Supervisory Board welcomes act of solidarity with the bank
Frankfurt am Main, 28-Jul-2017 — /EuropaWire/ — Eleven members of the Management Board of Deutsche Bank AG (XETRA: DBKGn.DE/NYSE: DB) who served during financial crisis and thereafter have voluntarily waived a large part of their unpaid remuneration. In the course of an agreement with the Supervisory Board of the bank, they agreed that of the 69.8 million Euro still owed to them by the bank, only 31.4 million Euro would be paid out.
For several years, the Supervisory Board had suspended a significant portion of the variable remuneration owed to the Management Board members. The reason was that Deutsche Bank saw itself confronted with a number of supervisory investigations and regulatory penalties, whose causes originated from the period before the 2007 financial crisis in some cases. Pursuant to aspects of German corporate law, the Supervisory Board is obliged to examine whether the bank can hold Management Board members personally liable who were in office during that time.
The Supervisory Board, on the basis of extensive investigations by several leading law firms and forensic advisors, and taking into account the findings of regulators and supervisory authorities in relation to the matters themselves, has decided not to hold the Management Board members personally liable. According to the findings of these investigations, there is insufficient factual and legal basis for actionable damages claims against the officiating Management Board members of that time.
Despite the fact that the Management Board members are of the opinion that they always administered their office with due care and that they cannot be accused of any breach of duty, they have nonetheless voluntarily waived their entitlement to a total of 38.4 million Euro as an act of solidarity with Deutsche Bank.
Deutsche Bank acknowledges this voluntary act of the Management Board members, in addition to previous waivers of bonuses, as a further contribution toward overcoming problems resulting from the past.
“The Supervisory Board appreciates the fact that with the additional waiver of bonuses, the Management Board members in office at that time are making a further personal contribution to closing this chapter,” said the Chairman of the Supervisory Board Paul Achleitner. “This helps us to look forward toward the future again
About Deutsche Bank
Deutsche Bank provides commercial and investment banking, retail banking, transaction banking and asset and wealth management products and services to corporations, governments, institutional investors, small and medium-sized businesses, and private individuals. Deutsche Bank is Germany’s leading bank, with a strong position in Europe and a significant presence in the Americas and Asia Pacific.
This release contains forward-looking statements. Forward-looking statements are statements that are not historical facts; they include statements about our beliefs and expectations and the assumptions underlying them. These statements are based on plans, estimates and projections as they are currently available to the management of Deutsche Bank. Forward-looking statements therefore speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events.
By their very nature, forward-looking statements involve risks and uncertainties. A number of important factors could therefore cause actual results to differ materially from those contained in any forward-looking statement. Such factors include the conditions in the financial markets in Germany, in Europe, in the United States and elsewhere from which we derive a substantial portion of our revenues and in which we hold a substantial portion of our assets, the development of asset prices and market volatility, potential defaults of borrowers or trading counterparties, the implementation of our strategic initiatives, the reliability of our risk management policies, procedures and methods, and other risks referenced in our filings with the U.S. Securities and Exchange Commission. Such factors are described in detail in our SEC Form 20-F of 20 March 2017 under the heading “Risk Factors”. Copies of this document are readily available upon request or can be downloaded from www.db.com/ir.
SOURCE: Deutsche Bank AG