Management Board Compensation

Base Salary

In the 2013 financial year, the annual base salary of the Management Board Co-Chairmen was € 2,300,000 each and for an ordinary Management Board member € 1,150,000.

Variable Compensation

The Supervisory Board, based on the proposal of the Compensation Supervisory Committee, determined the Variable Compensation for the Management Board members for the 2013 financial year. When calculating and determining the amount of the APA and the LTPA, the Supervisory Board, above all, adequately considered individual Management Board members‘ contributions to the bank’s revenue, in addition to the Group’s overall results. For this purpose, the individual contributions to the bank’s revenue was determined on the basis of the achievement of agreed objectives and was assessed separately for each member of the Management Board.

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 2013 financial year compensation totalling € 36,890,500 (2012: € 23,681,498) for their service on the Management Board. Of that, € 10,350,000 (2012: € 9,599,999) was for base salaries, € 1,593,250 (2012: € 1,402,936) for other benefits, € 23,897,250 (2012: € 11,396,439) for performance-related components with long-term incentives and € 1,050,000 (2012: € 1,282,124) for performance-related components without long-term incentives.

To add full transparency on the total awards granted to the Management Board members for the 2013 financial year the table below shows – in a deviation from the disclosure according to the German Accounting Standard No. 17 – the compensation components determined by the Supervisory Board for the service of the Management Board members on the Management Board for or in the years 2013 and 2012 including the non-performance-related other benefits and the service costs for pension benefits.

Members of the Management Board

Compensation

Benefits

 

 

 

 

Performance-related components

Non-performance-related components

 

 

 

 

without long-term incentives

with long-term incentives

 

 

 

 

 

 

 

 

 

cash-based

share-based

 

 

 

 

 

 

in €

 

immediately paid out

Restricted Incentive Award(s) granted

Equity Upfront Award(s) (with retention period)

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

Base salary

Total
compensation

Fringe benefits

Pension service costs

Total (excl. Service costs)

Total (incl. Service costs)

1

Member of the Management Board until May 31, 2012.

2

Member of the Management Board from June 1, 2012.

Dr. Josef

2013

0

0

0

0

0

0

0

0

0

0

Ackermann1

2012

150,000

744,600

150,000

730,000

687,500

2,462,100

88,372

405,581

2,550,472

2,956,053

Dr. Hugo Bänziger1

2013

0

0

0

0

0

0

0

0

0

0

2012

134,812

269,217

134,812

263,938

479,167

1,281,946

36,959

303,183

1,318,905

1,622,088

Jürgen Fitschen

2013

150,000

1,347,930

150,000

3,526,667

2,300,000

7,474,597

236,590

290,457

7,711,187

8,001,644

 

2012

150,000

1,392,555

150,000

1,365,250

1,820,833

4,878,638

240,044

327,364

5,118,682

5,446,046

Anshuman Jain

2013

150,000

1,347,930

150,000

3,526,667

2,300,000

7,474,597

804,032

692,433

8,278,629

8,971,062

 

2012

150,000

1,392,555

150,000

1,365,250

1,820,833

4,878,638

614,588

412,524

5,493,226

5,905,750

Stefan Krause

2013

150,000

926,415

150,000

2,300,000

1,150,000

4,676,415

105,609

340,985

4,782,024

5,123,009

 

2012

150,000

823,140

150,000

807,000

1,150,000

3,080,140

102,301

550,439

3,182,441

3,732,880

Hermann-Josef

2013

0

0

0

0

0

0

0

0

0

0

Lamberti1

2012

134,812

269,217

134,812

263,938

479,167

1,281,946

42,664

180,193

1,324,610

1,504,803

Dr. Stephan

2013

150,000

956,250

150,000

2,300,000

1,150,000

4,706,250

119,905

360,800

4,826,155

5,186,955

Leithner2

2012

87,500

480,165

87,500

470,750

670,833

1,796,748

72,601

210,469

1,869,349

2,079,818

Stuart Lewis2

2013

150,000

921,825

150,000

2,300,000

1,150,000

4,671,825

89,844

351,335

4,761,669

5,113,004

 

2012

87,500

480,165

87,500

470,750

670,833

1,796,748

71,187

209,385

1,867,935

2,077,320

Rainer Neske

2013

150,000

1,071,000

150,000

2,300,000

1,150,000

4,821,000

104,900

348,352

4,925,900

5,274,252

 

2012

150,000

823,140

150,000

807,000

1,150,000

3,080,140

127,543

560,153

3,207,683

3,767,836

Henry Ritchotte2

2013

150,000

921,825

150,000

2,300,000

1,150,000

4,671,825

132,370

344,689

4,804,195

5,148,884

 

2012

87,500

480,165

87,500

470,750

670,833

1,796,748

6,677

206,692

1,803,425

2,010,117

Total

2013

1,050,000

7,493,175

1,050,000

18,553,334

10,350,000

38,496,509

1,593,250

2,729,051

40,089,759

42,818,810

 

2012

1,282,124

7,154,919

1,282,124

7,014,626

9,599,999

26,333,792

1,402,936

3,365,983

27,736,728

31,102,711

In accordance with German Accounting Standard No. 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. Based on this the Management Board members individually received the following compensation components for their service on the Management Board for or in the years 2013 and 2012, including the non-performance-related other benefits and the service costs for pension benefits.

