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1、Compensation Report 2021Deutsche Bank1 Deutsche Bank Compensation Report 2021 Compensation Report Introduction.2 Compensation Report for the Management Board and the Supervisory Board.2Employee Compensation Report.2Compensation of the Management Board.3 Principles for Management Board Compensation.3
2、Responsibility and procedures for setting and reviewing Management Board compensation.3Guiding principle:Alignment of Management Board compensation to corporate strategy.3Compensation principles.4Compensation-related developments in 2021.4Adjustment to the compensation system from January 1,2021.4Ap
3、proval of the new compensation system by the Annual General Meeting 2021.6Changes on the Management Board in 2021.6Development of business and alignment of Management Board compensation to corporate strategy in 2021.6Principles governing the determination of compensation.7Structure of the Management
4、 Board compensation system 2021.7Composition of the target total compensation and maximum compensation.8Application of the compensation system in the financial year.10Non-performance-based components(fixed compensation).10Performance-based components(variable compensation).10Appropriateness of Manag
5、ement Board compensation and compliance with the set maximum compensation.20Deferrals and holding periods.22Backtesting,malus and clawback.23Information on shares and fulfilling the share ownership obligation(Shareholding Guidelines).23Benefits as of the end of the mandate.24Benefits upon early term
6、ination.25Other service contract provisions.26Deviations from the compensation system.26Management Board compensation 2021.27Current Management Board members.27Former members of the Management Board.30Outlook for the 2022 financial year.31Planned changes on the Management Board.31Total target compen
7、sation and maximum compensation.31Targets and objectives for 2022.31Compensation of members of the Supervisory Board.33 Supervisory Board Compensation for the 2021 and 2020 financial years.33Comparative presentation of compensation and earnings trends.36 Independent auditors report.38 Responsibiliti
8、es of the executive directors and the supervisory board.38Auditors responsibility.38Opinion.38Other matter formal audit of the remuneration report.38Limitation of liability.39Compensation of the employees(unaudited).40 Regulatory Environment.40Compensation Governance.41Compensation Strategy.42Group
9、Compensation Framework.43Employee Groups with specific Compensation Structures.44Determination of performance-based Variable Compensation.45Variable Compensation Structure.46Ex-post Risk Adjustment of Variable Compensation.47Compensation Decisions for 2021.48Material Risk Taker Compensation Disclosu
10、re.49 2 Deutsche Bank Introduction Compensation Report 2021 Introduction The compensation report for the year 2021 provides detailed information on compensation in the Deutsche Bank Group.Compensation Report for the Management Board and the Supervisory Board The Compensation Report for the Managemen
11、t Board and the Supervisory Board for the 2021 financial year was prepared jointly by the Management Board and the Supervisory Board of Deutsche Bank Aktiengesellschaft(hereinafter:Deutsche Bank AG or the Bank)in accordance with Section 162 of the German Stock Corporation Act(AktG).The Compensation
12、Report describes the fundamental features of the compensation systems for Deutsche Banks Management Board and Supervisory Board and provides information on the compensation granted and owed by Deutsche Bank in the 2021 financial year to each incumbent or former member of the Management Board and Sup
13、ervisory Board.The Compensation Report fulfills the current legal and regulatory requirements,in particular of Section 162 of the German Stock Corporation Act(AktG)and the Remuneration Ordinance for Institutions(InstitutsVergV)and takes into account the recommendations set out in the German Corporat
14、e Governance Code(GCGC).It is also in compliance with the applicable requirements of the accounting rules for capital market-oriented companies(German Commercial Code(HGB),International Financial Reporting Standards(IFRS)as well as the guidelines issued by the working group Guidelines for Sustainabl
15、e Management Board Remuneration Systems.Employee Compensation Report This part of the compensation report discloses information with regard to the compensation system and structure that applies to the employees in Deutsche Bank Group(including DWS Group).The report provides details on the Group Comp
16、ensation Framework and it outlines the decisions on Variable Compensation for 2021.Furthermore,this part contains quantitative disclosures specific to employees identified as Material Risk Takers(MRTs)in accordance with the Remuneration Ordinance for Institutions(Institutsvergtungsverordnung InstVV)
17、.3 Deutsche Bank Compensation of the Management Board Compensation Report 2021 Compensation of the Management Board Principles for Management Board Compensation Responsibility and procedures for setting and reviewing Management Board compensation The Supervisory Board as a whole is responsible for t
18、he decisions on the design of the compensation system as well as for setting the individual compensation amounts and procedures for awarding the compensation.The Compensation Control Committee supports the Supervisory Board in its tasks of designing and monitoring the implementation of the system an
19、d prepares proposals for resolutions for the Supervisory Board.As necessary,the Compensation Control Committee recommends that the Supervisory Board makes adjustments to the system.In the case of significant changes,but at least every four years,the compensation system for the Management Board is su
20、bmitted to the General Meeting for approval in accordance with Section 120a(1)of the German Stock Corporation Act(AktG).The compensation system was last approved by the General Meeting 2021 by a majority of 97.76%.On the basis of the approved compensation system,the Supervisory Board sets the target
21、 total compensation for each Management Board member for the respective financial year,while taking into account the scope and complexity of the respective Management Board members functional responsibilities,the length of service of the Management Board member on the Management Board as well as the
22、 companys financial situation.In the process,the Supervisory Board also considers the customary market compensation,also based on both horizontal and vertical comparisons,and sets the upper limit for total compensation(maximum compensation)(additional information is provided in the section“Appropria
23、teness of Management Board compensation and compliance with the set maximum compensation”).Guiding principle:Alignment of Management Board compensation to corporate strategy Deutsche Bank aims to make a positive contribution to its clients,employees,investors and society in general by fostering econ
24、omic growth and social progress.Deutsche Bank would like to offer its clients solutions and provide an active contribution to foster the creation of value by its clients.This approach is also intended to ensure that Deutsche Bank is competitive and profitable and can operate on the basis of a strong
25、 capital and liquidity position.Deutsche Bank is committed to a corporate culture that appropriately aligns risks and revenues.Deutsche Bank has set ambitious targets for the Group for the period up to and including 2022.These include the further stabilization of the Bank,the successful completion o
26、f the transformation of the Group,and sustainable profitability.The achievement of these goals can be measured in concrete terms by the following key figures communicated by the Management Board:(1)a planned revenue for the Group of around 24.4 billion,(2)a continuous reduction in costs,(3)a Common
27、Equity Tier 1 ratio(CET1 ratio)of over 12.5%,and(4)a return on equity(RoTE)of 8%.In the interest of the shareholders,the Management Board compensation system is aligned to the business strategy as well as the sustainable and long-term development of Deutsche Bank and provides suitable incentives for
28、 a consistent achievement of the set targets.Through the composition of total compensation comprising non-performance-based(fixed)and performance-based(variable)compensation components,through the assessment of performance across short-term and long-term periods and through the consideration of rele
29、vant,challenging performance parameters,the implementation of the Group strategy and the alignment with the sustainable and long-term performance of the Group are rewarded in a clear and understandable manner.The structure of the targets and objectives therefore comprises a balanced mix of both fina
30、ncial and non-financial parameters and indicators.Through the structuring of the compensation system,the members of the Management Board are motivated to achieve the targets and objectives linked to Deutsche Banks strategy,to work individually and as a team continually towards the long-term positive
31、 development of Deutsche Bank,without taking on disproportionately high risks.The Supervisory Board thus ensures there is always a strong link between compensation and performance in line with shareholder interests(“pay for performance”).4 Deutsche Bank Compensation of the Management Board Compensat
32、ion Report 2021 Compensation principles The design of the compensation system and thus the assessment of individual compensation amounts are based on the compensation principles outlined below.The Supervisory Board takes them into consideration when adopting its resolutions in this context:Corporate
33、 strategy The compensation system for the Management Board members is closely linked to Deutsche Banks strategy,thereby focusing their work on its implementation and the long-term positive development of the Group,without taking disproportionatel risks.Shareholders interests The interests of shareho
34、lders are always taken into account when designing the specific structure of the compensation system,determining individual compensation amounts and structuring the means of compensation allocation and delivery.Individual and collective objectives Setting individual,divisional and collective objecti
35、ves fosters not only the sustainable and long-term development of each of the business divisions,infrastructure areas or regions the Management Board members are responsible for,but also the performance of the Management Board as a collective management body.Long-term perspective A long-term link to
36、 Deutsche Banks performance is secured by setting a greater percentage of long-term objectives in comparison to short-term objectives and by granting variable compensation exclusively in deferred form and mostly as share-based compensation with vesting and holding periods of up to seven years.Sustai
37、nability Economic,social and ecological objectives in accordance with Deutsche Banks ESG(Environmental,Social and Governance)strategy provide incentives to act responsibly,also in the context of sustainability,and thus make an important contribution to Deutsche Banks long-term performance.Appropriat
38、eness and upper limits(caps)The appropriateness of the compensation amounts is ensured through the review of the compensation based on a horizontal comparison with peers and a vertical comparison with the workforce as well as suitable compensation caps on the achievable variable compensation and max
39、imum compensation.Transparency By avoiding unnecessary complexity in the structures and through clear and understandable reporting,the transparency of the compensation system is increased in accordance with the expectations of investors and the public as well as the regulatory requirements.Governanc
40、e The structuring of the compensation system and the assessment to determine the individual compensation take place within the framework of the statutory and regulatory requirements.Compensation-related developments in 2021 Adjustment to the compensation system from January 1,2021 The compensation s
41、ystem for the members of the Management Board was lastly adjusted effective as of January 1,2021.In its review of the compensation system,the Supervisory Board pursued in particular the following objectives:Simplification of the compensation structures to improve understandability and transparency C
42、onsideration of current market practices of comparable financial institutions(peers)Implementation of recent legal and regulatory developments As a result of the review,the Supervisory Board identified three areas requiring action and decided to make the related adjustments:5 Deutsche Bank Compensat
