Deutsche Bank

Annual Report 2017

Report of the Supervisory Board

Dear Shareholders,

In the financial year under review, we again monitored and advised the Management Board of Deutsche Bank AG on your behalf and together with the Management Board addressed the financial challenges in a dynamic, political, regulatory and competitive environment. We provided support to the Management Board in setting the bank’s strategic course and deliberated with the Management Board intensively on business and risk strategies. We also continued to address issues from the past and were successful in taking a big step forward in resolving legacy items. In future, we will continue to make sure that the insights gained and lessons learned in dealing with the past are firmly embedded in the present and become part of our culture in our daily business operations so that Deutsche Bank AG can look forward to a successful future as a global bank committed to acting in a socially and environmentally responsible manner.

In the following, you will find detailed information on how your Supervisory Board performed its monitoring obligations and advised the Management Board intensively. Specifically, in the 2017 financial year:

Report of the Supervisory Board

The Supervisory Board performed the tasks assigned to it by law, administrative regulations, Articles of Association and Terms of Reference.

The Management Board reported to us regularly, without delay and comprehensively on business policies and strategy, in addition to other fundamental issues relating to the company’s management and culture, corporate planning, coordination and control, compliance and compensation systems. It reported to us on the bank’s financial development and earnings situation as well as the bank’s risk, liquidity and capital management. Furthermore, the Management Board reported on material litigation cases and significant regulatory matters as well as transactions and events that were of significant importance to the bank. We were involved in decisions of fundamental importance. As in previous years, the Management Board provided, as we requested, enhanced reporting on specific litigation cases. Regular discussions concerning important topics and upcoming decisions were also held between the Chairman of the Supervisory Board, the chairs of the Supervisory Board committees and the Management Board.

There were a total of 59 meetings of the Supervisory Board and its committees. When necessary, resolutions were passed by circulation procedure between the meetings.

Meetings of the Supervisory Board in plenum

The Supervisory Board held ten meetings in plenum in 2017, where it addressed all topics with a special relevance for the bank.

To start off, we would like to report on two of these topics that are particularly important: strategy and dealing with the past.

The topic of strategy was especially important to us in 2017, and we again took sufficient time to deliberate on strategic matters with the Management Board at our meetings in February, March, September, October and December. In addition to the integration of Postbank, the capital increase, the initial public offering of a minority share of Deutsche Asset Management and expanding our digital banking services, we also addressed the consequences of the staff cuts in Germany. We focused on the progress made and the current challenges in the planned implementation of strategy as well as the adjustments of strategic targets and the measures resulting from this. To work through the strategy-related issues pending in the first quarter of 2017, we established an Ad Hoc Committee in February that conducted three meetings in total, in particular to prepare for our next Supervisory Board meeting. At one meeting, we intensively addressed the strategy for the integration of Postbank AG and the planned capital increase, and agreed to the Management Board’s proposed resolution for the capital increase. We also delegated the approval of the specific further details of the capital increase to the Chairman’s Committee.

We made significant progress in 2017 in putting legacy issues behind us and on July 27 concluded compensation settlement agreements with ten former Management Board members and one incumbent member of the Management Board. Based on the agreements, the Management Board members voluntarily waived, without acknowledging a breach of duty, a portion of their still unpaid compensation amounting to €38.4 million. Over the course of several years, the Supervisory Board had suspended a substantial portion of the variable compensation payable to the Management Board members as Deutsche Bank was facing a series of regulatory investigations and regulatory fines, in some cases with causes originating from the period before the 2007 financial crisis. The total amount of payable compensation not yet disbursed at the time the compensation settlements were reached came to €69.8 million. On the basis of the information available and after weighing up all relevant aspects, including the voluntary waiver of compensation by the Management Board members, the Supervisory Board decided not to pursue personal recourse claims against the Management Board members incumbent at the time by asserting claims for damages due to a potential breach of their Management Board duties. This decision was based on the results of extensive examinations by several leading law firms and forensic investigation advisors and took into account the findings of regulatory and supervisory authorities. According to the results of these investigations, there was not a sufficient factual and legal basis for enforceable claims for damages. Nonetheless, the Supervisory Board reserves the right upon the discovery of any new indications of possible breaches of duty to assert claims to compensation for damages against these Management Board members. The Chairman’s Committee was mandated to monitor the relevant cases until the end of the statute of limitations periods for asserting the potential claims. At our meetings, we regularly addressed the significant litigation cases and regulatory proceedings.

