Deutsche Bank

Annual Report 2017

Compensation in accordance with the German Corporate Governance Codex (GCGC)

The compensation for the members of the Management Board in accordance with the requirements of section 4.2.5 paragraph 3 of the GCGC is provided below. This comprises the benefits granted for the year under review including the fringe benefits, and including the maximum and minimum achievable compensation for variable compensation components. In addition, the disbursals of fixed compensation and variable compensation (broken down by Restricted Incentive Awards and Restricted Equity Awards) in/for the year under review, broken down into the relevant reference years are reported.

John Cryan

The following table provides the compensation granted for the 2017 and 2016 financial years according to GCGC:

 

John Cryan

 

2017

2016

in €

Determined

Target

Min

Max

Determined

Target

1

Without fringe benefits and pension service costs.

Fixed compensation (base salary)

3,400,000

3,400,000

3,400,000

3,400,000

3,800,000

3,800,000

Fringe benefits

220,982

220,982

220,982

220,982

41,795

41,795

Total

3,620,982

3,620,982

3,620,982

3,620,982

3,841,795

3,841,795

Variable compensation

0

5,300,000

0

8,900,000

0

5,300,000

thereof:

 

 

 

 

 

 

Restricted Incentive Awards

0

1,900,000

0

3,800,000

0

1,500,000

Restricted Equity Awards

0

3,400,000

0

5,100,000

0

3,800,000

Total

0

5,300,000

0

8,900,000

0

5,300,000

Pension service costs

748,829

748,829

748,829

748,829

821,114

821,114

Total compensation (GCGC)

4,369,811

9,669,811

4,369,811

13,269,811

4,662,909

9,962,909

Total compensation1

3,400,000

8,700,000

3,400,000

12,300,000

3,800,000

9,100,000

Kimberly Hammonds1

 

Kimberly Hammonds1

 

2017

2016

in €

Determined

Target

Min

Max

Determined

Target

1

Member since August 1, 2016.

2

Without fringe benefits and pension service costs.

Fixed compensation (base salary)

2,400,000

2,400,000

2,400,000

2,400,000

1,000,000

1,000,000

Fringe benefits

260,489

260,489

260,489

260,489

6,035

6,035

Total

2,660,489

2,660,489

2,660,489

2,660,489

1,006,035

1,006,035

Variable compensation

0

4,100,000

0

6,800,000

0

1,416,667

thereof:

 

 

 

 

 

 

Restricted Incentive Awards

0

1,300,000

0

2,600,000

0

416,667

Restricted Equity Awards

0

2,800,000

0

4,200,000

0

1,000,000

Total

0

4,100,000

0

6,800,000

0

1,416,667

Pension service costs

842,110

842,110

842,110

842,110

270,466

270,466

Total compensation (GCGC)

3,502,599

7,602,599

3,502,599

10,302,599

1,276,501

2,693,168

Total compensation2

2,400,000

6,500,000

2,400,000

9,200,000

1,000,000

2,416,667

Stuart Lewis

 

Stuart Lewis

 

2017

2016

in €

Determined

Target

Min

Max

Determined

Target

1

Without functional allowance, fringe benefits and pension service costs.

Fixed compensation (base salary)

2,400,000

2,400,000

2,400,000

2,400,000

2,400,000

2,400,000

Functional allowance

300,000

300,000

300,000

300,000

0

0

Fringe benefits

206,628

206,628

206,628

206,628

77,938

77,938

Total

2,906,628

2,906,628

2,906,628

2,906,628

2,477,938

2,477,938

Variable compensation

0

4,100,000

0

6,800,000

0

3,400,000

thereof:

 

 

 

 

 

 

Restricted Incentive Awards

0

1,300,000

0

2,600,000

0

1,000,000

Restricted Equity Awards

0

2,800,000

0

4,200,000

0

2,400,000

Total

0

4,100,000

0

6,800,000

0

3,400,000

Pension service costs

807,465

807,465

807,465

807,465

546,402

546,402

Total compensation (GCGC)

3,714,093

7,814,093

3,714,093

10,514,093

3,024,340

6,424,340

Total compensation1

2,400,000

6,500,000

2,400,000

9,200,000

2,400,000

5,800,000

Sylvie Matherat

 

Sylvie Matherat

 

2017

2016

in €

Determined

Target

Min

Max

Determined

Target

1

Without fringe benefits and pension service costs.

