Investors support Deutsche’s pay plan as succession talks begin

DEUTSCHE Bank shareholders backed a new compensation model for bonus payments proposed by Germany’s flagship lender in a nonbinding vote at the company’s annual general meeting yesterday.

Shareholders representing about 35 per cent of Deutsche Bank’s capital attended the meeting at Frankfurt’s fair and exhibition centre. Some 58 per cent of these approved the new system, the bank said.

Deutsche Bank chief executive Josef Ackermann had appealed to shareholders to endorse the plan with a revamped performance-based compensation system that included a claw-back provision and a greater proportion of deferred payouts.

Ackermann also revealed to Deutsche Bank shareholders that he is in “intensive” succession planning talks, three years before the end of his contract as chief executive.