Deutsche Bank Aktiengesellschaft (DBK) Earnings Call Transcript & Summary

Dear shareholders, ladies and gentlemen, a very warm welcome to our Annual General Meeting 2021, which I hereby declare formally open. This year, as the pandemic continues to govern our lives, we have once again had to choose a digital format for our most important event of the year. But maybe you and I see things in a similar way, whereas 12 months ago, following an event like this on a screen still seemed quite unusual, now we consider it nearly normal. We've all gained a lot of experience with virtual formats because we have no other choice, and we have come to know both their advantages and their disadvantages. Much of the feedback on the first virtual AGM held last year highlighted the contrasting sides of virtual meetings. There was universal approval for our decision to promote dialogue by making the speeches available in advance. Many people also found it practical and environmentally sound not to travel to Frankfurt, but they regretted being less involved than they would otherwise have been in person at the venue in Festhalle. We are convinced, however, that a digital Annual General Meeting provides many opportunities to enhance shareholder involvement and to intensify interaction instead of restricting it. We plan to continue working on making digital AGMs more interactive, so that they resemble in-person events as much as possible and that shareholders from around the globe can take part. This year, you will be able to participate live in the event by asking follow-up questions and making statements. So I hope that the hours we will spend together will prove to be informative and interesting. However, let me now, first of all, turn to a number of formalities I, unfortunately, cannot spare you even in a virtual AGM. The Annual General Meeting was convened in proper form and in due time with the publication of the agenda in the Federal Gazette of 8th of April 2021. Management Board members who are in person today are: Christian Sewing, James von Moltke, Karl von Rohr and Professor Stefan Simon. Apart from myself, another Supervisory Board member present here in Frankfurt today is Professor Norbert Winkeljohann. He has been elected by the shareholder representatives on the Supervisory Board to replace me in Chairman -- as Chairman of the AGM in case I'm unable to proceed. The other Management Board and Supervisory Board members cannot be here in person, unfortunately, due to the COVID-19-related physical distancing rules and travel restrictions. The notary, [ Bernard Kuhn ], is sitting on my right from my perspective. He will be taking notarized minutes of today's general meeting. Shareholders who have registered for our general meeting in time can change their instructions or final absentee votes until shortly before the voting rounds on the resolutions regarding the individual agenda items using the shareholder portal. The agenda with the wording of the proposed resolutions is on display here. The notary also has a copy available. This also applies to the counterproposals that have been submitted in time and that we have also made available on our website. Ladies and gentlemen, we have now concluded the formalities. Shareholders, today we are able to report to you that Deutsche Bank has made considerable progress. Our bank is in a stable position. Many, but not all, of the problems of recent years have been remedied, and since the strategy was announced nearly 2 years ago, Deutsche Bank has steered its way back on to a path to sustainable profitability. Even though the share price is not yet where we would like, it is heading in the right direction, both in absolute terms and compared with our peers. And I'm very confident that this revival of Deutsche Bank will pick up even more pace: first of all, because our bank is doing its homework; and secondly, because we have positioned ourselves to benefit from many of the megatrends in the global economy. In other words, Deutsche Bank is needed even more so in the coming years than it has been to date. Why am I so deeply convinced? Well, let's take a look at the environment to gauge what kind of world we'll be faced with when the pandemic is over. It will be a world full of challenges. Firstly, companies and governments will have to contend with the fallout from the most serious global recession of the post-war period. At the same time, the economy and society will face 2 disruptive factors that would have caused major upheavals even in the absence of a pandemic. And this is digitalization, which is gathering momentum. This is the first factor. Artificial intelligence, machine learning and Industry 4.0 all present huge opportunities, but they also bring enormous risks for those who fail to keep up with these developments or are unable to do so. The other factor is even more serious. Combating climate change is rightly regarded as the greatest task facing humankind in the 21st century. The goal of climate neutrality in 2050 is the right ambition, but achieving it will be anything but easy. And as always, we have to be aware that good intentions alone won't do. Combined, those factors pose huge challenges for companies. Some firms will have to reinvent their business models. Without new technologies, without a new way of doing business and without appropriate financing, we won't become more digital or more sustainable. And one thing is clear, huge sums will have to be invested. Where are these funds supposed to come from? From government spending alone? Taxpayers can't afford it, and nor should they, especially as governments have already just set aside hundreds of billions of euros to mitigate and overcome the impact of the coronavirus pandemic. The debt ratio of OECD states rose by over 15 percentage points in 2020 as a result, and it is forecast to climb by at least 4 more percentage points this year. Obtaining these funds from the banks alone is not feasible either, especially as regulation since the financial crisis has been focused on reducing risks in the banking sector and shrinking balance sheets. Let me remind you that Deutsche Bank alone has trimmed its balance sheet by nearly 40% over the last 9 years. This constitutes the huge sum of more than EUR 800 billion. The only remotely inexhaustible source is private investors, especially as the loose monetary policy worldwide over the last 15 years has sent investment assets to record highs. According to a report by PricewaterhouseCoopers, institutionally managed assets increased by over 40% between 2015 and 2020 and could grow by a further 30% by 2025 to nearly $150 trillion. For these assets, searching for investment opportunities, Europe has to be an attractive location, if we want to successfully transform our economies. And because that is the case, I would like to express, not for the first time, but with greater conviction than ever, an ardent appeal for a strong European capital market. And I must also reiterate the need for the corresponding capital market expertise in our financial industry. It is a topic that has been on the agenda since 1990s and should still be. Nevertheless, astonishingly, little has changed during the past 25 years. In Europe, not even 20% of corporate funding is raised in the capital market. In the U.S., by contrast, this proportion is more than 60%. And each time we use products that conquered global markets with the support of venture capital, we are reminded that the equity capital market is much larger in the U.S. than here in the Eurozone, too. So ultimately, it's about the capital markets in Europe finally growing up. Those who have advocated for the cause over the years have sometimes felt like their message fell on deaf ears. Believe me. Following the excesses that led to the financial crisis of 2008, investment banking was generally regarded as inherently evil. And those specific activities that were still accepted as permissible were seen as something better left to a few large U.S. banks. In the meantime, attitudes have changed. Firstly, there is a growing realization that without a stronger capital market, we will not be able to finance the fundamental transformation of our economy. Without stronger capital markets, digitization will not be implemented at the speed so urgently required for our export business. Without a stronger capital market, there won't be a climate-neutral economy either. Where are these investments meant to come from otherwise? The biggest social bond in history, the European Union's first SURE bond with a volume of EUR 17 billion, could not have been financed via bank balance sheets instead. Private investors were required, and banks were required to place this bond. Deutsche Bank was one of them. At the same time, some of the U-turns made by the White House over recent years proved a stark reminder even to friends of the U.S., of which I'm definitely one, of how dangerous it is to make ourselves completely reliant on a foreign financial system. This is a fundamental problem, and we should not gear our policies to whether the U.S. administration and other relevant governments are well disposed to us at any one point in time. But what do we need to achieve a stronger capital market in Europe? First, more integration. A patchwork of 27 separate markets cannot develop into a strong entity. The European Capital Markets Union may not be a project that yields a political dividend, but the economy needs it more urgently than ever. At the same time, however, we also need the requisite expertise that should not only come from outside Europe in such an unpredictable geopolitical environment. In Europe, we need banks with a capital market expertise. For us at Deutsche Bank, this means that the need for services and products will grow, not shrink. And we hope that society is increasingly accepting our business model, especially as we have made it very clear that Deutsche Bank has learned from past mistakes. It is now time for our bank to assume its role and to continue to fulfill this responsibility. And I believe Deutsche Bank is well positioned to do so. This is all the more true since the Management Board, with the support of the Supervisory Board, started successfully refocusing Deutsche Bank on its strengths. In this context, it's not about identifying what attractive revenue prospects the next few quarters hold. It's about identifying what sets Deutsche Bank apart from other banks. What it is that makes Deutsche Bank almost unique? We are one of the few European banks with a truly global network, and we are one of only a few with extensive capital markets expertise. Both belong together. Both these things make Deutsche Bank what it is. The combination of this network and this capital markets expertise is exactly what makes Deutsche Bank the global Hausbank, and that is what we have always wanted to be since our foundation 151 years ago. At the same time, the past few years have seen us withdraw from investment banking activities that were particularly volatile: proprietary trading, for instance; commodities trading; and also equity trading and sales. Instead, we decided to focus on -- to focus our capital markets business more heavily on what the economy, businesses and investors need from Deutsche Bank. And so your Deutsche Bank has laid the foundations to be able to benefit from the current environment, and it's already paying off. I'd like to take the opportunity at this point to congratulate the Management Board for all it has successfully accomplished together with more than 80,000 employees in roughly 60 countries. Christian Sewing will tell you more about the future plans shortly. It was the Supervisory Board's task to pave the way for this strategy, both in terms of our business structure and personnel appointments. This also includes the recent changes to the Management Board, which I would like to explain to you briefly. Early on, we discuss at length who we would like to have on board as we enter the next phase of our transformation. It was clear to us that we needed to strengthen the businesses without letting up on controls. At the same time, we wanted to move a substantial part of our business-related infrastructure functions closer to the relevant businesses, both at the Investment Bank and the Corporate Bank, in the same way that has proven to be successful at DWS and in our Private Bank. It has also been obvious for some time that Christian Sewing would relinquish his responsibility for the Investment Bank and the Corporate Bank, especially as it was expected that he would become the new President of the Association of German Banks this summer. Last but not least, after our dedicated efforts to promote talent, we knew that we had a number of excellent managers within our ranks, all of whom had the potential to become Management Board members. In contrast to the radical restructuring in 2015 when we basically replaced the entire Management Board with the exception of our Chief Risk Officer, Stuart Lewis, we knew that this time, evolution was called for, not a revolution. Let me outline the new appointments and their roles. Our choice for succeeding Christian Sewing in the critical role of Management Board member responsible for the Investment Bank and the Corporate Bank was Fabrizio Campelli. The deciding factor for his appointment was that he has everything needed to fulfill this role. Fabrizio spent many years working in investment banking and has extensive experience of corporate strategy and planning from his work in our former Group Strategy department. I must say that we considered appointing him to the Management Board as part of the 2015 restructuring. Back then, though, we believed that he was the right person to head our Wealth Management business under Christian Sewing. And he did so with aplomb. All of this made Fabrizio Campelli the perfect choice to join the Management Board in 2019 as Chief Transformation Officer. Now he has assumed Management Board responsibility for 2 complex businesses, the Investment Bank and the Corporate Bank, which he will run together with 3 excellent managers: Mark Fedorcik and Ram Nayak, who, in the past 2 years, have successfully focused our Investment Bank on its strengths; and Stefan Hoops, who equally successfully launched our dedicated Corporate Bank. Now we're going a step further. It will be Fabrizio's job to move our infrastructure functions closer to the relevant businesses, making them more innovative and agile and holistically managed while also cutting costs. He brings with him the right combination of experience in the client-facing business with strategic thinking and the ability to get things done. Fabrizio Campelli will work closely with Rebecca Short, his successor as Chief Transformation Officer. Just like Fabrizio, Rebecca has been with Deutsche Bank for many years. She started her career at Bankers Trust at the end of the '90s. After years of working in risk management, Rebecca started building our Planning & Performance Management team in 2015. Ladies and gentlemen, one really cannot emphasize enough just how much Rebecca has contributed to the transformation of our bank in this position. She oversaw the entire planning process for our transformation strategy. And in particular, under the leadership of our Chief Financial Officer, James von Moltke, she played a vital role in driving Deutsche Bank's rigorous cost-cutting program and in helping the bank to reliably deliver on its targets. Therefore, it was virtually a natural step for us to appoint her to the Management Board as Chief Transformation Officer, as we don't want to let up one bit in our discipline. Closely connected with this is our Capital Release Unit, for which she will also assume Management Board oversight. Our CRU is not just there to reduce risk-weighted assets but now focuses primarily on continuing to reduce the remaining costs associated with our withdrawal from equity trading and sales. By integrating IT and part of our central operations, under Bernd Leukert, we expect even greater efficiency. Last year, we saw him reach a significant milestone in our digitization strategy when he agreed the bank's strategic partnership with Google Cloud. These changes, however, meant that we had to say goodbye to someone we value very highly, Frank Kuhnke, formerly Chief Operating Officer for the group, left Deutsche Bank on 30th of April this year. We are extremely grateful to Frank Kuhnke for all he achieved for Deutsche Bank in his 35-year tenure. After Christian Sewing became CEO in April 2018, Frank played a vital role in stabilizing our bank and laying the groundwork for the new strategy. After we decided to reallocate the tasks of his area to other Management Board areas, Frank Kuhnke chose to leave the bank. It is especially important to us in his case to emphasize that he remains a loyal friend of our bank. We have also reallocated a number of other areas. As I already said, I believe that we are on the right track overall. However, I must also say that there still is work to be done. You will have heard recently that we have still work to do on our control systems, primarily regarding our anti-financial crime efforts. First and foremost, we must improve our transaction monitoring. During the past 2 years, Stuart Lewis has done a lot to implement a more holistic approach to managing all kinds of risks, including operational risks. We believe it now makes sense to place a new focus on this ongoing task. And we believe that our Management Board member responsible for Legal and Regulatory Affairs, Stefan Simon is the right person to do this. Our Legal and Regulatory Affairs functions are to be combined closely with Compliance and AFC under Stefan Simon. As Stuart had already told us of his plans to retire next year, we thought this was an ideal time to facilitate the orderly transition of these functions. So Stefan Simon assumed responsibility for Compliance and AFC on 1st of May. Last year, last summer, we appointed another individual from within our own ranks to the Management Board. Alexander von zur Mühlen was previously Head of Group Strategy after many years of managing Treasury and heading client coverage in the former Corporate & Investment Bank. Mr. von zur Mühlen will be able to build on our deep-rooted presence in Asia and succeeds individuals such as Ulrich Cartellieri, Jürgen Fitschen and, most recently, Werner Steinmüller. After almost 30 years at Deutsche Bank, Werner Steinmüller retired last August, although he may have a very personal interpretation of what retiring means. We would also like to thank Werner sincerely for his extensive service to our bank. If we were in Festhalle today, I'm sure both Frank Kuhnke and Werner Steinmüller would receive much applause from all those present. The many years invested in developing in-house personnel is bearing fruit. We now have senior leaders who know the bank inside out and can steadily steer our bank along its long-term path. And in a show of confidence, the Supervisory Board decided to offer Christian Sewing a new 5-year contract as CEO. Together with our Global Head of HR, Michael Ilgner, he will also drive forward a personnel strategy, for which Deutsche Bank was well known over many decades, to nurture and develop our most talented individuals, with a view to them moving into some of the most senior roles at the bank. That is the kind of continuity we had to create once again. Of course, ladies and gentlemen, that doesn't mean we won't look outside the bank for reinforcements. I can assure you that we will take great care to choose the right person to succeed Stuart Lewis, and we are extremely grateful to him for giving us this time. We will be looking not only at potential candidates from within our own ranks but also from outside our bank, and we will give the appointment very careful consideration. Deutsche Bank's risk management business is first rate. Whoever follows in Stuart's footsteps has a lot to live up to. After all, it is to his credit that Deutsche Bank was able to record considerably lower credit loss provisions than many peers during the COVID crisis. Ladies and gentlemen, all of us on the Supervisory Board are pleased that the course has been set for the next phase of our transformation. Deutsche Bank is strategically well positioned. Key macroeconomic trends are playing to our strengths, and we believe the bank has more of the most -- has some of the most gifted leaders we've had in many years. But we will continue to be vigilant. We know that we still have weaknesses and that things move extremely quickly in our industry. At this point, I'd like to express my special thanks to someone who has played a key part in enabling us to reorganize ourselves in this way, Mayree Clark. She has been on our Supervisory Board since 2018 and has chaired the Nomination Committee since July 2020, and she's also chaired our Risk Committee. As such, she bears an important responsibility when it comes to appointing people to the Management Board and the Supervisory Board. There is also a change today that affects our Supervisory Board. Back in March, Gerd Alexander Schütz informed us of his intention to step down from his duties at today's AGM. We would like to thank him at this point for his 4 years carrying out the role, which he did very professionally. We would like to propose Frank Witter today to replace him on the Supervisory Board. Frank Witter has spent most of his career at Volkswagen, where he gained extensive knowledge and expertise of finance and banking as the long-standing CEO of Volkswagen Financial Services and, during the past 6 years, as Chief Financial Officer of Volkswagen Group. We are delighted to be able to nominate Frank Witter, a proven financial expert and a representative of a leading German manufacturer, for election. We have thereby attracted a candidate to our ranks who would further enhance the Supervisory Board with his knowledge in banking. Mr. Witter will introduce himself separately in a short video in a moment. Ladies and gentlemen, as you already know, when my term in office comes to an end next year, I don't intend to stand for reelection. That is why it is all the more important that we, the Supervisory Board and the Management Board, work together now to set the course for the coming years and prepare an orderly transition. Deutsche Bank has a clear strategy, one that has proven its merit during the challenging pandemic environment. The Management Board has successfully completed the most intensive phase of the transformation of our bank, of your bank. The next phase will focus on steering Deutsche Bank towards sustainable growth and profitability. The bank is well positioned for this third phase as a global Hausbank and one of Europe's few banks with the capital markets expertise; as a bank that will benefit from global trends in the long term; as a bank that has done its homework and is now more stable and much stronger; and as a bank that stands shoulder to shoulder with its clients, at the center of society and is mindful of its responsibility to both. Dear shareholders, our aim is for you to be able to count on sustainable profits and, as a result, to finally be able to expect dividend payouts again. We will forge ahead with this next phase with the same unrelenting energy and discipline as before. And as we do, the Management Board can rely on the full support of the Supervisory Board and, I hope, yours, too. Thank you very much. At this point, I'd like to pass the floor to our CEO, Christian Sewing.