Fixed compensation (base salary)

2,400,000

2,400,000

2,400,000

2,400,000

2,400,000

2,400,000

Fringe benefits

16,338

16,338

16,338

16,338

12,905

12,905

Total

2,416,338

2,416,338

2,416,338

2,416,338

2,412,905

2,412,905

Variable compensation

0

4,100,000

0

6,800,000

0

3,400,000

thereof:

 

 

 

 

 

 

Restricted Incentive Awards

0

1,300,000

0

2,600,000

0

1,000,000

Restricted Equity Awards

0

2,800,000

0

4,200,000

0

2,400,000

Total

0

4,100,000

0

6,800,000

0

3,400,000

Pension service costs

774,917

774,917

774,917

774,917

517,352

517,352

Total compensation (GCGC)

3,191,255

7,291,255

3,191,255

9,991,255

2,930,257

6,330,257

Total compensation1

2,400,000

6,500,000

2,400,000

9,200,000

2,400,000

5,800,000

James von Moltke1

 

James von Moltke1

 

2017

2016

in €

Determined2

Target

Min

Max

Determined

Target

1

Member since July 1, 2017.

2

The benefits granted to Mr. von Moltke as a substitute for forfeited awards and not granted variable compensation from his previous employer are displayed under “Variable Compensation”.

3

Without fringe benefits and pension service costs.

Fixed compensation (base salary)

1,200,000

1,200,000

1,200,000

1,200,000

-

-

Fringe benefits

473,299

473,299

473,299

473,299

-

-

Total

1,673,299

1,673,299

1,673,299

1,673,299

-

-

Variable compensation

4,858,442

2,050,000

0

3,400,000

-

-

thereof:

 

 

 

 

 

 

Cash

355,404

0

0

0

-

-

Restricted Incentive Awards

1,600,227

650,000

0

1,300,000

-

-

Equity Upfront Awards

355,404

0

0

0

-

-

Restricted Equity Awards

2,547,407

1,400,000

0

2,100,000

-

-

Total

4,858,442

2,050,000

0

3,400,000

-

-

Pension service costs

451,453

451,453

451,453

451,453

-

-

Total compensation (GCGC)

6,983,194

4,174,752

2,124,752

5,524,752

-

-

Total compensation3

6,058,442

3,250,000

1,200,000

4,600,000

-

-

Nicolas Moreau1

 

Nicolas Moreau1

 

2017

2016

in €

Determined

Target

Min

Max

Determined

Target

1

Member since October 1, 2016.

2

Without fringe benefits and pension service costs.

Fixed compensation (base salary)

2,400,000

2,400,000

2,400,000

2,400,000

600,000

600,000

Fringe benefits

59,383

59,383

59,383

59,383

5,239

5,239

Total

2,459,383

2,459,383

2,459,383

2,459,383

605,239

605,239

Variable compensation

0

4,600,000

0

7,800,000

0

1,150,000

thereof:

 

 

 

 

 

 

Restricted Incentive Awards

0

1,800,000

0

3,600,000

0

600,000

Restricted Equity Awards

0

2,800,000

0

4,200,000

0

550,000

Total

0

4,600,000

0

7,800,000

0

1,150,000

Pension service costs

1,232,878

1,232,878

1,232,878

1,232,878

442,672

442,672

Total compensation (GCGC)

3,692,261

8,292,261

3,692,261

11,492,261

1,047,911

2,197,911

Total compensation2

2,400,000

7,000,000

2,400,000

10,200,000

600,000

1,750,000

Garth Ritchie

 

Garth Ritchie

 

2017

2016

in €

Determined

Target

Min

Max

Determined

Target

1

Without functional allowance, fringe benefits and pension service costs.

