint venture with BlackFin Capital Partners. Ladies and gentlemen, with my last point, I have now already reached the more strategic topics. Since our Annual General Meeting held one year ago, DWS has made further progress in implementing its strategy and delivered excellent financial results.
Here are a few examples. We entered into a strategic partnership with BlackFin Capital Partners, as already mentioned, as part of a transaction to further develop and expand our digital investment platform, IKS. In addition, we acquired a minority stake in the retirement fintech firm Smart Pension. This will be an integral part of DWS's U.K. growth strategy in the future. We further developed the DWS brand and made an investment into growth with our partnership with the Los Angeles Lakers. This will enable us to improve our profile and visibility in key markets which DWS has defined for growth throughout the world. DWS has also made further progress in its ESG strategy over the past 12 months. From our point of view, it is really important to draw a distinction here.
While we are again diligently examining the allegations currently being investigated by the U.S. and German authorities, a great deal has been accomplished in terms of analyzing and classifying ESG investments. Ladies and gentlemen, Asoka Woehrmann will present the strategic progress of DWS in 2021 in more detail in a moment. However, if we look at the financial performance in the past year, we can clearly say DWS has successfully started phase two of its journey as a listed company with its best financial results ever. For DWS, 2021 was a year for the record books. It once again increased net inflows compared to the previous year. ESG products and solutions contributed a remarkable 40% of this total. In addition, assets under management grew to a new record high of EUR 928 billion at the end of December 2021.
In the same period, the Adjusted cost income ratio improved to an all-time low of 58%. There were also record results achieved in management fees, total revenues, Adjusted profit before tax and net income. With these very gratifying strong results delivered last year, the proposed dividend of EUR 2 per share is another record high. Ladies and gentlemen, these results for the full year 2021 once again underline the impressive performance of the entire DWS team. Furthermore, the results clearly indicate that DWS is on track to achieve its medium-term goals for the second phase of its journey as a listed asset manager. The firm still aims to achieve a sustainable adjusted cost income ratio of 60% by the end of 2024, as well as annual net inflows of more than 4% on average.
In order to achieve these goals and its ambition of becoming a leading European asset manager with global reach, DWS is implementing its transformation and growth strategy with great rigor. The Supervisory Board and Executive Board are in regular dialogue about how the Executive Board continually implements and develops its strategy. To that end, we intensively examined the strategy at our annual Supervisory Board strategy offsite. Asoka Woehrmann and I presented this strategy to you in detail at our Annual General Meeting held last year. Therefore, I would only like to remind you of the key aspects here. Our focus on transformation includes, in particular, making sustainability the core of everything we do, building an independent IT infrastructure, as well as an organization and a culture tailored to the needs of an asset manager, and integrating new technologies such as artificial intelligence into our daily work.
For us, growth means, above all, growing organically, but also exploring inorganic opportunities and entering into new partnerships, as well as deepening existing ones. DWS's strategy remains valid as the key megatrends on which it is based are still intact today. The trends we are referring to here are about sustainability and digitalization, but also the challenges of a multipolar world which have become even more complex as a result of the war in Ukraine. This has also had an impact on the macroeconomic environment, with interest rates slowly rising and inflation increasing rapidly, providing all the more reason for both institutional and private clients to turn to DWS for their investment needs. Moreover, the financial results for the first quarter of 2022 prove that this strategy works even in more challenging market conditions.
Russia's attack on Ukraine has led to higher market volatility, falling share prices, and, as I said, further intensified the rise in inflation rates. DWS has once again proven its resilience. Thanks to its Diversified Business Model, DWS was able to generate further net inflows in the first quarter, excluding low-margin cash products. It also saw a significant improvement in revenues, the Adjusted cost income ratio, Adjusted profit before tax and net income compared to the first quarter of the previous year. Ladies and gentlemen, DWS was therefore able to follow up last year's record results with an excellent set of results in the first quarter of 2022. In spite of the current adverse market conditions. With an Adjusted profit before tax of EUR 279 million, it is even the best quarterly result that DWS has ever achieved in a first quarter.
This result reflects the extraordinarily high level of commitment and dedication with which the entire DWS team is pursuing the goals of our company. On behalf of the Supervisory Board, I would like to express my sincere thanks to the Executive Board and all DWS employees worldwide, and I think I can do the same on your behalf too, dear shareholders. Looking ahead, one thing is clear. Uncertainty levels remain high due to ongoing geopolitical tensions, and the current outlook for the global economy is not great. Nevertheless, I'm very confident that DWS, with its Diversified Business Model, its key strategic cornerstones, and the enormous commitment of its employees, will again succeed in shaping its path as a listed company. As the Supervisory Board, we will continue to support the efforts of the Executive Board and its new CEO, Stefan Hoops, constructively and with a critical eye in the future.
Shareholders, ladies and gentlemen, Asoka Woehrmann will now present further details of our business performance in 2021. Thank you.
Thank you very much, Karl von Rohr. Shareholders, ladies and gentlemen, I, too, would like to warmly welcome you personally and on behalf of the entire Executive Board to the fourth ordinary Annual General Meeting of the DWS Group. As you already know, and as Karl von Rohr mentioned, this is also my last Annual General Meeting. In recent months, allegations have been made against both DWS and myself. They have included not only greenwashing accusations, but also personal attacks and threats. However unfounded and untenable all of these allegations may be, they have left their mark. They were a burden for DWS, for myself, and especially for my family. DWS core business, the fiduciary management of our clients' assets is too important to be overshadowed. Therefore, with a heavy heart, I have agreed with the company to step down as CEO.
In doing so, I'd like to give DWS, but also myself, a fresh start. With Stefan Hoops, who I've come to know over the past few years, DWS is gaining a worthy CEO who is taking over a very well-positioned company. As of tomorrow, he will lead this magnificent firm into the future. Ladies and gentlemen, at this juncture, I'd like to take a look back with you at the path that we have taken so far, and thus at our results and key events in the past year, and the first quarter of 2022. The financial year 2021 was the most successful year ever for DWS. For the third year in a row, we significantly increased our results and achieved record levels across almost all key financial metrics.
We thus exceeded the already very high level of EUR 20 billion of net new inflows achieved in 2020, and attracted a record EUR 48 billion of net inflows in 2021. Now, these inflows came from all three business areas of DWS: active asset management, passive asset management, and alternatives. Having achieved our IPO targets ahead of schedule in 2020, our net inflows in 2021 clearly demonstrate that we are successfully implementing our growth strategy in Phase 2 of DWS' journey as a listed asset manager. Moreover, we were very pleased to see that inflows were mainly recorded in our identified growth areas. In addition to our ETF and ETP business, this included high-margin equity, multi-asset, and alternatives. And as well as ESG products and solutions, which alone contributed an impressive 40% of total net inflows.
Strong net inflows also supported an increase in assets under management last year to a record level of EUR 928 billion. Our revenues increased significantly in 2021, by 22% to be precise. Consequently, our Adjusted cost income ratio improved significantly by more than 6% to a new record of approximately 58%. DWS has never been more efficient than it was last year. Overall, our Adjusted profit before tax in 2021 stood at EUR 1.14 billion, which again is an all-time high for DWS, and exceeds the previous record achieved in 2020 by a staggering 43%. After tax, our net profit totaled EUR 782 billion. This represents an increase of 40% compared to 2022.
Well, by the way, this is also a record for DWS. Now, as a result, we are able to propose at the Annual General Meeting a higher dividend for the third year in a row. Namely EUR 2 per share for the financial year 2021. Ladies and gentlemen, after two already very strong years, 2019 and 2020, we managed to record an even stronger 2021. This was achieved in a market environment that has certainly been challenging for the industry, as well as for DWS. Now, it is the unwavering, passionate commitment and team spirit at DWS that have enabled us to achieve this year of record highs. This was accomplished despite many only being able to see one another via video or over long periods of time.
Therefore, I would like to thank our employees wherever they are in the world, our sales team, our fund managers who have ensured the strong performance of our investment funds, our product division, our important central functions, including all administrative and support functions and teams. Together as one global team, DWS has served the best fiduciary interest of its clients and as a result, achieved an outstanding financial result for the year. Now, our strategic partners have also made a significant contribution to this success. For this, I'd like to thank in particular the private bank and corporate bank of Deutsche Bank, Deutsche Vermögensberatung AG, Zurich Insurance Group, Nippon Life, and Tikehau Capital. Ladies and gentlemen, we have successfully entered phase two of our corporate journey as a listed asset manager.
In doing so, we generated the organic growth that we promised to you, dear shareholders, at last year's Annual General Meeting. In the first quarter of 2020, in the face of adverse market conditions and war-related violence, we have proven our resilience and turned in yet another very good result. Now, the Russian war in Ukraine and the subsequent slump in the markets, together with a sharp rise in inflation, had a negative impact on our total net inflows. Nevertheless, thanks to excellent product mix, including significant inflows into high-margin products, we were still able to record strong net new revenues in the first quarter. In particular, actively managed multi-asset funds and alternative investments attracted strong demand.
Excluding cash or money market products, which with their very low margins are rather service for institutional clients, in the first quarter of 2022, we've recorded net inflows of just under EUR 6 billion. Quarter-on-quarter, DWS increased its revenues by 9%, and this was driven by high management fees and an increase in average assets under management during the first quarter. Overall, stronger revenues in these first three months offset slightly higher costs. As a result, the Adjusted cost-income ratio further improved quarter-on-quarter, then standing at a very gratifying 59.5% for the first three months of the year. Ladies and gentlemen, now at the end of the day, compared to the first quarter of 2021, the Adjusted profit before tax increased by 12% to EUR 279 million.
On an after-tax basis, their profits increased by 10% to EUR 186 million. As I outlined earlier, DWS once again demonstrated its resilience. Despite the current challenges, our Diversified Business Model has enabled us to deliver a strong quarter and our second-highest adjusted profit before tax ever recorded. This clearly demonstrates that our strategy and business model are working. In addition to delivering excellent financial results, we have also made further progress on implementing our corporate strategy since our last AGM. As I explained here last year, we want to transform and grow to become a leader in our industry. In line with the strategy, we, for example, entered into a long-term partnership with BlackFin Capital Partners last autumn to further develop and expand our digital investment platform, IKS.
Together, we want to unlock the full potential of the platform and develop it into a true European provider that can participate in the great growth opportunities in the platform space. In 2021, we also acquired a minority stake in the U.K.-based pension fintech firm Smart Pension. This investment forms an integral part of our growth strategy in the U.K., targeting the growing market for defined contribution pension plans. Moreover, last year we looked into various merger and acquisition opportunities in order to promote the inorganic growth of DWS. This includes transformative opportunities that we couldn't and cannot comment on. We've also continued to drive potential strategic partnerships, above all in Asia. In addition, we continued to develop our brand in order to raise our profile and visibility in markets around the world.