43、ion of the Management Board Compensation Report 2021 Option to facilitate a more rapid compliance with the shareholding obligation The Supervisory Board can resolve to increase the proportion of share-based variable compensation to as much as 100%until the shareholding obligation agreed with the Man
44、agement Board members is fulfilled.This does not lead to an increase in overall variable compensation but only to an increase in the percentage awarded on the basis of shares.Increased consistency within the compensation system through structural adjustments Consistent weightings and clearer structu
45、res provide greater transparency regarding the compensation components.-The variable compensation components are no longer weighted differently but in the same manner for all members of the Management Board.-All individual and divisional objectives are bundled within the short-term component and the
46、 objectives to be achieved collectively are reflected in the long-term component.-The maximum target achievement levels for the short-term component and the long-term component are harmonized at 150%(instead of previously 200%for the short-term component).Management Board compensation closely linked
47、 to Deutsche Banks ESG strategy The compensation structures are more strongly linked to sustainability objectives derived from Deutsche Banks ESG strategy.-ESG targets are included in the Balanced Scorecards as part of the short-term component.ESG targets can also be included in individual objective
48、s.-Within the long-term component there is an ESG Matrix with objectives to be achieved collectively in the Environmental,Social and Governance areas.This results in an ESG-Factor of 20%of the total variable compensation.The following overview shows the changes in the compensation structure applicab
49、le with effect from 2021 in comparison to the previous compensation system:6 Deutsche Bank Compensation of the Management Board Compensation Report 2021 Approval of the new compensation system by the Annual General Meeting 2021 The compensation system for members of the Management Board of Deutsche
50、Bank as adjusted with effect from January 1,2021,was submitted to the ordinary General Meeting on May 27,2021,for approval in accordance with Section 120a(1)of the German Stock Corporation Act(AktG).The General Meeting approved the compensation system with a majority of 97.76%.Implementation of the
51、adjusted compensation system took place within the framework of the Management Board service contracts through the voluntary agreement of the Management Board members to the required contract amendments and applied to all Management Board members incumbent during the 2021 financial year.Changes on t
52、he Management Board in 2021 Frank Kuhnke resigned from office as member of the Management Board and Chief Operating Officer with effect from April 30,2021.Rebecca Short was appointed member of the Management Board with effect from May 1,2021,for a period of three years.With effect from May 1,2021,th
53、e Supervisory Board resolved changes in the functional responsibilities assigned to individual Management Board members.The Management Board comprised 10 members throughout 2021.The proportion of women in the Management Board has been 20%since May 1,2021.Development of business and alignment of Mana
54、gement Board compensation to corporate strategy in 2021 Management Board compensation is closely aligned with Deutsche Banks strategic targets.All of the individual and collective objectives agreed with the Management Board members as well as their assessment parameters for the 2021 financial year w
55、ere discussed by the Compensation Control Committee at the beginning of the year and subsequently resolved on by the Supervisory Board.The objectives serve overall in fostering the strategic transformation of the Group.The achievement levels determined with respect to the objectives for the 2021 fin
56、ancial year at the beginning of the year 2022 reflect the extent to which the individual objectives were achieved and thus contributed to the Banks performance.Despite the persistently challenging economic environment,and also during the second year of the COVID-19 pandemic,Deutsche Bank was success
57、ful in delivering on its transformation and generated the highest net profit in a decade.In 2021,Deutsche Bank continued to realign its business model,while significantly reducing costs and regaining sustainable profitability.97%of the planned restructuring costs were already recognized by the end o
58、f 2021.Profit before tax amounted to 3.4 billion and net profit rose to 2.5 billion,which is more than four times the amount achieved in 2020.All business segments were profitable in 2021 and revenues increased by 6%to 25.4 billion.This is largely due to strong growth in new business and gains in ma
59、rket share:The Corporate Bank loan book grew by 8 billion in 2021.Investment Bank revenues rose by 4%compared to an already strong previous year.The Private Bank recorded 23 billion in net inflows into investment products and 15 billion in net new client loans,while deposits grew by 7 billion.Asset
60、Management saw net inflows of 48 billion and a good performance in assets under management,now at 928 billion both record levels.In all business areas Deutsche Bank saw a strong growth in client demand for products that take Environmental,Social and Governance(ESG)aspects into account.By the end of
61、2021,sustainable financing and investments product offerings accounted for 157 billion.Thus the 200 billion target initially projected for 2025 in this context will probably already be achieved in 2022.Sustainability,as one of the top management priorities since 2019,has increasingly taken center st
62、age in Deutsche Banks endeavors.The individual objectives are bundled in the short-term component(Short-Term Award(STA)and account for a share of 40%of the total variable compensation.The Supervisory Board determined an achievement level for these components for the 2021 financial year of between 13
63、0%and 142%.The performance of the Management Board as a collective body is reflected in the long-term component(Long-Term Award(LTA),which accounts for a share of 60%of the total variable compensation.Overall,the achievement level of the collective objectives based solely on the 2021 financial year
64、was 71.21%.This achievement level accounts for 60%of the Long-Term Award to be granted for the 2021 financial year.30%will be for the 2022 financial year and 10%for the 2023 financial year.As achievement levels for prior years(at 30%from 2020 and 10%from 2019)also affected the Long-Term Award for th
65、e 2021 financial year,the achievement level of this component for the 2021 financial year was 66.27%based on the weighted achievement levels of the three financial years.Details on the individual achievement levels are presented as an overview in this report in the chapter Application of the compens
66、ation system in the financial year.7 Deutsche Bank Compensation of the Management Board Compensation Report 2021 Principles governing the determination of compensation Structure of the Management Board compensation system 2021 The compensation system consists of non-performance-based(fixed)and perfo
67、rmance-based(variable)components.The fixed compensation and variable compensation together form the total compensation for a Management Board member.The Supervisory Board defines target and maximum amounts(caps)for all compensation components.Management Board Compensation System 2021 Components Obje
68、ctive Implementation Non-performance related compensation Base salary The base compensation rewards the assumption of the role and responsibility of the respective member of the Management Board.The fixed compensation is intended to ensure a fair and market-oriented income and to ensure that undue r
69、isks are avoided.In addition,members of the Management Board are granted recurrent,other benefits and contributions for pension benefits.-Monthly payment;Amount of basic compensation on an annual basis between 2.4 million and 3.6 million.Fringe benefits -Company cars and driver services,if applicabl
70、e moving expenses,rent subsidies,insurance premiums and business representation expenses Pension -A single and contractually agreed annual contribution or allowance of 650,000 for adequate pension provision Performance related compensation Short Term Award(STA)The STA rewards the individual value co
71、ntribution of each member of the Management Board to achieving short-and medium-term corporate objectives in accordance with the corporate strategy.It consists of three elements,which are tailored to the role and responsibilities of the respective Management Board member and can be individually infl
72、uenced by their degree of achievement by the respective Management Board member.-40%of the total variable compensation with 3 elements related to individual performance(1)Individual objectives(20%);(2)Individual Balanced Scorecard(10%);(3)Annual priorities(10%)-Maximum target reached 150%-Assessment
73、 period 1 year -Earliest possible disbursement in 4 tranches in cash(Restricted Incentive Awards)-after 1,3,5 and 7 years after grant -Target Contribution at 100%Achievement:Between 1.640 million and 2.160 million Long Term Award(LTA)In calculating variable compensation,the focus is on achieving lon
74、g-term objectives linked to the strategy.To underline this,the Supervisory Board has put a focus on this component with a share of the LTA of 60%of the total variable target compensation.For the LTA,the Supervisory Board sets common objectives for the members of the Management Board.Since 2021,the E
75、SG factor has been an important part of the LTA.With its implementation and development,Deutsche Banks sustainability strategy is systematically linked to the Management Board compensation.-60%of total variable compensation with 4 group targets(1)ESG factor(20%);(2)Relative total shareholder return(
76、15%);(3)Organic capital growth(15%);(4)Group component(10%):core capital ratio,leverage ratio,adjusted costs,return on tangible equity -Maximum target reached 150%-Assessment period 3 years with a weighting of 60%(FY),30%(FY+1),10%(FY+2)-Payment in 4 tranches exclusively in shares(Restricted Equity
77、Awards)earliest possible payment after 2,3,4,5 years plus a respective holding period of 1 year after grant -Target Contribution at 100%Achievement:Between 2.460 million and 3.240 million 8 Deutsche Bank Compensation of the Management Board Compensation Report 2021 Overview Detailed information on t
78、he compensation system for members of the Management Board of Deutsche Bank AG is available on the companys website:Compensation system for the Management Board Members from January 2021 onwards.Composition of the target total compensation and maximum compensation The Supervisory Board determines fo
79、r each Management Board member a target(reference)total compensation on the basis of the compensation system approved by the General Meeting.It also determines,in accordance with the recommendation of the German Corporate Governance Code,what relative proportions the fixed compensation on the one ha
80、nd and short-term and long-term variable compensation on the other hand have in the target total compensation.In this context,the Supervisory Board ensures in particular that the performance-based compensation linked to achieving long-term objectives exceeds the portion of performance-based compensa
81、tion linked to short-term objectives.When setting the target total compensation for each member of the Management Board,the Supervisory Board takes into account the scope and complexity of the respective Management Board members functional responsibility as well as the experience and length of servi
82、ce of the member on the Management Board.Furthermore,the compensation amounts are reviewed for their appropriateness on the basis of market data for suitable peer groups.On the basis of these criteria,the Supervisory Board set the relative percentages for the compensation components within the targe
83、t total compensation as follows:Relative shares of the total annual target compensation allocated to the different compensation components(%)Compensation components Relative share of total compensation in%Base Salary 33-37%Regular fringe benefits 1%Pension service costs/pension allowance 7-9%Short-T
84、erm Award 22-23%Long-Term Award 33-34%Reference total compensation 100%The compensation of the Management Board members is limited(capped)in several ways(maximum compensation).Pursuant to 25a para.5 of the German Banking Act(Kreditwesengesetz KWG),the ratio of fixed to variable compensation is gener
85、ally limited to 1:1(cap regulation),i.e.the amount of variable compensation must not exceed that of fixed compensation,unless the shareholders of a bank resolve to increase the ratio to up to 1:2.The General Meeting in May 2014 made use of this possibility and increased the ratio to 1:2.9 Deutsche B