Dear shareholders, ladies and gentlemen, I, too, have the pleasure of welcoming you most cordially to our virtual Annual General Meeting. This is the fourth time that I'll be reporting to you on the previous financial year, and every time, it's a special day for me. As the financial year progresses, I often reflect on what I will say to you at the next AGM. Now working towards this day motivates and disciplines us. Because one thing is very clear, whatever I will talk about here today on behalf of the entire Management Board has to be the result of long-term planning and hard work because these are the preconditions for being credible. This is why I am especially delighted, ladies and gentlemen, to be able to stand here today and report to you that our results have improved and we are even more optimistic than in recent years, because we kept our promises to you. Not just because our bank's proven to be even more resilient than many would have thought during the biggest economic slump since the Second World War. Because we reported a pre-tax profit of more than EUR 1 billion in 2020 and started 2021 with the best quarter in the last 7 years, and because it is realistic that we might be paying a dividend for our shareholders again next year. However, it is just as important that we gain considerable support for the path that we set out on. Ladies and gentlemen, concerns about our liquidity levels, our capital base or our strategy are all now no longer an issue. There has been a fundamental change in the way people see our bank, and it is our responsibility to use this trust to achieve sustainable profitability while avoiding setbacks. When I took on the position of CEO of Deutsche Bank a little more than 3 years ago, I set out to ensure that our bank refocuses on its strengths and to guide it back to the center of society. At our AGM in 2018, we set ourselves the ambitious goal of creating a Deutsche Bank that is relevant again, relevant for our clients, relevant for our investors and relevant for society. And one thing has always clear. To be relevant, we need to be sustainably profitable and convince people that our bank is needed. A bank whose employees are once again proud of the organization they work for. Now all of this seemed hugely challenging and nearly impossible to achieve when I talked to you in May 2018. Now 3 years down the road, we can say that, when asked about our bank, our employees feel much more proud now than then. There are many reasons for this, but our ongoing business improvement and our growing relevance to our clients is a big factor in this shift in morale. Now let me give you some day-to-day examples of this shift. We keep the economy running, processing average daily payment of more than EUR 800 billion across 125 currencies. In Germany alone, we grant retail mortgages to finance more than 150,000 homes per year. We finance investments in economic progress. So last year, we granted about EUR 40 billion in business loans. We connect companies around the world and process more than 400,000 trade finance transactions every year. Yes, we've been doing all of this for decades. But we've been noticing something of late. There is an increasing awareness of what banks are here for and what Deutsche Bank is here for. And day-to-day, during the pandemic, we've dedicated -- have been dedicated to showing what we are capable of. At the worst point of the pandemic, we kept more of our branches open for business than any other bank in Germany, while, of course, making sure that we had appropriate safety and hygiene measures in place. We helped companies navigate the crisis by setting up a coronavirus help desk that answered more than 250,000 queries. We helped our clients raise EUR 1.7 trillion of debt on the capital markets last year. Ladies and gentlemen, that's a record for our bank. We were the most active bank in the KfW loan program, helping our clients gain access to more than EUR 12 billion. In the 15 months to the end of March this year, we facilitated more than EUR 70 billion in sustainable finance and investment. And despite the substantial professional and personal challenges that everyone working at our bank faced, we continued to engage in social initiatives last year, investing almost EUR 52 million. And by doing so, we supported an almost 13,000 members of our staff volunteered for social projects on about 20,000 days. In a show of solidarity with our company, numerous senior managers in our bank opted to waive for 1 month's salary. This included, of course, all our Management Board members who, in addition, waived 1/12 of their variable compensation. And I would also like to mention that our Supervisory Board Chairman, Paul Achleitner, did exactly the same, joining us in solidarity. During the same period, we have proven how stable and resilient we are, with comparatively low credit risks and stable capital ratios and with a return on equity in the most recent quarter that comes very close to what we've planned for the coming year. The fact that we managed to achieve this is the result of a rigorous transformation that we started at our AGM in 2018, 3 years ago. And yes, it is the result of hard work, hard work for which I'd like to thank our colleagues around the world most warmly on behalf of the entire Management Board. What you achieved deserves our utmost respect. And this is all the more true because work during the pandemic demanded a great deal of flexibility and effort from everyone. Now still a large portion of our employees work from home and often looking after their children in parallel. We look very much forward to their return to the office, but of course, at the same time, we will learn from the coronavirus period and combine time in the office and mobile working more flexibly in the future. And this is very much in line with the wishes of our employees, and it will save costs in the long run. Ladies and gentlemen, looking at Deutsche Bank's transformation, there are 3 phases. The first phase began in 2018 when we laid the foundation for the transformation. It was a phase of stabilization, equipping our bank with a strong capital base, less risks on the balance sheet and improved controls. Now this foundation was the prerequisite for us to be able to announce a new strategy at all, one that we are financing then under our own steam. And it's exactly this new strategy we then announced in July 2019, which marked the second start, the start of the second phase of our transformation, with the goal of making our bank more profitable, leaner, more innovative and even more resilient, a goal of creating a bank that strengthens its focus on the needs of our clients and on finally making the bank sustainably profitable for our shareholders. Our promise was simple but not trivial. We said we will concentrate on our strengths, cut our costs and reduce our risks and thus, paving the way towards sustainable profitability. It was very clear from the beginning that we would have to execute the lion's share of this transformation during the course of the first 6 quarters from mid-2019, that is, to the end of 2020. And that's exactly what we did. At the end of these 6 quarters, we had already recognized 85% of the transformation-related burden, financial burden that we expected for the period of up to 2022, ladies and gentlemen, 85% of the Board burden that we had expected until the end of 2022. And so at our Investors Deep Dive last December, we were able to ring in our third phase, the phase of sustainable profitability. Our goal is now to grow while at the same time, maintaining our rigorous discipline with regard to costs and capital. Now before I go into more detail, let me please sum up what we have achieved after 2 phases of our transformation. We believe that 8 factors played a crucial part in our success. First, it pays off that we concentrated on our strengths. Now what are we especially good at? Where do our clients need us the most? Where are we creating the most value also for you, our shareholders? These questions were key for our transformation. And yes, this mainly concerned our Investment Bank. Consequently, we decided to withdraw and to exit equities trading. Now this business has recently performed well across our industry, and this is why I'm often asked if we shouldn't have held on to it. There's a simple and clear answer to that, no. During an economic boom phase, all market participants tend to benefit. But the gap between the best and the rest still continues to grow. And that, ladies and gentlemen, is exactly what we are experiencing, in particular, in areas we are strong ourselves. This is in the Fixed Income & Currencies, FIC, business as well as Financing. Many clients are working even more closely with us today. For 6 consecutive quarters, our Investment Bank has achieved double-digit revenue growth year-on-year. And almost as importantly, in most cases, we grew quicker than our peers. In a nutshell, in important businesses, we gained market share, and we did so without deploying any additional capital or staff. Now while the Investment Bank has recently been in the spotlight, we are also making good progress in our other businesses, and that brings me to the second factor for success. We have successfully defied the low interest rate headwinds. Both in the Corporate Bank and the Private Bank, we maintained stable revenues adjusted for exceptional items and exchange rate effects in the year. Now this might not sound spectacular, mind you, but it's an outstanding achievement in an interest rate environment that caused many of our competitors to shrink, and some sustainably massively so. Of course, the many years of low interest rates have led to margins continually narrowing. But instead of complaining, we reacted. We reacted, for example, by coming to individual charging agreements with our clients, predominantly in our Corporate Bank, where such agreements cover a total of EUR 83 billion in deposits. And we also did so by giving our clients sound financial advice. Now in all 4 quarters last year, we saw net inflows into investment products in our Private Bank, totaling EUR 16 billion. It also achieved net new client loans of EUR 13 billion. Now DWS also had a successful year. Assets under management in our Asset Management division rose to EUR 793 billion at the end of 2020, and at the beginning of 2021 saw us exceed the milestone of EUR 800 billion for the first time. Now ladies and gentlemen, together with the Private Bank -- and this also shows the strength of our bank, together with the Private Bank, we now have about EUR 1.0 trillion (sic) [ EUR 1.3 trillion ] in terms of assets under management. Third, we are exercising cost discipline. One nonnegotiable element of our transformation were clear cost targets that we set ourselves. These were targets, as I said, that were nonnegotiable. These were targets that had to be reached. Because only those who control what they can control can successfully manage a transformation of that type, been aware of this right from the start. Now although, of course, this included tough decisions to reduce jobs. As a consequence, ladies and gentlemen, compared to the same quarter the previous year, we've reduced costs every quarter for more than 3 years now. And for 2020, the -- and we achieved our target of reducing adjusted costs to EUR 19.5 billion last year. Now this means, on this basis, annual costs were nearly EUR 4.5 billion lower than in 2017. Ladies and gentlemen, we are controlling our risks with the same discipline, and that is my fourth point. Naturally, we had to expect additional credit losses during a pandemic and a recession. This is why our loan loss provision for 2020 increased to EUR 1.8 billion. Now, however, that was in a range that we had forecast as early as in April 2020. Due to the high quality of our loan book, we are very stable compared to the industry. Now on the one hand, this demonstrates how successful governments were in stabilizing the economy during the pandemic. On the other hand, it was the result of our business structure and our excellent risk management capabilities. We are now benefiting from the fact that we did not relax our underwriting standards in the years of strong economic growth. Now the positive trend continued in the first quarter of 2021. And in the face of single, high-impact events, we also proved that we managed our risks well. We, therefore, expect our loan loss provisions to be significantly lower than in 2020. Ladies and gentlemen, built up over decades, this expertise in risk management is something we want to use even more in our business in future, for example, by providing holistic solutions that allow our clients to better control their own risks. Successful risk management was also the basis for the fifth factor of success in our transformation. We have maintained our balance sheet strength. When we announced our transformation back in 2019, there was considerable doubt in the capital market as to whether we would be able to finance it under our own steam. In fact, despite one-off transformation-related charges in the billions, our CET1 ratio today is even slightly higher than back then. One reason for this is because our Capital Release Unit has continued to shrink the balance sheet, more than halving the so-called risk-weighted assets compared with the year-end 2018 and reducing leverage exposure by approximately 75%. This stability, ladies and gentlemen, and the success of our strategy has enabled us to regain trust, our sixth factor. Now this is giving us a boost. Since the beginning