Company: ADZCF
Filing Date: 2025-03-13
Form Type: 20-F
Source: 0001159508-25-000020
Chunk: 609

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-03-13
Form: 20-F
Chunk 609
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 be comparatively higher than at global bank´s since the Bank’s variable compensation has a higher risk profile driven by the long-term horizon, due to a strict link to share price performance and multi-year payout scheme. Also, only few international banks have explicit target compensation structures, therefore market benchmarks are based on actual compensation levels. These are only comparable to a limited extent. Taking all these aspects into account the Supervisory Board made the following compensation decisions in 2024: A benchmarking study commissioned by the Supervisory Board revealed that the compensation level differentiation between ordinary Management Board members and the Chief Executive Officer (CEO) is lower at Deutsche Bank than at peers. In order to maintain an appropriate distance from the compensation level of ordinary Management Board members as well as employees at the level below the Management Board and taking into account Christian Sewing’ssuccessful stewardship during his term of office since 2015, the Supervisory Board decided to increase his total target compensation to an overall target compensation of € 9.8 million p.a. This represents an increase of 5.37% (increase of fixed pay by 5.55%) with effect from April 1, 2024. The Supervisory Board also reviewed the compensation of the other members of the Management Board. As a result, the compensation of Claudio de Sanctiswas adjusted with effect from January 1, 2024, taking into account his responsibilities and thorough insights into relevant market dynamics and client dynamics. Since his appointment he has consequently steered the Private Bank’s transformation to position the business for future success. The Supervisory Board decided on an appropriate increase, within an internationally comparable range, to an overall target compensation of € 8.4 million p.a., which represents an increase of 6.32% (increase of fixed pay by 6.66%). Over the last years, Deutsche Bank has invested substantially in strengthening its control environment and remediation activities. To further improve the resilience of the bank’s controls and to start further alignment of first, second and third lines of defense to foster better ownership, processes and efficiency, the Supervisory Board created a new role at the Management Board level. Laura Padovaniwas appointed to the Management Board as Chief Compliance and Anti-Financial Crime (AFC) Officer with effect from July 1, 2024. The overall target compensation for Laura Padovani was determined by the Supervisory Board after conducting a benchmarking with the support of an independent, external compensation advisor. The analysis took into account compensation levels for this specific role