At the first meeting of the year on February 1, we discussed the development of bank’s business in the 2016 financial year, along with a comparison of the plan-actual figures for 2016. We held discussions with the Management Board on the progress of key projects as well as regulatory assessments. We received a report from representatives of the European Central Bank (ECB) on their evaluation of the bank in 2016 and on the regulatory planning for 2017. Furthermore, the monitor assigned by the U.S. Department of Justice based on the settlement reached with the U.S. Department of Justice in IBOR-related matters, StoneTurn Group, LLP (StoneTurn), presented its report along with its recommendations. We concluded our assessment of the Supervisory Board and the Management Board for 2016 and addressed the Corporate Governance Statement, which is also the Corporate Governance Report. We discussed the structure of Management Board compensation and topics for the Supervisory Board’s further training in 2017.

At the meeting on March 5, we intensively addressed the strategy for the integration of Postbank AG and the planned capital increase.

At our meeting on March 16, after the Management Board’s reporting and a discussion with the auditor, and based on the Audit Committee’s recommendation, we approved the Consolidated Financial Statements and Annual Financial Statements for 2016 and agreed to the Management Board’s proposal for the appropriation of distributable profit. Together with the Management Board, we discussed the development of the bank’s business, the corporate planning 2017-2021, the structure of the compensation systems, the Human Resources Report for 2016 and regulatory topics. We addressed the preparations for the General Meeting and approved proposals for the agenda. Furthermore, we dealt with internal organizational and Management Board matters.

The appointment of the new Chief Financial Officer, Mr. von Moltke, was the topic of our meeting on April 28.

At the meeting on May 17, we addressed the development of the bank’s business and the key topics of the pending General Meeting. The Management Board reported to us on its brand strategy, the effects of Brexit on the bank and regulatory topics.

At the meeting following the General Meeting on May 18, we re-elected Dr. Achleitner as Chairman of the Supervisory Board. We also adopted the Nomination Committee’s succession proposal for the Integrity Committee and Audit Committee and elected Professor Dr. Simon as a member of both of these committees. We also resolved on issuing the audit mandate for the auditing of the financial statements to KPMG Aktiengesellschaft, Berlin, for the year 2017.

On July 27, we addressed, in addition to the development of the bank’s business and the Interim Report as of June 30, 2017, the effects of Brexit on the bank as well as topics relating to Compliance and Anti-Financial Crime. The Management Board reported to us on the results of the employee survey and governance topics. We approved a proposal of the Nomination Committee and increased the target ratio for the percentage of women on the Management Board by June 30, 2022, to at least 20 %, with a rounding up or down to a whole number of persons according to the general rules of mathematics.

On September 18 and 19, a two-day strategy workshop was conducted with the Management Board in Berlin where businesses and key functions presented their self-assessed strengths and weaknesses. In addition, we addressed a report by Group Audit on the management of liquidity risks as well as the capital rating. Together with the Chairman of the Management Board and the Chief Human Resources Officer, we discussed succession planning for the Management Board and for the management level below the Management Board.

On October 26, in addition to the development of business, we discussed the Interim Report for the third quarter, the implementation of the second European Union (EU) Markets in Financial Instruments Directive (MiFID II) within the bank as well as Management Board compensation. We received an updated report from StoneTurn and addressed the profile of requirements for the Supervisory Board in accordance with the recommendation of the German Corporate Governance Code as well as adjustments for our Terms of Reference. Furthermore, we approved the Declaration of Conformity for 2017.

At the last meeting of the year on December 15, we discussed together with the Management Board the development of the bank’s business, Brexit effects and the bank’s know-your-customer processes, i.e. processes that facilitate our identification of customers and our understanding of their business, as well as regulatory topics. We addressed the insurance policy program 2018 and internal governance. We approved a proposal of the Integrity Committee and resolved to adjust the reporting on selected regulatory and legal proceedings accordingly. Furthermore, we elected Professor Dr. Simon as the new Chairman of the Integrity Committee with effect from January 1, 2018, in order to achieve a smooth transition in the chairing of the Integrity Committee.