Members of the Management Board

Compensation

Benefits

 

 

 

 

Performance-related components

Non-performance-related components

 

 

 

 

without long-term incentives

with long-term incentives

 

 

 

 

 

 

 

 

cash-based

share-based

 

 

 

 

 

in €

 

immediately paid out

Restricted Incentive Award(s) granted

Equity Upfront Award(s) (with retention period)

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

Base salary

Fringe benefits

Pension service costs

Total (excl. Service costs)

Total (incl. Service costs)

1

Member of the Management Board until May 31, 2012.

2

Member of the Management Board from June 1, 2012.

Dr. Josef

2013

0

0

0

0

0

0

0

0

0

Ackermann1

2012

150,000

699,347

150,000

730,000

687,500

88,372

405,581

2,505,219

2,910,800

Dr. Hugo Bänziger1

2013

0

0

0

0

0

0

0

0

0

2012

134,812

97,572

134,812

263,938

479,167

36,959

303,183

1,147,260

1,450,443

Jürgen Fitschen

2013

150,000

624,644

150,000

3,526,667

2,300,000

236,590

290,457

6,987,901

7,278,358

 

2012

150,000

273,122

150,000

1,365,250

1,820,833

240,044

327,364

3,999,249

4,326,613

Anshuman Jain

2013

150,000

2,378,687

150,000

3,526,667

2,300,000

804,032

692,433

9,309,386

10,001,819

 

2012

150,000

1,342,968

150,000

1,365,250

1,820,833

614,588

412,524

5,443,639

5,856,163

Stefan Krause

2013

150,000

659,784

150,000

2,300,000

1,150,000

105,609

340,985

4,515,393

4,856,378

 

2012

150,000

309,829

150,000

807,000

1,150,000

102,301

550,439

2,669,130

3,219,569

Hermann-Josef

2013

0

0

0

0

0

0

0

0

0

Lamberti1

2012

134,812

97,572

134,812

263,938

479,167

42,664

180,193

1,152,965

1,333,158

Dr. Stephan

2013

150,000

0

150,000

2,300,000

1,150,000

119,905

360,800

3,869,905

4,230,705

Leithner2

2012

87,500

0

87,500

470,750

670,833

72,601

210,469

1,389,184

1,599,653

Stuart Lewis2

2013

150,000

0

150,000

2,300,000

1,150,000

89,844

351,335

3,839,844

4,191,179

 

2012

87,500

0

87,500

470,750

670,833

71,187

209,385

1,387,770

1,597,155

Rainer Neske

2013

150,000

630,801

150,000

2,300,000

1,150,000

104,900

348,352

4,485,701

4,834,053

 

2012

150,000

279,279

150,000

807,000

1,150,000

127,543

560,153

2,663,822

3,223,975

Henry Ritchotte2

2013

150,000

0

150,000

2,300,000

1,150,000

132,370

344,689

3,882,370

4,227,059

 

2012

87,500

0

87,500

470,750

670,833

6,677

206,692

1,323,260

1,529,952

Total

2013

1,050,000

4,293,916

1,050,000

18,553,334

10,350,000

1,593,250

2,729,051

36,890,500

39,619,551

 

2012

1,282,124

3,099,689

1,282,124

7,014,626

9,599,999

1,402,936

3,365,983

23,681,498

27,047,481

With respect to 2013, the total compensation amounts presented include the third tranche of the Restricted Incentive Awards granted in 2010 for the financial year 2009, totalling € 463,254; the second tranche of the Restricted Incentive Awards granted in 2011 for the financial year 2010, totalling € 1,710,153; and the first tranche of the Restricted Incentive Awards granted in 2012 for the financial year 2011, totalling € 2,120,509.

With respect to 2012, the total compensation amounts presented include the second tranche of the Restricted Incentive Awards granted in 2010 for the financial year 2009, totalling € 1,389,536; and the first tranche of the Restricted Incentive Awards granted in 2011 for the financial year 2010, totalling € 1,710,153.

The following table provides details on the Restricted Incentive Awards which were paid to the individual Management Board members during active service. The information shown present the amounts paid in a financial year as well as the amounts originally granted, in each case related to the financial year of grant.

