Other Information


Pension and transitional benefits

The Supervisory Board generally allocates an entitlement to the Management Board members to pension plan benefits. These entitlements involve a defined contribution pension plan. Under this pension plan, a personal pension account has been set up for each participating member of the Management Board after appointment to the Management Board. A contribution is made annually into this pension account. This annual contribution is calculated using an individual contribution rate on the basis of each member’s base salary and total bonus up to a defined ceiling and accrues interest credited in advance, determined by means of an age-related factor, at an average rate of 6 % per year up to the age of 60. From the age of 61 onwards, the pension account is credited with an annual interest payment of 6 % up to the date of retirement. The annual payments, taken together, form the pension amount which is available to pay the future pension benefit. Under defined conditions the pension may also become due for payment before a regular pension event (age limit, disability or death) has occurred. The pension right is vested from the beginning.

Dr. Ackermann, Dr. Bänziger and Mr. Lamberti are entitled to transition payments of 100 % of the sum of salary and total bonus (last total target figure) pro rata temporis for a period of six months after leaving office. Subsequently, Dr. Ackermann is entitled to a further transition payment of 75 % of the sum of salary and total bonus (last total target figure) for a period of 12 months. Based on the above entitlements, the transition payments made in 2012 were € 928,125 for Dr. Ackermann and € 575,000 each for Dr. Bänziger and Mr. Lamberti. Further amounts are due in 2013 and also for Dr. Ackermann in 2014.

Based on former contractual commitments Dr. Ackermann and Mr. Lamberti are entitled to a monthly pension payment of € 29,400 each after the end of the respective transition payment period.

The following table shows the annual service costs for pension benefits and transition payments for the years 2012 and 2011 and the corresponding defined benefit obligations each as of December 31, 2012 and December 31, 2011 for the individual members of the Management Board. The different sizes of the balances are due to the different lengths of service on the Management Board, the respective age-related factors, the different contribution rates as well as the individual pensionable compensation amounts and the previously mentioned additional individual entitlements.

Members of the Management Board

 

 

 

in €

 

Service cost for pension benefits and transition payments, in the year

Present value of the defined benefit obligation for pension benefits and transition payments, end of year

1

Member of the Management Board until May 31, 2012.

2

The respective obligations are part of the provisions for pension obligations to former members of the Management Board.

3

Member of the Management Board from June 1, 2012.

Dr. Josef Ackermann1

2012

405,581

2

 

2011

876,760

18,753,007

Dr. Hugo Bänziger1

2012

303,183

2

 

2011

508,011

2,786,879

Jürgen Fitschen

2012

327,364

1,093,915

 

2011

222,585

565,984

Anshuman Jain

2012

412,524

412,524

Stefan Krause

2012

550,439

2,564,927

 

2011

470,827

1,345,800

Hermann-Josef Lamberti1

2012

180,193

2

 

2011

486,920

12,463,973

Dr. Stephan Leithner3

2012

210,469

210,469

Stuart Lewis3

2012

209,385

209,385

Rainer Neske

2012

560,153

2,179,771

 

2011

462,655

1,066,022

Henry Ritchotte3

2012

206,692

206,692

In connection with their exit from the Group Dr. Bänziger and Mr. Lamberti received a special contribution into their individual pension account. The amount of this contribution was € 688,422 for Dr. Bänziger and € 560,112 for Mr. Lamberti.

Other benefits upon premature termination

The Management Board members are in principle entitled to receive a severance payment upon a premature termination of their appointment at the bank’s initiative, provided the bank is not entitled to revoke the appointment or give notice under the contractual agreement for cause. The severance payment, as a rule, will not exceed the lesser of two annual compensation amounts and the claims to compensation for the remaining term of the contract. The calculation of the compensation is based on the annual compensation for the previous financial year.

If a Management Board member leaves office in connection with a change of control, they are also, under certain conditions, entitled in principle to a severance payment. The severance payment, as a rule, will not exceed the lesser of three annual compensation amounts and the claims to compensation for the remaining term of the contract. The calculation of the compensation is based again on the annual compensation for the previous financial year.

The severance payment mentioned above is determined by the Supervisory Board subject to its sole discretion. In principle, the disbursement of the severance payment takes place in two installments; the second installment is subject to certain forfeiture conditions until vesting.

In connection with their exit from the Group Dr. Bänziger and Mr. Lamberti received a severance payment based on a severance agreement concluded. The severance payment is € 7,756,000 for Dr. Bänziger and € 7,729,000 for Mr. Lamberti. In both cases the payment of the severance takes place in two installments, the second installment being subject to certain forfeiture conditions until vesting on May 31, 2013.

Expense for Long-Term Incentive Components

The following table presents the compensation expense recognized in the respective years for long-term incentive components of compensation not vested immediately, granted for service on the Management Board.

Members of the Management Board

Amount expensed for

 

share-based compensation components

cash-based compensation components

in €

2012

2011

2012

2011

1

Member of the Management Board until May 31, 2012.

Dr. Josef Ackermann1

5,093,773

2,020,850

4,688,524

2,152,404

Dr. Hugo Bänziger1

2,314,873

440,182

1,989,185

386,704

Jürgen Fitschen

967,516

309,459

819,851

359,601

Anshuman Jain

2,738,231

1,471,955

3,092,210

1,818,626

Stefan Krause

981,775

364,503

824,961

395,591

Hermann-Josef Lamberti1

2,485,906

434,736

1,974,270

377,816

Rainer Neske

969,746

314,911

827,875

368,488

Management Board Share Ownership

As of March 28, 2013 and February 17, 2012 respectively, the current members of our Management Board held the following numbers of Deutsche Bank shares and share awards.

Members of the Management Board

 

Number of shares

Number of share awards1

1

Including the share awards received in connection with employment prior to the appointment to the Management Board, if applicable.

Jürgen Fitschen

2013

183,759

146,472

 

2012

181,907

110,978

Anshuman Jain

2013

572,701

344,875

 

2012

552,697

346,703

Stefan Krause

2013

141,148

 

2012

116,307

Dr. Stephan Leithner

2013

24,632

180,348

Stuart Lewis

2013

20,480

77,706

Rainer Neske

2013

73,940

132,905

 

2012

51,088

111,902

Henry Ritchotte

2013

134,082

144,944

Total

2013

1,009,594

1,168,398

Total

2012

785,692

685,890

The current members of our Management Board held an aggregate of 1,009,594 of our shares on February 22, 2013 amounting to approximately 0.11 % of Deutsche Bank shares issued on that date.

The number of Deutsche Bank shares delivered in 2012 to the members of the Management Board active in 2012 from deferred compensation awards granted in prior years amounted to 439,722.

Key figures comparison

Compare key figures of the past years. more