86、ank Compensation of the Management Board Compensation Report 2021 The Supervisory Board additionally limited the maximum possible achievement levels for the short-term objectives(STA)and long-term objectives(LTA)consistently to 150%of the target variable compensation.Furthermore,it specified an addi
87、tional amount limit(cap)for the aggregate amount of base salary,STA and LTA of 9.85 million.This means that even with target achievement levels that would lead to higher compensation amounts,compensation is capped at a maximum of 9.85 million.After the target achievement level is assessed,if the cal
88、culation should result in variable compensation or total compensation that exceeds one of the specified caps,the variable compensation is to be reduced.This is to take place through a pro rata reduction of the STA and LTA.Target and maximum amounts of base salary and variable compensation 2021 2020
89、in Base salary Short-Term Award Long-Term Award Total compensation2 Total compensation2 CEO Target value 3,600,000 2,160,000 3,240,000 9,000,000 8,700,000 Maximum value 3,600,000 3,240,000 4,860,000 9,850,000 9,850,000 President and ordinary board member responsible for PB/AM1 Target value 3,000,000
90、 1,760,000 2,640,000 7,400,000 7,400,000 Maximum value 3,000,000 2,640,000 3,960,000 9,600,000 9,850,000 Ordinary Board Members responsible for Finance(CFO)and Risk Management(CRO)Target value 2,800,000 1,680,000 2,520,000 7,000,000 6,700,000 Maximum value 2,800,000 2,520,000 3,780,000 9,100,000 9,4
91、00,000 All other Ordinary Board Members Target value 2,400,000 1,640,000 2,460,000 6,500,000 6,500,000 Maximum value 2,400,000 2,460,000 3,690,000 8,550,000 9,200,000 1 PB=Retail Bank/AM=Asset Management 2.Limit the maximum total amount of basic salary and variable compensation to the upper limit se
92、t by the Supervisory Board.In addition,in accordance with Section 87a(1)sentence 2 No.1 of the German Stock Corporation Act(AktG),the Supervisory Board also set an upper limit for the maximum total compensation of 12 million for each Management Board member(Maximum Compensation).The Maximum Compensa
93、tion is set consistently for all Management Board members.The Maximum Compensation corresponds to the sum of all compensation components for any financial year.This comprises not only the base salary,STA and LTA,but also the fringe benefits and service costs for the company pension plan or pension a
94、llowances.10 Deutsche Bank Compensation of the Management Board Compensation Report 2021 Application of the compensation system in the financial year Non-performance-based components(fixed compensation)The fixed compensation components in the form of base salary,fringe benefits and contributions to
95、the pension plan or pension allowances were granted in the financial year as non-performance-based compensation and in accordance with the individual agreements in the service contracts.The expenses for fringe benefits and pension service costs vary in their annual amounts.Although the contribution
96、to Deutsche Banks pension plan is defined consistently for all Management Board members,the amounts to be contributed by Deutsche Bank during the year in the form of pension service cost accruals vary,however,based on the length of service on the Management Board within the financial year,the age of
97、 the Management Board member and actuarial figures(additional information is provided in the section“Benefits upon regular contract termination”).Performance-based components(variable compensation)The Supervisory Board,based on the proposal of the Compensation Control Committee,determined the variab
98、le compensation for the Management Board members for the 2021 financial year.Variable compensation comprises two components,a short-term component(Short-Term Award(STA)with a weighting of 40%and a long-term component(Long-Term Award(LTA)with a weighting of 60%in relation to the target variable compe
99、nsation.All objectives,measurements and assessment criteria that were used for the assessment of performance for the 2021 financial year are derived from Deutsche Banks strategy and are in line with the compensation system approved by the General Meeting.The objectives were selected to set suitable
100、incentives for the Management Board members,to promote the development of Deutsche Banks earnings and the alignment with the interests of shareholders as well as to fulfill Deutsche Banks social responsibility through the inclusion of sustainability aspects and climate protection.The challenging obj
101、ectives reflect the Banks ambitions.If the objectives are not achieved,the variable compensation can be zero;in case of over-achievement,the maximum achievement level is limited to 150%of the target value.Balance of financial and non-financial objectives Financial and non-financial objectives are co
102、nsidered in a balanced way when setting the objectives.In relation to the total variable compensation,the financial targets prevailed in the 2021 financial year with a share of around 54%.Both the financial and non-financial objectives have been chosen in such a way that they are quantitatively or q
103、ualitatively measurable at the end of the financial year.Around 73%of the targets are quantitative measurable and a portion of around 27%is measured qualitatively.Short-Term Award(STA)The amount of the Short-Term Award for the 2021 financial year is based on the achievement level of the short and me
104、dium-term individual and divisional objectives.It comprises the following three elements with a weighting within the STA as indicated:Individual Objectives(50%)Individual Balanced Scorecards(25%)Annual Priorities(25%)For each of these elements,the Supervisory Board determines the achievement level b
105、ased on an assessment at the beginning of the following year of the performance during the previous year.The achievement of the three components determines the achievement level for each Management Board member which determines the amount of the short-term component for the previous fiscal year.11 D
106、eutsche Bank Compensation of the Management Board Compensation Report 2021 Determination of the cash value of the Short-Term Award*On the basis of 100%.Pro rata temporis upon joining or leaving during the year All objectives of the STA are assessed over a period of one year.The achievement levels fo
107、r the STA objectives can be up to a maximum of 150%.If an objective is not met,the achievement level can be as low as zero.The STA determined for the financial year is generally granted in the form of cash compensation(Restricted Incentive Awards).The disbursement takes place in 4 tranches of 25%eac
108、h,after 1,3,5,and 7 years,i.e.over a total vesting period of 7 years after the performance period.All tranches are subject to specific performance and forfeiture conditions during this retention period.The Supervisory Board can resolve to grant the STA in the form of Restricted Equity Awards instead
109、 of cash compensation in order to facilitate a faster fulfillment of the shareholding requirement agreed with the Management Board members.Individual objectives At the beginning of the year,the Supervisory Board sets individual and divisional objectives for each member of the Management Board,the we
110、ightings of these objectives in relation to one another and the relevant quantitatively or qualitatively measurable performance criteria for their assessment.In this context,the objectives are chosen in such a way that they are challenging,ambitious and sufficiently concrete in order to ensure there
111、 is an appropriate alignment of performance and compensation and that the“pay-for-performance”principle is taken into account.The individual and divisional objectives are derived from the corporate strategy and foster its implementation.They are set for each Management Board member in consideration
112、of his or her respective area of responsibility and the contribution of this area of responsibility to advancing Deutsche Banks overall strategy.Individual objectives can also be defined as project or regional targets.Besides operational measures,the implementation of strategic projects and initiati
113、ves can be agreed as objectives as well,if they are directly instrumental in the implementation of the strategy,by contributing to,for example,the structure,organization and long-term development of Deutsche Bank.12 Deutsche Bank Compensation of the Management Board Compensation Report 2021 At the b
114、eginning of the 2021 financial year,between 4 and 6 individual objectives were set with different weightings for each Management Board member.In light of the changes on the Management Board effective May 1,2021,an adjustment was made during the year to the Business Allocation Plan.The objectives wer
115、e correspondingly adjusted to reflect the new areas of functional responsibility.Accordingly,the Management Board members had up to 8 objectives in total in the financial year,including some that applied only for part of the year.All of the objectives that applied during the year were taken into acc
116、ount in the year-end assessment in accordance with their weightings and pro rata temporis according to the duration of their respective applicability.The following overview shows the objectives resolved by the Supervisory Board for the Management Board members according to their objective category a
117、nd their weightings pro rata in relation to the full year.Management Board Member Duration Weighting%Individual objectives Christian Sewing Jan-Dec 21.67%Continue to develop Deutsche Bank culture&vision 20.00%Deliver on Deutsche Bank Group strategy execution and group objectives 15.00%Further evolve
118、 Deutsche Bank culture,with a focus on integrity and conduct 10.00%Implement Bank-wide ESG&Sustainable Banking strategy 10.00%Strengthen positioning with key political stakeholders Jan-Apr 6.67%Deliver on strategy for the divisions Corporate Bank and Investment Bank to achieve sustainable profitabil
119、ity 3.33%Ensure delivery of critical remediation activities within the area of financial crime May-Dec 13.33%Provide oversight to transformation for the Human Resources and Real Estate divisions Karl von Rohr Jan-Dec 40.00%Deliver on strategy execution for the division Private Bank 20.00%Provide Ove
120、rsight for Regions Germany&EMEA 15.00%Support the execution of the DWS strategy as DWS chairman 10.00%Ensure delivery on critical remediation activities within the area of financial crime 10.00%Further evolve Deutsche Bank culture,with a focus on integrity and conduct 5.00%Achieve group-wide financi
121、al objectives 2021 Fabrizio Campelli Jan-Apr 16.67%Drive Deutsche Banks transformation agenda 8.33%Manage the transformation of the Human Resources division 5.00%Drive delivery of Management Board priorities across Deutsche Bank Jan-Dec 10.00%Further evolve Deutsche Bank culture,with a focus on inte
122、grity and conduct May-Dec 24.58%Deliver on strategy for the divisions Corporate Bank and Investment Bank to achieve sustainable profitability 16.67%Ensure delivery of critical remediation activities within the area of financial crime 14.58%Drive stronger front-to-back alignment for the Corporate Ban
123、k and Investment Bank divisions Aug-Dec 4.17%Provide oversight to Region UK and Ireland Bernd Leukert Jan-Dec 36.67%Execute strategy for the division Technology,Data&Innovation 20.00%Technology:Continue improvement of IT-structures 16.67%Data:Drive quality enhancements 15.00%Innovation:Drive client-
124、centric technology approach across the bank 5.00%Further evolve Deutsche Bank culture,with a focus on integrity and conduct May-Dec 6.67%Integrate certain areas under the former COO responsibility Stuart Lewis Jan-Dec 30.00%Foster a strong risk-return culture throughout the bank 23.75%Continue to de
125、velop and strengthen the risk organization 22.08%Processing of regulatory and internal audit findings 8.33%Further evolve Deutsche Bank culture,with a focus on integrity and conduct Jan-Apr 10.00%Ensure delivery of critical remediation activities within the area of financial crime Jan-Jul 5.83%Provi
126、de oversight to Region UK and Ireland James von Moltke Jan-Dec 40.00%Ensure execution of Group financial plan through Group Performance Management 25.00%Strengthen investor and Rating Agencies engagement 15.00%Deliver Balance Sheet&Liquidity Optimization 15.00%Execute Group Finance strategy,includin
127、g Financial&Analytics Enhancement 5.00%Further evolve Deutsche Bank culture,with a focus on integrity and conduct Alexander von zur Mhlen Jan-Dec 40.00%Execute strategy for the region APAC 30.00%Strengthen APAC franchise and client focus 20.00%Ensure delivery of critical remediation activities withi