Fixed compensation (base salary)

3,000,000

3,000,000

3,000,000

3,000,000

2,400,000

2,400,000

Functional allowance

250,000

250,000

250,000

250,000

0

0

Fringe benefits

269,457

269,457

269,457

269,457

110,241

110,241

Total

3,519,457

3,519,457

3,519,457

3,519,457

2,510,241

2,510,241

Variable compensation

0

4,700,000

0

8,000,000

0

4,600,000

thereof:

 

 

 

 

 

 

Restricted Incentive Awards

0

1,900,000

0

3,800,000

0

2,400,000

Restricted Equity Awards

0

2,800,000

0

4,200,000

0

2,200,000

Total

0

4,700,000

0

8,000,000

0

4,600,000

Pension service costs

1,306,915

1,306,915

1,306,915

1,306,915

1,443,171

1,443,171

Total compensation (GCGC)

4,826,372

9,526,372

4,826,372

12,826,372

3,953,412

8,553,412

Total compensation1

3,000,000

7,700,000

3,000,000

11,000,000

2,400,000

7,000,000

Karl von Rohr

 

Karl von Rohr

 

2017

2016

in €

Determined

Target

Min

Max

Determined

Target

1

Without fringe benefits and pension service costs.

Fixed compensation (base salary)

2,400,000

2,400,000

2,400,000

2,400,000

2,400,000

2,400,000

Fringe benefits

23,642

23,642

23,642

23,642

47,730

47,730

Total

2,423,642

2,423,642

2,423,642

2,423,642

2,447,730

2,447,730

Variable compensation

0

4,100,000

0

6,800,000

0

3,400,000

thereof:

 

 

 

 

 

 

Restricted Incentive Awards

0

1,300,000

0

2,600,000

0

1,000,000

Restricted Equity Awards

0

2,800,000

0

4,200,000

0

2,400,000

Total

0

4,100,000

0

6,800,000

0

3,400,000

Pension service costs

807,465

807,465

807,465

807,465

546,402

546,402

Total compensation (GCGC)

3,231,107

7,331,107

3,231,107

10,031,107

2,994,132

6,394,132

Total compensation1

2,400,000

6,500,000

2,400,000

9,200,000

2,400,000

5,800,000

Dr. Marcus Schenck

 

Dr. Marcus Schenck

 

2017

2016

in €

Determined

Target

Min

Max

Determined

Target

1

Without fringe benefits and pension service costs.

Fixed compensation (base salary)

2,900,000

2,900,000

2,900,000

2,900,000

2,400,000

2,400,000

Fringe benefits

16,148

16,148

16,148

16,148

23,720

23,720

Total

2,916,148

2,916,148

2,916,148

2,916,148

2,423,720

2,423,720

Variable compensation

0

4,400,000

0

7,400,000

0

3,400,000

thereof:

 

 

 

 

 

 

Restricted Incentive Awards

0

1,600,000

0

3,200,000

0

1,000,000

Restricted Equity Awards

0

2,800,000

0

4,200,000

0

2,400,000

Total

0

4,400,000

0

7,400,000

0

3,400,000

Pension service costs

1,018,267

1,018,267

1,018,267

1,018,267

546,402

546,402

Total compensation (GCGC)

3,934,415

8,334,415

3,934,415

11,334,415

2,970,122

6,370,122

Total compensation1

2,900,000

7,300,000

2,900,000

10,300,000

2,400,000

5,800,000

Christian Sewing

 

Christian Sewing

 

2017

2016

in €

Determined

Target

Min

Max

Determined

Target

1

Without fringe benefits and pension service costs.