The Committees of the Supervisory Board

Chairman’s Committee

The Chairman’s Committee held seven meetings. It worked intensively on preparing recommendations for decisions of the Supervisory Board on pursuing claims for damages or taking other measures against ten former Management Board members and one incumbent Management Board member. The Chairman’s Committee also had the legal consequences of case matters, which were processed by the bank in eleven legal proceedings subject to the close monitoring of the Supervisory Board, assessed by independent external advisors mandated by the Supervisory Board. They produced an overall assessment. On the basis of these analyses, the Supervisory Board weighed up the aspects and came to its assessment described above with regard to not asserting claims to compensation for damages against Management Board members incumbent at the time. The Chairman’s Committee also had the recommendation of the Chairman’s Committee to conclude a compensation settlement reviewed in legal opinions of renowned, independent legal experts. Finally, it established a process for the further monitoring of the cases. In this context, the Chairman’s Committee will continue to receive the assistance of independent, external legal advisors.

Furthermore, the Chairman’s Committee regularly handled the preparations for the meetings of the Supervisory Board and took care of ongoing matters. The Chairman’s Committee issued the approval of current and former Management Board members’ acceptance of mandates, honorary offices or special tasks outside of Deutsche Bank Group. The Committee also took note of the mandates of the Supervisory Board Chairman. The Chairman’s Committee supported the Supervisory Board in preparing current Supervisory Board topics for the General Meeting and addressed the legal actions to contest the resolutions of the General Meeting.

Risk Committee

The Risk Committee held nine meetings, including one jointly each with the Compensation Control Committee, the Audit Committee and the Integrity Committee, and addressed the current and future overall risk appetite and strategy of Deutsche Bank, and in particular credit, liquidity, refinancing, country, market and operational risks. The Risk Committee supported us in monitoring the implementation of strategy by the upper management level and in the related advising of the Management Board. At each of its meetings, the Risk Committee addressed the financial and non-financial risks of the bank, their identification and their management as well as the measures to reduce them. In addition, the Risk Committee regularly received reports from the Management Board about the appropriateness of risk, capital and liquidity as well as corresponding changes in risk-weighted assets. The Risk Committee was also informed of the macroeconomic environment as well as the development of business and risks from the perspective of the bank’s first and second lines of defense. The Committee also regularly received reports from the Risk Management function concerning key issues and initiatives, including Strategy 2021 and the budget for the Risk Management function, strategic stress scenarios, recovery and resolution plans (“living wills”) and risks in the banking book. While monitoring non-financial risks, the Risk Committee also addressed, together with the Audit Committee, know-your-customer risk as well as measures to reduce this risk. The Management Board’s reporting also covered current topics such as Brexit and other political developments, including elections, and the related impacts on the bank’s risk profile. Furthermore, the Risk Committee dealt with findings and recommendations from regulators on risk-related topics.

The Risk Committee monitored whether conditions in the client business are in line with the bank’s business model and risk structure. It made decisions on the bank’s credit exposures and participations requiring approval under German law, the Articles of Association and Terms of Reference.

The Risk Committee supported the Compensation Control Committee in assessing the effects of the compensation systems on the bank’s risk, capital and liquidity situation. It also examined whether the compensation systems are aligned to the bank’s business strategy focused on the institution’s sustainable development. In this context, the Risk Committee monitored whether the derived risk strategies and compensation strategy are also aligned to this at the institution and Group level.

Audit Committee

The Audit Committee held eight meetings, including one together with the Risk Committee. The Audit Committee supported us in monitoring the financial reporting process and intensively addressed the Annual Financial Statements and Consolidated Financial Statements, the interim reports as well as the Annual Report on Form 20‑F for the U.S. Securities and Exchange Commission. Within the context of the financial reporting process, it supported us in monitoring the recognition of provisions as well as tax-related matters, including in particular the U.S. tax reform and the process of implementing the new International Financial Reporting Standard 9. The Audit Committee also addressed the further development of valuation methods for financial instruments. Furthermore, the Audit Committee had the Management Board report to it regularly on the “available distributable items” and the capacity to service Deutsche Bank’s Additional Tier 1 capital instruments.

The Audit Committee monitored the effectiveness of the risk management system, in particular with regard to the internal control system and internal audit. This also covered, among other things, the reporting on the ongoing development of controls to combat money laundering and to prevent financial crime, the three lines of defense model and initiatives for the ongoing strengthening of the compliance function and internal audit function. The Committee was kept up-to-date on the work of Group Audit and its resources. The Audit Committee addressed measures taken by the Management Board to remediate deficiencies identified by the auditor, Group Audit and regulatory authorities and regularly received updates on the status and progress in this context.