128、n the area of financial crime 10.00%Further evolve Deutsche Bank culture,with a focus on integrity and conduct 13 Deutsche Bank Compensation of the Management Board Compensation Report 2021 Management Board Member Duration Weighting%Individual objectives Christiana Riley Jan-Dec 30.00%Execute strate
129、gy for the regions North and South America 25.00%Strengthen engagement with US regulators 20.00%Ensure delivery of critical remediation activities within the area of financial crime 20.00%Strengthen client engagement 5.00%Further evolve Deutsche Bank culture,with a focus on integrity and conduct Reb
130、ecca Short May-Dec 30.00%Drive Capital Release Unit reductions 30.00%Drive Deutsche Banks transformation agenda 30.00%Drive direct cost reduction 10.00%Further evolve Deutsche Bank culture,with a focus on integrity and conduct Prof.Dr.Stefan Simon Jan-Dec 26.67%Further drive down bank-wide litigatio
131、n portfolio 25.00%Improve strategic engagement with regulatory authorities 13.33%Drive overhaul of policy including setting and implementation 8.33%Further evolve Deutsche Bank culture,with a focus on integrity and conduct May-Dec 26.67%Ensure delivery of critical remediation activities within the a
132、rea of financial crime For the qualitative objectives,the Supervisory Board set expectations and financial and/or non-financial performance criteria at the beginning of the year(and at the time of the realignment of the objectives as of May 1,2021).These enable the Supervisory Board to objectively a
133、ssess the performance contribution of the respective Management Board member towards the concrete execution of the objectives which are to be assessed for the performance year at the beginning of the following year.The achievement levels thus determined for the individual objectives are combined int
134、o an average for each Management Board member according to pre-defined weightings.The achievement level determined in this manner is multiplied by 50%of the target amount of variable compensation for the STA.This results in the calculated payment amount for the component comprising the individual ob
135、jectives.The achievement levels for the individual objectives were between 123%and 146%for the 2021 financial year.An overview of the overall achievement levels of the Management Board members individual contributions to performance in the financial year is provided at the end of this sub-section Sh
136、ort-Term Award.Individual Balanced Scorecard In addition to the individual objectives,the Short-Term Award(STA)is also based on the results of the individual Balanced Scorecards of the Management Board members.Balanced Scorecards make it possible to transform strategic objectives into operating prac
137、tices through concrete actions.With the Balanced Scorecards,the Bank has an appropriate tool for the steering and control of key performance indicators that can be used to check the achievement level of financial and non-financial objectives against pre-defined measurement parameters at any time and
138、 to measure them transparently for the performance year at the beginning of the following year.At the same time,the Balanced Scorecards provide an overview of the priorities of the individual divisions across the entire Group.The respective Management Board members functional responsibilities are li
139、nked with pre-defined key financial figures and non-financial targets from various categories.A total of 53 Key Performance Indicators(KPIs)are assigned to these categories,of which 10 to 28 are relevant for each Management Board member depending on their areas of functional responsibility and the r
140、espective number of scorecards.The following chart shows the categories and some of the KPIs,in particular those with general applicability:14 Deutsche Bank Compensation of the Management Board Compensation Report 2021 The methodology for the Balanced Scorecards has been continually developed furthe
141、r since their introduction and adjusted to meet changing requirements.In order to link aspects from Environmental,Social and Governance(ESG)areas as well as sustainability more closely to the compensation system,these topics were given an even greater consideration in 2021.The objectives within the
142、individual categories are set at the beginning of the year for each Management Board member individually and corresponding Key Performance Indicators or parameters are assigned thereto.In addition,the percentage weighting is set for each category.The weightings that the individual categories have wi
143、thin the overall Balanced Scorecard can be up to 65%depending on the functional responsibility of the Management Board member.The objectives in the Balanced Scorecard cannot be the same as the objectives of the sub-component“individual objectives”in order to avoid that individual objectives are cons
144、idered and assessed more than once.The key performance indicators of the BSC are measured continuously throughout the year and an overall assessment is made at the end of the year.For each individual objective,the Balanced Scorecard shows if it was fulfilled or exceeded based on the defined performa
145、nce criteria(“green”),or only achieved to less than 100%(“amber”)or not achieved(“red”).When all objectives of a category are exceeded,the achievement level can be up to 150%.However,if none of the targets of a category is met,the achievement level is 0%.From the overall achievement levels of the th
146、ree categories and their weightings,an overall achievement level for the individual Balanced Scorecard is derived.1 Resulting bands of KPI categories:Green(100-150%);Green to amber(75-125%),Green to red(50-100%),Amber to red(25%-75%),Red(0%).The individual Balanced Scorecard achievement levels were
147、between 100%and 147%for the 2021 financial year.An overview of the overall achievement levels of the Management Board members individual contributions to performance in the financial year 2021 is provided at the end of this sub-section Short-Term Award.Annual Priorities With the help of Annual Prior
148、ities,the Supervisory Board assesses the profitability and performance-related contributions of each Management Board member towards consistently pre-defined focus topics for the year.These focus topics are derived from,and meant to further support,Deutsche Banks strategy.They are different from the
149、 individual objectives and Balanced Scorecards in order to avoid that the same objectives are considered or assessed more than once.This provides the possibility to set operational focal points annually depending on the current priorities and the stage of strategy execution.The performance criteria
150、to be used for the assessment can be of both a financial and non-financial nature.For the 2021 financial year,the Supervisory Board specified focal point topics as Annual Priorities that are related to the following areas:Corporate strategy/transformation Risk management Within the corporate strateg
151、y/transformation area,the Supervisory Board assesses the achievement levels of project-related activities that are related to the corporate and transformation strategy in the“Book of Work”assigned to the individual Management Board members and measured throughout the year.Each activity is in turn li
152、nked to measurement criteria that enable a quantitative measurement.Based on this,an individual level of achievement of the performance of each individual Management Board member can be derived at the end of the financial year.15 Deutsche Bank Compensation of the Management Board Compensation Report
153、 2021 With regard to risk management,the Supervisory Board assesses how each individual member of the Management Board reacted to certain and sometimes unforeseen events and developments that occurred during the financial year,particularly from the risk management perspective.At the end of the year,
154、the achievement level is assessed qualitatively.The achievement levels with respect to the Annual Priorities were between 125%and 150%for the 2021 financial year.An overview of the overall achievement levels of the Management Board members individual contributions to performance in the financial yea
155、r is provided at the end of this sub-section Short-Term Award.Overall achievement of the Short-Term Award For the 2021 financial year,the following overall levels of achievement have been determined for the members of the Management Board on the basis of the level of achievement with respect to the
156、objectives for the three components identified by the Supervisory Board in the Short-Term Award:Short-Term Award overall achievement Target Value(in)Target achievement level(in%)Overall achievement STA(in)Christian Sewing 2,160,000 142%3,065,400 Karl von Rohr 1,760,000 136%2,393,600 Fabrizio Campell
157、i 1,640,000 135%2,218,783 Bernd Leukert 1,640,000 132%2,161,383 Stuart Lewis 1,680,000 134%2,258,200 James von Moltke 1,680,000 136%2,278,500 Alexander von zur Mhlen 1,640,000 130%2,132,000 Christiana Riley 1,640,000 132%2,162,750 Rebecca Short1 1,093,333 132%1,440,467 Prof.Dr.Stefan Simon 1,640,000
158、 130%2,134,050 Frank Kuhnke2 546,667 116%634,133 1 Member since May 1,2021.2 Member until April 30,2021.The target achievement level was determined in connection with the departure.Long-Term Award(LTA)When determining the variable compensation,a major focus is placed on the achievement of long-term
159、objectives linked to Deutsche Banks strategy.To emphasize this,the Supervisory Board decided that the LTA accounts for 60%of the total target variable compensation.At the beginning of each financial year,the Supervisory Board specifies the collective long-term objectives for the Management Board mem
160、bers for the LTA.The objectives and their weighting in the LTA for 2021 are:ESG Factor(33.33%)Relative Total Shareholder Return of the Deutsche Bank share(25%)Organic Capital Growth(25%)Group Component(16.67%)The Relative Total Shareholder Return(RTSR)of the Deutsche Bank share and Organic Capital G
161、rowth already formed the basis for the assessment of the LTA when the compensation system was approved by the General Annual Meeting in 2017 and have been retained for the measurement of the LTA.For the consistent alignment of Management Board compensation with the Banks sustainability strategy,the
162、Client&Culture Factor applicable until 2020 was transferred into the ESG Factor,which was newly introduced starting from the 2021 financial year.The importance of the ESG Factor is particularly emphasized through the highest weighting within the LTA at 33.33%,as well as its weighting of 20%of total
163、variable compensation.Through the continuation of the objectives underlying the Group Component relating to core capital,leverage ratio,costs and return on equity,the long-term tracking of these metrics for Deutsche Banks capital,risk,costs and earnings profile is ensured.By moving the Group Compone
164、nt from the STA to the LTA,there is a bundling of all collective objectives for the Management Board members in the long-term component,and the contribution to sustainability is emphasized as an aspect relevant for the compensation of all Management Board members.16 Deutsche Bank Compensation of the
165、 Management Board Compensation Report 2021 All objectives of the LTA are assessed over a period of three years.At the end of each financial year,the Supervisory Board determines the level of achievement for each of the collective objectives during the preceding year.60%of the target amount of each o
166、bjective of the LTA is multiplied by the achievement level determined in this manner,and this amount feeds into the variable compensation for the preceding financial year.In the following year,30%of the target amount is multiplied by the respective achievement level,and in the next following year 10
167、%.This ensures that weighted outcomes of the achievement levels for three financial years feed into the amount of the LTA to be determined each year.The achievement levels for the LTA objectives can be up to a maximum of 150%.If the objective is not met,the achievement level can be as low as zero.Th
168、e LTA determined for a financial year is granted in the form of Restricted Equity Awards,which vest over a deferral period of 5 years,in 4 tranches after 2,3,4,and 5 years,and are subject to the share price performance during this period.Each tranche that vests is followed by an additional one-year
169、holding period so that the Management Board members can dispose of the first LTA tranche at the earliest after three years,and of the full amount only after six years.During the deferral and holding periods,the tranches are subject to specific performance and forfeiture conditions.ESG factor Deutsch
170、e Bank has set for itself the aim of spearheading sustainability initiatives in the financial sector and thus contributing to a more environmentally,socially and financially well-governed economy.To closely and consistently link Management Board compensation to the Banks sustainability strategy,the
