Board of Managing Directors. The Board of Managing Directors is responsible for managing the company. Its members, together with the Heads of Deutsche Bank’s seven core businesses, form the Group Executive Committee. This international committee, which reflects the team spirit at the management level, develops recommendations for the final decisions taken by the Board of Managing Directors.
Supervisory Board. The Supervisory Board advises and supervises the Board of Managing Directors in the management of business. It appoints the members of the Board of Managing Directors and, together with the Board of Managing Directors, plans their long-term succession. Important business transactions of the Board of Managing Directors require the Supervisory Board’s approval. The Supervisory Board has specified the information and reporting duties of the Board of Managing Directors and set up a Chairman’s Committee, an Audit Committee, and a Credit and Market Risk Committee. The Supervisory Board also examined the efficiency of its own activities in 2003.