Our partnerships with soccer team Eintracht Frankfurt, who after winning the UEFA Europa League this season, have become an excellent ambassador for the city of Frankfurt, Rhine-Main region, and the whole of Germany actually. It's been a real treasure in 2021 and so far also in 2022. Now, to drive DWS's transformation to a truly global brand, we also entered into a shared partnership with the legendary Los Angeles Lakers basketball team. Since then, we have acted as their official global investment sponsor. For us, the new partnership with the Lakers is an investment to become more visible in key markets that DWS has identified for growth, especially in Asia, but also in several European countries and of course, in the United States. This partnership with the Los Angeles Lakers was also put on an even broader basis to include a number of social projects.
For example, in the first quarter of 2022, we joined forces to help rebuild the village of Dernau in the Ahr Valley after the devastating floods in July 2021. Now, as a corporate citizen in the midst of society, we have the responsibility to provide support wherever we can. Just recently, as an immediate response to the humanitarian crisis in Ukraine, to help alleviate the enormous suffering of many refugees, DWS has donated a total of several hundred thousand EUR. In addition, DWS employees in different locations have started their own relief campaigns to support the people in Ukraine with further donations. In the long term, our CSR commitment primarily focuses on fighting climate change as well as social inequality. We are committed to protecting the oceans and preserving the so-called Blue Economy, that is, the sustainable use of marine resources.
This is why we work closely with marine and conservation organizations such as Healthy Seas and the WWF, the World Wide Fund for Nature. The marine conservation charity Healthy Seas has made it its mission to tackle the phenomenon of ghost nets. This means discarded or lost fishing nets. By doing so, it aims to prevent the unnecessary death of numerous marine animals. Thanks to our donation, Healthy Seas was able to purchase its own boat, and more recently, take its mission to the United States. As a further contribution to ocean conservation, we are supporting the WWF with its multi-project in the Mesoamerican Reef to help to mitigate the impacts of the environmental destruction in the region. Ladies and gentlemen, this brings me to a topic that, as you already know from previous AGMs, is particularly close to my heart.
I'm talking about sustainability or ESG, as it's better known in the industry today. On August 26th, 2021, one day after the article featuring allegations by a former employee was published and the information that regulators were investigating these allegations emerged, we firmly denied all accusations. Since then, we have been fully cooperating with all regulators and authorities, and we stand by the disclosures we made in our Annual Reports. Our statement has remained unchanged ever since, and so has our conviction. Of course, at the end of August last year, the allegations weighed on the DWS share price. Let me be very clear. This was, and this is frustrating for all of us. Ladies and gentlemen, the topic of sustainability is far too significant and far too important for us to be okay with it being instrumentalized by individuals for personal gain.
DWS had clearly positioned itself to make ESG a core part of its strategy. We never made a secret of the fact that it would take effort, nor did we ever say that we had already reached our goal. When I said at our Annual General Meeting in November 2020, has applied at every moment and has never changed since then. Fighting climate change, the path to a sustainable future is a collective imperative for this generation. It will not happen overnight, but only in close and ongoing dialogue and exchange with clients, companies, regulators, and stakeholders. You know, even now we can see the changes that ESG has undergone and the pressure it is under. Just think of the current geopolitical upheavals and the resulting paradigm shifts, such as in energy policy.
The definition of sustainable energy today is more complex and even more multilayered than it was just a few months ago. Now there's also the question of the relationship between ESG principles and defense products at a time when war has returned to Europe. Especially in the coming quarters, these questions are likely to be reflected in the performance of ESG products. Now we see how long and nonlinear the journey to a sustainable future will be. Nevertheless, we have continuously worked on our own transformation, implementing sustainability throughout the entire firm and driving it forward. We are advancing with this program, and I'm pleased with the progress that has been made. November 2021, we disclosed our net zero interim target for 2030, in line with the net zero emissions target for 2050. Since then, we have been actively working in various task forces to achieve this target.
We have markedly intensified the dialogue with our portfolio companies over the past year with climate change and human rights among the most important topics. We also have continued to significantly expand the exercise of voting rights, and we not only ask very specific questions but also raise very concrete demands. Of course, we follow up on this. In the future, we want to review the impact of our activities even more closely, so that we can make a targeted contribution to the necessary economic transformation towards a sustainable future, a transformation that I call green industrialization. Well, externally, we are also being recognized for the progress we are making in sustainability. For example, we made an important step forward in the sustainability rating from CDP, perhaps better known to some of you here as the Carbon Disclosure Project.
Last year, our CDP rating improved to B, with better results achieved in 10 out of 11 categories compared to the year before. Ladies and gentlemen, there's one thing that I'm particularly happy about when it comes to sustainability. This is the trust placed in us by our clients. This is the group of people that knows us best and scrutinizes us on a regular basis. Their judgment is very clear, especially also ever since the allegations were made. I already referred to the corresponding flow performance early on. In other words, we could also say our clients have spoken. Dear shareholders, ladies and gentlemen, at this point, I would usually present DWS's outlook, but due to the special situation, our Supervisory Board Chairman, Karl von Rohr, has taken over the task today.
He also spoke about the consistency and stability in the development of DWS, which he will continue to accompany closely in the future. That said, please allow me to take a few moments to look at how the world is shaping up for the asset management industry. The pandemic years were tough. It was a time of hardship. It was a time of mourning, a time of feeling powerless. The pandemic hit us with a force that was previously unimaginable. Satya Nadella, the CEO of Microsoft, is often quoted these days as saying, "We saw two years' worth of development in just two months." Well, at first glance, one could think that he was only referring to software business. That would be a fallacy. For more than 24 months, we have been living in a state of emergency.
During that period, for all the mega-trends we identified even before the pandemic, we have seen a development that continues to accelerate. The world is moving faster and faster. The changes we are experiencing are becoming even more profound. The impact of these developments is more pronounced with every passing day. The economic squeeze on savers, veritable financial repression, has become firmly entrenched. Now, with inflation, we have the most antisocial phenomenon that is a redistribution of wealth from the bottom to the top. ESG has gained a firm foothold in society, and its complexities are increasingly being understood. The Green Industrialization, the biggest industrial revolution in the last 150 years, it will become a reality. Digitalization in all aspects of our lives knows no bounds.
China is emerging with all its still restrained geopolitical power, influencing political and economic world more and more, competing with the United States and globally dominant technology companies. In this tripolar world, and this is the sad truth, in the spring of 2020, Russia is also trying to find its role and started a terrible war for that. Something that an entire generation in Europe has never had to experience on the European continent. Now, these are the mega-trends in the geopolitical climate we have highlighted at our AGM since 2020. They will shape the current decade and will remain relevant for generations to come. This still holds true. The only difference is that the development we had expected by 2030 is happening much faster because of the Coronavirus pandemic.
With every passing day, we are seeing a greater and long-lasting impact of Coronavirus on the world of tomorrow. This impact is also reflected in the markets. There is more uncertainty. We must prepare for more volatility. The days of an almost unbroken bull market, which we have experienced over more than a decade, are well and truly over, at least for now. At the same time, the normalization of monetary policy, which has already been announced and is on the horizon, and the hope that it can bring inflation under control fast. This normalization will also lead to more volatility in risk markets, stock markets being one of them. As of tomorrow, I will be observing this development in a completely new role. From then on, I will change from being a DWS entrepreneur to a DWS shareholder.
By doing so, I will follow my and our DWS with great interest, and will continue to consider it a part of my family. I have never taken for granted what we have achieved over the past years. It was the result of hard work and a focused, united management team. I would therefore like to thank Karl von Rohr, our Supervisory Board Chairman. I'd like to thank the entire Supervisory Board and the DWS Executive Board. I'd like to thank them for working together so successfully over the past 3.5 years. I would also like to take this opportunity to thank you, our shareholders, and because of our fiduciary role, to first and foremost thank our clients for your loyalty and the trust you placed in us. Thank you. Please allow me to close with some personal remarks.
For more than two decades, I put my heart and soul into DWS, its business and its wonderful people. When I was nominated CEO at the end of 2018, it was the dream of my professional life coming true to be allowed to see DWS grow and flourish over the past three years. What we, the global team of DWS, have achieved between 2019 and 2021 is enormous. Three successive years of growth, three successive years of record results speak their very own language. I enjoyed and relished every single moment of this journey. Not only because these years have been successful financially. Everyone who knows me also knows that cooperation, working together with others, is of utmost importance to me.
Cooperation, lively discussion with differences of opinion, a diversity of views provide me with a lot of energy, make my work a pleasure, and are an important part of my general joy of life. All our fantastic, gifted people around the globe with all their talents, working together toward a shared goal in a collaborative culture, have been an inspiration to me every day. It's them that DWS owes its success. It's them I owe my success to. DWS has always been more than my professional home. It's been part of my family. For this, I would like to thank all colleagues at DWS from the bottom of my heart. I wish Stefan Hoops and the entire management of DWS, and all of DWS, all the very best. Thank you for your attention.
Thank you very much, Dr. Woehrmann, dear Asoka, for your statement, giving our shareholders a good overview of the current status of our company, and which certainly also have given a clear overview to our employees with the strong affection that you've expressed for DWS. Ladies and gentlemen, before turning to the agenda items for today, we'd like to first remember the employees and pensioners of DWS who have passed away this year. Our thoughts are with the active and former members of the DWS family who have passed away, and also with the numerous victims of the war in Ukraine. For this reason, I'd like to ask you for a moment of silence, and for this, I'd like to ask all those persons present here in the room to rise from their seats.
Ladies and gentlemen, thank you for this moment of silence for all those who have passed away. Let us now turn to today's agenda, which includes 10 items. Let me first emphasize that Mr. Karl-Walter Freitag, as announced in his statement, today has sent an email to the notary public announcing that he wants to file a motion for the AGM to be adjourned. Our legal counsel has told me that Mr. Freitag cannot file such a motion today. The General Partner has indicated that it doesn't see the need for an adjournment, and therefore it does not support Mr. Freitag's motion, and therefore, we do not have a proper motion for adjournment which you can vote on today. This brings us to the agenda. Item number 1 is about accounting of DWS for fiscal year 2021.
This includes, among others, the annual financial statements approved by the Supervisory Board and the management report for DWS Group GmbH & Co. KGaA, which have been established in accordance with the rules of the HGB. Furthermore, the consolidated financial statements and the consolidated management report according to IFRS, as well as the management report of the Supervisory Board. Ladies and gentlemen, these documents and the proposal on the appropriation of distributable profits have been made available on the homepage of the company on the Internet since the AGM has been convened on 28th of April 2022, and they have also been available at the offices at our headquarters.