171、Supervisory Board resolved to combine the Banks strategic sustainability targets in an Environmental,Social and Governance Matrix(ESG Matrix)and to implement the results as one of the collective objectives,the ESG Factor,within the LTA.To this end,the targets and objectives related to corporate gove
172、rnance,the control environment and improvement measures for the prevention of financial crime,which were bundled together in the Client&Culture Factor that was applicable until 2020,were expanded to include environmental and social aspects and were combined in the newly implemented ESG Matrix.The ES
173、G Factor comprises the largest portion of the LTA with a share of 33.33%.This corresponds to 20%of the total variable compensation and emphasizes the importance of the ESG agenda for Deutsche Bank.At the beginning of each financial year,the Supervisory Board sets target amounts as well as upper and
174、lower limits for all of the objectives bundled in the ESG Matrix.Based on these fixed threshold values,the assessment of the achievements for the previous year takes place retrospectively.The following chart shows the target amounts,the results as of the end of the year and the resulting achievement
175、 level for the 2021 financial year:17 Deutsche Bank Compensation of the Management Board Compensation Report 2021 In the 2021 financial year,the performance figures of the ESG Matrix,measured against the pre-defined target amounts and upper and lower limits,developed as follows:Based on a total volu
176、me of sustainable financings and investments of 46 billion euros by the end of 2020,the objective set for 2021 for an increase of 31 billion euros was clearly exceeded with an actual increase of 111 billion to a total volume of 157 billion.This means that the objective reached the maximum achievemen
177、t level of 150%.The Supervisory Board took this development as a reason to set a more ambitious target for this objective for the 2022 financial year in order to make this objective a stronger incentive for Management Board members(see section“Outlook for the 2022 financial year”).With regard to the
178、 second objective under Environment,i.e.own operations,already 87%of the Banks own energy consumption was drawn from renewable energy sources as of the end of the year.Assuming a target of 80%and a cap of 90%,the achievement level for this objective was 135%.The total building-related energy consump
179、tion was successfully lowered in 2021 by 19.2%compared to 2019.The target value of a 15%reduction was thus exceeded and reached the target achievement level of 150%.In the Social area,the objective“Employee feedback culture”was measured on the basis of the last employee survey,which is decisive for
180、the full-year figure of 70%.The achievement level reached in 2021 was thus 100%.The development with regard to Gender diversity,however,remained below the target figure.Here the achievement level was 80%,The two performance indicators taken over from the former Culture&Client Factor in the Governanc
181、e area fed into the assessment with achievement levels of 50%for the so-called Control Environment Assessment Grade and 42%in terms of measures to combat economic crime and prevent money laundering activities and the fulfillment of regulatory requirements.From the weighted achievement levels for the
182、 individual objectives,an overall achievement level for the ESG Factor for the 2021 financial year has been calculated and set at 89,38%.A portion of 60%of the variable target compensation attributable to the ESG factor is multiplied by the overall target achievement level for 2021 and thus determin
183、es the largest portion of the variable compensation granted for 2021.A portion of 30%of the target compensation is based on the achievement level for the Client&Culture Factor that was applicable for the 2020 financial year and set at 37,5%,and a portion of 10%is determined based on the achievement
184、level for the 2019 financial year at 50%.This results in a weighted overall achievement level of 69.88%for the granting of the portion of the LTA that is attributable to the ESG Factor.18 Deutsche Bank Compensation of the Management Board Compensation Report 2021 Relative Total Shareholder Return(RT
185、SR)A key strategic target of the Bank is the performance of the Deutsche Bank share in comparison to the performance of the shares of its competitors(Relative Total Shareholder Return(RTSR).The target for the RTSR for the Deutsche Bank share in comparison to selected financial institutions is intend
186、ed to strengthen the sustainable performance of the Deutsche Bank share.The RTSR links the interests of the Management Board with those of shareholders.In addition,the RTSR provides a relative measurement of performance,creating an incentive to outperform the relevant peers.The RTSR is derived from
187、the total shareholder return of the Deutsche Bank share in relation to the average total shareholder returns of a selected peer group.The Total Shareholder Return is defined as the share price performance plus theoretically reinvested gross dividends.The RTSR is calculated as a percentage based on t
188、he total shareholder return of the Deutsche Bank share in relation to the average total shareholder returns of the peer group.If the RTSR average is greater than 100%,then the target achievement level increases proportionally to an upper limit of 150%of the target figure,i.e.,the target achievement
189、level increases by 1%for each percentage point above 100%.If the RTSR average is less than 100%,the target achievement level declines disproportionately.For each percentage point decline of the RTSR in the range of 80%and less than 100%the target achievement level declines by two percentage points.I
190、n the range between less than 60%and 80%,the target achievement level is reduced for each percentage point decline by three percentage points.If the RTSR does not exceed 60%over the entire assessment period,the target achievement level is zero.The peer group used as the basis for calculating the RTS
191、R is selected from among the companies with generally comparable business activities as well as a comparable size and international presence.The Supervisory Board reviews the composition of the peer group regularly.The peer group for the RTSR in 2021 is comprised of the following 11 banks:Banco Sant
192、ander,BNP Paribas,HSBC,UBS,Bank of America,Citigroup,JP Morgan Chase,UniCredit,Barclays,Credit Suisse and Socit Gnrale.19 Deutsche Bank Compensation of the Management Board Compensation Report 2021 In 2021,Deutsche Banks share price increased by 123.1%and developed better than the shares of 4 out of
193、 11 competitors in the peer group with an average share price plus of 130.6%but remained below the average share price development of the peer group.The achievement level for the 2021 financial year thus came to 88%.A portion of 60%of the target variable compensation attributable to the RTSR is mult
194、iplied by the overall achievement level for 2021.A portion of 30%of the target compensation is based on the achievement level for the 2020 financial year,which was 160%,and a portion of 10%is determined based on the achievement level of 60%for the 2019 financial year.This results in a weighted overa
195、ll achievement level of 106.8%for the granting of the portion of the LTA that is attributable to the RTSR.Organic Capital Growth Another key objective of Deutsche Bank is its growth.As an incentive for the Management Board members to promote growth,the Supervisory Board defined organic capital growt
196、h on a net basis as a long-term objective for the LTA.Organic Capital Growth is defined as the balance of the following changes(which are reported in the Consolidated Statement of Changes in Equity)occurring during the financial year,divided by total shareholders equity as of December 31 of the prec
197、eding financial year:Total comprehensive income,net of tax Coupon on additional equity components,net of tax Remeasurement gains(losses)related to defined benefit pension plans,net of tax Option premiums and other effects from options on Deutsche Bank shares Net gains(losses)on treasury shares sold
198、Based thereon,“inorganic”changes in equity,in particular the payment of a dividend or a capital increase,are of no relevance to the achievement of the objective.Starting from an average Organic Capital Growth of 2.5%(lower limit),the target achievement level increases by 1%for each 0.05%of growth up
199、 to the 150%cap,which will be reached upon an Organic Capital Growth of 10%or more(upper limit cap).If capital growth does not exceed 2.5%in the assessment period,the target achievement level is zero.20 Deutsche Bank Compensation of the Management Board Compensation Report 2021 Organic Capital Growt
200、h pursuant to the definition specified above developed positively in 2021 at 3.83%and thus for the first time in the three-year period was above the lower limit of 2.5%.This results in an achievement level of 26%.A portion of 60%of the target variable compensation attributable to Organic Capital Gro
201、wth is multiplied by the overall achievement level for 2021.A portion of 30%of the target compensation is based on the achievement level for the 2020 financial year,which was 0%,and a portion of 10%is determined based on the achievement level for the 2019 financial year of 0%.This results in a weigh
202、ted overall achievement level of 15.6%for the granting of the portion of the LTA that is attributable to Organic Capital Growth.Group Component Through the Group Component,the Supervisory Board links the key financial figures supporting the corporate strategy with the Management Boards compensation
203、and thus establishes an incentive to sustainably foster the Banks capital,risk,costs and earnings profile.The Group Component also provides a link to the compensation for employees,as this is an employee compensation system component.The Supervisory Board resolved to take the Group Component out of
204、the STA and integrate it as a fourth objective in the LTA.As a result,all of the objectives to be achieved collectively are bundled in the long-term component.The measurement over a three-year period supports the long-term monitoring of these objectives.The key financial figures of the Group Compone
205、nt have remained unchanged since 2017.LTA group component Core capital ratio Common Equity Tier 1 capital ratio of the Bank in relation to its risk-weighted assets Leverage ratio The Banks core capital as a percentage of its total leverage exposure pursuant to the definitions of the Capital Requirem
206、ents Regulation/Capital Requirements Directive 4 Adjusted costs(excluding transformation charges)Total noninterest expenses,excluding transformation costs,restructuring,severance and litigation costs as well as impairments of goodwill and other intangible assets Return on tangible equity Net income(
207、or loss)attributable to shareholders as a percentage of average tangible shareholders equity.The latter is determined by deducting goodwill and other intangible assets from shareholders equity The four objectives specified above have been assigned an equal weighting.If the performance metric-based o
208、bjectives are not achieved during the assessment period,the Supervisory Board may determine that a Group Component will not be granted.In the 2021 financial year,the four performance indicators for the Group Component of the LTA developed as follows:The target achievement levels of the Common Equity
209、 Tier 1(CET1)capital ratio and the leverage ratio(additional information is provided in the“Leverage ratio”section of the Risk Report)were 100%and the target achievement rate for the adjusted non-interest expenses was 20%.The target achievement level of the objective for the Group Return on tangible
210、 equity reached 90%in 2021.The overall achievement level of all four equally weighted objectives of the Group Component was 77.5%.A portion of 60%of the target variable compensation attributable to the Group Component is multiplied by the overall achievement level for 2021.A portion of 30%of the tar
211、get compensation is based on the achievement level for the 2020 financial year,which was 72.5%,and a portion of 10%is determined based on the achievement level for the 2019 financial year at 60%.This results in a weighted overall achievement level of 74.25%for the granting of the portion of the LTA
212、that is attributable to the Group Component.Long-Term Award overall achievement in%Objectives Relative portion Target achievement level Overall achievement LTA Long-Term Award(cumulative over 3 years)ESG-Factor 33.33%69.88%66.27%Relative return on shares 25.00%106.80%Organic capital-growth 25.00%15.
