Deutsche Bank

Annual Report 2017

Compensation in accordance with the German Accounting Standard No. 17 (GAS 17)

In accordance with the requirements of the GAS 17, the members of the Management Board collectively received in the 2017 financial year compensation totaling € 37,665,535 (2016: € 26,691,178). Of that, € 29,200,000 (2016: € 25,883,333) was for base salaries, € 2,053,520 (2016: € 807,845) for fringe benefits and € 5,862,015 (2016: € 0) for performance-related components.

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 2017 and 2016, including the non-performance-related fringe benefits.

Compensation according to GAS 17

 

John Cryan

Kimberly Hammonds1

Stuart Lewis

Sylvie Matherat

in €

2017

2016

2017

2016

2017

2016

2017

2016

1

Member since August 1, 2016.

Compensation

 

 

 

 

 

 

 

 

Performance-related components

 

 

 

 

 

 

 

 

With short-term incentives

 

 

 

 

 

 

 

 

Cash

0

0

0

0

0

0

0

0

With long-term incentives

 

 

 

 

 

 

 

 

Cash-based

 

 

 

 

 

 

 

 

Restricted Incentive Award(s) paid

0

0

0

0

936,228

0

0

0

Share-based

 

 

 

 

 

 

 

 

Equity Upfront Award(s)

0

0

0

0

0

0

0

0

Restricted Equity Award(s)

0

0

0

0

0

0

0

0

Non-performance-related components

 

 

 

 

 

 

 

 

Base salary

3,400,000

3,800,000

2,400,000

1,000,000

2,400,000

2,400,000

2,400,000

2,400,000

Functional allowance

0

0

0

0

300,000

0

0

0

Fringe benefits

220,982

41,795

260,489

6,035

206,628

77,938

16,338

12,905

Total

3,620,982

3,841,795

2,660,489

1,006,035

3,842,856

2,477,938

2,416,338

2,412,905

 

James von Moltke1

Nicolas Moreau2

Garth Ritchie

Karl von Rohr

in €

2017

2016

2017

2016

2017

2016

2017

2016

1

Member since July 1, 2017.

2

Member since October 1, 2016.

Compensation

 

 

 

 

 

 

 

 

Performance-related components

 

 

 

 

 

 

 

 

With short-term incentives

 

 

 

 

 

 

 

 

Cash

355,404

-

0

0

0

0

0

0

With long-term incentives

 

 

 

 

 

 

 

 

Cash-based

 

 

 

 

 

 

 

 

Restricted Incentive Award(s) paid

0

-

0

0

0

0

0

0

Share-based

 

 

 

 

 

 

 

 

Equity Upfront Award(s)

355,404

-

0

0

0

0

0

0

Restricted Equity Award(s)

2,547,407

-

0

0

0

0

0

0

Non-performance-related components

 

 

 

 

 

 

 

 

Base salary

1,200,000

-

2,400,000

600,000

3,000,000

2,400,000

2,400,000

2,400,000

Functional allowance

0

-

0

0

250,000

0

0

0

Fringe benefits

473,299

-

59,383

5,239

269,457

110,241

23,642

47,730

Total

4,931,514

-

2,459,383

605,239

3,519,457

2,510,241

2,423,642

2,447,730

 

Dr. Marcus Schenck

Christian Sewing

Werner Steinmüller1

Frank Strauß2

in €

2017

2016

2017

2016

2017

2016

2017

2016

1

Member since August 1, 2016.

2

Member since September 1, 2017.

Compensation

 

 

 

 

 

 

 

 

Performance-related components

 

 

 

 

 

 

 

 

With short-term incentives

 

 

 

 

 

 

 

 

Cash

0

0

0

0

0

0

0

-

With long-term incentives

 

 

 

 

 

 

 

 

Cash-based

 

 

 

 

 

 

 

 

Restricted Incentive Award(s) paid

0

0

0

0

0

0

0

-

Share-based

 

 

 

 

 

 

 

 

Equity Upfront Award(s)

0

0

0

0

0

0

0

-

Restricted Equity Award(s)

0

0

0

0

0

0

0

-

Non-performance-related components

 

 

 

 

 

 

 

 

Base salary

2,900,000

2,400,000

2,900,000

2,400,000

2,400,000

1,000,000

800,000

-

Functional allowance

0

0

0

0

0

0

0

-

Fringe benefits

16,148

23,720

80,307

204,758

399,424

165,001

26,893

-

Total

2,916,148

2,423,720

2,980,307

2,604,758

2,799,424

1,165,001

826,893

-

 

Jeffrey Urwin1

Jürgen Fitschen2

Quintin Price3

Total

in €

2017

2016

2017

2016

2017

2016

2017

2016

1

Member until March 31, 2017.

2

Member until May 19, 2016 / contract termination on May 31, 2016.

3

Member from January 1 until June 15, 2016.

Compensation

 

 

 

 

 

 

 

 

Performance-related components

 

 

 

 

 

 

 

 

With short-term incentives

 

 

 

 

 

 

 

 

Cash

0

0

-

0

-

0

355,404

0

With long-term incentives

 

 

 

 

 

 

 

 

Cash-based

 

 

 

 

 

 

 

 

Restricted Incentive Award(s) paid

0

0

1,667,572

0

-

0

2,603,800

0

Share-based

 

 

 

 

 

 

 

 

Equity Upfront Award(s)

0

0

-

0

-

0

355,404

0

Restricted Equity Award(s)

0

0

-

0

-

0

2,547,407

0

Non-performance-related components

 

 

 

 

 

 

 

 

Base salary

600,000

2,400,000

-

1,583,333

-

1,100,000

29,200,000

25,883,333

Functional allowance

0

0

-

0

-

0

550,000

0

Fringe benefits

530

59,763

-

38,937

-

13,783

2,053,520

807,845

Total

600,530

2,459,763

1,667,572

1,622,270

-

1,113,783

37,665,535

26,691,178

In 2015 and 2016, the Supervisory Board had suspended the tranches of deferred compensation elements for the Management Board member Stuart Lewis (who was an active member during the reporting period), Jürgen Fitschen and nine other former Management Board members. In 2017, these Management Board members voluntarily waived their entitlement to a large part of their yet unpaid compensation and, in an agreement with the Supervisory Board, agreed that only € 31.4 million of the € 69.8 million of outstanding Variable Compensation will be disbursed. The compensation elements paid out (or delivered, in the case of equity-based elements) under this agreement in 2017 are included in the above table.

With respect to deferred awards scheduled to be delivered in the first quarter of 2018, the Supervisory Board has confirmed that the performance conditions relating to Group-wide IBIT for the 2017 financial year have been met.