Fixed compensation (base salary)

2,900,000

2,900,000

2,900,000

2,900,000

2,400,000

2,400,000

Fringe benefits

80,307

80,307

80,307

80,307

204,758

204,758

Total

2,980,307

2,980,307

2,980,307

2,980,307

2,604,758

2,604,758

Variable compensation

0

4,400,000

0

7,400,000

0

3,400,000

thereof:

 

 

 

 

 

 

Restricted Incentive Awards

0

1,600,000

0

3,200,000

0

1,600,000

Restricted Equity Awards

0

2,800,000

0

4,200,000

0

1,800,000

Total

0

4,400,000

0

7,400,000

0

3,400,000

Pension service costs

899,307

899,307

899,307

899,307

984,198

984,198

Total compensation (GCGC)

3,879,614

8,279,614

3,879,614

11,279,614

3,588,956

6,988,956

Total compensation1

2,900,000

7,300,000

2,900,000

10,300,000

2,400,000

5,800,000

Werner Steinmüller1

 

Werner Steinmüller1

 

2017

2016

in €

Determined

Target

Min

Max

Determined

Target

1

Member since August 1, 2016.

2

Without fringe benefits and pension service costs.

Fixed compensation (base salary)

2,400,000

2,400,000

2,400,000

2,400,000

1,000,000

1,000,000

Fringe benefits

399,424

399,424

399,424

399,424

165,001

165,001

Total

2,799,424

2,799,424

2,799,424

2,799,424

1,165,001

1,165,001

Variable compensation

0

4,100,000

0

6,800,000

0

1,416,667

thereof:

 

 

 

 

 

 

Restricted Incentive Awards

0

1,300,000

0

2,600,000

0

416,667

Restricted Equity Awards

0

2,800,000

0

4,200,000

0

1,000,000

Total

0

4,100,000

0

6,800,000

0

1,416,667

Pension service costs

701,617

701,617

701,617

701,617

164,232

164,232

Total compensation (GCGC)

3,501,041

7,601,041

3,501,041

10,301,041

1,329,233

2,745,900

Total compensation2

2,400,000

6,500,000

2,400,000

9,200,000

1,000,000

2,416,667

Frank Strauß1

 

Frank Strauß1

 

2017

2016

in €

Determined

Target

Min

Max

Determined

Target

1

Member since September 1, 2017.

2

Without fringe benefits and pension service costs.

Fixed compensation (base salary)

800,000

800,000

800,000

800,000

-

-

Fringe benefits

26,893

26,893

26,893

26,893

-

-

Total

826,893

826,893

826,893

826,893

-

-

Variable compensation

0

1,466,667

0

2,466,667

-

-

thereof:

 

 

 

 

 

 

Restricted Incentive Awards

0

533,333

0

1,066,667

-

-

Restricted Equity Awards

0

933,333

0

1,400,000

-

-

Total

0

1,466,667

0

2,466,667

-

-

Pension service costs

313,391

313,391

313,391

313,391

-

-

Total compensation (GCGC)

1,140,284

2,606,951

1,140,284

3,606,951

-

-

Total compensation2

800,000

2,266,667

800,000

3,266,667

-

-

Jeffrey Urwin1

 

Jeffrey Urwin1

 

2017

2016

in €

Determined

Target

Min

Max

Determined

Target

1

Member until March 31, 2017.

2

Without fringe benefits and pension service costs.