of this year, the 3 major rating agencies have upgraded their outlook for our bank. Only a few days ago, last week actually, Moody's even placed Deutsche Bank's rating on review for upgrade. All 3 rating agency made express mention of the progress we have made with our strategy. Furthermore, our refinancing costs, which are also reflected in the price of our credit default swaps, have decreased significantly. In this context, we are now back on an equal footing with our main competitors in the world, and that, of course, is impacting our business positively. Only very recently at the beginning of this month, our investors gave us more proof of their confidence. Our additional Tier 1 capital instruments issue was more than 4x oversubscribed, while pricing was favorable for us. Our employees, of course, are also feeling this boost. Their motivation is the seventh, albeit frequently underestimated, factor for success. In our most recent People Survey, 76% of our employees said they support our strategy. In fact, staff loyalty is at the highest it has been since 2012. And they have shown how determined they are to give their best for our clients every single day. The eighth and last factor for success, finally, has to do with our mindset, our attitude. We are self-critical and honest with ourselves. This means that we are also aware of the areas in which we need to improve. Now one of these areas is our anti-financial crime efforts. We have significantly strengthened our control systems. In the past 2 years, we spent EUR 2 billion on our control functions. We invested in technology and hired more people to fight financial crime, taking our team up to more than 1,600 employees. But there's still work to do. Regarding our know-your-client processes and, in particular, in transaction monitoring, however, we are still not fully meeting our regulators' expectations, well, nor our own. And this is why our German regulator, BaFin, announced at the end of April, it is adding transaction monitoring to the mandate of its special monitor. We know where we will -- where we still have work to do and are more diligently on it, strengthening our risk analysis and modeling of scenarios, for example. Our Management Board member, Stefan Simon, together with Joe Salama, our new Head of Anti-Financial Crime, will now work on the details of our strategy in this area. Please rest assured that we are keeping a very close eye on these matters. Ladies and gentlemen, while there are certainly still work to do, we can already say today that we have made more progress in this phase than we expected back in the summer of 2019. Despite a pandemic, which obviously came upon us all unexpectedly, we have achieved every single one of our strategic objectives. Granted the conditions in the capital markets were excellent and had certainly worked in our favor, but we also encountered some strong headwinds on the risk and interest rate side. So we are proud of our results. We were -- in the year of recession 2020, we were profitable with a pretax profit of more than EUR 1 billion and net profit of EUR 624 million. Now one especially important element here is that those businesses that we want to continue, that is our Core Bank, generated adjusted profit before tax of EUR 4.2 billion, which is 52% more than in the previous year. And ladies and gentlemen, we did so despite higher loan provisions in light of the pandemic. Now this clearly shows our bank's operational resilience. This trend continued in the first quarter of 2021. We reported a quarterly profit for the group of EUR 1.6 billion before tax and EUR 1 billion after tax. These were the best results in 7 years, despite booking almost EUR 600 million in bank levies. Now this translates into an annualized post-tax return on tangible equity of 7.4% in the first quarter. And in the Core Bank, with pretax profit at EUR 2.2 billion, our first quarter return on tangible equity is almost 11%, which takes us above our goal for 2022. At the same time, we managed to grow our revenues by 14% to EUR 7.2 billion in the first quarter of 2021, an increase that was already very strong. And this is the highest level for 4 years, despite the fact that we have exited a number of business areas since then. Now given the successful start to the year, we have raised our forecast and now expect revenues for 2021 to be in line with last year, the high level we achieved last year. And as business continues to progress well in the second quarter, we are encouraged that this outlook remains appropriate, especially as we anticipate a strong economic upswing in the second half of the year, as soon as our lives begin to return to normal as more and more people are vaccinated. All these results document tremendous work of our staff across the world. During the pandemic especially, they supported our bank and our clients with enormous dedication and commitment. I would, therefore, like, once again, to sincerely thank all our staff on behalf of the Management Board and the Group Management Committee. I'd also like to thank my colleagues on the Management Board and the Group Management Committee for what has been an excellent cooperation. And my thanks also go to the Supervisory Board and its Chairman, Paul Achleitner. Embarking on the transformation of this kind would not have been possible without their great support and sound advice. However, our good results did not always receive public acclaim. There were comments that our profit was only down to the Investment Bank and that we were making a return to the old Deutsche Bank. Ladies and gentlemen, I don't agree at all with these statements. To start with, all our businesses grew their profits significantly, making their own contribution to our group's success. In doing so, they either achieved or even exceeded the plans we presented at the Investor Deep Dive in 2019. Secondly, we never said that we would withdraw from investment banking totally. We simply focused on our strength. Furthermore, our investment banking business is driven by the demands of our clients. We were successful last year because our products and services were in high demand and because we were able to offer our clients the right solutions for their needs. So the truth is that we believe a large part of our revenues in this business to be stable and sustainable. We have focused Investment Bank over recent years on offering the kinds of services that companies in our home market so urgently need, especially today, be it bond issues, IPOs, complex loans or M&A advisory. Dr. Achleitner already explained where we need more of this in Europe rather than less, and why we should not just be importing this kind of expertise. It is we, banks, who are called upon to play a special role here. However, for our industry, there are also several important regulatory topics ranging from Basel IV to the European Single Resolution Fund, where adjustments are needed urgently to ensure that Europe's banks do not fall further behind in international competition. I will continue to advocate for these topics, including in my new role as President of the Association of German Banks. Ladies and gentlemen, we are more convinced than ever before that we are on the right track. We are a global universal bank, deeply rooted in Germany and Europe. Now having implemented our plans in a disciplined manner, up to this point, we are now very optimistic as we start the third phase of our transformation. It is a phase in which we aim to achieve 2 main goals. We strive to achieve a post-tax return on tangible equity of 8%. And over time, we want to pay out EUR 5 billion to you, dear shareholders, starting from next year. We are convinced we can guide your Deutsche Bank towards sustainable profitability, largely because we are very well positioned across all our businesses. Over the recent -- and most recent 4 quarters, our Core Bank already booked revenues of EUR 25 billion before adjustment for specific items, more than the amount we had planned for the coming year. This figure alone shows the kind of potential our bank already has today. We already mentioned that we expect the recent unusually positive environment for our Investment Bank to normalize again somewhat. However, after a head start into the year, we expect revenues for 2021 to be in line with the prior-year level. And other factors should develop in our favor as well, principally in the Private Bank and in the Corporate Bank. Both these areas have been battling with the impact of low interest rates for years now. Our aforementioned introduction of charging agreements has been a successful countermeasure, and yet the impact of replacing old, high-yield assets with new, low-yield assets is a burden, no doubt about this. Now this year, ladies and gentlemen, this is expected to cost us more than EUR 600 million in revenues year-on-year in these 2 divisions. Now this means every year, in the race for an adequate return on equity, we have to start a few meters back from the starting line. Now this impact, however, will diminish. In the Private Bank, it will roughly half the current figure in 2022. And in the Corporate Bank, it will have almost entirely disappeared. But that means, of course, that growth initiatives will become more visible in the form of increasing revenues. We are continually growing our business volume in the Private Bank, growing our loans business as well as attracting continuous net new inflows, increasingly so also into investment products that invest according to strict environmental and social criteria. In the first quarter, net new business ran to EUR 15 billion, which is a record number. And that gets us already halfway towards our ambition for 2021. One of the areas we intend to expand further is our retail mortgage business. At the same time, we are responding to the fact that more and more customers ask for advice via video or phone and want to access their bank primarily via digital channels. We will enable more and more contracts to be signed directly online, and in return, we are adapting our branch network to these changed preferences. We also defined a number of growth area in our Corporate Bank. This includes payments, a business that is expected to grow by 6% a year worldwide. As one of the world's leading banks for euro payments and one of the largest dollar clearers outside of the United States, Deutsche Bank is already one of the world's largest payment processors. And now we are systematically expanding payments for corporate clients to cover the entire value chain. We see growth opportunities, for example, in payments via online marketplaces. Triggered not least by the coronavirus pandemic, more and more companies of all sizes are setting up their own digital sales channels. They no longer need intermediaries, but what they do need is a reliable and efficient payment system, and they need a partner with whom they can set this up. Now our Corporate Bank is also an excellent example of how technology will help develop our business, for example, through our partnership with Google Cloud. This starts with entirely reliable systems and minor innovations that will, for example, make company treasurers' work easier, for example, by us providing a precise cash flow forecast. And it ranges to entirely new products and services that will be completely inconceivable without innovative technology. This could include new forms of use-based financing. For instance, a company does no longer need to buy a machine but just pays for what it actually uses and consumes in production. The Internet of Things and modern data analysis make this possible. In our Investment Bank, we have already grown our revenue significantly compared with 2019. And we are convinced, we are convinced that a large share of this growth will prove to be sustainable, will be here to stay. For instance, in our Fixed Income & Currencies business, FIC, less than half of the revenue growth we saw in 2020 was attributable to cyclical factors. Now this is because we are focusing much more intensively in those business areas where we are among the leaders. We now successfully extended our FIC business with those clients we work most closely with. Revenues generated with our 100 largest institutional clients were up 30% on the previous year, while revenues with our key corporate clients rose 20%. At the same time, regained market trust once again makes us attractive for clients who, until only recently, would barely have considered Deutsche Bank as their financial partner. Now if we continue to improve the technology and processes in our FIC business as planned, we stand a really good chance of gaining further market share. In our Origination & Advisory business as well, we also have outperformed many of our peers. In the first quarter, we grew our market share by 30 basis points year-on-year. We even expect that the demand for capital market solutions will increase structurally across the economic cycle faster and stronger, faster and stronger than we expected back in summer 2019. This is before the pandemic struck. Our asset manager, DWS, has not only proven its resilience during this crisis. It has also played on its strengths. With record inflows in 2020 and a strong position in the ESG market, we are excellently placed to meet the rising demand for sustainable investments, and primarily, but not only, but primarily in our strong European home market. Despite the pressure of margins in the industry, we expect to be able to increase our revenues slightly by 2022. We therefore see scope to further expand margins and profits, especially