Management Board Compensation


Base Salary

In 2012, the annual base salary of an ordinary Management Board member was € 1,150,000. The annual base salary of the Management Board Chairman was € 1,650,000 until May 31, 2012. The annual base salary of the Management Board Co-Chairmen was € 2,300,000 each from June 1, 2012.

Variable Compensation

The Supervisory Board, based on the proposal of the Chairman’s Committee, determined the Variable Compensation for the members of the Management Board for the 2012 financial year. The amounts of the bonuses and LTPAs were determined for all Management Board members on the basis of the existing compensation system.

Compensation (collectively and individually)

In accordance with the provisions of German Accounting Standard No. 17, the members of the Management Board collectively received in the 2012 financial year compensation for their service on the Management Board totaling € 23,681,498 (2011: € 27,323,672). Thereof, € 9,599,999 (2011: € 8,550,000) was for base salaries, € 1,402,936 (2011: € 879,591) for other benefits, € 11,396,439 (2011: € 17,194,081) for performance-related components with long-term incentives and € 1,282,124 (2011: € 700,000) for performance-related components without long-term incentives.

According to the German Accounting Standard No. 17, the Management Board members individually received the following compensation components for their service on the Management Board for or in the years 2012 and 2011.

Members of the Management Board

 

Non-performance-related components

Performance-related components

 

 

 

 

without long-term incentives

with long-term incentives

 

 

 

 

 

cash-based

share-based

 

in €

 

Base salary

immediately paid out

Restricted Incentive Award(s) paid

Equity Upfront Award(s) (with retention period)

Restricted Equity Award(s) (deferred with additional retention period)

Total

1

Member of the Management Board until May 31, 2012.

2

Member of the Management Board from June 1, 2012.

Dr. Josef Ackermann1

2012

687,500

150,000

699,347

150,000

730,000

2,416,847

 

2011

1,650,000

100,000

693,139

105,000

3,750,075

6,298,214

Dr. Hugo Bänziger1

2012

479,167

134,812

97,572

134,812

263,938

1,110,301

 

2011

1,150,000

100,000

96,706

105,000

1,424,884

2,876,590

Jürgen Fitschen

2012

1,820,833

150,000

273,122

150,000

1,365,250

3,759,205

 

2011

1,150,000

100,000

72,530

105,000

1,424,884

2,852,414

Anshuman Jain

2012

1,820,833

150,000

1,342,968

150,000

1,365,250

4,829,051

 

2011

1,150,000

100,000

248,885

105,000

4,207,384

5,811,269

Stefan Krause

2012

1,150,000

150,000

309,829

150,000

807,000

2,566,829

 

2011

1,150,000

100,000

96,706

105,000

1,424,884

2,876,590

Hermann-Josef Lamberti1

2012

479,167

134,812

97,572

134,812

263,938

1,110,301

 

2011

1,150,000

100,000

96,706

105,000

1,424,884

2,876,590

Dr. Stephan Leithner2

2012

670,833

87,500

87,500

470,750

1,316,583

Stuart Lewis2

2012

670,833

87,500

87,500

470,750

1,316,583

Rainer Neske

2012

1,150,000

150,000

279,279

150,000

807,000

2,536,279

 

2011

1,150,000

100,000

72,530

105,000

1,424,884

2,852,414

Henry Ritchotte2

2012

670,833

87,500

87,500

470,750

1,316,583

Total

2012

9,599,999

1,282,124

3,099,689

1,282,124

7,014,626

22,278,562

Total

2011

8,550,000

700,000

1,377,202

735,000

15,081,879

26,444,081

The following should be noted with regard to the Restricted Incentive Awards in the presentation of the compensation amounts.

In accordance with German Accounting Standard 17, the Restricted Incentive Awards, as a deferred, non-equity-based compensation component subject to certain (forfeiture) conditions, must be recognized in the total compensation for the year of their payment (i.e. in the financial year in which the unconditional payment takes place) and not in the year they are originally granted. This means that the total compensation amounts presented only include the second tranche of the Restricted Incentive Awards (including an adjustment linked to our return on equity) granted in 2010 for the financial year 2009 totaling € 1,389,536 and the first tranche of the Restricted Incentive Awards granted in 2011 for the financial year 2010 totaling € 1,710,153. With respect to the previous year this means that the total compensation amounts presented above only include the first tranche of the Restricted Incentive Awards (including an adjustment linked to our return on equity) granted in 2010 for the financial year 2009 totaling € 1,377,202.