The annual financial statements and the summarized management report, as well as the consolidated financial statements and the consolidated management report, have been audited by the auditor that has been elected by the AGM in the year 2021, KPMG. The further items of the agenda, the full wording of which has also been made available to you, include the following. Item 2: Appropriation of Distributable Profit. The General Partner and the Supervisory Board propose to pay out a dividend of EUR 2 per share from the total net income 2021. Item 3 and Item 4, Ratification of the acts of management of the General Partner and the members of the Supervisory Board, in both cases for fiscal year 2021. Item 5, Election of the Auditor of the annual financial statements, the consolidated financial statements, and any interim financial reports.
Under this item of the agenda, based upon the recommendation of the Audit and Risk Committee, the Supervisory Board proposes that you elect KPMG for this purpose. Ladies and gentlemen, Item number 6 is about the approval of the compensation report for fiscal year 2021, which has become an annually recurring exercise. Under Item number 7, the General Partner and Supervisory Board proposed to cancel the capital authorized in accordance with Section 44 of the Articles of Association and to create new approved capital for capital increases in cash or contribution in kind, with the possibility of excluding shareholders preemptive rights, among others, also in accordance with Section 186(3), Sentence 4 of the Stock Corporation Act, and to amend the articles of association accordingly.
This authorization opens up the possibility to broaden the company's equity capital base and replace existing capital approved until 31st of January 2023. Under Item 8, the General Partner and the Supervisory Board propose to cancel the capital authorized in accordance with Section 4.5 of the Articles of Association and to create new approved capital for capital increases in cash, with the possibility of excluding shareholders' preemptive rights for broken amounts and also to amend the articles of association accordingly. This authorization also serves to broaden the company's equity capital base and replace existing capital approved until 31st of January 2023.
Under Item 9, the General Partner and the Supervisory Board propose to cancel the existing authorization granted on June 5, 2019, for the issue of convertible bonds or bonds with warrants, with the possibility for excluding preemptive rights and of the conditional capital pursuant to Section 4, and Section 6 of the Articles of Association, and to amend the Articles of Association accordingly. So far, the company has not made use of the authorization to issue convertible bonds or bonds with warrants and does not intend to do so in future either. Hence, the authorization and the conditional capital are to be canceled. Under Item 10, the General Partner and the Supervisory Board propose to cancel the existing authorization and grant a new one to issue participatory notes and other hybrid debt securities that fulfill the regulatory requirements to qualify as additional Tier 1 Capital.
This authorization serves to strengthen the company's capital base and its adequate capitalization with regulatory equity capital and replace the existing authorization valid until the 31st of January, 2023. The management has declared that two counter-motions requiring publication have been received. The company has not received any amendments to the agenda or proposals for election from shareholders. So far, my explanations on the agenda. Ladies and gentlemen, shareholders, as already announced, in addition to my introductory statements, we now would like to give Stefan Hoops the opportunity to briefly introduce himself to you in a quick video message.
Dear shareholders, ladies and gentlemen, my name is Stefan Hoops, and I'm happy today I have got the possibility to briefly introduce myself to you. It is my honor to be the new CEO of the DWS Group as of today. I will take up this office with humbleness, but also with great delight. Let me briefly talk about my CV. After having studied economics at University of Bayreuth, where I also wrote a doctoral thesis on macroeconomics, and then I started my career at DWS at Deutsche Bank in 2002. I had been working for Lehman Brothers for two years, and then in early 2008, I moved to Deutsche Bank in New York.
After four years in the US, Eine Institution, die bekannt war und ist für ihre Kapitalmarktexpertise, die hervorragende Performance ihrer breiten Produktpalette und nicht zuletzt für ein ausgezeichnetes Team. Nun trete ich meinen Posten als CEO in einer Zeit an, in der die gerade genannten Aspekte Kapitalmarktexpertise, breite Produktpalette und ein starkes Team unverändert gelten. Gleichzeitig ist es von höchster Priorität, in diesem besonderen Augenblick in der Geschichte der DWS das Vertrauen in die Plattform und in die Institution der DWS wiederherzustellen. Ich werde diese Aufgabe, diese treuhänderische Verpflichtung, die wir gegenüber unseren Kundinnen und Kunden haben, mit größter Sorgfalt verfolgen und erfüllen. Ich freue mich schon jetzt darauf, Ihnen im nächsten Jahr auf der Hauptversammlung 2023 berichten zu können, welche Fortschritte wir darin gemacht haben, die DWS auf ihrem erfolgreichen Weg der vergangenen Jahre zu halten und noch weiter nach vorne zu bringen. Vielen Dank für Ihre Aufmerksamkeit.
Ja, meine Damen und Herren, Ladies and gentlemen, I hope that this way you've been able to gain a direct impression of our future CEO. Let us now turn to your questions that you have submitted before the AGM and of course to the answers we provide. The General Partner has decided, with the Supervisory Board's approval, to set the deadline for submitting questions until the end of the 7th day of June, 2022, as permitted also for this year by the act to mitigate the consequences of the COVID-19 pandemic. Now, within that deadline, 48 questions have been submitted by shareholders to the company through the channels provided. If the persons raising questions have agreed, we will also read out their names when we read out the questions. Questions can also be clustered for a summarized answer.
Before we now start answering your questions, let me remind you that if you have registered properly for this AGM and have provided evidence of your share ownership, you have the possibility to cast your vote by absentee voting or grant proxy rights and issue instructions to the voting proxies of the company on the limited access shareholder portal until about 10 minutes after the end of the Q&A session. Changes can also be made until 10 minutes before the end of the Q&A session. For that purpose, please also use the voting card that has been made available to you for that purpose. I will once again give you more specific details on the timing when I can better assess how long it's going to take us to answer the question.
I'd like to ask at this point to already start making your inputs into the shareholder portal now in order to also be able to deal with possible problems in the shareholder portal. Shareholders that have registered duly and their representatives have also the possibility to ask follow-up questions to questions duly submitted in advance. In order to be able to answer follow-up questions in good time during the AGM, we have limited their number to two per shareholder with a maximum number of 500 characters each. This also includes blank spaces. Please note that follow-up questions are permitted only if they relate to the topic of a question duly submitted in advance. This means that no new questions are permitted. When you submit a follow-up question, please briefly indicate the topic it relates to. Ladies and gentlemen, let us now start answering your questions.
For a smooth process, the questions once again will be read out by our presenter, Ms. Anita Schneider. In her main job, Ms. Schneider is a consultant in the area of investor relations, and we are happy, Ms. Schneider, that you are once again supporting us today. Let me now ask you to start with the first question, and from now on, shareholders also have got the possibility to enter follow-up questions in the shareholder portal.
Thank you very much, Mr. Karl von Rohr, and welcome to the DWS AGM 2022. We're starting with the first question, which is for Dr. Asoka Woehrmann. It's been asked by a shareholder who doesn't want his name to be disclosed and who asked for explanations on the shareholder structure. How many shares are held by domestic natural persons and domestic legal persons? Thank you very much.
DB Beteiligungs-Holding GmbH is the only single shareholder of DWS KGaA, holding 79.49% of shares. DB Beteiligungs-Holding GmbH is a fully owned subsidiary of Deutsche Bank AG. The second-largest single shareholder holding a share of 5% is Nippon Life Insurance Company. This was announced to us in a respective notification on 22nd of March, 2018. So far, no changes to this distribution of shareholdings have been made available to us. 15.51% of the shares of DWS KGaA are free float. Please also bear in mind that DWS share is a bearer share and not a registered share. Thus, we do not have full transparency about the number of domestic shareholders being natural or legal persons.
For today's AGM, 828 voting cards were distributed, which corresponds to 90.49% of the equity.
Thank you very much, Mr. Woehrmann, and the next question also is for you as well. The same shareholder asks for the following information. First, how many shareholders were present at the last face-to-face AGM in the year 2019, and what share of the equity base did they represent? Second, how high were the costs of the last face-to-face AGM in 2019? Thirdly, how many shareholders were present virtually in 2020, and how many votes did they represent on that occasion? Fourthly, how many shareholders were present virtually in 2021, and how many votes did they represent there? Five, how many shareholders are present at today's AGM, and how many votes do they represent? Six, how high were the costs of the virtual AGMs in the years 2020 and 2021 respectively? Seven, how high will be the costs of today's AGM? Mr. Woehrmann, please.
Thank you very much. For our face-to-face AGM in 2019, 579 tickets had been issued. About 140 shareholders attended the meeting on-site, and 93.42% of the equity base were represented. For our virtual AGM in 2020, 465 voting cards were issued, and 94.52% of the base capital were represented. In 2022, 622 voting cards were issued, representing 94.38% of the share capital. For today's AGM, 828 voting cards were issued, which corresponds to 90.49% of the share capital.
Our virtual Annual General Meetings are transmitted live and are accessible for the public via a webcast link. Now, based upon the number of clicks on our webcast link in 2020 and 2021, in both years, about 300 people watched our live streaming. For today's public live streaming, we had about 600 clicks. The total cost for our face-to-face AGM in 2019 amounted to about EUR 1 million. For the virtual AGM in 2020, the cost amounted to about EUR 400,000, and in 2021 to about EUR 500,000. We do not have the total costs for today's AGM available yet. We expect the amount to be in the similar range as in the previous year.
Thank you very much, Mr. Woehrmann. The next question is for you, Mr. von Rohr. Several shareholders who do not want their names to be disclosed would like to know how DWS plans to hold future AGMs once the COVID restrictions have been eased? The person asking the question would like to get a clear statement from you whether at the next AGM of DWS, we will once again be able to meet face to face if this is permitted legally.
Well, in my opening statement, I already explained to you why we once again decided to go for the virtual format. Let me nevertheless once again emphasize at this point that we, as an asset manager who is focused on a dialogue with you, of course, a personal exchange with you is very dear to our heart. Therefore, if the pandemic permits, we next year once again want to have a face-to-face exchange with you here not far from this place here at the Frankfurt Congress Center.
Thank you very much, Mr. von Rohr. The next question is for Mr. Kreuzkamp. It's from Deutsche Schutzvereinigung für Wertpapierbesitz e.V. DSW, a shareholders association. It's been asked by its Vice President, Klaus Nieding, who has asked the following questions. The past fiscal year was very successful on the whole. You even called it yourselves as a year of records in terms of profit, cost-income ratio, net inflows, and assets under management. You've been able to increase net inflows to about EUR 48 billion in the reporting year. Please let us know how much of this increase of net inflows from your point of view is due to special effects related to the COVID-19 pandemic? We also would like to once again praise the further reduction of the cost-income ratio to 53.3%. Please let us know what your further targets are?
Thank you very much, Mr. Nieding, for your questions. Unfortunately, we cannot quantify the effect of the net inflows that is due to special effects of the COVID-19 pandemic. However, what we know is that in the first quarter of 2020, when the pandemic started, we suffered net outflows. In the course of 2020, then markets recovered, and thus we were able to book net inflows again. In 2021, our customers placed a strong focus on liquid assets, especially of our passive funds product. In addition, you also asked about the target that we have set ourselves in terms of cost-income ratio. Now, of course, subject to the geopolitical uncertainty and if the economic conditions return to normal again, we strive for sustainable Adjusted cost-income ratio of 60% by 2024.