in the medium term. Efficiency, again, should also see another increase. In 2020, already, DWS adjusted cost-income ratio was 64%. Now one thing can be said for all businesses. The central objective of our strategy has to be to work even harder at putting our clients at the center of what we do. We have made good progress here, for example, in terms of serving our clients holistically across our entire range of businesses. Now if we take a long, hard look at ourselves, we must admit that for far too long, each of our product areas only had a very narrow view of what it could itself offer to clients. But now we have a holistic method of viewing our clients, which is also reflected in our systems. We see great potential here, which we intend to exploit to a greater extent over time. For example, we expect EUR 500 million in additional revenues in 2022 compared to 2020, purely as a result of a more intensive cross-divisional collaboration. Our clients tell us that they welcome this more holistic approach. In 2020, our German corporate clients' confidence in us rose to the highest level we have seen for years. And in the first quarter of this year, it rose even higher than this annual average. Ladies and gentlemen, now optimism is not just down to being better positioned. We also believe that our business structure is particularly well suited in the environment in which we are currently operating. Digitalization, the fight against climate change, an aging society and the increasing fragmentation of global trade necessitate a fundamental transformation of the economy. As a universal bank with a focused business portfolio and a global network, we consider ourselves particularly well placed. Consequently, we see 4 areas of growth. This starts with the fact that the financing needs of companies and governments continue to rise around the globe. In fact, they're rising far higher than those acute pandemic-induced needs. Because after all, it's about financing the transformation of the economy. Dr. Achleitner already touched on this point. Now this is where particularly our Corporate Bank and Investment Bank come in. Whether it's our credit expertise, our bond issuing business or fixed income trading, they will all be in high demand in this environment. Well, ladies and gentlemen, there's never been a better time to exploit our strength as one of the leading global financing houses. Now our global network is also of great importance. We have Deutsche Bank operations in some 60 countries, and we do business in 150 countries. Hardly any other bank can offer this. We know the local markets. We are familiar with the regional customs and practices, and this is invaluable as global trade becomes more complex, at least in parts. Here, our clients can rely on our strong position in the U.S. market. At the same time, the Asia-European connection is getting more important than ever. Now with our presence in 14 countries in the Asia Pacific region, we have one of the most powerful and competitive networks. Let me continue with the third trend. In times of negative interest rates and aging societies in many regions across the world, retirement provision and wealth preservation are becoming even greater challenges. With hardly any risk-free, positive-yielding investments still available, savers have to become investors. This is why banks will be in high demand as advisers and risk managers to their clients. This applies both to our Private Bank and to our asset manager, DWS. This advisory expertise is also particularly beneficial to us in a different field, it's -- when it's about aligning our business to environmental, social and governance criteria, or ESG in short. We accompany our clients providing advice and services and thus, helping them to accelerate their own transformation because we are convinced that this is the quickest path towards a sustainable economy. And that's why sustainability has become a fundamental part of our bank strategy. And again, we have made much faster progress than we had thought possible ourselves. EUR 200 billion in sustainable finance and investments by 2025 is what we promised just before last year's AGM. Now in the meantime, we have already achieved EUR 46 billion by the end of 2020, EUR 71 billion after the first quarter of this year. Ladies and gentlemen, well, we think we can become even more ambitious. We're convinced of that. However, we do not want to enter the race of ever-increasing inflationary aims set for the far future. Quite to the contrary. It is important to get from ambition to impact as fast as possible. This is also a societal responsibility. And this is why we have not increased our target of EUR 200 billion but advanced the deadline to 2023. And we're reporting on this in a very detailed and transparent fashion. In the last analysis, ladies and gentlemen, it's about much more. It's about making sustainability the new normal at Deutsche Bank in the way we deal with our clients, in the way we manage our own operations and in our processes. During the sustainability deep dive last week, we reported on detailed targets and measures for getting more sustainable for the benefit of our clients. At the same time, we are convinced that this transformation is of essential importance for us as well. Banks that do not change will lose clients, revenues and societal acceptance sooner or later. We are, thus, all the more happy that we feel a lot of support for our strategy here as well. Moody's, for example, approved our progress after the sustainability deep dive because it puts us in a better position, they said, to manage risk, such as climate change. So ladies and gentlemen, we are thus fairly optimistic looking at the trends that will shape economy in future years. We, at Deutsche Bank and in the financial sector, are aware of our responsibility in this respect. German Federal President, Frank-Walter Steinmeier, said at the German banking conference in April, and I quote, "Banks are neither the cause of this crisis nor the problem. They can and should be the part of the solution." Banks now had a key role to play in the ecological and digital transformation of the economy. Now at the same event, European Commission President, Ursula von der Leyen, stressed that policymakers, businesses, and the financial industry all need to act as partners to handle the tasks that lie ahead. If we want to perform these tasks and shoulder this responsibility properly, one trend that I already commented on last year is getting even clearer. Size is becoming even more important in the financial sector, and there are many reasons for this. As I already mentioned, we do not expect globalization to end, but it will become more complex. In the financial industry, having a global network will, therefore, become an even more important competitive factor. At the same time, it will be much harder to maintain this network if international economic and trade policies have less in common and provoke more conflicts. As of today, there are only very few banks with a genuinely global network, and their number is dwindling. We are one of them, and we now also have the necessary stability. More specifically, and that's the next important factor, all of this will require enormous investments in technology. These investments are aimed at applying the capabilities of modern data analysis and artificial intelligence to financial measures. Economies of scale are gaining significance when it comes to controlling costs. At the same time, modern technologies open up potential to generate revenues in areas that others do not have access to. That is exactly why one of our priorities is to continue bolstering our technology via partnership with Google Cloud but certainly via other means as well. At the same time, our solutions must fulfill numerous different legal and regulatory requirements. Medium-sized banks will struggle to keep up and will increasingly have to withdraw from key cross-border services. Now this insight or understanding is somewhat -- something that we already took into account when defining our new compete to win strategy almost 2 years ago. It was very clear that we have to focus on business areas where, in the long term, we would not only be able to keep up but also be one of the leading players, thus, be able to exploit the advantages of economies of scale. Actively managing our portfolios in this way is a continual process, by the way. For us banks, it will mean adjusting our strategic priorities regularly, not just setting them once. And this will allow us to make dedicated investments in growth and market leadership in those areas where we compete. Now what does this general environment now mean for Deutsche Bank? Ladies and gentlemen, it means that we want to and must create the conditions to be able to play an active part in any cross-border European consolidation, if and when it happens. And it will happen sooner or later. Our claim is very clear. Germany remains the world's fourth largest economy and one of its most stable countries. Germany needs a global bank, and we are that bank, ladies and gentlemen. Now I have outlined the 3 phases of our transformation, explained where we are and how global trends are confirming our strategic approach. So how can we make sure now that our bank can make best possible use of these tailwinds? We see 5 management priorities for banks such as ours. I already said that our new business organization has allowed us to focus more on our clients. I explained our plans to put our technology and risk management expertise to good use for our clients. I also told you how we are pushing forward with our sustainability strategy at the same time. However, there is another fifth priority, having a strong, modern leadership culture. After all, ladies and gentlemen, even the best strategy needs people to drive it forward, to breathe life into it and to think and act in agile ways and in agile fashion. Now this is exactly what we are working to achieve now. Three aspects are crucial in this context. First, it's about a new kind of performance culture. Our people have always been very good at rising to the occasion, giving a specific target to achieve or when things became especially challenging. They impressively demonstrated this once more during the pandemic. Now we have to be just as good at the long-term development -- further development of our bank. Above all, this means that we must embrace change and be proactive. Second, we want to encourage and develop our employees even more. Now lifelong learning is one part of it, of course. In the past, silo thinking was too prevalent when it came to career development, too. We had talented individuals and specific business areas whose profile did not fit a managerial position there, so they often were not given sufficient support, although they could have had an excellent career in other areas of the bank. Our approach is now more holistic and takes all of our businesses and infrastructure positions into account. And in each and every Management Board meeting, we discuss at least 2 of our top people and how we can best promote them. And ladies and gentlemen, I can tell you that every time, these are very valuable discussions. Third, we want to continue to evolve our leadership culture. We strongly believe that a modern manager is less of a coach who shouts instructions from the sidelines and more a team captain on the pitch. The leader is, therefore, part of the team and fully responsible for the result. We are convinced that this is the only way to realize our full potential. Ladies and gentlemen, it's a truism that bank's employees are crucial to access -- to its success. That is why this must be reflected in our management agenda. Good leadership is not just one of our tasks. It is at the core of our mission. We, as senior managers, want to motivate and develop our staff every day. Because only then can we give our best as a bank for our clients, for the economy and for you, our shareholders. Ladies and gentlemen, this concludes our report for the financial year 2020. As you can see, we've worked hard to be able to stand here before you today with a certain amount of pride. However, we also know that there is still work to be done. Beginning today, we will be working towards achieving things that you will hear on the AGM speech next year, delivering our promises. We remain firmly committed to our goal of an 8% post-tax return on tangible equity. We are firmly committed to finally being in a position next year to propose a dividend payment as a first step to our target of returning EUR 5 billion to you, our shareholders. Ladies and gentlemen, as I stand here today, we can rightfully say Deutsche Bank is back. We are back on track. But this is just a start. We can achieve much more. Our potential is huge, bigger than some might give us credit for, and even bigger than we ourselves had dare to think 3 years ago. We are ideally positioned as a universal bank with a deep capital market expertise and the global network and a strong basis in the midst of the biggest economy in Europe. This gives us a lot of strength and a framework that hardly any other European bank enjoys. Now at the same time, ladies and gentlemen, we remain humble and fully aware of our roots and the history and everything we have learned from it. We derive strength and resilience from this, and it makes us reliable, a reliable and trustworthy partner for our clients. This is what we want to be, with passion, innovative power and commitment. This is your, this is our Deutsche Bank. Thank you very much.

