Deutsche Bank was the first international banking group to adopt the dual governance system in Italy: a decision, resolved during the Bank’s Extraordinary Shareholders’ Meeting in April 2008, which brings the Italian structure closer to the administration and control system implemented by the Parent Company in Frankfurt.

In a dual governance system, a Supervisory Board, with members appointed by the Shareholders’ Meeting, works alongside a Management Board appointed by the Supervisory Board.

The Supervisory Board oversees all the activities carried out by the Management Board, particularly the approval of strategic initiatives proposed by the latter.

The Management Board is responsible for managing the Group in accordance with the strategic guidelines established by the Supervisory Board.

The Supervisory Board consists of 9 members:

• Gianni Testoni (Chairman)


• Juergen Fitschen (Vice Chairman)


• Diana Bracco*


• Marco Carpinelli*


• Giovanni Maria Garegnani*


• Guido Heuveldop


• Frank Krings


• Stewart Lewis


• Cornel Wisskirchen

* member of the Italian Statutory Auditors Register
The Internal Supervision Committee is composed by Diana Bracco, Michele Carpinelli and Gian Maria Garegnani.


The Management Board consists of 9 members:

• Flavio Valeri (Chairman and CEO)


• Luca Caramaschi


• Mario Cincotto


• Carmine Di Martino


• Carlos Gonzaga


• Joerg Oliveri del Castillo Schulz


• Carlo Paesani


• Marco Pracca


• Giordano Villa