In accordance with the Audit Committee’s proposal, we issued the mandate to an independent auditor and set the amount of the auditor’s remuneration. The auditor additionally reviewed the legally required non-financial reporting. The Audit Committee dealt with the measures to prepare for the audit of the Annual Financial Statements and Consolidated Financial Statements for 2017, specified its own areas of focus for the audit and approved a list of permissible non-audit services. The Audit Committee was regularly provided with reports on the engagement of accounting firms, including the auditor, for non-audit-related services. The Committee also handled the implementation of the requirements for the extended auditor report and the separate Non-Financial Report of the Group as well as the Non-Financial Statement of Deutsche Bank AG (hereinafter referred to together as: Non-Financial Reporting). Furthermore, in light of the new European Union (EU) Regulation and amendments to the EU Directive on statutory audits, the Audit Committee initiated a tendering procedure for the audit of the 2020 financial statements.

Representatives of the bank’s auditor as well as the Head of Group Audit attended all of the Audit Committee meetings.

Integrity Committee

The Integrity Committee held seven meetings, including one together with the Risk Committee. In January, the Integrity Committee resolved to conclude the internal forensic investigations carried out with the assistance of independent external advisors. In light of the sustained progress achieved in the Management Board’s reporting on material litigation cases and regulatory proceedings and to avoid duplications, the Integrity Committee submitted a proposal to us in January to adjust the reporting process. The Management Board will continue to report to the Integrity Committee on the cases with the biggest risks and on cases with a special relevance. Furthermore, the Integrity Committee addressed the follow-up commitments resulting from the concluded settlements.

The topics covered intensively by the Integrity Committee included governance, and it received reports from the Management Board on reputational risks. Together with the Management Board, the Integrity Committee discussed measures related to internal policies and monitored their implementation. Additional focal points of the Integrity Committee’s work included monitoring the implementation of cultural initiatives as well as one standard bank-wide “lessons learned” process. Environmental and social issues were also addressed regularly at the Integrity Committee meetings. This primarily involved the bank’s corporate social responsibility and contribution to the preservation of the environment.

Compensation Control Committee

The Compensation Control Committee held ten meetings, including one together with the Risk Committee. The Compensation Control Committee monitored the appropriate structuring of the compensation systems for the Management Board and employees, along with the compensation for the heads of control functions and material risk takers. It dealt with the Compensation Report 2016 and the Compensation Officer’s Compensation Control Report, which concluded the bank’s compensation system is appropriately structured and in accordance with the requirements of the Remuneration Ordinance for Institutions (InstitutsVergV). The Compensation Control Committee concurred with this assessment. Furthermore, the Committee addressed the determination and distribution of the total amount of variable compensation for the bank’s employees, in particular in consideration of affordability. It received reports on strategy and on the alignment of variable compensation requirements to strategy. The Management Board reported to the Committee on adjustments to share-based compensation for employees in light of the capital increase.

The Compensation Control Committee also dealt with changes in the regulatory framework conditions based on the new version of the Remuneration Ordinance for Institutions (InstitutsVergV) and discussed the actions required by the Supervisory Board as a result. The Committee submitted proposals regarding the compensation of the Management Board and deliberated on the new compensation structure as well as the status report on determining the variable compensation of the Management Board members. In this context, the Committee received support from the Compensation Officer. The Compensation Control Committee supported us in monitoring the involvement of the internal control area as well as all other material areas in the structuring of the compensation systems and assessed the effects of the compensation systems on the risk, capital and liquidity situation of Deutsche Bank and Deutsche Bank Group.

Nomination Committee

The Nomination Committee met eight times. It addressed, in particular, issues related to succession and appointments while taking into account statutory requirements, and it nominated specific candidates for the Management Board and Supervisory Board. Furthermore, the Nomination Committee prepared the annual assessment of the Supervisory Board and Management Board and was supported in this by an external advisor. Within the framework of this assessment, the Nomination Committee also took into account the European Central Bank’s findings from the Thematic Review on Risk Governance and Appetite from 2016 and the follow-up thematic review in 2017.