Thank you very much, Mr. Sewing. I'm sure if we were now at the Festhalle, there would be a thunderous applause you would be hearing, but rest assured that we, the Supervisory Board, will continue to support the path that the management Board has embarked upon, and we will support you in a constructive but also always in a critical manner. Ladies and gentlemen, I already briefly touched upon the work of the Supervisory Board in the past fiscal year in my introductory remarks. With a total of 56 meetings of the Supervisory Board and its committees, it's been another intense year. In our annual report, you will find the written report of the Supervisory Board with a comprehensive overview of the topics that we dealt with, and you can find this on Pages Roman 7 to 13. So much for the report of the Supervisory Board. Before we now turn to the items of our agenda today, we would like to keep up a good tradition and remember the deceased employees and pensioners here at our Annual General Meeting. May I, therefore, ask everybody here in the room to rise from their seats. In the past fiscal year, 87 of our active employees and 596 pensioners of Deutsche Bank have deceased. In the context of the COVID-19 pandemic, so far, 14 active employees have deceased. Thank you for having risen from your seats to remember the deceased. Ladies and gentlemen, there is one more issue I'd like to address, even if it may be unusual for Annual General Meeting. It is about anti-Semitism and the alarming developments we have witnessed in this regard, not only in many countries in the world, but also to, an increasing extent, in Germany. Now we do not consider it at our task to comment on political conflicts. However, we do see it as our duty, also on the basis of our own corporate history, to speak out decisively against anti-Semitism and hatred of our -- to its fellow citizens. Wherever we can do so, we at Deutsche Bank will work against this and also raise our voice also, as I said before, due to our own corporate history. Together with our partners from Daimler, Deutsche Bahn, Borussia Dortmund and Volkswagen, we have proud been in supporting the construction of the Holocaust Memorial Center in Yad Vashem since 2019. And in January this year, we jointly signed the definition of the International Holocaust Remembrance Alliance. The basic law of the Federal Republic of Germany leaves no room for anti-Semitism and hatred. And there's no room for this in our Deutsche Bank either, nowhere in the world. This brings us now to today's agenda, which includes 13 items. Item 1 relates to the accounts of Deutsche Bank for fiscal year 2020. This includes the established annual financial statements and the management report for Deutsche Bank AG according to the German Commercial Code HGB, the approved consolidated financial statements and the management report according to IFRS as well as the report of the Supervisory Board. All of these documents have been accessible on our homepage on the worldwide web since the end of March. Ernst & Young GmbH Wirtschaftsprüfungsgesellschaft, the auditor that was elected by the Annual General Meeting in 2020, have audited the annual financial statements and the management report as well as the consolidated financial statements and management report. Neither the audit by the auditor nor the review by the Supervisory Board gave rise to any complaints. The auditor has issued unqualified audit opinions. The annual financial statements and the consolidated financial statements were approved by the Supervisory Board in its meeting on 11th of March 2021. According to Section 172 of the Stock Corporation Act, the annual financial statements have thus been established. The other items of the agenda, the full wording of which is also available on the homepage of the bank include items 2 and 3, which is about the ratification of the acts of management of the Management Board and Supervisory Board. Item 4, the election of the auditor based upon the recommendation of the Audit Committee, we propose that, again, Ernst & Young GmbH Wirtschaftsprüfungsgesellschaft be appointed as the auditor. Items 5 and 6 contain the annually recurring resolutions allowing Deutsche Bank to purchase own shares as part of buyback programs and to use derivatives for greater flexibility within these programs. Item 7 is about the renewal of the authorization to acquire own shares for trading purposes. A possibility which is important for banks in their regular operations. Under Item 8 of the agenda, we present the compensation systems of the members of the Management Board to you, and we ask for your approval of that system. Item 9 is about the compensation of the Supervisory Board members. And here we propose to amend the Articles of Association and we also ask for your approval of the compensation system. Items 10 and 11 are about the renewal of existing authorized capital. The existing authorizations will expire on 30th of April 2022, that is before our next ordinary Annual General Meeting. They are to be replaced by new authorizations, which will again cover 5 years. I specifically refer to the report of the Management Board on the objectives pursued with the help of these authorizations and on the reasons for the possibilities to exclude preemptive rights of shareholders to a certain extent. Under Item 12 of the agenda, we ask for your approval to conclude control and profit and loss transfer agreement between Deutsche Bank and its subsidiary, VÖB-ZVD Processing GmbH. And under Item 30, we propose, as I already mentioned in the beginning, to elect Frank Witter as a new member of the Supervisory Board. To give you a personal impression of our candidate, we have asked Mr. Witter to introduce himself briefly in a video, which we would now like to present to you.

