Compensation policy

We take the criticism of compensation systems and practices triggered by the banking crisis very seriously. For this reason, we have introduced new compensation structures oriented toward the principles for risk-oriented compensation proposed by the Financial Stability Board (FSB) and recognized by the G20 countries as a guideline. We have already signed a voluntary agreement for 2009 committing ourselves to these FSB principles. In addition, we supplemented and improved the surveillance and monitoring structures that were already in place.

Furthermore, we re-aligned individual elements of the compensation system that cover the relationship of individual compensation elements to each other (fixed/variable; short-term/long-term), the performance indicator logic in terms of potential risk, and the possibility of requesting the return of some compensation components due to failure (“malus”).

New employee share program

Our “Global Share 2008” employee share program last distributed ten free bonus shares to our employees in Germany in November 2009. A new global share purchasing plan came into effect on April 1, 2010, and will do greater justice to the concept of employee participation.

Saving for retirement

We offer our employees in Germany a plan to supplement their retirement needs. The plan has three elements:

• direct benefits financed by the employer (“contribution plan”);
• insurance with the Insurance Association of the German Banking Industry (the BVV Versorgungskasse des Bankgewerbes e. V.) with a portion of the contributions paid by the employer; and
• the option of deferred compensation into a company pension, up to the amount allowed by law.

In 2009 we started to invest our Deutsche Bank pension fund exclusively in line with ecological, social and governance criteria and plan to pursue this investment style in the long run.

More information on our retirement plans is available in our Financial Report 2009