Thank you very much, Mr. Kreuzkamp. The next question is for Mr. Bauer. A shareholder who doesn't want his name to be disclosed asked about details on the net inflows. Net inflows increased from EUR 30 billion to approximately EUR 48 billion in the year 2021. The assets under management from EUR 793 billion- EUR 928 billion in the year 2021. Now, you aim for a growth in net inflows of an average of 4%, which is very humble target. Why are you so modest? Furthermore, do you refer to the average or arithmetic average?
Well, the increase of the net inflows of EUR 18 billion+ in 2021 compared to 2020, representing almost 60%, compared to 2020 was remarkable. The increase of assets under management is not only influenced by net inflows, but also market movements. Our target for net inflows gets defined in relation to our assets under management at the start of a reporting period. That means with increasing assets under management, the target is getting more and more demanding. Net inflows in 2021 was clearly above the target at 6%. Now regarding the risks of higher inflation, higher interest rate levels, and growth risk all the way up to the risk of a global recession.
Now against this background, we believe that an average target of annual net inflows of 4% on average up to the year 2024 is quite ambitious. Now you're asking whether we are here using the arithmetic or the geometric mean. We're talking about the arithmetic mean of the annual growth rates of the net inflows.
Thank you very much, Mr. Bauer. The next question also is for you. Andreas Schmidt from the Shareholders Association SdK asks the following question: In 2024, probably passive funds will account for more than 70% or 80% of the new assets. Do you agree? Has your internal structure been already geared towards such a scenario with high volumes but much lower margins?
Dear Mr. Schmidt, we also expect a strong net inflow of passive funds in the industry as we are monitoring these developments. The share of passive net inflows in fiscal year 2021 was about 54% of total new net inflows. As one of the leading providers of passive products in Europe, we expect that the share of our passive business in total net inflows in the years to come will increase further. At the same time, however, we also expect that new revenues from alternative investments in the industry will provide a strong contribution. Our focused growth strategy is taking this market situation into account, and will have a positive impact onto the growth of our net inflows and our revenue growth.
On the whole, the diversified product base of DWS remains one of our key strengths, and thus we want to face the pressure on margins within the asset management industry.
Thanks, Mr. Bauer. It's back to you, Mr. Woehrmann again. A shareholder who doesn't want his name to be disclosed asked the following question: Deutsche Bank as a distribution channel in 2017 accounted for 12% of assets under management. At comdirect, the first DWS fund in the list shows up on page 10, at Consorsbank only on page 76. How successful were you in the year 2021 in order to put your distribution channels onto a broader basis?
In 2021, we were able to further enhance the diversification of our distribution channels for active products as well as for ETFs. This also includes new business relationships as well as strengthening of existing relationships, for example, via direct banks or online platforms. In the record year 2021, we were able to book about EUR 48 billion in net inflows, and more than 80% of that were generated by distribution channels outside Deutsche Bank Group.
Back to you, Mr. Kreuzkamp. Mr. Schmidt from SdK asks about the cost-income ratio. You have already managed to push the cost-income ratio under your 2024 target of 60%. Does this mean that in the near future, you will set yourselves a new lower target, or do you expect costs to increase heavily or revenues to decrease massively? If so, please explain why you expect either one or the other.
Well, thank you very much for this question. The first phase of our corporate development since the IPO in 2018, we have focused on the adjusted cost-income ratio. Thus, we have made sure that irrespective of the environment which we are operating in, we are able to generate maximum value for our shareholders. Now with the start of the second phase of the development of our company, we want to further intensify our ambitions for transformation growth and leadership, which will make us one of the leading European asset manager with a global reach. Now, of course, there is geopolitical uncertainty, and we do not know when the economic conditions will return to normal. But if they do so, then by 2024 we aim for an adjusted cost income ratio of 60% and average net inflows of more than 4%.
Thank you very much, Mr. Kreuzkamp. And the next question is for you as well. One shareholder who doesn't want his name to be disclosed asks, "Please explain your future dividend policy. Explain to us what you plan to achieve in terms of EBITDA and EBIT until the year 2025?"
Well, thank you very much for this question as well. Based upon our future results and the development of our company, we intend to propose payment of attractive dividends per share. At the same time, we also want to maintain our flexibility for growth opportunities. Therefore, please understand that we cannot provide any further information on our internal planning.
Thank you very much, Mr. Kreuzkamp. There's another question for you. Mr. Nieding has got a similar question on the same topic. "Analysts have criticized the dividend proposal. Now you have increased the proposed dividend, but analysts had even expected a higher dividend. Please comment on this, Mr. Kreuzkamp?"
Well, thanks for this question. The dividend proposed for the year 2021 of EUR 2 per share corresponds to an increase of EUR 0.19 or about 10% over last year's dividend of EUR 1.81 per share. This dividend proposal allows our shareholders to participate in our record results and at the same time leaves the company sufficient leeway for its strategic growth plan.
Thank you very much, Mr. Kreuzkamp. Another question for you from the SdK Shareholders Association. Some real estate companies, such as ADLER Real Estate, have gotten into trouble and also have made the headlines recently. Do you have risks in your customer portfolios here similar to the Wirecard situation?" And a follow-up question: "In 2021, the performance fees have increased strongly from EUR 90 million- EUR 212 million. Do high watermark managed assets here play a major role, which means that you are not only affected by the currently falling share prices, but that you will also have a medium-term impact until new record levels at the stock exchanges have been reached?"
The DWS risk function monitors issuer concentrations for total investment platform for actively managed funds. Concentration risks are identified and escalated to the respective portfolio managers and their supervisors. These will then take respective measures in order to evaluate potential risks and reduce them if necessary. Well, related to real estate companies, including ADLER Real Estate, at present, no significant concentration risk for actively managed funds of the DWS Group has been identified. The performance fees in 2021 included transaction fees, revenues from securities lending and performance fees. The transaction fees from our alternatives business and also the revenues from securities lending are not affected by a high watermark. The performance fees, which are generated by the outperformance of a single product, are subject to a high watermark. We also expect that in future, 3%-5% of the adjusted total revenues will be generated by performance fees.
Thank you very much, Mr. Kreuzkamp. To you, Mr. von Rohr. One shareholder who doesn't want his name to be disclosed asks the following question: "How do you measure the contribution of your own management performance regarding assets under management, although your success is massively dependent on the easy monetary policy of the central banks, and as a Management Board you cannot even affect that monetary volume? How do you make sure that the assets under management are not included in assessing the management performance in order to avoid false incentives?"
Well, you're quite right that the KPI assets under management is influenced by several factors, such as the current market movements and also indirectly by the monetary policy that you mentioned or purchased assets. Therefore, it is not suited as a yardstick to assess performance. For this reason, the financial KPI net inflows has been an important yardstick to measure the organic growth of DWS since our IPO, and it's also standard in the asset management industry to assess management performance. Apart from a whole range of other factors, it is included in the performance management that is the basis for performance-based compensation of the Management Board members. Development of the assets under management, however, is not included as a yardstick in that exercise.
It's back to you, Mr. Woehrmann. Mr. Schmidt from SdK asks why DWS entered into alliances with BlackFin and Smart Pension Limited. "Now, with these alliances, isn't there a risk that you build up volume here but that you do not have the know-how anymore in-house and that you enter into new dependencies? Now, why do you go for alliances rather than setting up these platforms yourselves?"
Well, we entered into that strategic alliance with BlackFin because the platform business is a growth market. Furthermore, we are convinced that fund platforms will only be able to fully deploy their entire growth potential if they've got a certain degree of independence. BlackFin is a highly qualified fintech investor with an outstanding success record in tapping the growth potential of technology-based investments in the financial services industry. Purchasing a minority stake in Smart Pension is a very interesting investment possibility for DWS, considering the growth opportunities for contribution-based pension systems in the U.K. and also worldwide. This investment is part and parcel of the growth strategy of DWS in the U.K.
Thank you, Mr. Woehrmann. Another question for you, Mr. Schmidt from SdK. He also asks, "How are these new partnerships built? Are they based on commissions or profit sharing?"
Thank you for your question, Mr. Schmidt. The partnerships with BlackFin and Smart Pension Limited are based on a different structure. They also have different strategic rationales. Nevertheless, what they both have in common is that we will acquire a capital stake, even though in different levels, in the respective companies, or will acquire such an equity stake. In addition, we are also aiming to achieve cooperation schemes with BlackFin and Smart Pension. If, for example, commission services were to be agreed with the partners, they will be contractually defined and will be built in line with market conditions. However, these details vary from one partnership to the next.
Thank you. Over to you, Mr. Bauer. Mr. Schmidt from SdK asks how DWS is going to prepare for tokenization and how you're going to hold your own in the light of fintechs?
Thank you for your question, Mr. Schmidt. Tokenization of assets and fund shares is of strategic importance for DWS. Currently, the market capitalization of tokenized assets is still relatively low. A wider market acceptance requires both technical and regulatory progress. Firstly, the young blockchain technology will have to further develop in order to ensure that the competing goals of the blockchain trilemma, security, scalability, and decentralization can be harmonized. Secondly, market participants need more regulatory security. The German law on electronic securities and the European draft regulation on Markets in crypto-assets offer an increasing amount of legal certainty.
Apart from technical and regulatory conditions, a sufficient number of market participants, such as depositories, have to integrate tokenized assets in their value chains before the big economic potential can be fully delivered. DWS is observing the dynamic development of tokenization very closely. Digital DWS entities and technical teams analyze blockchain applications and check where DWS can benefit from tokenization. Currently, fintechs are not so much a direct competition, but rather offer opportunities for cooperation.
Thank you. Over to you, Mr. Kreuzkamp. SdK is asking, "What would you do differently if you were fully independent of Deutsche Bank? If you take a look at bigger M&A projects, for example, would you actually need the financial power of Deutsche Bank to achieve scalability?"
Thank you for the question. Well, our M&A position has not changed, and it does not depend on the share held by Deutsche Bank. Our top priority is and remains organic growth. Of course, we are closely observing the consolidation of this sector, and we intend to play an active role in mergers and acquisitions. This means that we also want to achieve inorganic growth if it creates added value for our shareholders and does not impact our fiduciary duties vis-à-vis our clients.
Thank you. Another question for you, Mr. Kreuzkamp. SdK wants to know what M&A volume would you be able to handle from your own power, and are there any opportunities for acquisitions, in particular, given lower asset management prices?
Thank you for the question. We are operating from a very strong financial position, and we have the required funding opportunities in order to handle M&A opportunities of different orders of magnitude. In order to maintain these, we are also asking you for your agreement regarding the capital-related resolutions. As the financial impact also differs and, depends on individual and transaction-related factors, it would not be pertinent to quantify a certain volume or an upper limit. Please also bear with us, if we do not engage in any speculations on M&As as a matter of principle.