[Foreign Language]

Let me finally point out that countermotions and proposals for election that had reached us in good time before the end of the 15th day before today's agenda and had to be published, were made accessible by Deutsche Bank on its website as required by Section 126 of the Stock Corporation Act. The statements of shareholders, which are not linked to countermotions have also been published on our website. So much for my explanations regarding the agenda. And I already have the first attendance register, which I hereby would like to read out to you. Of the share capital of EUR 5,290,939,215.36 coming as 2,066,773,131 non-par value shares, at today's agenda, 799,777,085 shares carrying the same number of votes are represented, which is equivalent to 38.96% of the share capital. In addition, 178,735,085 shares carrying the same number of voting rights were submitted or are present via posted votes. Now this adds up all in all to 47.34% of the share capital. Now as I already indicated in my opening address, we have decided to use today's virtual Annual General Meeting, for an extent -- exchange with you, which goes beyond our legal obligations. For that purpose, we will give those who have already submitted questions before the AGM to file follow-up questions via the shareholder portal. The respective function will probably activated at about 3:00, but I will announce this more specifically later on. And that function will remain active and available until about 10 minutes after the end of the discussion of the questions that have been filed. And furthermore, and that's something I'm very much looking forward to, if shareholders who have registered for this yesterday will be given the possibility to deliver live statements. These live statements will be given at about 11:30. We hope that this will make the format of the virtual Annual General Meeting even more valuable for everybody. However, ladies and gentlemen, we would like to start with our standard program, which means we will deal with some questions that you have submitted before the Annual General Meeting. Now with the approval of the Supervisory Board, the Management Board decided that questions can be submitted until the end of the day of the 25th of May 2021. Now this deadline is in line with the act to mitigate the consequences of the COVID-19 pandemic for this year. Now within this deadline, we have received almost 400 questions from shareholders in the established channel questions, which related to our agenda. We would like to inform you in the most comprehensive but also prompt manner. For that reason, wherever it was appropriate, we clustered questions. And on these specific cluster topics, the management Board will then provide answers, too. And of course, if there are topics related to the Supervisory Board, I will answer them after having coordinated this with the Management Board. Now if clustering was not reasonable. We will give you individual answers. And doing so, we'll also state the names of the shareholders asking the questions if they have approved of this. Considering the large numbers of questions, this is going to take some time. We expect a total duration of 5 to 6 hours for this Q&A session. Now before we start, let me briefly remind you that you can change your instructions to the proxies of the company or changes to your votes that you cast by -- post the voting until the end of the Q&A session. Such changes are possible only via our shareholder portal. I will give you more specific information on the timing later on. As soon as we are approaching voting part of the AGM. However, I would like to ask you at this point already to start making your changes in good time in order to be able to deal with the possible delays on the Internet. Let us now start answering the questions that we have received. This year, once again, we want to use the tried and proven formula of last year, namely using the services of a presenter. This allows us to even better use and show the different perspectives, which you usually get on-site Annual General Meeting. And for that purpose, we've been able to recruit the TV journalist, [ Dori Butte, ] whom I'd like to introduce to you now. She is going to read out the questions and does actually represent the shareholders' perspective, and over to you, [ Ms. Butte ].

