Deutsche Bank AG's (DBK.XE) supervisory board is facing mounting opposition ahead of May's annual general meeting as a shareholder advisor Sunday said it recommends voting against approving the board's performance in 2011, backing demands from two institutional shareholders.

"Notably, we believe the supervisory board's actions in the past year have not demonstrated thorough consideration of shareholders' interests," Glass, Lewis & Co., LLC said in a statement published Sunday.

Although ratifying the acts of the supervisory board is primarily a vote of confidence in Germany, the discontent casts a shadow on the performance of outgoing supervisory board head Clemens Boersig and serves as a warning for his successor, Allianz SE's (ALV.XE) outgoing Chief Financial Officer Paul Achleitner.

"... we believe it is important to send a strong signal to the supervisory board that shareholders' interests must be considered in important matters. We believe voting against the ratification of supervisory board acts, as suggested by the proponents of these shareholder countermotions, will send such a signal," Glass, Lewis & Co. said.

Previously, U.K.-based institutional investor Hermes, which represents 27 pension and investment funds holding about 0.5% of the capital of Deutsche Bank, has said it will vote against approving the performance of Deutsche Bank's supervisory board at the AGM.

The Western-Germany based association of institutional shareholders, or VIP Vereinigung Institutionelle Privatanleger e.V., announced a similar move. Both investors in a recent letter mainly criticized Boersig's approach to finding a successor for outgoing Chief Executive Josef Ackermann, but also picked on the bank's ongoing legal battles, suggesting it "may not have fulfilled its Code of Business Conduct and Ethics," and the company's response to shareholder concerns regarding the compensation policy, Glass, Lewis & Co. said.

-By Eyk Henning, Dow Jones Newswires, eyk.henning@dowjones.com, +49 69 29725 108