Company: ADZCF
Filing Date: 2025-03-13
Form Type: 20-F
Source: 0001159508-25-000020
Chunk: 610

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-03-13
Form: 20-F
Chunk 610
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 at comparable companies (global and European banks as well as DAX-40 companies). On the basis of the results of this analysis, Laura Padovani’s compensation was determined in line with

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| Deutsche Bank      |
| Annual Report 2024 |

market practices and reflects the Supervisory Board’s approach to set compensation levels more individually, considering the scope of the role and responsibility. A target compensation of € 2.975 million p.a. was considered appropriate, comprising base salary (€1.750 million p.a.) and target variable compensation (€ 1.225 million p.a.). The Supervisory Board will review the compensation decision in due course. New Compensation System 2024 The new compensation system for members of the Management Board was amended by the Supervisory Board with effect from January 1, 2024. It was submitted to the General Meeting on May 16, 2024, for approval in accordance with Section 120a (1) of the German Stock Corporation Act. The General Meeting approved the compensation system with a majority of 97.32%. Following the approval of the new compensation system by the General Meeting, the Supervisory Board implemented it accordingly in the new service contracts for all currently appointed members of the Management Board. The new contracts apply with effect from January 1, 2024, or upon joining the Management Board. The new system features a simplified structure and increased transparency and ensures a stronger alignment of Management Board incentives to the performance versus financial targets. The main improvements compared to the previous compensation system are: – Lean compensation structure leading to appropriate outcomes and providing transparency. – Significant reduction of the number of objectives from up to 70 to approximately 8 Key Performance Indicators. – A three-year forward-looking assessment period for the performance measurement of the Long-Term Incentive (LTI) instead of consideration of past performance. – Strengthening the pay-for-performance alignment of Deutsche Bank’s compensation due to a more ambitious achievement curve for one of the Long-Term Incentive (LTI) objectives, the Relative Total Shareholder Return: Deutsche Bank must outperform 50% of the companies in the peer group to allow for a payout. – Reduced complexity of the deferral and holding periods scheme. – Increased market alignment and function-related compensation practice as well as harmonization of further contractual agreements of the newly appointed Management Board member’s compensation, e.g., pension plan, shareholding guidelines and severance benefits. The following chart gives an overview of the new compensation system,