Thank you very much, Mr. Kreuzkamp. Next question is for Karl von Rohr. It is from Andreas Schmidt from Schutzgemeinschaft der Kapitalanleger. Wants to know, "Well, of course, DWS is a real gem in the portfolio of Deutsche Bank, and, with a limited risk structure. Does Deutsche Bank want to sell its majority at all, Mr. von Rohr?"
Well, Deutsche Bank has repeatedly emphasized the fact that it considers DWS as an important pillar of its business. At the same time, the CEO of Deutsche Bank has emphasized time and again that Deutsche Bank supports the goal of making DWS one of the leading European asset managers with global reach. This also includes the independence of DWS. I've already mentioned in my speech, regarding processes, structures, and systems.
Thank you, Mr. von Rohr. The next question is for you, Mr. Woehrmann. Mr. Schmidt from SdK wants to know more about the share price development. Although in 2021 you achieved or outperformed your targets, the share price development was disappointing. Apart from the general environment, one of the factors that probably has played a role was that revenues have more or less been stagnating since 2017. Probably the market also doubts whether you will be able to achieve much higher revenues in the medium term. Of course, the greenwashing discussion will also have had an impact. Do you have any other explanations, Mr. Woehrmann? Thank you.
Thank you, Mr. Schmidt. Thank you for your question. In my speech, I already pointed out that I don't consider the share price development frustrating. In this period, it reflects individual challenges of DWS and the asset management sector. 75% of relevant analysts have issued a "buy" recommendation for the DWS share, and the average target for our share price is 30% above the current share price.
Thank you, Mr. Woehrmann. The next question is for Mr. Bauer. A shareholder who does not want her name to be disclosed has asked the following question: "What does DWS intend to do in order to regain the trust of its shareholders, and what do you plan to do to counter the falling share prices?"
Thank you for your question. Our management does not have a direct impact on DWS's share price. However, with the right strategy and the consistent implementation of our projects, we are on a very good path towards achieving our medium-term goals. This should then also have a positive impact on our share price.
Thank you, Mr. Bauer. Another question for you. Several shareholders have asked questions about the greenwashing allegations against DWS. SdK wants to know whether the allegations of the public prosecutor might have an impact on DWS's business. A shareholder who does not want her name to be disclosed wants to know why the business offices were raided, given that DWS has always said the allegations were unfounded. Andreas Becker wants to know when you are expecting this topic to be settled and sorted out.
Since last year, DWS has been subject to allegations relating to ESG disclosures of the group, which originally came from the former Group's Sustainability Head of DWS. In this context, DWS has received information requests and subpoenas. On May 31, 2022, the Frankfurt Public Prosecutor's Office implemented a search in the offices of DWS in Frankfurt and has launched investigations against unknown persons. DWS takes the allegations seriously and has taken comprehensive measures to cooperate with the authorities to clarify the situation. We are aware that a number of measures will be required in order to guarantee a fundamental and complete investigation process. We fully cooperate with the authorities in order to sort out any open questions. They have a task to fulfill, and DWS will support them as best we can.
As pointed out in the Annual Report 2021, the Supervisory Board of DWS has formed a temporary subcommittee in order to ensure a continued and efficient support for the handling of the ESG topic by management, in particular with regard to information requests from the authorities. The subcommittee continually informs the Supervisory Board of DWS about its work. DWS will continue to cooperate with the authorities. DWS cannot comment on details regarding ongoing investigations for legal reasons.
Thank you. Over to you, Mr. Kreuzkamp. Mr. Nieding from DSW has asked a number of questions relating to the so-called greenwashing scandal. "What investigations were initiated by DWS to date in order to clarify the allegations in connection with the greenwashing scandal? Have you mandated an external law firm in order to investigate matters? If so, do you already have the first results available? Can you talk about this?"
Thank you, Mr. Nieding. DWS has been cooperating since the late summer of 2021 with the relevant authorities, and we have fully cooperated with them. To that end, both in Germany and in the U.S., external lawyers were mandated right after the allegations became known in order to investigate the allegations and support the authorities investigating the matters. The Supervisory Board of DWS has set up a temporary subcommittee in order to continually monitor the way the management handles the ESG-related allegations. I can only ask you to bear with us for not commenting on the current status of the investigations for legal reasons.
Mr. Kreuzkamp, the next question from DSW is for you, too. "What are the costs that DWS will probably face due to measures related to the greenwashing scandal? Are you planning to take recourse for such costs for those personally responsible, if possible?"
The costs incurred by the company in connection with the greenwashing allegations cannot currently be seriously quantified. For the time being, we do not see any reason to verify any potential recourse measures we might take in this respect.
T hank you. Another question for you from Mr. Nieding. " Mr. Kreuzkamp, h ave you investigated whether, in connection with the greenwashing scandal allegations, all capital markets-related publication requirements have been met? If so, what is the result of your investigations?"
Of course, we regularly check our capital market related publication obligations, and also do so on a one-on-one basis in connection with the greenwashing allegations. We believe we have met our obligations, and we continue to meet them.
Thank you, Mr. Kreuzkamp. Another question for you, Mr. von Rohr. DSW has also asked the following question: "To what extent has the Supervisory Board of our company already taken part in clarifying the greenwashing scandal in the run-up to these measures? Have all the questions been comprehensively answered by the board? Have you received all the information you have requested? Are there any indications suggesting that any information requested or questions asked have not been fully delivered or answered, respectively?"
Mr. Nieding, the special subcommittee of the Supervisory Board, specifically formed for that purpose, receives regular and comprehensive information about the status of the investigations and any new developments in this context. In our view, the Boards have answered all questions as best they can, and I can only tell you that the Supervisory Board has received comprehensive information at all times.
Thank you. Another question for you, Mr. Kreuzkamp. From Mr. Nieding from DSW: "Can you quantify the risk our company runs in connection with the greenwashing scandal? Have you already made any provisions in this context?"
Mr. Nieding, please bear with us for not being able to provide you with a serious quantification of potential risks as of today. The same thing applies to potential provisions.
Mr. Kreuzkamp. Thank you. Mr. Nieding also wants to know what the impact could be in resulting from allegations in connection with the so-called greenwashing scandal regarding regulatory authorities, both in Germany and abroad? " Are you going to face any measures or any requirements, such as those we've already seen in Deutsche Bank in connection with various allegations by so-called special monitors from American authorities? Of course, trust in DWS has been highly impaired as a result. Have you ever thought of initiating a voluntary special audit under German Stock Corporation Act in order to regain trust?"
Mr. Nieding, as already pointed out several times, we are fully cooperating with German authorities and with authorities abroad in this context. We can only ask you to bear with us, that we do not consider it appropriate at this point in time to speculate about potential consequences and results of these investigations.
Thank you. Another question for you, Mr. Kreuzkamp. A German association for securities ownership also wants to know: "Have you already received any results in terms of when the investigations by the public prosecutor will be closed?"
As already mentioned, we have fully cooperated with the public prosecutor as well since the 31st of May 2022. We do not yet have any results as to when or with what results the investigations will be closed.
Thank you. Next question is for you, Mr. von Rohr. It's a question from Mr. Markus Dufner, representative of the Umbrella Organization of Critical Shareholders. "The parent company, Deutsche Bank, here you are the deputy CEO in charge of asset management. What are the consequences you will draw from the greenwashing allegations? Desiree Fixler , as Head of Sustainability at DWS, referred to potential greenwashing, and in March 2021, shortly before the publication of the Annual Report 2020, she was dismissed. In an email to you and Deutsche Bank sustainability head Jörg Eigendorf, she had warned that DWS might have made wrong publications regarding sustainability. Why did you not take Ms. Fixler's indications seriously? Were you involved in the dismissal of Ms. Fixler? If not, who was involved?"
Yes. Thank you. Let me first of all explain to you that the Supervisory Board is not in charge of appointing employees in DWS, and consequently, the decision about the termination of Ms. Fixler's employment contract during her trial period was up to the Executive Board to take. In my speech, I already presented in great detail when and how the Supervisory Board dealt with the allegations raised by Ms. Fixler, which were raised for the first time after she was terminated. Let me emphasize once again that of course, we took the statements made by Ms. Fixler very seriously, and we immediately started to investigate matters by mandating a plausibility check to be carried out by an auditing company. The result was that the allegations made by Ms. Fixler in connection with her statements were not plausible.
Irrespective of that, the Supervisory Board set up a temporary subcommittee in September 2021 to closely monitor the investigations. As already mentioned, we have not yet seen any indication suggesting that a special separate audit by the Supervisory Board would be required at this point in time. Of course, and this is quite clear, we stand by what I said earlier. We will draw clear consequences if here or in any other place, we were to find that there has been some misconduct. Until then, we have to assume innocence, as already pointed out.
Thank you. The next question is from Mr. Bauer. SdK wants to know: "What can or will you do if you considered the allegations to be unfounded in order to prove they are wrong and to limit the reputational damage?"
Yes, thank you. We will continue to strengthen the DWS brand. In the first half of the year, we've already sharpened our brand profile in order to focus on DWS's values, and we also want to increase visibility. In particular in sustainability, our target remains unchanged. We will do everything we can in the field of ESG investments to achieve further growth. ESG will be a core element of our strategy. We will invest in product innovation in this area, and we'll re-position ourselves as an asset manager that offers the full spectrum, the full range of product solutions in this field.
Another question for you, Mr. Bauer. SdK, Mr. Schmidt, have also asked the following question: "Have the allegations already had an impact on existing clients or the acquisition of new clients, or will they have an impact?"
Thank you, Mr. Schmidt. We are in close dialogue with our clients, who of course have asked questions in this respect since the middle of last year. The interaction level with our clients has been very high, above all in the light of the events of the last few days. Against the background of the events of last week, it is too early to give you an indication of the impact this may have.
Another question for you, Mr. Bauer. Deutsche, the German Association for Security Ownership, wants to know how you would quantify the liability risk if the allegations whereby securities prospectus were wrong should be found to be true.
Mr. Nieding, please bear with us for not being able at this point in time to give you a serious quantification of potential risks.
Thank you, Mr. Bauer. Another question for you, Mr. von Rohr. A shareholder who does not want his name to be disclosed wants to know what the consequences are that the Supervisory Board has drawn from ESG-related allegations regarding the group sustainability council, the Group Sustainability Office, and the ESG Advisory Board, all of these being bodies of DWS listed in the Annual Report.
Well, yes, first of all, let me point out that the Supervisory Board is not in charge of appointing members to these bodies that advise DWS in its ESG strategy and the implementation of that strategy. Responsibility rests with management. The Supervisory Board only has an advisory and monitoring function in this regard. As already said, the Supervisory Board, of course, will push for consequences in the framework of its responsibilities if any indications of misconduct were to emerge in this respect.