The following table provides details on the Restricted Incentive Awards, i.e. the cash-based awards, on an individualized basis awarded to the members in active service on the Management Board in 2012. The information shown presents the amounts paid in the financial year as well as the amounts originally granted along with the respective financial year the amounts were awarded for.

Members of the Management Board

 

 

 

 

 

Amounts in €

Year1

Allocation over periods/tranches2

Amount awarded

Amount paid out in 20123

Amount paid out in 20113

1

Financial year the award was originally issued for (in regard to the service on the Management Board).

2

Number of equal tranches.

3

The Restricted Incentive Awards awarded for the 2009 financial year contain a variable component (RoE-linked adjustment) so that the disbursal, i.e. the amount paid out, in the context of the first two tranches differs from the amount originally awarded.

4

Member of the Management Board until May 31, 2012.

5

Member of the Management Board from June 1, 2012.

Dr. Josef Ackermann4

2012

2014 to 2017 / 4

744,600

 

2011

2013 to 2016 / 4

3,750,075

 

2010

2012 to 2015 / 4

2,534,089

 

2009

2011 to 2013 / 3

1,925,000

699,347

693,139

Dr. Hugo Bänziger4

2012

2014 to 2017 / 4

269,217

 

2011

2013 to 2016 / 4

1,424,883

 

2010

2012 to 2015 / 4

824,399

 

2009

2011 to 2013 / 3

268,575

97,572

96,706

Jürgen Fitschen

2012

2014 to 2017 / 4

1,392,555

 

2011

2013 to 2016 / 4

1,424,883

 

2010

2012 to 2015 / 4

799,770

199,943

 

2009

2011 to 2013 / 3

201,431

73,179

72,530

Anshuman Jain

2012

2014 to 2017 / 4

1,392,555

 

2011

2013 to 2016 / 4

4,207,383

 

2010

2012 to 2015 / 4

4,367,413

1,091,853

 

2009

2011 to 2013 / 3

691,210

251,115

248,885

Stefan Krause

2012

2014 to 2017 / 4

823,140

 

2011

2013 to 2016 / 4

1,424,883

 

2010

2012 to 2015 / 4

849,029

212,257

 

2009

2011 to 2013 / 3

268,575

97,572

96,706

Hermann-Josef Lamberti4

2012

2014 to 2017 / 4

269,217

 

2011

2013 to 2016 / 4

1,424,883

 

2010

2012 to 2015 / 4

799,770

 

2009

2011 to 2013 / 3

268,575

97,572

96,706

Dr. Stephan Leithner5

2012

2014 to 2017 / 4

480,165

Stuart Lewis5

2012

2014 to 2017 / 4

480,165

Rainer Neske

2012

2014 to 2017 / 4

823,140

 

2011

2013 to 2016 / 4

1,424,883

 

2010

2012 to 2015 / 4

824,399

206,100

 

2009

2011 to 2013 / 3

201,431

73,179

72,530

Henry Ritchotte5

2012

2014 to 2017 / 4

480,165

Total

2012

2014 to 2017 / 4

7,154,919

 

2011

2013 to 2016 / 4

15,081,873

 

2010

2012 to 2015 / 4

10,998,869

1,710,153

 

2009

2011 to 2013 / 3

3,824,797

1,389,536

1,377,202

To add full transparency on the total awards granted to the Management Board members for the 2012 financial year the table below shows – in a deviation from the disclosure according to the German Accounting Standard No. 17 presented above – the compensation components determined by the Supervisory Board for the service of the Management Board members for the years 2012 and 2011.

Members of the Management Board

 

Non-performance-related components

Performance-related components

 

 

 

 

without long-term incentives

with long-term incentives

 

 

 

 

 

cash-based

share-based

 

in €

 

Base salary

immediately paid out

Restricted Incentive Award(s) paid

Equity Upfront Award(s) (with retention period)

Restricted Equity Award(s) (deferred with additional retention period)

Total

1

Member of the Management Board until May 31, 2012.