Fixed compensation (base salary)

600,000

600,000

600,000

600,000

2,400,000

2,400,000

Fringe benefits

530

530

530

530

59,763

59,763

Total

600,530

600,530

600,530

600,530

2,459,763

2,459,763

Variable compensation

0

0

0

0

0

6,100,000

thereof:

 

 

 

 

 

 

Restricted Incentive Awards

0

0

0

0

0

3,300,000

Restricted Equity Awards

0

0

0

0

0

2,800,000

Total

0

0

0

0

0

6,100,000

Pension service costs

557,370

557,370

557,370

557,370

2,036,367

2,036,367

Total compensation (GCGC)

1,157,900

1,157,900

1,157,900

1,157,900

4,496,130

10,596,130

Total compensation2

600,000

600,000

600,000

600,000

2,400,000

8,500,000

Jürgen Fitschen1

 

Jürgen Fitschen1

 

2017

2016

in €

Determined

Target

Min

Max

Determined

Target

1

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

2

Without fringe benefits and pension service costs.

Fixed compensation (base salary)

-

-

-

-

1,583,333

1,583,333

Fringe benefits

-

-

-

-

38,937

38,937

Total

-

-

-

-

1,622,270

1,622,270

Variable compensation

-

-

-

-

0

2,208,333

thereof:

 

 

 

 

 

 

Restricted Incentive Awards

-

-

-

-

0

625,000

Restricted Equity Awards

-

-

-

-

0

1,583,333

Total

-

-

-

-

0

2,208,333

Pension service costs

-

-

-

-

232,666

232,666

Total compensation (GCGC)

-

-

-

-

1,854,936

4,063,269

Total compensation2

-

-

-

-

1,583,333

3,791,667

Quintin Price1

 

Quintin Price1

 

2017

2016

in €

Determined

Target

Min

Max

Determined

Target

1

Member from January 1 until June 15, 2016.

2

Without fringe benefits and pension service costs.

Fixed compensation (base salary)

-

-

-

-

1,100,000

1,100,000

Fringe benefits

-

-

-

-

13,783

13,783

Total

-

-

-

-

1,113,783

1,113,783

Variable compensation

-

-

-

-

0

2,108,333

thereof:

 

 

 

 

 

 

Restricted Incentive Awards

-

-

-

-

0

1,100,000

Restricted Equity Awards

-

-

-

-

0

1,008,333

Total

-

-

-

-

0

2,108,333

Pension service costs

-

-

-

-

525,143

525,143

Total compensation (GCGC)

-

-

-

-

1,638,926

3,747,259

Total compensation2

-

-

-

-

1,100,000

3,208,333

 

The following table provides the compensation disbursals in/for the 2017 and 2016 financial years according to GCGC

 

John Cryan

Kimberly Hammonds1

Stuart Lewis

Sylvie Matherat

in €

2017

2016

2017

2016

2017

2016

2017

2016

1

Member since August 1, 2016.

Fixed compensation

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

2,906,628

2,477,938

2,416,338

2,412,905

Variable compensation

0

0

0

0

999,285

0

0

0

thereof Cash:

0

0

0

0

0

0

0

0

thereof Equity Awards:

 

 

 

 

 

 

 

 

2013 Equity Upfront Award for 2012

0

0

0

0

27,560

0

0

0

2014 Equity Upfront Award for 2013

0

0

0

0

35,498

0

0

0

thereof Restricted Incentive Awards:

 

 

 

 

 

 

 

 

2013 Restricted Incentive Award for 2012

0

0

0

0

377,871

0

0

0

2014 Restricted Incentive Award for 2013

0

0

0

0

357,391

0

0

0

2015 Restricted Incentive Award for 2014

0

0

0

0

200,965

0

0

0

Total

0

0

0

0

999,285

0

0

0

Pension service costs

748,829

821,114

842,110

270,466

807,465

546,402

774,917

517,352

Total compensation (GCGC)

4,369,811

4,662,909

3,502,599

1,276,501

4,713,378

3,024,340

3,191,255

2,930,257

 

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. The benefits granted to Mr. von Moltke as a substitute for forfeited awards and not granted variable compensation from his previous employer are displayed under “Variable Compensation”.

2

Member since October 1, 2016.

