Deutsche Bank shareholders approve pay rise for supervisory board amid protests and criticism

Investor Backlash Over Pay Structure

The bank argued that the pay levels for its controllers were "no longer competitive." Wynaendts, already Germany's highest-paid supervisory board chief, could earn up to €1.4 million when additional committee chairmanship fees are included, a prospect that triggered sharp criticism.

Alexandra Annecke, a fund manager at Union Investment, voiced strong objections to the removal of caps on committee pay. "What bothers us is that the limitation on committee compensation for the chairman is to be lifted," she told the meeting.

Annecke indicated that a rise in the base salary would have been acceptable after a long freeze. "The increase in the base salary would be acceptable for us, as it has not been increased for a very long time," she said. "But the complete removal of the cap on committee compensation is very generously measured and goes too far for us."

Andreas Thomae from Deka Investment also rejected the generous increase, stating that the raise for the supervisory board chairman was "definitely too high and is also out of line compared to other large DAX companies and major European banks." He added, "This sends the wrong signal to the bank and to the public."

Protests and Ambitious Goals

The meeting, held in person for the first time since before the coronavirus pandemic in 2019, was accompanied by scattered protests. Outside the exhibition halls, a coalition of environmental groups positioned a colorful, burning kangaroo and demanded "No money for coal, oil and gas," citing climate change concerns.

Inside the hall, Wynaendts struck an ambitious tone. "Figuratively speaking, we have reached base camp," he told shareholders. "From here, we can now tackle the ascent to the top of the European banking industry." He added, "This is precisely reflected in our aspiration to become the European Champion."

CEO Christian Sewing expressed confidence that artificial intelligence would drive future returns, stating that a return on equity of 13 percent is now the bank's floor. "We are confident we can achieve significantly more," Sewing said. In 2025, the bank achieved a return of just over 10 percent.

Record Profits and AI Optimism

The shareholder representatives did praise the bank's business performance. In the full year 2025, Deutsche Bank posted a pre-tax profit of around €9.7 billion, the highest in its history. Net profit stood at €6.1 billion, just shy of the record €6.5 billion attributable to shareholders in 2007.

The bank has announced it will hold an in-person annual general meeting "at least every four years."