2

Member of the Management Board from June 1, 2012.

Dr. Josef Ackermann1

2012

687,500

150,000

744,600

150,000

730,000

2,462,100

 

2011

1,650,000

100,000

3,750,075

105,000

3,750,075

9,355,150

Dr. Hugo Bänziger1

2012

479,167

134,812

269,217

134,812

263,938

1,281,946

 

2011

1,150,000

100,000

1,424,883

105,000

1,424,884

4,204,767

Jürgen Fitschen

2012

1,820,833

150,000

1,392,555

150,000

1,365,250

4,878,638

 

2011

1,150,000

100,000

1,424,883

105,000

1,424,884

4,204,767

Anshuman Jain

2012

1,820,833

150,000

1,392,555

150,000

1,365,250

4,878,638

 

2011

1,150,000

100,000

4,207,383

105,000

4,207,384

9,769,767

Stefan Krause

2012

1,150,000

150,000

823,140

150,000

807,000

3,080,140

 

2011

1,150,000

100,000

1,424,883

105,000

1,424,884

4,204,767

Hermann-Josef Lamberti1

2012

479,167

134,812

269,217

134,812

263,938

1,281,946

 

2011

1,150,000

100,000

1,424,883

105,000

1,424,884

4,204,767

Dr. Stephan Leithner2

2012

670,833

87,500

480,165

87,500

470,750

1,796,748

Stuart Lewis2

2012

670,833

87,500

480,165

87,500

470,750

1,796,748

Rainer Neske

2012

1,150,000

150,000

823,140

150,000

807,000

3,080,140

 

2011

1,150,000

100,000

1,424,883

105,000

1,424,884

4,204,767

Henry Ritchotte2

2012

670,833

87,500

480,165

87,500

470,750

1,796,748

Total

2012

9,599,999

1,282,124

7,154,919

1,282,124

7,014,626

26,333,792

Total

2011

8,550,000

700,000

15,081,873

735,000

15,081,879

40,148,752

The number of share awards in the form of Equity Upfront Awards (EUA) and Restricted Equity Awards (REA) granted in 2013 for the year 2012 to each member of the Management Board was determined by dividing the respective euro amounts by € 38.525, the XETRA closing price of a Deutsche Bank share on February 1, 2013 (prior year: € 34.04 on February 1, 2012).

As a result, the number of share awards granted was as follows (rounded).

Members of the Management Board

 

 

 

Units

Year

Equity Upfront Award(s) (with retention period)

Restricted Equity Award(s) (deferred with additional retention period)

1

Member of the Management Board until May 31, 2012.

2

Member of the Management Board from June 1, 2012.

Dr. Josef Ackermann1

2012

3,893

18,948

 

2011

3,084

110,166

Dr. Hugo Bänziger1

2012

3,499

6,851

 

2011

3,084

41,859

Jürgen Fitschen

2012

3,893

35,438

 

2011

3,084

41,859

Anshuman Jain

2012

3,893

35,438

 

2011

3,084

123,601

Stefan Krause

2012

3,893

20,947

 

2011

3,084

41,859

Hermann-Josef Lamberti1

2012

3,499

6,851

 

2011

3,084

41,859

Dr. Stephan Leithner2

2012

2,271

12,219

Stuart Lewis2

2012

2,271

12,219

Rainer Neske

2012

3,893

20,947

 

2011

3,084

41,859

Henry Ritchotte2

2012

2,271

12,219

The following table shows the non-performance-related other benefits for the 2012 and 2011 financial years.

Members of the Management Board

Other benefits

in €

2012

2011

1

Member of the Management Board until May 31, 2012.

2

Member of the Management Board from June 1, 2012.

Dr. Josef Ackermann1

88,372

176,256

Dr. Hugo Bänziger1

36,959

50,535

Jürgen Fitschen

240,044

151,700

Anshuman Jain

614,588

63,214

Stefan Krause

102,301

228,878

Hermann-Josef Lamberti1

42,664

103,485

Dr. Stephan Leithner2

72,601

Stuart Lewis2

71,187

Rainer Neske

127,543

105,523

Henry Ritchotte2

6,677

Total

1,402,936

879,591

Management Board members do not receive any compensation for mandates on boards of our subsidiaries.