213、60%Group component 16.67%74.25%Appropriateness of Management Board compensation and compliance with the set maximum compensation The Supervisory Board regularly reviews the appropriateness of the individual compensation components as well as the amount of total compensation.The review of the appropr
214、iateness of Management Board compensation concluded that the Management Board compensation resulting from the achievement levels for the 2021 financial year is appropriate.21 Deutsche Bank Compensation of the Management Board Compensation Report 2021 Horizontal appropriateness Through the horizontal
215、 comparison,the Supervisory Board ensures that the target total compensation is appropriate in relation to the tasks and achievements of the Management Board as well as the companys situation and is also customary in the market.In this context,the level and structure of compensation,in particular,ar
216、e examined at comparable companies(peer groups).Suitable companies in consideration of Deutsche Banks market position(in particular with regard to business sector,size and country)are used as the basis for this comparison.The assessment of horizontal appropriateness takes place in comparison with th
217、e following three peer groups.The horizontal appropriateness of the Management Board compensation is reviewed annually by the Supervisory Board.The Supervisory Board regularly engages external compensation advisors for the review of horizontal appropriateness,making sure that these advisors are inde
218、pendent from the Management Board and Deutsche Bank.The Supervisory Board takes the results of the review into consideration when setting the target total compensation for the Management Board members.Vertical appropriateness In addition to the horizontal comparison,the Supervisory Board considers a
219、 vertical comparison,which compares the compensation of the Management Board and the compensation of the workforce.Within the vertical comparison,the Supervisory Board considers in particular,in accordance with the German Corporate Governance Code,the development of the compensation over time.This i
220、nvolves a comparison of the Management Board compensation and the compensation of two groups of employees.Taken into account are,on the one hand,the compensation of the senior management,which comprises the first management level below the Management Board and members of the top executive committees
221、 of the divisions,as well as of management board members of significant institutions within the Deutsche Bank Group and of corresponding management board-1 level positions with management responsibility.The senior management compensation is compared to,on the other hand,the compensation of all other
222、 employees of Deutsche Bank Group worldwide(tariff and non-tariff employees).Compliance with the set maximum compensation(cap)The maximum compensation limit(cap)is set at 12 million for each Management Board member.This is based on the actual expense and/or actual disbursement of the compensation aw
223、arded for a financial year.The base salaries are fixed amounts.The expenses for fringe benefits vary from Management Board Member to Management Board Member in any given year.The contribution to Deutsche Banks pension plan or pension allowance is set at the same amount for all Management Board membe
224、rs.However,the amount to be recognized by the Bank during the year for Deutsche Banks pension service costs fluctuates based on actuarial variables.As the expense amount for the multi-year variable compensation components of the STA and LTA are not determined until up to seven years due to the defer
225、ral periods,compliance with the maximum compensation set for the 2021 financial year can only be conclusively reported within the framework of the Compensation Reports for the financial years up to 2029.Compliance with the maximum compensation limit as defined under Section 87a of the German Stock C
226、orporation Act(AktG)is,however,already ensured for the 2021 financial year.22 Deutsche Bank Compensation of the Management Board Compensation Report 2021 Deferrals and holding periods The Remuneration Ordinance for Institutions(InstitutsVergV)generally stipulates a three-year assessment period for t
227、he determination of the variable compensation for Management Board members.Deutsche Bank complies with this requirement by assessing each of the objectives of the LTA over a three-year period.If the relevant three years cannot be attributed to a member of the Management Board due to that member havi
228、ng joined the Bank only recently,the achievement level for the objectives will be determined for the period that can be attributed to the member.The deferral period for the LTA is in principle five years.If the assessment period is shorter than the prescribed minimum,the deferral period of the varia
229、ble compensation to be granted is extended by the number of years missing for the minimum assessment period.The STA has an assessment period of one year.The deferral period for the STA is in principle seven years.The LTA is granted in the form of a share-based instrument(Restricted Equity Awards(REA
230、s).The disbursement takes place over a deferral period of 5 years in 4 tranches,beginning with a tranche of 40%in year 2 after the end of the performance period and 3 tranches of 20%in years 3,4,and 5 after the end of the performance period.After the deferral period,the REAs of each tranche are also
231、 subject to an additional holding period of one year.Accordingly,the Management Board members cannot dispose of the shares underlying the REAs until after 3 years,at the earliest,and in full until after 6 years.During the deferral and holding periods,the value of the REAs is linked to the performanc
232、e of the Deutsche Bank share and is therefore tied to the long-term performance of the Bank,and thereby strengthens the alignment of the Management Board members incentives with Deutsche Banks performance.The STA is generally granted in the form of deferred cash compensation(restricted incentive awa
233、rds-RIAs).It is paid out in four tranches of 25%each over a total period of seven years after 1,3,5 and 7 years after the end of the assessment period.However,if the STA accounts for more than 50%of the total variable compensation,the portion exceeding 50%is also granted in the form of restricted eq
234、uity awards.This ensures that at least 50%of the total variable compensation is always granted in share-based form in accordance with the regulatory requirements.The portion exceeding 50%is subject to the same deferral rules as the share-based compensation from the LTA.Instead of receiving Restricte
235、d Equity Awards and Restricted Incentive Awards as described above,holders of specific functions at certain Deutsche Bank U.S.entities are required by applicable regulation to be compensated under different plans.Restricted compensation for these persons consist of restricted share awards and restri
236、cted cash awards.The recipient will be the beneficial owner of the awards from the Award Date and the awards will be held on the recipients behalf.These awards will be restricted for a period of time(subject to the applicable plan rules and award statements,including performance conditions and forfe
237、iture provisions).The restriction period is aligned with retention periods applicable to Deutsche Banks usual deferred awards.With regard to the Management Board of Deutsche Bank AG,these rules apply to Christiana Riley due to her role as CEO of Deutsche Bank USA Corp.For the RIAs and REAs,specific
238、forfeiture conditions apply during the deferral and holding periods(additional information is provided in the section“Backtesting,malus and clawback).23 Deutsche Bank Compensation of the Management Board Compensation Report 2021 Backtesting,malus and clawback By granting compensation components in a
239、 deferred form spread out over several years,a long-term incentive is created.In addition,the individual tranches are subject to specific forfeiture conditions until they vest.The Supervisory Board regularly reviews the results achieved by Management Board members in the past are sustainable(backtes
240、ting).If the outcome is that the achievements rewarded by the granting of the variable compensation were not sustainable,the awards may be partially or fully forfeited.Also,if the Groups results are negative,previously granted variable compensation may be declared fully or partially forfeited during
241、 the deferral period.In addition,the awards may be fully or partially forfeited if specific solvency or liquidity conditions are not met.Furthermore,awards may be forfeited in whole or in part in the event of individual misconduct(including breaches of regulations),dismissal for cause or negative in
242、dividual contributions to performance(malus).In addition,the contracts of the Management Board members also enable the Supervisory Board to reclaim already paid or delivered compensation components due to certain individual negative performance contributions by the Management Board member(clawback)i
243、n accordance with the provisions pursuant to Sections 18(5)and 20(6)of the Remuneration Ordinance for Institutions(InstitutsVergV).The clawback is possible for the entire variable compensation for a financial year until the end of two years after the end of the deferral period of the last tranche of
244、 the compensation elements awarded on a deferred basis for the respective financial year.The Supervisory Board regularly reviews in due time before the respective due dates the possibility of a full or partial forfeiture(malus)or reclaiming(clawback)of the Management Board members variable compensat
245、ion components.In the 2021 financial year,the Supervisory Board made use of the possibility to partially declare the forfeiture of variable compensation and,at its meeting on February 3,2021,resolved that a portion of the variable compensation granted to a former member of the Management Board on Ma
246、rch 1,2019,in the form of Restricted Incentive Awards,is to be forfeited.Information on shares and fulfilling the share ownership obligation(Shareholding Guidelines)All members of the Management Board are required to acquire a significant amount of Deutsche Bank shares and to hold them on a long-ter
247、m basis.This requirement is meant to foster the identification of the Management Board members with Deutsche Bank and its shareholders and to ensure a long-term link to the development of the Deutsche Banks business.For the Chief Executive Officer,the number of shares to be held is equal to 200%of h
248、is annual gross base salary,and for the other Management Board members,100%of their annual base salary.The requirements of the shareholding obligation must first be fulfilled on the date on which the share-based variable compensation that has been granted to the Management Board member since his or
249、her appointment to the Management Board(waiting period)in total corresponds to 1.33 times the shareholding obligation.Compliance with the requirements is reviewed semi-annually.If the required number of shares is not met,the Management Board members must correct any deficiencies by the next review.I
250、n the context of granting variable compensation,the Supervisory Board can resolve on an individual basis that not only the LTA but also parts of the STA or the STA as a whole may be awarded in shares until the shareholding obligation is fulfilled.This will ensure faster compliance with the sharehold
251、ing obligation.Members of the Management Board The following table shows the number of outstanding share awards of the current Management Board members as of February 19,2021 and February 11,2022 as well as the number of share awards newly granted,delivered or forfeited in this period.24 Deutsche Ba
252、nk Compensation of the Management Board Compensation Report 2021 Members of the Management Board Balance as of Feb 19,2021 Granted Delivered Forfeited Balance as of Feb 11,2022 Christian Sewing 485,115 208,115 693,230 Karl von Rohr 392,851 153,343 26,356 519,839 Fabrizio Campelli 278,603 145,836 85,
