March 22, 2013

Sustainable and transparent compensation system for Deutsche Bank

Compensation Review Panel chaired by Dr. Jürgen Hambrecht presents the results of its work

The independent Compensation Review Panel established by Deutsche Bank (XETRA: DBKGn.DE / NYSE: DB) and chaired by Dr. Jürgen Hambrecht, former Chairman of BASF’s Board of Executive Directors, today presented its recommendations to Dr. Paul Achleitner, Chairman of the Supervisory Board of Deutsche Bank, and Dr. Stephan Leithner, the Management Board member with functional responsibility for Human Resources, Legal and Compliance.

Since October 2012, the panel has compared the compensation systems and practices of the Bank with those of relevant competitors in the banking sector as well as other companies around the world. As a result, the panel has developed recommendations for future rules intended to establish a best practice approach for the compensation of the Supervisory Board, Management Board and employees.

The proposals range from aligning compensation philosophy more closely to Deutsche Bank’s values and strategy and anchoring risk management in the pay process, to developing medium-term objectives that balance the rewards for staff with retaining earnings to strengthen capital and dividends for shareholders. The Panel believes an improved integration of all compensation-related information in the annual Compensation Report could contribute to making the compensation system more transparent. Initial recommendations already impacted the 2012 compensation process.

Jürgen Hambrecht said: "A transparent, uniform, stable and group-wide compensation philosophy is important to all of the Bank’s stakeholders. Compensation philosophy, programmes and structures must reflect Deutsche Bank's business profile and strategy. The Bank has already incorporated some of our initial recommendations. Other recommendations have to be introduced step by step over time in order to build up a solid, competitive and accepted compensation system."

Paul Achleitner said with regard to the recommendations: "We thank the panel and, in particular, Dr. Hambrecht for its work. We will integrate recommendations of the panel in the compensation of the Management Board, Supervisory Board and will soon start with further implementation."

Stephan Leithner said: "By further developing our compensation structures in line with the recommendations of the panel, we will be strengthening Deutsche Bank in the long term and sustainably aligning our thinking and actions in the interests of our clients, our shareholders and society. The recommendations of the Compensation Review Panel will help us to drive forward the cultural change in the Bank and hopefully lead the way for the banking sector."

About the Compensation Review Panel:

The independent, external panel was established in October 2012. The panel’s objective was to assess Deutsche Bank’s compensation systems, not only in comparison to other financial services companies, but also with regard to current and pending regulatory requirements. Furthermore, the panel was asked to formulate principles and minimum standards for future compensation structures and policies and to assist the Bank in defining the right level of disclosure and transparency with regard to compensation.

The members of the Panel are:

Dr. Jürgen Hambrecht, Chairman of the Panel and former Chairman of the Board of Executive Directors of BASF

Michael Dobson, CEO of Schroders

Morris W. Offit, Chairman of Offit Capital and member of the Supervisory Board of AIG

Dr. Michael Otto, Chairman of the Supervisory Board of Otto Group, and

Dr. Theo Waigel, former Federal Minister of Finance for Germany

Click here to view a summary of the panel’s recommendations.


For additional information, please contact:

Deutsche Bank AG

Press & Media Relations Investor Relations


Dr. Klaus Winker +49 69 910 35395 (Frankfurt)

E-Mail: klaus.winker@db.com


Friederike Borgmann

Tel. +49 (0) 69 910-38039

E-Mail: friederike.borgmann@db.com


Investor Relations

Tel. +49 (0)69 910-32249 +1 212 250 1540 (New York)



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Last Update: March 25, 2013
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