Effective corporate governance is an essential part of our identity. The framework for this is provided by, first and foremost, the German Stock Corporation Act and the German Corporate Governance Code. Since our share is listed on the New York Stock Exchange, we are also subject to the relevant U.S. capital market legislation as well as the rules of the Securities and Exchange Commission (SEC) and New York Stock Exchange (NYSE).

We ensure the responsible, value-driven management and control of Deutsche Bank through our system of corporate governance, which has four key elements: good relations with shareholders; effective cooperation between the Management Board and Supervisory Board; a system of performance-related compensation; and transparent, timely reporting.

Changes in 2006

Effective May 3, 2006, Rolf-E. Breuer resigned as Chairman of the Supervisory Board. His successor is Clemens Börsig, who had hitherto served as Group Chief Financial and Risk Officer. Furthermore, the Supervisory Board appointed Anthony Di Iorio and Hugo Bänziger as new members of the Management Board, effective May 4, 2006. As Chief Financial Officer, Mr. Di Iorio is in charge of finance, and Dr. Bänziger in his capacity as Chief Risk Officer is responsible for risk and capital management. Management Board member Tessen von Heydebreck was named Corporate Governance Officer. The Management Board Compensation Disclosure Act applies for the first time for the financial year 2006, and we thus enhanced our previously instituted individualized disclosure with additional information.