253、540 338,899 Bernd Leukert 25,309 136,115 10,124 151,300 Stuart Lewis 348,142 134,859 483,001 James von Moltke 430,513 145,836 11,884 564,465 Alexander von zur Mhlen 251,256 103,422 76,397 278,282 Christiana Riley 215,841 134,8591 102,3542 248,3453 Rebecca Short4 92,754 Prof.Dr.Stefan Simon 31,740 13
254、0,329 12,696 149,373 1 Under the underlying plan,the 134,859 restricted shares originally granted were taxed at the time of grant,with 70,917 shares remaining on an after-tax basis.We refer to the corresponding presentation in the chapter Deferral and retention periods.2 Included are 63,942 share aw
255、ards delivered to cover the amount of tax due under the underlying plan(see footnote 1).3 Includes a net number of 70,917 share entitlements under the underlying plan(see footnote 1).4 Member since 1 May 2021.The table below shows the total number of Deutsche Bank shares held by the incumbent Manage
256、ment Board members as of the reporting dates February 19,2021,and February 11,2022 as well as the number of share-based awards and the fulfillment level for the shareholding obligation.as of February 11,2022 Members of the Management Board Number of Deutsche Bank shares(in Units)as of Feb 19,2021 Nu
257、mber of Deutsche Bank shares(in Units)Restricted Equity Award(s)/Outstanding Equity Units(deferred with additional retention period)(in Units)thereof 75%of Restricted Equity Award(s)/Outstanding Equity Units chargeable to share obligation(deferred with additional retention period)(in Units)Total val
258、ue of Deutsche Bank shares and Restricted Equity Award(s)/Outstanding Equity Units chargeable to share obligation(in Units)Share retention obligation must be fulfilled Yes/No Level of required shareholding obligation(in Units)1 Fulfillment ratio(in%)Christian Sewing 163,665 192,000 693,230 519,923 7
259、11,923 No 500,069 142%Karl von Rohr 17,283 30,058 519,839 389,879 419,937 Yes 208,362 202%Fabrizio Campelli 86,303 132,010 338,899 254,174 386,184 No 166,690 232%Bernd Leukert 1,500 7,882 151,300 113,475 121,357 No 166,690 73%Stuart Lewis 174,434 174,434 483,001 362,251 536,685 Yes 194,471 276%James
260、 von Moltke 68,486 74,753 564,465 423,349 498,102 Yes 194,471 256%Alexander von zur Mhlen 270,333 320,829 278,282 208,712 529,541 No 166,690 318%Christiana Riley 55,082 82,504 248,345 186,259 268,763 No 166,690 161%Rebecca Short2 0 36,451 92,754 69,566 106,017 No 166,690 64%Prof.Dr.Stefan Simon 0 0
261、149,373 112,030 112,030 No 166,690 67%Total 837,086 1,050,921 3,519,488 2,639,616 3,690,537 1 The calculation of the total value of the Deutsche Bank shares and share awards/outstanding shares eligible for the shareholding requirements is based on the share price 14,3980(Xetra closing price on Febru
262、ary 11,2022).2 Member since May 1,2021.All Management Board members fulfilled the shareholding obligations in 2021 or are currently in the waiting period.The Chairman of the Management Board,Mr.Sewing,voluntarily committed to invest 15%of his monthly net salary in Deutsche Bank shares from September
263、 2019 until the end of December 2022.In each case,purchases take place on the 22nd day of each month or on the following trading day.Benefits as of the end of the mandate Benefits upon regular contract termination The Supervisory Board allocates an entitlement to pension plan benefits to the Managem
264、ent Board members.These entitlements involve a defined contribution pension plan.Under this pension plan,a personal pension account is set up for each participating member of the Management Board with effect from the start of office as a Management Board member.The members of the Management Board,in
265、cluding the Management Board Chairman,receive a uniform,contractually defined,fixed annual contribution amount of 650,000.The contribution accrues interest that is credited in advance and determined by means of an age-related factor,up to the age of 60.For entitlements from a first-time or renewed a
266、ppointment starting from the 2021 financial year,interest accrues at an average rate of 2%per annum,for legacy entitlements 4%.From the age of 61 onwards,an additional contribution equal to the amount resulting from applying the above interest rate to the balance of the pension account as of Decembe
267、r 31 of the previous year will be credited to the pension account.The annual contributions,taken together,form the pension capital amount available to pay the future pension benefits upon the occurrence of a pension event(retirement age,disability or death).The pension account balance is vested from
268、 the start.25 Deutsche Bank Compensation of the Management Board Compensation Report 2021 If a Management Board member is subject to non-German income tax,the granting of an annual pension allowance of 650,000 may be selected as an alternative to the defined-contribution pension plan entitlement.Thi
269、s is subject to the precondition that receiving the customary pension plan contributions entails not insignificant tax-related disadvantages for the Management Board member compared to receiving a pension allowance.This option can be exercised once and from then on applies to the entire term of offi
270、ce of the Management Board member.The following table shows the annual contributions,the interest credits,the account balances and the annual service costs for the years 2021 and 2020 as well as the corresponding defined benefit obligations for each member of the Management Board in office in 2021 a
271、s of December 31,2020 and December 31,2021.The different balances are attributable to the different lengths of service on the Management Board,the respective age-related factors,and the different contribution rates.Members of the Management Board Annual contribution,in the year Interest credit,in th
272、e year Account balance,end of year Service cost(IFRS),in the year Present value of the defined benefit obligation(IFRS),end of year in 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 Christian Sewing 773,500 936,000 0 0 6,516,000 5,742,500 701,494 936,063 6,263,328 5,816,960 Karl von Rohr 754,000
273、786,500 0 0 4,721,001 3,967,001 772,131 831,427 4,866,754 4,205,087 Fabrizio Campelli 1,007,500 1,046,500 0 0 2,234,918 1,227,418 906,767 1,008,742 2,091,609 1,224,209 Bernd Leukert 812,500 1,135,334 0 0 1,947,834 1,135,334 785,526 851,694 1,957,432 1,181,299 Stuart Lewis 754,000 786,500 0 0 6,411,9
274、38 5,657,938 756,618 818,838 6,919,079 6,358,878 James von Moltke 871,000 903,500 0 0 4,189,250 3,318,250 820,820 895,972 4,095,605 3,385,498 Alexander von zur Mhlen1 0 0 0 0 0 0 0 0 0 0 Christiana Riley1 0 0 0 0 0 0 0 0 0 0 Rebecca Short2 554,668 0 0 0 554,668 0 476,303 0 496,829 0 Prof.Dr.Stefan S
275、imon 871,000 1,293,501 0 0 2,164,501 1,293,501 824,015 903,039 2,128,664 1,335,674 Frank Kuhnke3 812,500 845,000 0 0 2,528,500 1,716,000 799,956 867,588 2,500,385 1,759,798 1 The Management Board member receives a pension allowance,which is shown in the chapter Compensation granted and owed(inflow t
276、able)”.2 Member since May 1,2021.3 Member until April 30,2021.Benefits upon early termination The Management Board members are in principle entitled to receive a severance payment upon an early termination of their appointment,provided the Bank is not entitled to revoke the appointment or give notic
277、e under the contractual agreement for cause.In accordance with the recommendation of the German Corporate Governance Code,the severance payment amounts to up to two times the annual compensation at the maximum and must not exceed the amount that would be payable as compensation for the remaining ter
278、m of the service contract.The calculation of the severance payment is based on the annual compensation for the previous financial year and,if applicable,on the expected annual compensation for the current financial year.The severance payment is determined and granted in accordance with the statutory
279、 and regulatory requirements,in particular with the provisions of the Remuneration Ordinance for Institutions(InstitutsVergV).Frank Kuhnke left the Management Board with effect from the end of April 30,2021.As foreseen in his service contract,severance benefits were agreed with him.The severance agr
280、eement provided for compensation for a non-compete clause(“Karenzentschdigung”)in line with his service contract in the amount of 1,560,000 as well as a severance payment as compensation for the early termination of his service contract in the amount of 1,902,111.33.The first installment of 20%amoun
281、t was disbursed in April 2021 as a cash payment.Another installment equivalent to 20%was awarded in shares and is due for delivery on June 1,2022.A further installment of 30%was awarded as deferred cash compensation with a holding period until June 1,2026.A final installment of 30%was awarded as def
282、erred compensation in shares with a holding period until June 1,2027.The severance payment,is subject to all contractually agreed provisions on variable compensation components,including the possibility of a clawback of variable compensation.In the event of a change of control,Management Board membe
283、rs have a special right to termination of their service contract.However,in such case,there is no entitlement to a severance payment.26 Deutsche Bank Compensation of the Management Board Compensation Report 2021 Other service contract provisions Term of the service contract The term of the Managemen
284、t Board service contracts is linked to the duration of the appointment and is a maximum of five years in accordance with Section 84 of the German Stock Corporation Act(AktG).The Supervisory Board shall decide at an early stage,no later than six months before the expiry of the appointment period,on a
285、 renewed appointment.In the case of the Management Board members reappointment,the service contract is extended for the duration of a renewed appointment.For first-time appointments,a contract term of three years is not to be exceeded.The Management Board service contract ends automatically with the
286、 expiry of the appointment period without requiring the express notice of termination.Reduction of base salary regarding compensation from other mandates The employment contracts of the Management Board members contain an obligation of the members to ensure that they will not receive any compensatio
287、n to which they would otherwise be entitled in their capacity as a member of any corporate body,in particular a supervisory board,advisory board or similar body of any group entity of the Bank pursuant to 18 Stock Corporation Act.Accordingly,Management Board members do not receive any compensation f
288、or mandates on boards of Deutsche Bank subsidiaries.A Management Board members base salary will be reduced in an amount equal to 50%of the compensation from a mandate in particular supervisory board or advisory board mandates at a company that does not belong to Deutsche Bank Group.There is no such
289、deduction of any compensation that does not exceed 100,000 per mandate and calendar year.In the 2021 financial year,the base salary of one member of the Management Board was reduced by the amount of the compensation from one mandate at a company that does not belong to Deutsche Bank Group,since the
290、compensation exceeded the threshold amount.Post-contractual non-compete clause After their resignation from the Management Board,the members are as a general rule subject to a one-year non-compete clause.During the non-compete period,Deutsche Bank pays the Management Board member compensation(waitin
291、g allowance“Karenzentschdigung”)amounting to 65%of his or her annual base salary.The waiting allowance shall be credited against any claim for severance pay.In addition,the waiting allowance will be reduced by any income that the Management Board member earns during the non-compete period from self-
292、employed,salaried or other paid activities that are not subject to the non-compete clause.Deutsche Bank may waive a Management Board members compliance with the post-contractual non-compete clause.From the date of the waiver.If and when such waiver is granted,Deutsche Banks obligation to pay the wai
293、ting allowance(“Karenzentschdigung”)ends.Deviations from the compensation system There were no deviations from the compensation system in the 2021 financial year.27 Deutsche Bank Compensation of the Management Board Compensation Report 2021 Management Board compensation 2021 Current Management Board