Thank you. Another question for you, Mr. Bauer. Mr. Dufner from the Umbrella Organisation of Critical Shareholders, also asked the following question." The U.S. Department of Justice told off Deutsche Bank in December 2021 because they had failed to report Ms. Fixler's complaint regarding greenwashing. Although Deutsche Bank would have been obliged to do so from its obligations resulting from another case. What are the consequences drawn?"
Thank you. DWS also has carried out better improved trainings regarding reporting obligations under the Deferred Prosecution Agreement.
Thank you. A shareholder who does not want his name to be disclosed asks about the internal guidelines regarding the handling of so-called messaging apps in DWS Group. " Was this rule introduced at the same time as it was introduced in Deutsche Bank, or are there any exceptions in DWS?"
All companies of DWS Group have to follow the same group-wide policies for internal and external communications as those followed by Deutsche Bank Group and those for documentation recording and maintaining of documents as well, and storage. For DWS, there are no exemptions. DWS Group also uses certain Deutsche Bank systems and controls that support implementation of these guidelines.
Thank you, Mr. Bauer. A shareholder who does not want his name to be disclosed asks about the point of the information provided in the table on reported grievances in the Annual Report 2021 in connection with the speak-up culture. "What is the point of this table? What is it supposed to say?"
We presume that your question relates to the complaints statistics we publish in our Annual Report. It is part of our obligation in the framework of human capital reporting standards. DWS has been certified in this disclosure area. DWS Group has clear processes for handling employee complaints. This also includes the regular review of complaints and grievances at the level of top management. We encourage all colleagues to say, to voice their views at any point in time in order to ensure that we live our values and create an integrative and productive work environment.
Thank you. The next question is from Mr. von Rohr. Listen, Mr. Dufner wants to know the following. Do you believe, Mr. von Rohr, that it is sufficient for Mr. Woehrmann to take over responsibility and resign?
Mr. Dufner, as Asoka Woehrmann after repeated attacks on DWS and himself, stepped down to make room for a restart. Not only in my speech, but also otherwise, I paid my respect for this decision. The Supervisory Board and Deutsche Bank as a majority shareholder is clearly back and stand behind the targets and the strategy of DWS. We found the ideal successor for Asoka Woehrmann with Stefan Hoops, who will continue the successful work of the last few years. I hope that you understand that over and above this, I will not comment on personnel decisions of and at DWS.
Thank you very much, Mr. von Rohr. Stay with you. Mr. von Rohr, Mr. Schmidt from SdK asked you to explain the selection procedure for Mr. Hoops, how he was selected, which criteria spoke in favor of his appointment. Is he just an interim CEO or is this to be a long-term appointment? Will Mr. Hoops change anything about strategy of DWS, in particular with a view to gaining further independence from Deutsche Bank?
As I already explained in my speech, Mr. Hoops has proven his capacity and his capabilities in several areas of the bank. He has excellent capital market expertise, a deep understanding for customers, and excellent leadership qualities. We are convinced that we found an excellent CEO who will actually continue the successful course and path of DWS in the long term. However, let me make some additional remarks. Mr. Hoops, as usual for the CEOs of DWS, was appointed for a period of three years to start with, and other than this, I hope you bear with me if I say that the contract with Mr. Hoops is not the subject matter of this agenda.
Mr. Nieding also wanted to know that when he says, "Could you give us some information on the terms and conditions related to the dimission of Mr. Asoka Woehrmann? Are there severance payments? Were severance payments agreed? What are the other agreements? Is there, for example, a clawback agreement in the contract with Mr. Asoka Woehrmann should it turn out that he did make mistakes?"
Mr. Nieding already explained that Mr. Asoka Woehrmann decided to step down as General Manager and CEO of DWS in agreement with the company. The details of a separation agreement are being discussed as we speak, and this will of course be published in the Annual Report of 2022. Such an agreement will be drafted in agreement with the InstVV, which also says that severance payment could also be provided on a deferred compensation basis, and deferred compensation is always subject to clawback.
Mr. Kreuzkamp, the Dachverband der Kritischen Aktionärinnen und Aktionäre has the following question: "The investment decisions of the ESG funds of DWS is based on the so-called ESG engine, which defines that several sectors are controversial. They are subdivided in categories A to F. Against the backdrop of Mr. Asoka Woehrmann, when will DWS introduce strong exclusion criteria so that, for example, oil and gas are considered to be controversial sectors? When will the red line be drawn at 20%, a maximum of 20% of revenues from fossil fuels, robust absolute thresholds when it comes to production of coal, oil and gas? When will it clearly exclude any expansion plans with these sectors?"
Thank you very much for the question. Criteria for ESG conformity are defined by dynamic societal and political discussion. Our aim is that our ESG framework complies with current regulatory requirements and regulatory practice, and the expectations of our customers as a transformation in line with the transformation of real economy to additional sustainability. Over and above this, we review and refine our ESG framework continuously for actively managed funds. For example, the coal activities in companies that we finance, it was reduced from 25%- 50% at the beginning of 2021. However, as a rule, we do not exclude entire sectors of industry, but we do analyze the companies on an individual basis in order to identify improvement potential, and we enter into a dialogue with those companies.
In concrete terms, we, for example, ask for plans for the reduction of greenhouse gas emissions, the extension of low-CO₂ activities or climate solutions.
Thank you very much, Mr. Kreuzkamp. Staying with you. The Dachverband der Kritischen Aktionärinnen und Aktionäre asks: "The DWS is one of the signatories of the UN Principles for Responsible Investment, PRI, which stipulates best practices for a responsible real estate management. One of this comprises a best practice cooperation with local stakeholders for. Do you believe that the guidance or the guideline for responsible contractors is the same as laws and guidelines on supply chains?"
I reckon that Mr. Dufner refers to the EU directive on supply chains which has not become law yet. The DWS makes an effort to fulfill the principle for responsible investment. One of them is the policy for the responsible contractor policy. As to whether this is equivalent with the supply chain directive of the European Union, which has not been passed yet, cannot be assessed finally at this point in time.
Mr. Kreuzkamp, thank you very much. Another question to you. As a representative of the Dachverband der Kritischen Aktionärinnen und Aktionäre, Mr. Dufner continues to ask: "The Responsible Contractor Policy introduced by DWS Group means that the DWS funds have to be union neutral in their U.S. positions and to support fair salaries and benefits. This is also true for cleaning contractors. Will DWS make sure that these guidelines are being adhered to for its real estate in Florida? If yes, what did you do in order to make sure that DWS uses a responsible contractor for all its real estate in Florida, that the union rights of its employees are being adhered to and respected, and that the market usual salaries and benefits are stipulated in the collective agreement negotiated in Florida are being offered?"
DWS Group made enormous investments in U.S. real estate and is often using capital of institutional investors that made DWS the fiduciary and making sure that it invests prudently and carefully. Does the Management Board knows as to whether the DWS funds communicate with the contractors on the rights of employees? Do you know if the DWS investors and their investors in real estate in the federal state of Florida were informed about strikes in the office buildings in Florida? How do you make sure that DWS funds and feedback from stakeholders and employees with regards to conflicts referring to the rights of employees are dealt with in an appropriate fashion?
Thank you very much, Mr. Dufner, for this very detailed question. The policy or guideline for responsible contractors applicable to the real estate of DWS in the United States provides that DWS has to get annual proof from the contractors that these contractors pay fair salaries and benefits to their employees. Now, this is checked and audited by DWS and external auditors on a regular basis. Any contraventions can lead to a service contract being terminated prematurely.
It is a common established practice that our institutional real estate funds check everything that has an influence on the performance on a regular basis in quarterly calls with the investors, also in quarterly reports. The contractors in southern Florida confirmed to DWS that they fulfill the definition of responsible contractor within the meaning of the policy or guideline, and we have no reason to doubt this confirmation. There were no matters that would have to be notified and which would have an effect on the fund or its performance. Also, it has to be mentioned that the direct real estate business of DWS uses the responsible contractor policy, which means that we have to take a neutral position when it comes to unions.
Outside our real estate business, of course, we also, when it comes to our proxy voting and also our engagements, we of course take into considerations controversies with regard to norms, the standards organizations of the ILO, the OECD, principles on multinational companies, and also additional international labor or human rights rules resulting from the UN Global Compact. We hereby fall back on assessments of external service providers such as ISS, MSCI, and Sustainalytics.
Thank you very much, Mr. Kreuzkamp. Staying with you, a shareholder who does not want to be named asks: what are your current, required rates of return with regard to the German share markets? Please explain last year's required rate of return and any changes, if there were any changes?
Thank you very much for the question. We understand your question as follows. This is about our capital market forecast, in particular with regard to the German share market, stock market. We publish our forecasts on a quarterly basis. It refers to the following four quarters and not full calendar years. In the middle of November of 2021, we reckoned that there would be an overall return for the German stock market of 5%. In our first strategy meeting in 2022 in the middle of February, this is before the invasion of Ukraine by Russian troops, the 12-month target for the DAX was slightly reduced. Now, the economic recovery was fairly robust, but further increasing inflation rate and more aggressive communication by the central banks made us more cautious and prudent when it comes to the valuation of the share markets.
Our current share target for DAX that we've raised about three weeks ago is for the 30th of June of 2023. We believe that the index will be at about 14,600 points, which would be in line with the average of the DAX this week. A negative return would be fairly likely this year. Responsible for this are also the high inflation rates, the war in Ukraine, and the strict COVID measures in China. They exacerbated the supply chain problems and actually dampened the forecasts.
Now, what the same person wants to know how high was your return in the German stock market in 2020 and 2021, and if this is not fully distributed to the holders of fund shares, why is it not fully distributed if we're not talking about non-dividend or cumulative funds?
Thank you very much for the question. As we understand it, you're talking about the development of our German equity funds and also our distribution of dividends at the fund level. As of the end of 2022, DWS had actually EUR 12 billion under management in German equity funds. The biggest of this is DWS Aktien Strategie Deutschland, with a volume of about EUR 4.2 billion. We offer several asset classes, among them non-dividend and dividend funds. The non-dividend LC asset class in the year 2020 achieved a value development of 5.3%, and in the year 2021, the performance was 23.3%. For dividend funds, the fund usually distributes the dividend that was generated and which is not required for paying interest and other expenses.
Realized gains also from, for example, the sale of equity can also be used for dividend payments. For the business year 2020 and 2021, the German equity funds, however, no sales proceeds were paid out. Of course, every investor can decide to sell his fund shares and thus to generate the gains.
Mr. Kreuzkamp, staying with you, we have two similar questions of Mr. Nieding on climate lawsuits. This is lawsuits against companies that you invest in. Question is if there is a possibility to or the necessity to roll them back in the future. Mr. Kreuzkamp, would you like to expand on your positions on climate-related lawsuits?
