| |
| |
 |
| |
|
| |
|
| |
|
FRANKFURT : Germany's Deutsche Bank said Tuesday its boss's 2009 compensation package was nearly 10 million euros (14 million dollars), but 70 percent of this would depend on future performance.
Josef Ackermann took home a base payment of 1.3 million euros plus an immediate bonus of 1.6 million. Further bonuses totalling 6.8 million euros were deferred, said the annual report of the bank, Germany's top lender.
The report said the deferred bonuses "have a long-term incentive effect and are subject to forfeiture. Forfeiture will take place in defined cases, for example, in the event of non-achievement of defined parameters."
At the height of the financial crisis in 2008, Ackermann gave up his bonus.
The bank bounced back from a loss of 3.9 billion euros in 2008 to report a net profit last year of five billion euros.
The eight-man Deutsche Bank board was paid a total of 39 million euros in 2009, a sharp rise from the 4.5 million they received as a group last year.
In 2007, Ackermann was the best paid boss in Germany, Europe's largest economy, with a total pay package of 14 million euros.
In the wake of the financial crisis, which saw several banks bailed out by governments around the world, the G20 group of 20 leading economies issued recommendations on curbing bankers' bonuses.
Deutsche Bank said its remuneration policy was "fully taking into account" these G20 guidelines.
- AFP /ls
|