Furthermore, the Nomination Committee gave recommendations to the Management Board concerning the principles for selecting and appointing people to the senior management level, while also considering on an ongoing basis the consultations on the drafts of the European Banking Authority’s new Guidelines on Internal Governance and its Guidelines on the Assessment of the Suitability of Members of the Management Body and Key Function Holders.

Mediation Committee

Meetings of the Mediation Committee, established pursuant to the provisions of Germany’s Co-Determination Act (MitbestG), were not necessary.

Participation in meetings

The Supervisory Board members participated in the meetings of the Supervisory Board and of the committees in which they were members as follows:

 

Meetings (incl. committees)

Meetings (plenary sessions)

Participation (plenary sessions)

Meetings (committees)

Participation (committees)

Participation in % (all meetings)

Achleitner

59

10

10

49

43

90

Böhr

19

10

9

9

9

95

Bsirske

38

10

9

28

25

89

Dublon

22

10

9

12

12

95

Duscheck

10

10

10

-

-

100

Eschelbeck

5

5

5

-

-

100

Garrett-Cox

18

10

10

8

7

94

Heider

17

10

10

7

7

100

Irrgang

17

10

10

7

7

100

Kagermann

38

10

9

28

27

95

Klee

17

10

9

7

6

88

Löscher

9

5

4

4

4

89

Mark

18

10

9

8

7

89

Meddings

29

10

10

19

18

97

Parent

28

10

9

18

15

86

Platscher

18

10

10

8

6

89

Rose

18

10

9

8

5

78

Rudschäfski

38

10

9

28

25

89

Schütz

5

5

5

-

-

100

Simon

17

10

10

7

6

94

Teyssen

21

10

9

11

10

90

Trützschler

9

5

4

4

4

89

Corporate governance

The composition of the Supervisory Board and its committees is in accordance with good corporate governance standards and meets the requirements of key regulatory authorities. This is reflected in the atmosphere of trust on the Supervisory Board and in the cooperation founded on trust between the representatives of employees and of shareholders. The Chairman of the Supervisory Board and the chairpersons of the committees coordinated their work continuously and consulted each other regularly and – as required – on an ad hoc basis in order to ensure the exchange of information necessary to capture and assess all of the relevant risks for the performance of their tasks.

At the Supervisory Board’s meetings, the committee chairpersons reported regularly on the work of the committees. Regularly before the meetings of the Supervisory Board, the representatives of the employees and the representatives of the shareholders conducted preliminary discussions separately. At the beginning or end of the Supervisory Board and committee meetings, discussions were regularly held in executive sessions without the participation of the Management Board.

Based on recommendations from the respectively responsible committees, we determined that Ms. Garrett-Cox, Mr. Meddings, Dr. Achleitner and Professor Dr. Simon are financial experts in accordance with the definition of the implementation rules of the U.S. Securities and Exchange Commission issued pursuant to Section 407 of the Sarbanes-Oxley Act of 2002 as well as Section 100 of Germany’s Stock Corporation Act (AktG). Dr. Achleitner and Professor Dr. Kagermann are compensation experts in accordance with the requirements of Section 25d (12) of the German Banking Act (KWG). Furthermore, we confirmed the independence, as defined by U.S. regulations, of all members of the Audit Committee and determined that the Supervisory Board has what we consider to be an adequate number of independent members.

Dr. Achleitner and the chairpersons of the committees met regularly with representatives of the key regulators and informed them about the work of the Supervisory Board and its committee and about the cooperation with the Management Board.

In preparing for the voting on the structure of Management Board compensation at the General Meeting in 2017, Dr. Achleitner, in his function as Chairman of the Supervisory Board, engaged in discussions with representatives of investors about the new compensation model for the Management Board. The topics at these discussions also covered the Supervisory Board’s priorities and composition as well as its interaction with the Management Board regarding the strategy of Deutsche Bank.

At several meetings of the Nomination Committee and of the Supervisory Board in plenum, we addressed the assessment prescribed by law of the Management Board and the Supervisory Board. The final discussion of the results took place on February 1, 2018, and the results were set out in a final report. We are of the opinion that the Supervisory Board and Management Board achieved a high standard and that there are no reservations, in particular, regarding the professional qualifications, personal reliability and time available of the members of the Management Board and the Supervisory Board. Nonetheless, we identified additional potential for improvement. This relates, for example, to a stronger focus on topics with a relevance for the future, the reputation of the bank and its sustainable development in a digital environment.