Mr. Nieding, this is a topic that is becoming more and more relevant for the companies and the entire industry. DWS is, of course, following the further development. With regard to the momentum, the dynamics that we see, we, however, cannot assess the situation as of today. When DWS taking care of the standards for the green investments or sustainable investments, of course, we comply with regulatory requirements and market standards when it comes to the process for the development of a guideline for sustainable investment funds is of course taken into consideration.
Mr. Bauer, coming back to you. DSW asks, "How binding are the guidelines or policies that you take as a point of orientation when it comes to green investments?"
Thank you very much for the question. As already mentioned, DWS when developing the ESG divestment standards, of course, pays tribute to regulatory requirements. The exclusion criteria which are disclosed in the sales prospectus, these are regulatory ones. As well as those that are described in the prospectus are part of the internal processes when it comes to taking care of restrictions in the investment process.
Mr. Bauer, thank you very much. Staying with you, Mr. Nieding is asking, "Are you already developing defenses or defense line against potential claims in the future?"
Mr. Nieding, thank you very much. DWS, when it comes to the operational areas of product management and fund management, it has established a control environment with regard to risk management and control frameworks of DWS. The control processes defined and taking care of within those frameworks provide for internal and external controls. They're being assessed on a regular basis, and they are also to cover those risks resulting from potential future lawsuits and minimize them. We take particular care of regulatory and legal requirements when it comes to sustainable assets in our environment.
Thank you very much. Mr. Bauer, DSW also wants to know whether using a standard as guidance makes sense, a standard which is currently being developed by European Commission, which is based upon taxonomy.
Well, thank you very much. We are currently observing a large number of developments of national and international standards and guidelines, also including development of the EU Taxonomy Regulation. DWS takes these observations and developments into account within their internal processes to further develop its standards.
Thanks, Mr. Bauer. A question from Mr. von Rohr. Peter Schmid asks, he has got 300 non-par value shares and would like to exercise voting rights for them because on his voting card only 200 non-par value shares have been registered.
Mr. Schmidt, well, that's not really a question related to the matters of the company. Let me nevertheless answer it. Basically, the right to exercise voting rights is based upon the number of shares held in the account on a certain cutoff date. In our case, the cutoff date was May 19, 2022. Now, if additional shares have been purchased after this date, then they will not count for the voting rights to be exercised, but this doesn't affect your dividend entitlement.
Mr. Bauer, another question for you. Another question for you from a shareholder who doesn't want his name to be disclosed. He asks about various interest rate risks. With the ongoing low interest rate phase, DWS on July 1, 2021, fully discontinued its new business with reserve and euro guarantee products. Due to the current negative development of underlying shares and pension funds, reallocations, the deduction of costs, probably many of your current contracts with a long maturity will probably currently be below their guaranteed amount. Which risk do you here see for the future? How has the risk changed compared to numbers shown in your Annual Report 2021? As the guarantee only is exercised at the end of the term of such a contract, how many guaranteed contracts did show a gap to its guaranteed amount, and how were the costs of DWS for this?
Well, thank you very much. One of the key influencing factors for long-term pension products with a guarantee are long-term interest rates. Therefore, the biggest risk for our guaranteed products are declining long-term interest rates. However, interest rates have, in the current year, once again increased significantly compared to 2021. This reduces the risk for DWS because the probability as well as the current value of potential future risks has reduced. Thus, the gap for our guaranteed products by the end of March 2022 has decreased by a double digit million amount. By the end of March 2022, the contracts that have reached the end of their savings phase have led to a loss in the low-s ingle digit million-dollar rate.
All in all, 40,000 contracts had reached the end of their savings phase by the end of May 2022, and 15,000 had a negative total there.
One shareholder who doesn't want his name to be disclosed asked about the current status of Wirecard evaluation. At the last AGM, it was also stated that you're looking into any possibilities to take legal action.
DWS has filed claims for all funds affected to the amount of EUR 665 million in the insolvency proceedings of Wirecard AG. Furthermore, we are preparing the filing of claims in the insolvency proceedings of subsidiaries of Wirecard AG. Furthermore, we have filed legal action against members of the former management board and other managers of Wirecard AG, and we've also filed claims of EUR 450 million under civil law. The exact amount is still something that we are currently discussing with our process cost funding provider. Filing damage claims against other parties involved, including former Supervisory Board members of Wirecard AG and also their auditors, are currently being evaluated and will also be exercised if we feel that they have a high probability of success.
Next question for you, Mr. Asoka Woehrmann. In connection with the COVID pandemic, the the Deutsche Shareholder Association for Wertpapierbesitz has got the following questions: "What is the percentage of the employees currently working from home? Is there a possibility to save expenses in terms of rent for office space and are you prepared for future events? Did you perform a so-called pandemic impairment test?"
Let me answer this as follows. DWS has got stable emergency response plans for all locations. The COVID-19 pandemic has shown that we are able to maintain stable operations at DWS, even in such an emergency.
Ladies and gentlemen, we have thus reached the end of the answering of the questions that have been filed beforehand. If you have not yet made use of the possibility to ask follow-up questions as described before, you will now have the chance to do so until 12:45 P.M. to input your follow-up questions in the shareholder portal. Then this function will be closed on the shareholder portal. Now one more comment on the counter motions. The counter motions I have mentioned before are meant to refuse to ratify the acts of management of the General Partner and the Supervisory Board members. If you want to agree with these motions, then you can vote no on Items number 3 and 4 of the agenda.
In order to prepare the answers to the follow-up questions, we will now have a break of about 20 minutes, which means until 12:55 P.M., 5 minutes to 1, and we will then continue our AGM. Ladies and gentlemen. Now the break has been a bit longer than expected, but now we'd like to continue the AGM, and we will shortly answer your follow-up questions. Before we do so, let me remind you that you still have time until the last follow-up question has been answered to cast your vote by absentee voting or grant proxy rights and issue instructions to the voting proxies of the company, or to change absentee votes and instructions already submitted.
Now, at 1:12 P.M., once the follow-up questions have been answered, access to the respective functions on the shareholder portal will be deactivated and the data will be gathered to determine and identify the voting results. I would like to ask Ms. Schneider to read out the first follow-up question.
Well, we have received two follow-up questions from the Association of Critical Shareholders to be answered by you, Mr. Kreuzkamp. The reduction of emissions has been described by you as a criterion for evaluating the companies. Now, two follow-up questions on this. Expanding production and power generation and the respective infrastructure, is this a rule-out criterion for individual oil and gas and petrol companies. Thirdly, which absolute thresholds do you apply for oil and gas and coal used for power generation?
Thank you very much for your question. DWS is currently working on a carbon policy in accordance with the requirements and the timeframe that has been defined by the Science Based Targets initiative. At present, DWS doesn't have any general rule-out or exclusion policy for carbon. However, if we take our current EMEA-located public funds according to Article 8 SFDR plan, filter, and index screening criteria, which basically rule out companies of this kind, which exclude companies with above average revenues from such activities. Apart from that, we also look at the revenues of companies that they generate with power generation from coal and gas. For example, when we are connected with companies in the oil and gas in business, then we take the intensity values in the climate transition risk matrix, which may then lead for us to rule out such companies.
Well, ladies and gentlemen, I'd like to thank for these follow-up questions. I also would like to thank Ms. Anita Schneider for reading out the questions, and also I would like to thank Dr. Asoka Woehrmann, Mr. Manfred Bauer, and Mr. Stefan Kreuzkamp for answering them. Ladies and gentlemen, the functions of the shareholder portal to issue and grant absentee votes and instructions to the voting proxies will now be closed as announced before. Therefore, as of 1:12 P.M., it is no longer possible, technically speaking, to change the way you want to exercise your voting rights, and this leads us to the votes. Let me start by explaining the voting procedure to you. At today's AGM, only the voting proxy of the company will cast votes in accordance with the proxy rights granted and instructions issued.
The instructions to the voting proxy recorded in the system will be released during the course of voting. The proxy rights and instructions issued or changed before the respective function of the shareholder portal has been closed will, of course, be considered and forwarded to the electronic counting system. Of course, absentee votes will also be fed into the electronic counting system and will be included in the results together with the votes cast today by the voting proxy here at the AGM. Voting will be done on the basis of the so-called addition method. This means that the yes votes and the no votes are counted. As all votes will today be cast by the voting proxy of the company, I will now put all of the proposed resolutions to the vote in a single round of voting as follows.
For Items 1- 10 of the agenda, we will use the proposed resolutions that have been published in the Federal Gazette on 28th of April, 2022, together with the invitation to today's AGM. Item 1 is about the approval of the annual financial statements. The General Partner and the Supervisory Board propose that the annual financial statements of DWS Group GmbH & Co. KGaA for fiscal year 2021 be adopted. Under Item number 2, the General Partner and the Supervisory Board propose to appropriate the distributable profit for fiscal year 2021 in the amount of EUR 620,172,930.38 as follows. Distribution of a dividend of EUR 2 per non-par value share for the 200 million dividend bearing non-par value shares for fiscal year 2021, and to carry forward the remaining amount of EUR 220,172,990.38 to the new account.
Item number 3 of the agenda is about the ratification of the acts of management of the General Partner for fiscal year 2021. The General Partner and the Supervisory Board propose that these acts be ratified. At this vote, the General Partner, the members of the Executive Board, and the shareholder of the General Partner are not permitted to exercise the voting rights for their own shares or any third party's shares. By the same token, any third parties are not permitted to exercise voting rights for shares belonging to the General Partner, the members of the Executive Board, or the shareholder of the General Partner. The respective persons have ensured that these prohibitions on voting are complied with. Under Item number 4 of the agenda, you will vote on the ratification of the acts of management of the members of the Supervisory Board for fiscal year 2021.
The General Partner and the Supervisory Board propose that this resolution be approved. At this vote, the members of the Supervisory Board are not permitted to exercise the voting rights for their own shares, nor for any third party shares in accordance with the law. By the same token, any third parties are not permitted to exercise voting rights for shares belonging to members of the Supervisory Board. Furthermore, the General Partner, the members of the Executive Board, and the shareholder of the General Partner are not permitted to exercise the voting rights, neither for their own shares nor for any third party's shares. By the same token, any third parties are not permitted to exercise voting rights for shares belonging to the General Partner, the members of the Executive Board, or the shareholder of the General Partner.
The respective persons have ensured that these prohibitions on voting are complied with. Under Item number 5 of the agenda, the Supervisory Board, based on the recommendation of its Audit and Risk Committees, proposes that KPMG AG Wirtschaftsprüfungsgesellschaft, with its registered office in Berlin, be appointed as the auditor of the annual financial statements and the consolidated financial statements for fiscal year 2022, and of the limited review of the condensed financial statements and the interim report as of June 30, 2022, and of any other interim financial statements prepared prior to the AGM in 2023. Here the persons affected by the voting prohibition have made sure that these prohibitions are complied with.