294、 members Total compensation 2021 The Supervisory Board determined the aforementioned compensation on an individual basis for 2021 and 2020 as follows:2021 2020 in Base salary1 Short Term Award Long Term Award Total compensation Target Total compensation Ratio to Target Total compensation2 Christian
295、Sewing 3,600,000 3,065,400 2,147,048 8,812,448 9,000,000 98%7,368,045 Karl von Rohr 3,000,000 2,393,600 1,749,447 7,143,047 7,400,000 97%5,882,495 Fabrizio Campelli 2,400,000 2,218,783 1,630,166 6,248,949 6,500,000 96%5,179,137 Bernd Leukert 2,400,000 2,161,383 1,630,166 6,191,549 6,500,000 95%4,909
296、,270 Stuart Lewis 2,800,000 2,258,200 1,669,926 6,728,126 7,000,000 96%4,979,403 James von Moltke 2,800,000 2,278,500 1,669,926 6,748,426 7,000,000 96%5,262,470 Alexander von zur Mhlen 2,400,000 2,132,000 1,630,166 6,162,166 6,500,000 95%2,094,333 Christiana Riley 2,400,000 2,162,750 1,630,166 6,192
297、,916 6,500,000 95%4,779,103 Rebecca Short3 1,600,000 1,440,467 1,086,777 4,127,244 4,333,333 95%Prof.Dr.Stefan Simon 2,400,000 2,134,050 1,630,166 6,164,216 6,500,000 95%2,124,126 Frank Kuhnke4 800,000 634,133 543,389 1,977,522 2,166,667 91%4,760,403 Total 26,600,000 22,879,266 17,017,343 66,496,609
298、 69,400,000 96%47,338,785 1 In the column Basic salary,the target values set by the Supervisory Board are shown in EUR for reasons of comparability.The actual inflow differs from this target value for Management Board members Alexander von zur Mhlen and Christiana Riley due to currency fluctuations
299、and for Bernd Leukert due to the offsetting of compensation from mandates.The inflow is shown in the chapter Compensation granted and owed(inflow table).2 For the Management Board members Alexander von zur Mhlen and Christiana Riley,currency fluctuations were excluded for reasons of comparability.3
300、Member since May 1,2021.4 Member until April 30,2021.The number of share awards granted to the members of the Management Board in the form of Restricted Equity Awards(REA)in 2022 for the 2021 financial year was calculated by dividing the respective amounts in euro by the higher of either the average
301、 Xetra closing price of the Deutsche Bank share during the last ten trading days in February 2022 or the Xetra closing price on February 28,2022(12.8930).Members of the Management Board Restricted Equity Award(s)(deferred with additional retention period)(in Units)1 Christian Sewing 202,143 Karl von
302、 Rohr 160,670 Fabrizio Campelli 149,265 Bernd Leukert 147,039 Stuart Lewis 152,336 James von Moltke 153,123 Alexander von zur Mhlen 145,900 Christiana Riley 147,092 Rebecca Short2 98,008 Prof.Dr.Stefan Simon 145,979 Frank Kuhnke3 45,665 Total 1,547,220 1 The Restricted Equity Awards are commercially
303、 rounded for presentation purposes.2 Member since May 1,2021.3 Member until April 30,2021.Granted and owed compensation(inflow table)The following table shows the compensation paid and owed in the 2021 and 2020 financial years to incumbent members of the Management Board in the 2021 financial year,p
304、ursuant to Section 162(1)sentence 1 of the German Stock Corporation Act(AktG).This involves the compensation components that were either actually paid or delivered to the individual Management Board members within the reporting period(“paid”)or were already legally due during the reporting period bu
305、t not yet delivered(“owed”).Besides the compensation amounts,the table additionally shows the relative proportions of fixed and variable compensation of the total compensation pursuant to Section 162(1)sentence 2 of the German Stock Corporation Act(AktG).28 Deutsche Bank Compensation of the Manageme
306、nt Board Compensation Report 2021 Christian Sewing Karl von Rohr 2021 2020 2021 2020 in t.in%in t.in%in t.in%in t.in%Fixed compensation components:Base salary 3,600 93%3,117 93%3,000 93%2,750 94%Pension allowance 0 0%0 0%0 0%0 0%Fringe benefits (8)1 0%4 0%24 1%11 0%Total fixed compensation 3,592 93%
307、3,120 93%3,024 93%2,761 94%Variable compensation components:Deferred variable compensation thereof Restricted Incentive Awards:2017 Restricted Incentive Award:Buyout 0 0%0 0%0 0%0 0%2017 Restricted Incentive Award:Sign On 0 0%0 0%0 0%0 0%2019 Restricted Incentive Award for 2018 232 6%232 7%169 5%169
308、 6%2020 Restricted Incentive Award for 2019 43 1%0 0%43 1%0 0%thereof Equity Awards:2017 Restricted Equity Award:Buyout 0 0%0 0%0 0%0 0%2015 DB Equity Plan for 2014 0 0%0 0%0 0%0 0%Fringe benefits 0 0%0 0%0 0%0 0%Total variable compensation 275 7%232 7%211 7%169 6%Total compensation 3,867 100%3,352
309、100%3,235 100%2,930 100%1 Due to the economic participation in the costs of a company car provided,which exceeds the amount of the other fringe benefits,a negative balance is to be shown for the financial year 2021.Fabrizio Campelli Bernd Leukert 2021 2020 2021 2020 in t.in%in t.in%in t.in%in t.in%F
310、ixed compensation components:Base salary 2,400 99%2,200 99%2,3941 99%2,200 99%Pension allowance 0 0%0 0%0 0%0 0%Fringe benefits 12 0%22 1%25 1%22 1%Total fixed compensation 2,412 100%2,222 100%2,419 100%2,222 100%Variable compensation components:Deferred variable compensation thereof Restricted Ince
311、ntive Awards:2017 Restricted Incentive Award:Buyout 0 0%0 0%0 0%0 0%2017 Restricted Incentive Award:Sign On 0 0%0 0%0 0%0 0%2019 Restricted Incentive Award for 2018 0 0%0 0%0 0%0 0%2020 Restricted Incentive Award for 2019 7 0%0 0%0 0%0 0%thereof Equity Awards:2017 Restricted Equity Award:Buyout 0 0%
312、0 0%0 0%0 0%2015 DB Equity Plan for 2014 0 0%0 0%0 0%0 0%Fringe benefits 0 0%0 0%0 0%0 0%Total variable compensation 7 0%0 0%0 0%0 0%Total compensation 2,420 100%2,222 100%2,419 100%2,222 100%1 The fixed compensation shown includes the crediting of compensation from mandates.Stuart Lewis James von M
313、oltke 2021 2020 2021 2020 in t.in%in t.in%in t.in%in t.in%Fixed compensation components:Base salary 2,800 91%2,283 78%2,800 70%2,283 63%Pension allowance 0 0%0 0%0 0%0 0%Fringe benefits 80 3%29 1%52 1%43 1%Total fixed compensation 2,880 94%2,312 79%2,852 71%2,326 64%Variable compensation components:
314、Deferred variable compensation thereof Restricted Incentive Awards:2017 Restricted Incentive Award:Buyout 0 0%0 0%140 3%280 8%2017 Restricted Incentive Award:Sign On 0 0%0 0%67 2%67 2%2019 Restricted Incentive Award for 2018 156 5%156 5%169 4%169 5%2020 Restricted Incentive Award for 2019 43 1%0 0%4
315、3 1%0 0%thereof Equity Awards:2017 Restricted Equity Award:Buyout 0 0%0 0%124 3%177 5%2015 DB Equity Plan for 2014 0 0%443 15%0 0%0 0%Fringe benefits 0 0%0 0%616 15%616 17%Total variable compensation 199 6%599 21%1,157 29%1,309 36%Total compensation 3,079 100%2,912 100%4,009 100%3,635 100%29 Deutsch
316、e Bank Compensation of the Management Board Compensation Report 2021 Alexander von zur Mhlen Christiana Riley 2021 2020 2021 2020 in t.in%in t.in%in t.in%in t.in%Fixed compensation components:Base salary 2,3451 74%9631 75%2,3281 76%2,1941 72%Pension allowance 650 21%271 21%650 21%650 21%Fringe benef
317、its 64 2%15 1%85 3%95 3%Total fixed compensation 3,059 97%1,249 97%3,063 99%2,938 97%Variable compensation components:Deferred variable compensation thereof Restricted Incentive Awards:2017 Restricted Incentive Award:Buyout 0 0%0 0%0 0%0 0%2017 Restricted Incentive Award:Sign On 0 0%0 0%0 0%0 0%2019
318、 Restricted Incentive Award for 2018 0 0%0 0%0 0%0 0%2020 Restricted Incentive Award for 2019 0 0%0 0%0 0%0 0%thereof Equity Awards:2017 Restricted Equity Award:Buyout 0 0%0 0%0 0%0 0%2015 DB Equity Plan for 2014 0 0%0 0%0 0%0 0%Fringe benefits 98 3%33 3%17 1%96 3%Total variable compensation 98 3%33
319、 3%17 1%96 3%Total compensation 3,157 100%1,282 100%3,079 100%3,034 100%0 0 0 0 1 As the fixed compensation is granted in local currency,it is subject to FX-rate changes.Rebecca Short(Member since May 1,2021)Prof.Dr.Stefan Simon 2021 2020 2021 2020 in t.in%in t.in%in t.in%in t.in%Fixed compensation
320、components:Base salary 1,600 100%-2,400 98%1,000 99%Pension allowance 0 0%-0 0%0 0%Fringe benefits 6 0%-46 2%7 1%Total fixed compensation 1,606 100%-2,446 100%1,007 100%Variable compensation components:Deferred variable compensation thereof Restricted Incentive Awards:2017 Restricted Incentive Award
321、:Buyout 0 0%-0 0%0 0%2017 Restricted Incentive Award:Sign On 0 0%-0 0%0 0%2019 Restricted Incentive Award for 2018 0 0%-0 0%0 0%2020 Restricted Incentive Award for 2019 0 0%-0 0%0 0%thereof Equity Awards:-2017 Restricted Equity Award:Buyout 0 0%-0 0%0 0%2015 DB Equity Plan for 2014 0 0%-0 0%0 0%Frin
322、ge benefits 0 0%-0 0%0 0%Total variable compensation 0 0%-0 0%0 0%Total compensation 1,606 100%-2,446 100%1,007 100%Frank Kuhnke(Member until April 30,2021)2021 2020 in t.in%in t.in%Fixed compensation components:Base salary 800 35%2,200 100%Severance benefits1 1,420 63%0 -Pension allowance 0 0%0 0%F
323、ringe benefits 1 0%7 0%Total fixed compensation 2,221 98%2,207 100%Variable compensation components:Deferred variable compensation thereof Restricted Incentive Awards:2017 Restricted Incentive Award:Buyout 0 0%0 0%2017 Restricted Incentive Award:Sign On 0 0%0 0%2019 Restricted Incentive Award for 20
324、18 0 0%0 0%2020 Restricted Incentive Award for 2019 43 2%0 0%thereof Equity Awards:2017 Restricted Equity Award:Buyout 0 0%0 0%2015 DB Equity Plan for 2014 0 0%0 0%Fringe benefits 0 0%0 0%Total variable compensation 43 2%0 0%Total compensation 2,264 100%2,207 100%1 For details to the severance benef
325、its,please refer to chapter“Benefits upon early termination”.30 Deutsche Bank Compensation of the Management Board Compensation Report 2021 With respect to the deferred compensation components of previous years approved in the reporting year,the Supervisory Board confirmed that the respective perfor
326、mance conditions were met.Former members of the Management Board Granted and owed compensation(inflow table)The following table shows the compensation paid and owed to the former members of the Management Board in the 2021 financial year pursuant to Section 162(1)sentence 1 of the German Stock Corpo
327、ration Act(AktG).This involves the compensation components that were either actually delivered to the former Management Board members within the reporting period(“paid”)or were already legally due during the reporting period but not yet delivered(“owed”).Pursuant to Section 162(5)of the German Stock
328、 Corporation Act(AktG),no personal data is provided on former members of the Management Board who ended their work for the Management Board before December 31,2011.Werner Steinmller Member until July 31,2020 Sylvie Matherat Member until July 31,2019 Garth Ritchie Member until July 31,2019 Frank Stra
329、u Member until July 31,2019 2021 2021 2021 2021 in t.in%in t.in%in t.in%in t.in%Severance benefits 130 4%0 0%1,639 79%0 0%Deferred variable compensation Restricted Incentive Awards 191 6%186 88%432 21%326 100%Equity Awards 0 0%0 0%0 0%0 0%Fringe benefits 130 4%26 12%0 0%0 0%Pension benefits 2,6661 8
330、6%0 0%0 0%0 0%Total compensation 3,117 100%211 100%2,071 100%326 100%1 The shown value represents capital payments.Nicolas Moreau Member until Dec 31,2018 2021 DB AG DWS Management GmbH Overall in t.in t.in t.in%Deferred variable compensation Restricted Incentive Awards 79 90 169 57%Equity Awards1 0
331、 130 130 43%Fringe benefits 0 0 0 0%Pension benefits 0 0 0 0%Total compensation 79 220 299 100%1 The equity awards shown are share-based instruments granted by DWS Management GmbH.Details of these instruments can be found in the DWS Annual Report.Kimberly Hammonds Member until May 24,2018 Dr.Marcus
332、Schenck Member until May 24,2018 John Cryan Member until April 8,2018 Hermann-Josef Lamberti Member until May 31,2012 2021 2021 2021 2021 in t.in%in t.in%in t.in%in t.in%Deferred variable compensation Restricted Incentive Awards 52 42%65 100%47 100%0 0%Equity Awards 0 0%0 0%0 0%0 0%Fringe benefits 7
333、3 59%0 0%0 0%0 0%Pension benefits 0 0%0 0%0 0%1,414 100%Total compensation 124 100%65 100%47 100%1,414 100%Josef Ackermann Member until May 31,2012 2021 in t.in%Deferred variable compensation Restricted Incentive Awards 0 0%Equity Awards 0 0%Fringe benefits 0 0%Pension benefits 924 100%Total compensation 924 100%31 Deutsche Bank Compensation of the Management Board Compensation Report 2021 Outlook