Members of the Management Board

 

 

 

 

 

 

Amounts in €

Year1

Allocation over periods/ tranches2

Amount awarded

Amount paid out in 20133

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 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

0

0

0

 

2011

2013 to 2016 / 4

3,750,075

0

0

0

 

2010

2012 to 2015 / 4

2,534,089

0

0

0

 

2009

2011 to 2013 / 3

1,925,000

0

699,347

693,139

Dr. Hugo Bänziger4

2012

2014 to 2017 / 4

269,217

0

0

0

 

2011

2013 to 2016 / 4

1,424,883

0

0

0

 

2010

2012 to 2015 / 4

824,399

0

0

0

 

2009

2011 to 2013 / 3

268,575

0

97,572

96,706

Jürgen Fitschen

2013

2015 to 2018 / 4

1,347,930

0

0

0

 

2012

2014 to 2017 / 4

1,392,555

0

0

0

 

2011

2013 to 2016 / 4

1,424,883

356,221

0

0

 

2010

2012 to 2015 / 4

799,770

199,943

199,943

0

 

2009

2011 to 2013 / 3

201,431

68,480

73,179

72,530

Anshuman Jain

2013

2015 to 2018 / 4

1,347,930

0

0

0

 

2012

2014 to 2017 / 4

1,392,555

0

0

0

 

2011

2013 to 2016 / 4

4,207,383

1,051,846

0

0

 

2010

2012 to 2015 / 4

4,367,413

1,091,853

1,091,853

0

 

2009

2011 to 2013 / 3

691,210

234,988

251,115

248,885

Stefan Krause

2013

2015 to 2018 / 4

926,415

0

0

0

 

2012

2014 to 2017 / 4

823,140

0

0

0

 

2011

2013 to 2016 / 4

1,424,883

356,221

0

0

 

2010

2012 to 2015 / 4

849,029

212,257

212,257

0

 

2009

2011 to 2013 / 3

268,575

91,306

97,572

96,706

Hermann-Josef Lamberti4

2012

2014 to 2017 / 4

269,217

0

0

0

 

2011

2013 to 2016 / 4

1,424,883

0

0

0

 

2010

2012 to 2015 / 4

799,770

0

0

0

 

2009

2011 to 2013 / 3

268,575

0

97,572

96,706

Dr. Stephan Leithner5

2013

2015 to 2018 / 4

956,250

0

0

0

 

2012

2014 to 2017 / 4

480,165

0

0

0

Stuart Lewis5

2013

2015 to 2018 / 4

921,825

0

0

0

 

2012

2014 to 2017 / 4

480,165

0

0

0

Rainer Neske

2013

2015 to 2018 / 4

1,071,000

0

0

0

 

2012

2014 to 2017 / 4

823,140

0

0

0

 

2011

2013 to 2016 / 4

1,424,883

356,221

0

0

 

2010

2012 to 2015 / 4

824,399

206,100

206,100

0

 

2009

2011 to 2013 / 3

201,431

68,480

73,179

72,530

Henry Ritchotte5

2013

2015 to 2018 / 4

921,825

0

0

0

 

2012

2014 to 2017 / 4

480,165

0

0

0

Total

2013

2015 to 2018 / 4

7,493,175

0

0

0

 

2012

2014 to 2017 / 4

7,154,919

0

0

0

 

2011

2013 to 2016 / 4

15,081,873

2,120,509

0

0

 

2010

2012 to 2015 / 4

10,998,869

1,710,153

1,710,153

0

 

2009

2011 to 2013 / 3

3,824,797

463,254

1,389,536

1,377,202

The number of share awards in the form of Equity Upfront Awards (EUA) and Restricted Equity Awards (REA) granted in 2014 for the year 2013 to each member of the Management Board was determined by dividing the respective euro amounts by € 35.4385, the average of the XETRA closing prices of a Deutsche Bank AG share on the first ten trading days in February 2014 (prior year: € 38.525 = XETRA closing price of a Deutsche Bank AG share on February 1, 2013).

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

Dr. Hugo Bänziger1

2012

3,499

6,851

Jürgen Fitschen

2013

4,233

99,515

 

2012

3,893

35,438

Anshuman Jain

2013

4,233

99,515

 

2012

3,893

35,438

Stefan Krause

2013

4,233

64,901

 

2012

3,893

20,947

Hermann-Josef Lamberti1

2012

3,499

6,851

Dr. Stephan Leithner2

2013

4,233

64,901

 

2012

2,271

12,219

Stuart Lewis2

2013

4,233

64,901

 

2012

2,271

12,219

Rainer Neske

2013

4,233

64,901

 

2012

3,893

20,947

Henry Ritchotte2

2013

4,233

64,901

 

2012

2,271

12,219

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