Well, thank you very much, Dr. Achleitner. It's my pleasure to be here again. We're starting with the strategy of Deutsche Bank. There are several shareholders who ask questions on this and the status of the transformation, and Mr. Sewing will elaborate on this.

Thank you very much, [ Ms. Butte ]. Deutsche Bank is a globally operating universal bank with a strong base in Germany, as already indicated in my address, with a strong financing and capital market know-how and a leading asset management business. In 2018, we started fundamentally transforming our business model in order to align our bank even more stringently with these strengths. Our transformation can be broken down into 3 phases. The first phase of stabilization is what we initiated in April 2018. Doing so, we reduced the cost and risks, we strengthened the capital base in our controls and, thus, we laid the foundation for a fundamental realignment. In summer 2019, we then published our strategy and thus started the second phase of the transformation, namely rebuilding our bank in the most radical way in decades. Doing so, we also exited business segments where we felt that we do not hold a leading position anymore. Since then, we have systematically implemented our plans. This has allowed us to continuously improve our profitability in spite of the challenging environment of the last couple of quarters. At the same time, we have also exercised strict cost discipline. We have carefully managed our risks, and we have preserved our stable balance sheet. And we see that we're getting great support along the line. The trust our customers and employees have placed in us has increased massively and is, in some cases, also on a record level, as already indicated. The leading rating agencies are now giving us a positive outlook on our credit worthiness and our market capitalization has improved significantly also compared to our peers. In December 2020, we, therefore, we were able to kick off the third phase of our transformation, the phase of sustainable profitability. It is our goal to grow sustainably while remaining fully disciplined when it comes to cost and capital. Our internal challenges include further improving our control mechanisms in the fight against money laundering and tariff financing. External challenges include the increasing regulatory requirements, the low interest rate environment as well as the risk of an unexpectedly high inflammation, which might lead to adjustments on the financial markets. As I indicated in my address, we feel that we are well positioned with our business model in order to benefit from important structural trends. Our setup and our response to these strengths should allow us to continue the currently positive development. And we do not slow down along the way. And we plan to conclude our transformation in the year 2022. And our objective stands, as I already said. By that year, we want to reach a return on tangible equity of 8%. A sustainably higher profitability would also allow us to start paying out capital as of 2022, which we indicated as a possibility to our shareholders in summer 2019.

Now various shareholders also asked about the strategic positioning of the individual divisions and whether there had been any shift. And here, once again, I'd like to ask Mr. Sewing to take the floor.

When we announced our current strategy in July 2019, our goals, amongst others, included to focus stronger on our clients and to focus on those divisions where we are market leaders. An important element of the strategy was to exit segments which are not sustainably profitable, such as institutional equity trading. And we always kept saying that the investment bank, with its strong capital market know-how, is an important element of our business model. Because our customers, also our corporate clients do expect exactly these services from us, and they appreciate especially our strength in the global financing business. And without our investment bank, we would not have the strength in the first place. And our strategy has not changed since then. It had been our -- one of our prime goals to stabilize the profitability of a focused investment bank and then to increase it. The results of the last 6 quarters have proven that we had even underestimated the profit potential of that division. The Investment Bank was able to increase its revenues and lower its costs without any additional capital being required apart from the inflation that is due to regulatory requirements. At the same time, the corporate bank, the private bank and asset management also maintained its strong position in a challenging market environment, and they achieved the specific plans for their divisions. Especially in the corporate bank and in private bank, we have successfully addressed the issue of low interest rates successfully by introducing respective charges. We expect that the negative impact of the ongoing low interest phase onto our revenues will become weaker in the next couple of years, as I already said in my address. Of course, we further continuously evolve all of our divisions and segments. For that purpose, we have set ourselves ambitious revenue and cost targets. And for each division, we have also elaborated comprehensive strategic packages of individual measures. And the details of this were published, amongst others at our Investor Deep Dive in December 2020.

Andreas Thomae from Deka Investment GmbH would like to know to what extent the new setup of the Management Board helps to reach the next phase of transformation towards sustainable profitability.

Now first of all, Mr. Thomae, thank you very much for your question. Now with these changes in the Management Board, we want to focus even more strongly on our client business to reach an even more efficient setup of our infrastructure and to attach even greater importance to our cross-divisional strategic priorities. Furthermore, we also want to further strengthen our controls and our dialogue with regulators. We are convinced that we have established the right management structure for the next phase of our transformation. As Mr. Achleitner already also explained in his address.

[ Claude Needing ] from Deutschen Schutz- und Wachdienst DSW would like to know how Deutsche Bank was able to achieve all of its interim goals of its strategy in spite of the COVID-19 pandemic and whether these ambitious -- whether these targets were not ambitious enough. That's a question for Mr. von Moltke.

Well, indeed, in 2020, we achieved all of our financial targets and milestones. With adjusted cost without transformation costs and without reimbursable expenditures in connection with the hedge fund business to the amount of EUR 19.5 billion, we met our target. The core Tier 1 equity ratio and the leverage ratio were above our targets. These targets were ambitious, and we have achieved them instead of -- in spite of the economic slump, the pandemic and the transformation. This shows that in summer 2019, we had embarked upon the right strategy and that we also implemented it systematically. It now pays off that we're focusing on those businesses where we are particularly strong. Our business model turned out to be resilient and flexible. And we benefit from global trends, such as the strong demand for funding of states and companies as well as from tapping of sustainability.

Now [ Mr. Needing ] points out that in spite of the COVID-19 pandemic, Deutsche Bank developed positively. He asks why this development will also be sustainable if the markets return to normal.

Now our successful performance in the year 2020 demonstrates that our business model is flexible and resilient. And this gives us confidence that this development of revenues will be sustainable. During the last 4 quarters, our core bank generated revenues of about EUR 25 billion, more than what we had planned for the next fiscal year in the first place. Of course, especially the investment bank in the past year also benefited from a favorable environment on the capital markets and an increasing demand of our clients for financing solutions. However, we also feel the support of our clients who welcome our strategic realignment and who want to do more business with us again. For example, we were able to increase our market shares in important areas. We expect that a large part of this growth will turn out to be sustainable. Now although we expect that the economy in the capital markets business will somewhat return to normal, at the same time, however, we expect higher demand for capital market solutions, especially here in Europe, a higher one than what we had expected before the COVID-19 crisis. The private bank and the corporate bank, in the last couple of years, were massively impacted by the ongoing low interest rate environment and decreasing margins. We expect that the negative impact of this interest rate environment will become weaker significantly. Thus, we will see the strong impact of revenue growth from our growth and technology initiatives. Our asset manager, DWS, has proven its resilience in the crisis as well, with record inflows in the year 2020 and our strong position in the ESG market. We are well prepared for the increasing demand for sustainable investments.

The next question once again go to Mr. Sewing. Shareholder [ Hans Jurgen ] at [ AV Siemens, ] compare Deutsche Bank to American competitors. They're asking what these American banks are doing better and whether the business model of German banks is still viable for the future.

Well, first, please understand that we do not comment on the details of the business models of other banks. Generally, however, of course, there are differences between the bank's headquarter in the U.S. and in the EU on the other hand, apart from the market structure, the size and the individual business models of the individual banks. Such differences are also due to the macroeconomic environment of the various economic regions and the respective regulatory environment. One reason, certainly, is the banking market in Germany, which is still very much fragmented. There's still no capital market union. Cost benefits due to scale or size can, thus, hardly be achieved. Now we're focused on ourselves, and we are convinced that the strategic realignment, which we initiated in 2019 is the best way to achieve sustainable profitability for Deutsche Bank and international competitiveness. And as we reported this morning, we made good progress in this regard.