Under Item 6 of the agenda, the General Partner of the Supervisory Board proposed to adopt the compensation report for fiscal year 2022 that had been drawn up in accordance with Section 162 and Section 128, Sentence 3 of the Stock Corporation Act. Under Item 7 of the agenda, the General Partner of the Supervisory Board proposed to cancel the capital authorized in accordance with Section 44 of the articles of association, and to create new approved capital for capital increases in cash and/or contribution in kind, with the possibility of excluding shareholders' preemptive rights, among others, also in accordance with Section 183-186(3), sentence 4 of the Stock Corporation Act, and to amend the articles of association accordingly.
Under Item 8 of the agenda, the General Partner of the Supervisory Board proposed to cancel the capital authorized in accordance with Section 45 of the articles of association, and to create new approved capital for capital increases in cash, with the possibility of excluding shareholders' preemptive rights for broken amounts, and to amend the articles of association accordingly. Under Item 9 of the agenda, the General Partner and the Supervisory Board proposed to cancel the existing authorization granted on June 5, 2019, for the issue of convertible bonds or bonds with warrants, with the possibility of excluding preemptive rights and of the conditional capital pursuant to Section 46 of the articles of association, and to delete that Section 6 of the articles of association.
Under Item number 10 of the agenda, the General Partner and the Supervisory Board proposed to cancel the existing authorization and grant a new one to issue participatory notes and other hybrid debt securities that fulfill the regulatory requirements to qualify as additional Tier 1 Capital. I now would like to ask the voting proxy of the company to proceed with his vote. I'm now waiting for the voting proxy to signal to me that I can continue, and I have just seen that the voting proxy of the company now has had the opportunity to vote on all items of the agenda in accordance with the instructions issued to him. With that, I hereby close the voting procedure.
At this point, let me also emphasize that shareholders who have exercised their voting rights by absentee ballot or by granting power of attorney to the voting proxies may file objections to resolutions adopted at this General Meeting in the electronic way. Such objections are to be filed via electronic means of communication with the notary public appointed to minute the General Meeting. The respective declarations must be sent to the notary by email to the email address shown on the invitation to today's AGM. Objections can be filed at today's AGM only until I close this virtual AGM. Now, as transmission on the Internet takes place with a slight delay, towards the end of the announcement of the voting results, I will announce at what time I will close the AGM by the latest. Objections filed with the notary public after that date can no longer be considered.
Now, it's going to take some minutes until we have the final results available. For that reason, we will take another short break of about 15 minutes, and we will then announce the results. Ladies and gentlemen, we will continue with our AGM. For the sake of good order, let me announce the voting presence at today's AGM. Of the share capital of the company of EUR 200 million, broken down into 200 million nominal value shares, 170,750,783 nominal value shares conferring the same number of votes have been represented here today. This corresponds to 85.87% of the capital stock. In addition, absentee votes for 10,157,461 nominal value shares have been received. In total, this amounts to 180,908,244 nominal value shares. This accounts for 90.45% of the share capital.
Ladies and gentlemen, in the meantime, I have also received the results of the votes. I will now announce the resolutions adopted. In order for everyone to be able to follow this, I will read out the results in the long version. In line with the legal obligation, I will give you the number of yes and no votes. However, I will not mention abstentions or votes that have not been validly cast. In addition, we will also show this information on the voting results on the video stream on the Internet. In order to improve legibility, you can magnify the window or use full screen mode. Let me start with agenda Item 1. With 180,774,754 shares for which valid votes were cast. This accounts for 90.39% of the share capital.
180,769,804 votes have been cast with yes. This is 99.99%. 4,900 no votes have been received. This is 0.01%. Regarding agenda Item 1, resolution on the adoption of the annual financial statements of DWS & Co. KGaA. The resolution proposal of the General Partner and the Supervisory Board, as suggested in the Federal Gazette on 20th of April 2022, has been adopted. This resolution, in line with paragraph 236, paragraph 1 of the German Stock Corporation Act, requires the consent of the General Partner. As I can see here, the representatives of the General Partner have granted this approval. Regarding agenda Item 2, I hereby state and announce that the result of the votes is as follows.
180,776,468 shares where valid votes were cast. This accounts for 90.39% of the capital stock. 180,774,699 votes were yes votes. This is 99.99% of the votes. 1,769 no votes were received. This is 0.01% of the votes. Regarding this proposal, the AGM has adopted the proposal submitted by the General Partner and the Supervisory Board on the 28th of April in the Federal Gazette. This proposal has been adopted. Regarding agenda Item 3, I hereby announce that for 19,695,541 shares, votes were cast. This is 90.8% of the capital stock.
16,224,255 yes votes were received. This is 82.38% of the votes. 3,471,286 no votes were received. This is 17.62%. Regarding agenda Item 3, ratification of the acts of management of the General Partner for fiscal year 2021, the AGM has adopted the proposal submitted by the General Partner and the Supervisory Board as published in the Federal Gazette of 28th of April 2022, with the requisite majority. Therefore, the counter proposal does not need to be voted on in this respect. Regarding voting on agenda Item 4, I hereby announce that votes were cast for 90,694,166 shares.
This accounts for 9.85% of the capital stock. 16,113,765 yes votes were received. This is 81.82% of the votes. 3,580,401 votes were no votes. This is 18.18%. Regarding agenda Item 4, ratification of the acts of management of the members of the Supervisory Board for fiscal year 2021. The AGM has adopted the proposal submitted by the General Partner and the Supervisory Board on 28th of April 2022 in the Federal Gazette with the requisite majority. On behalf of all members of the Supervisory Board, let me thank you for the trust you have placed in us. This means that the relevant counter proposal does not need to be voted on.
Regarding agenda Item 5, I hereby state and announce that 21,792,303 shares were used for the voting. This is 10.9% of the share capital. Of these shares, 21,750,387 were yes votes. This is 99%, 99.181% of the votes. 41,016 votes were no votes. This is 0.19% of the votes. Regarding agenda Item 5, election of the audit of the annual financial statements and the audit of the consolidated financial statements and interim financial reports, the AGM has adopted the proposal submitted by the General Partner and the Supervisory Board in the Federal Gazette on 28th of April 2022, with the requisite majority.
Regarding the time available for you to raise objections, let me announce at this point that I will probably close this AGM at 1:48 P.M. today. However, for now, I will continue with the announcement of the results. Regarding agenda Item 6, I hereby state and announce that valid votes were cast for 179,134,781 shares. This accounts for 89.57% of the share capital. We received yes votes for 174,855,435 votes. This is 97.61% of the votes. 4,279,346 votes were no votes. This is 2.39%.
Regarding agenda Item 6, approval of the compensation report, the AGM has adopted the proposal submitted by the General Partner and the Supervisory Board in the Federal Gazette on 20th of April 2022, with the requisite majority. According to paragraph 285 of the German Stock Corporation Act, this resolution requires the consent of the representatives of the General Partner. As you can see here, the representatives of the General Partner have granted their consent. Regarding agenda Item 7, let me announce as follows: valid votes were received for 180,797,796 shares. This accounts for 90.40% of the share capital. We received yes votes for 178,244,164 votes.
This accounts for 98.59% of the votes. No votes were received for 2,553,632 shares. This is 1.41% of the votes. Regarding Item 7, cancellation of the authorized capital and creation of new authorized capital for capital increases in cash and/or contribution in kind, with the possibility of excluding shareholders' preemptive rights, also in accordance with Section 188(3), Sentence 4 of the Stock Corporation Act and corresponding amendments to the Articles of Association. The AGM has adopted the proposal submitted by the General Partner and the Supervisory Board in the Federal Gazette on 28th of April 2022 with the requisite majority of the votes.
Hereto, the representative of the General Partner has to grant their approval in accordance with Paragraph 285, Sections 2 and 3 of the German Stock Corporation Act, as already noted down by the notary public, and I have already received a copy of this consent. Regarding agenda Item 8, I hereby state and announce as follows. Votes were cast for 118,797,943 shares. This accounts for 90.40% of the capital stock. Yes, votes were received for 176,777,757 shares. This accounts for 97.78%. No votes were received for 4,020,186 votes. This is 2.22%.
Regarding this agenda item, creation of new authorized capital for capital increases in cash, with the possibility of excluding preemptive rights to accept broken amounts and corresponding amendments to the articles of association. Here the AGM has adopted the proposals submitted by the General Partner and the Supervisory Board in the Federal Gazette on 20th of April, 2022, with the requisite majority of votes and capital stock. Hereto, the consent of the representative of the General Partner is required under Section 285, subsections 2 and 3 of the German Stock Corporation Act. This consent was granted in the run-up to this AGM, and I have just received a copy of the relevant consent declaration from the notary public. Regarding agenda Item 9, I hereby state and announce as follows.
For 180,797,389 shares votes were cast. This is 90.40% of the share capital. We received yes votes for 180,779,641 votes. This is 99.99% of the votes. No votes were received for 17,748 shares. This is 0.01% of the share capital. Regarding agenda Item 9, cancellation of the existing authorization for the issue of convertible bonds or bonds with warrants with the possibility of excluding preemptive rights and the conditional capital pursuant to Section 4, subsection six of the articles of association and corresponding amendments to the articles of association.
The AGM has adopted the proposal submitted by the General Partner and the Supervisory Board in the Federal Gazette of 28th of April, 2022, with the requisite majority of shares and capital stock. Hereto, the consent of the representative of the General Partner is required in line with Section 285, subsections 2 and 3 of the German Stock Corporation Act. This consent was already granted in the run-up to this AGM, and I have just received the corresponding certificate from the notary public. Regarding agenda Item 10, let me state and announce as follows. Valid votes were cast for 179,875,396 shares. This accounts for 89.94% of the capital stock.
Yes votes were cast for 176,807,636 votes. This is 98.29% of the votes. No votes were received for 3,067,760 shares. This accounts for 1.71% of the share capital. Regarding agenda Item 10, cancellation of the existing and creation of a new authorization to issue participatory notes and other hybrid debt securities that fulfill the regulatory requirements to qualify as Additional Tier 1 capital. The AGM has adopted the proposal submitted by the General Partner in the Federal Gazette on 20th of April, 2022, with the requisite majority of shares and votes.
Hereto, prior consent of the representative of the general partner is required pursuant to Section 285, subsections 2 and 3 of the German Stock Corporation Act, and this approval was granted in the run-up to the AGM, and I have just received a copy, of course, of the corresponding declaration from the notary. Ladies and gentlemen, this takes us to the end of today's Annual General Meeting. Thank you very much, ladies and gentlemen, for your interest in DWS and our virtual Annual General Meeting held here today. Let me also use this opportunity to once again thank the management for answering your questions, and thank those involved in preparing and implementing this AGM. I wish Asoka Woehrmann all the best for his future. Ladies and gentlemen, I hereby close the Annual General Meeting.
We're looking forward to the AGM of DWS in 2023. It will take place on the 15th of June, and we hope we will be able to hold it as an in-person meeting. Stay safe and goodbye.