Management Board members voluntarily waive 38.4 million Euro in outstanding bonus Payments

Deutsche Bank press release ------- 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. To get more in depth information click on the picture below to read the release.