The Declaration of Conformity pursuant to Section 161 of the Stock Corporation Act, which we last issued with the Management Board on October 27, 2016, was reissued at the meeting of the Supervisory Board on October 26, 2017. The text of the Declaration of Conformity, along with a comprehensive presentation of the bank’s corporate governance, can be found in section “Compliance with the German Corporate Governance Code” and on the bank’s website. Our Declarations of Conformity since 2007 are also available there, in addition to the currently applicable versions of the Terms of Reference for the Supervisory Board and its committees as well as for the Management Board.

Training and Further Education Measures

Members of the Supervisory Board completed the training and further education measures required for their tasks on their own. Furthermore, numerous further education measures were conducted with the Supervisory Board in plenum and with its committees to maintain the required specialized knowledge. These covered a total of more than 20 topics, such as digitalization, information security, non-financial reporting, developments in the eurozone, compensation and the new version of the Remuneration Ordinance for Institutions (InstitutsVergV).

For the new members that joined the Supervisory Board, extensive induction courses were held to facilitate their induction into office.

Conflicts of Interest and Their Handling

In his capacity as Chairman of the Nomination Committee and as Chairman of the Supervisory Board, Dr. Achleitner did not participate in the discussions of and the voting on the resolutions regarding the proposal for his re-election at the General Meeting.

Annual Financial Statements, Consolidated Financial Statements, the separate Consolidated Non-Financial Report and Non-Financial Statement

KPMG audited the Annual Financial Statements, including the accounting and Management Report, as well as the Consolidated Financial Statements with the related Management Report for the 2017 financial year and issued in each case an unqualified audit opinion on March 12, 2018. The Auditor’s Reports were signed jointly by the Auditors Mr. Pukropski and Mr. Böth. Mr. Pukropski signed the Auditor’s Report for the Annual Financial Statements and Consolidated Financial Statements for the first time for the 2013 financial year and Mr. Böth for the first time for the 2017 financial year.

Furthermore, KPMG performed a review to obtain a limited assurance in the context of the Non-Financial Reporting and in each case issued an unqualified opinion.

The Audit Committee examined the documents for the Annual Financial Statements and Consolidated Financial Statements for 2017 as well as the Non-Financial Reporting for 2017 at its meeting on March 9 and 14, 2018. The representatives of KPMG provided the final report on the audit results. The Chairman of the Audit Committee reported to us on this at today’s meeting of the Supervisory Board. Based on the recommendation and advance handling of the Audit Committee and after inspecting the Annual Financial Statements and Consolidated Financial Statements documents as well as the documents for the Non-Financial Reporting, we agreed to the results of the audits following an extensive discussion on the Supervisory Board and with representatives of KPMG AG Wirtschaftsprüfungsgesellschaft. We determined that, also based on the final results of our inspections, there are no objections to be raised.

Today, we approved the Annual Financial Statements and Consolidated Financial Statements prepared by the Management Board. The Annual Financial Statements are thus established. We agree to the Management Board’s proposal for the appropriation of distributable profit.

Personnel issues

Mr. Herling was a member of the Supervisory Board until the end of 2016. For the remainder of his term of office, he was replaced by Mr. Rudschäfski, who was also elected as Deputy Chairman.

With the conclusion of the General Meeting in May 2017, Mr. Löscher and Professor Dr. Trützschler left the Supervisory Board. The General Meeting elected Mr. Eschelbeck and Mr. Schütz as new members.

On March 5, 2017, we appointed Dr. Schenck and Mr. Sewing as Presidents (Deputy Chairmen of the Management Board).

Over the course of 2017, we also extended the appointments of Ms. Matherat, Mr. von Rohr, Dr. Schenck and Mr. Sewing as members of the Management Board, in each case by five years. Mr. von Moltke and Mr. Strauß were appointed as members of the Management Board for the first time in each case for three years. (See the “Corporate Governance Statement / Management Board” starting on page 354 of the Annual Report.)

Mr. Urwin left the Management Board at the end of March 2017.

We thank the members who left last year for their dedicated work and for their constructive assistance to the company during the past years.

We would also like to thank the bank’s employees for their great personal dedication.

Frankfurt am Main, March 15, 2018

The Supervisory Board

Dr. Paul Achleitner
Chairman