“Restoring the bond of trust with society is a top priority – for the banking industry and for Deutsche Bank.”
When the Corporate Responsibility Report 2013 was published in March 2014, Jürgen Fitschen and Anshu Jain, Co-Chairman of Deutsche Bank's Management Board, commented on the challenges for the financial sector and Deutsche Bank's goal to renew the contract with society and to strengthen the fabric of trust with all of our stakeholders:
Eighteen months ago, we launched Deutsche Bank’s Strategy 2015+. Our strategy defines a clear path toward our aspiration: to be the leading client-centric global universal bank. As one of the key elements of this strategy, we committed ourselves to placing Deutsche Bank at the forefront of cultural change in our industry. Restoring the bond of trust with society is a top priority – for the banking industry and for Deutsche Bank.
We are under no illusions. We recognize that deep cultural change is a process of years, not months. During 2013, we laid important foundations for sustainable, long-term change. We defined a new set of Values and Beliefs, which define the type of institution Deutsche Bank aspires to be.We developed these after seeking the views of some 52,000 of our staff, and launched them in our organization in July with the help of the bank’s top-250 leaders. Together with our colleagues in the Group Executive Committee, we personally presented and discussed the new Values and Beliefs with more than 11,000 of our people. Our priority now is to embed these Values and Beliefs in everyday behaviors. To achieve this, we have changed the way we measure and manage performance. For example: Adherence to our Values and Beliefs now plays a significant role in determining the pay and prospects of Deutsche Bank staff.
The path to cultural change also involves reinforcing our internal controls. During 2013, we significantly strengthened our Legal and Compliance capabilities and enhanced our risk management mechanisms. In addition, we are further reinforcing our control model across businesses, control functions and Group Audit – our “three lines of defense” against potential problems. As we strengthen Deutsche Bank for the future, we are also decisively dealing with litigation matters arising from the past. In 2013, we settled some of the most significant cases relating to legacy issues and successfully defended the bank in others.
As part of our commitment to a strong risk culture, we developed and refined the ways in which we assess environmental and social risks. We seek to provide products and services that create value for society and respond to global challenges such as climate change. In 2013, we established new mechanisms for investing according to clear environmental, social and governance criteria. We introduced new ways of assessing the balance between clients’ and shareholders’ needs. We were also one of the leading financiers of renewable energy projects. We know that this is an area of much debate, covering different opinions, attitudes and interests. We seek to play an active role in that debate by engaging in lively and wide-ranging dialogue with stakeholders who have different perspectives. These commitments are also reflected in our continued support of the UN Global Compact.
Once again, Deutsche Bank and its foundations were active corporate citizens during 2013. Some 19,500 employees devoted their time and energy to many worthwhile causes and organizations. To recognize their efforts, we have rolled out our Volunteer Award on a global basis.
Frankfurt am Main, Germany, March 2014
“We act as responsible partners in serving the wider interests of society.”
“During 2013, we laid important foundations for sustainable longterm change.”