Fixed compensation

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

1,673,299

-

2,459,383

605,239

3,519,457

2,510,241

2,423,642

2,447,730

Variable compensation

355,404

-

0

0

0

0

0

0

thereof Cash:

355,404

-

0

0

0

0

0

0

thereof Equity Awards:

 

 

 

 

 

 

 

 

2013 Equity Upfront Award for 2012

0

-

0

0

0

0

0

0

2014 Equity Upfront Award for 2013

0

-

0

0

0

0

0

0

thereof Restricted Incentive Awards:

 

 

 

 

 

 

 

 

2013 Restricted Incentive Award for 2012

0

-

0

0

0

0

0

0

2014 Restricted Incentive Award for 2013

0

-

0

0

0

0

0

0

2015 Restricted Incentive Award for 2014

0

-

0

0

0

0

0

0

Total

355,404

-

0

0

0

0

0

0

Pension service costs

451,453

-

1,232,878

442,672

1,306,915

1,443,171

807,465

546,402

Total compensation (GCGC)

2,480,156

-

3,692,261

1,047,911

4,826,372

3,953,412

3,231,107

2,994,132

 

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.

Fixed compensation

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

-

Variable compensation

0

0

0

0

0

0

0

-

thereof Cash:

0

0

0

0

0

0

0

-

thereof Equity Awards:

 

 

 

 

 

 

 

 

2013 Equity Upfront Award for 2012

0

0

0

0

0

0

0

-

2014 Equity Upfront Award for 2013

0

0

0

0

0

0

0

-

thereof Restricted Incentive Awards:

 

 

 

 

 

 

 

 

2013 Restricted Incentive Award for 2012

0

0

0

0

0

0

0

-

2014 Restricted Incentive Award for 2013

0

0

0

0

0

0

0

-

2015 Restricted Incentive Award for 2014

0

0

0

0

0

0

0

-

Total

0

0

0

0

0

0

0

-

Pension service costs

1,018,267

546,402

899,307

984,198

701,617

164,232

313,391

-

Total compensation (GCGC)

3,934,415

2,970,122

3,879,614

3,588,956

3,501,041

1,329,233

1,140,284

-

 

Jeffrey Urwin1

Jürgen Fitschen2

Quintin Price3

in €

2017

2016

2017

2016

2017

2016

1

Member until March 31, 2017.

2

Member until May 19, 2016.

3

Member since January 1, 2016 / contract termination on May 31, 2016.

Fixed compensation

600,000

2,400,000

-

1,583,333

-

1,100,000

Functional allowance

0

0

-

0

-

0

Fringe benefits

530

59,763

-

38,937

-

13,783

Total

600,530

2,459,763

-

1,622,270

-

1,113,783

Variable compensation

0

0

2,079,429

0

-

0

thereof Cash:

0

0

-

0

-

0

thereof Equity Awards:

 

 

 

 

 

 

2012 Equity Upfront Award for 2011

0

0

24,334

0

-

0

2013 Equity Upfront Award for 2012

0

0

33,348

0

-

0

2014 Equity Upfront Award for 2013

0

0

35,491

0

-

0

2011 Restricted Equity Award for 2010

0

0

71,018

0

-

0

2012 Restricted Equity Award for 2011

0

0

247,666

0

-

0

thereof Restricted Incentive Awards:

 

 

 

 

 

 

2011 Restricted Incentive Award for 2010

0

0

196,008

0

-

0

2012 Restricted Incentive Award for 2011

0

0

523,818

0

-

0

2013 Restricted Incentive Award for 2012

0

0

511,933

0

-

0

2014 Restricted Incentive Award for 2013

0

0

330,352

0

-

0

2015 Restricted Incentive Award for 2014

0

0

105,461

0

-

0

Total

0

0

2,079,429

0

-

0

Pension service costs

557,370

2,036,367

-

232,666

-

525,143

Total compensation (GCGC)

1,157,900

4,496,130

2,079,429

1,854,936

-

1,638,926

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 financial year 2017 have been met.