Now there's a couple of questions regarding an alleged internal resistance against restructuring of the bank. Shareholders would like to know how this resistance manifests itself, to what extent the bank or its -- involves its employees or their representatives into that process and how they communicate the measures to the various management levels.

Well, thank you very much. Restructuring, of course, is a demanding process. But basically, we feel that there's a great support for this transformation results of our employee survey, which I just quoted show this very clearly. It is our goal to show the highest degree of respect for all employees who are affected by reductions. For that purpose, we responded quickly in the COVID-19 crisis and for temporarily -- for temporary time, we refrain from approaching colleagues whose jobs are to be cut. As in the past, we have also set up our job reduction programs in a socially compatible manner and we collaborated with the employee representatives in a constructive manner. We communicate the progress of restructuring to our employees on a continuous basis. For that purpose, we use a whole range of information channels, especially our central Internet as well as e-mails, newsletters and personal town hall meetings.

Two shareholders have asked why the merger between Deutsche Bank and Commerzbank has failed.

Thank you, [ Ms. Butte ]. The talks with Commerzbank were terminated about 2 years ago. One thing was sure for us at the time, right from the very beginning, a merger has to deliver higher and more sustainable yields for our shareholders and has to lead to an improvement of our services and performance for our clients. Following a fundamental analysis, we concluded that a merger with Commerzbank would not have met those criteria at the time, not least with regard to implementation, risks restructuring costs and capital requirements that would have gone hand-in-hand with integration. The experience with our new strategy has confirmed that it was the right decision not to engage in a merger at the time.

Same topic, a shareholder is asking whether you consider a merger with Commerzbank to be probable and likely over the next 5 years, and how this type of transaction might be carried out.

Please bear with us for not making any comments on details regarding potential mergers and takeovers. Our main focus is and remains the successful continuation of our transformation by the end of 2022. Regarding mergers and takeovers, and important above all is to be able to create a strategic value-added for Deutsche Bank and an attractive outcome for our shareholders.

[ Hans ] also has numerous questions regarding the bank's future orientation and its business division. He's asking to what extent is the old and today's traditional banking business just able to survive. Will penalty interest be required or will banks then lose the clients to online banks? Will other branches be closed?

Good morning, [ Mr. Oswald ]. As I pointed out in my presentation this morning, we primarily focus on the successful implementation of our transformation. We are convinced that we will be more profitable in the long run as a result and that we will be able to deliver higher returns for our shareholders in the long run. Moreover, I mentioned 4 big trends this morning in my presentation as a universal bank with a focused business portfolio and the global network. We believe we are very well positioned for these trends, and we expect to be able to operate in 4 growth areas here. Of course, over many years, the low interest environment has led to a continuous erosion in margins. But rather than complaining, we have responded. We have agreed individual charges with our clients and particularly in the corporate bank, with such agreements. Meanwhile, cover deposits worth EUR 83 billion. As a consequence of stronger demand for our digital services, our branches are visited less frequently. In our private bank, in the period from 2016 to 2020, we therefore reduced our branch network in Germany by about 470 branches or 27%. In April of this year, we once again concluded several important accommodation of interest agreements with employee representatives. In the bank -- Deutsche Bank, we will close about 100 branches in 2021 with a branch network of about 400 for Deutsche Bank for the brand Deutsche Bahn. However, we will remain present across Germany, and we will offer personal adviser or clients through all channels. The branch network of the Postbank brand will also be reduced by a further 100 branches by 2022, not least due to changes in customer behavior in personal services businesses.

A shareholder asks when Deutsche Bank will once again have a reputation similar to the reputation it enjoys in the last millennium.

Well, first of all, over the last few quarters, we have managed to successively regain trust that had been lost. This has been confirmed by both our clients and investors. Both the value of our brands and media tonality has improved substantially in 2020. And the commitment of our employees to our bank has continued to rise substantially. The transformation we have initiated has clearly resulted in a substantial development of the bank and trust in our bank has increased considerably. Nevertheless, we are not yet satisfied with what we have achieved, and we continue to work to further improve cost in our bank with great discipline.

The virtual format of the AGM is another topic where many shareholders have asked questions this year. Dr. Achleitner will answer these questions.

Well, yes, as we said at the outset, the pandemic will not allow us to have an in-person AGM with physical presence of shareholders and their proxies for some time to come. We benefited from the many experiences we gained with digital formats in the past year in order to design our second virtual AGM in a more interactive and, therefore, shareholder-friendly manner beyond legal requirements and therefore, strengthen shareholder democracy. For the first time, we're making it possible to make live contributions and raise follow-up questions. And we are transmitting the AGM live in full at Deutsche Bank's website. Just as last year, during the past 24 hours, we saw more than half of all questions submitted to us. The last one, arrived at 4 minutes to midnight last night. In total, we received 390 questions from 65 shareholders. Personal dialogue is very valuable to us, and it's not just a very important element of German Stock Corporation Act but it's also very important to both your Supervisory Board and Management Board. A virtual AGM offers opportunities of incorporating and involving shareholders, who sometimes are unable to drive long distances to come here. Plus it has beneficial environmental impact because people do not have to travel and it reduces costs because we can use smaller facilities. On the other hand, it makes it difficult -- more difficult to engage in direct exchange with shareholders. However, you can rest assured that we will continue to further improve the digital format in the terms of the legal requirements to ensure a modern event that meets all shareholder rights. For our AGM, we are using the platform of a leading supplier that was fully revised 2 years ago on the basis of evaluations regarding intuitive user management. And the questions were submitted via shareholder portal. This is a standardized way to interact with shareholders at virtual AGMs. For any difficulties concerning the user interface or any other questions relating to the shareholder portal, the shareholders can use a hotline that offers comprehensive advice. Just a few quick piece of information regarding virtual AGMs according to the German Corporate Governance Code, an AGM should be terminated within 4 to 6 hours. Last year, our virtual AGM took 10 hours due to the large number of questions we have received. This year -- we believe that this year, we will probably need about as long, about 10 hours again. The Management Board members present here and myself will deal with all the questions clustered into themes. In 2020, the total cost for the AGM amounted to about EUR 3.3 million, including nearly EUR 2.9 million purely for our virtual AGM. In comparison for our last in-person AGM, this meant that we were able to save about EUR 1.3 million worth of costs. For this year, we're again expecting to see costs of around EUR 3 million. We cannot yet quantify this in greater detail because many of the invoices will only be received after the AGM. The biggest items are the dispatching of the letters of invitation, IT as well as IT safety and legal consultation.

Next, a block of questions for Mr. von Moltke. [ Nadia Hirsch ] wants to know where the bank generated the most revenues and profits last year and what the profit situation in online banking is like.

Thank you for your question. All 4 divisions successfully worked to implement our strategy as planned in 2020, despite a more difficult framework driven by the pandemic. The Corporate Bank and the Private Bank managed to offset the pressure on margins caused by the low interest environment, for the most parts, and managed to improve their pretax result over the previous year. Asset Management had a successful year and increased its pretax profit by 16% year-on-year. In absolute numbers, the Investment Bank delivered the highest pretax profit at around EUR 3.2 billion in 2020. It benefited from a favorable market environment and strong customer activity following our strategic realignment. Online banking is not a separate business division in Deutsche Bank, but rather one of our distribution and access channels, including in the Private Bank. Its success, its performance is measured, for example, based on access numbers or online revenues. In the German private business, a number of digital client contacts for both brands, Deutsche Bank and Postbank, rose by 19% in 2020. Our smartphone app is currently reporting about 30 million client log-ins per month. For the Deutsche Bank brand, the number of digital product contracts more than doubled last year for the International Private business and the number of digital customer clients also rose last year. And we continue to expand our online banking offering.

Andreas Thomae from Deka is asking, how much support do you need from the market in order to be able to deliver the return on tangible equity of 8% in 2020 that you are aiming to achieve?

Thank you for your question, Mr. Thomae. Even though our planning assumptions have been carefully chosen, the successful implementation of our strategy, of course, it depends on a number of external factors such as macroeconomic geopolitical, regulatory or monetary factors. However, in 2020 and in the first quarter of 2021, we have shown that we are able to exceed our targets even in a difficult market environment. Hope, we can at least deliver on these targets. And this has further boosted our confidence in our strategy. We, therefore, stand by our target of delivering a return on equity of 8% after tax for the group in 2022 and of 9% after tax for the Core Bank.

[ Marcus Kinler ] from [ SDK Capital ] would like to know how the bank is planning to deliver its return target for 2022. He has 3 questions. Firstly, how are you going to achieve the required revenue growth, in particular, the Private Bank and the Corporate Bank? Secondly, what is the pretax result for the CRU that you're expecting for 2021 and 2022? And thirdly, what is the valuation result that you expect for 2021 and 2022?

Thank you, [ Mr. Kinler ] for your questions. Regarding our revenues, we had already operated at a level recently that enables us to achieve our targets. In the last 4 quarters, our Core Bank delivered revenues of EUR 25 billion without special effects. That is more than we had planned to deliver next year. At the Investor Day in December 2020, we pointed out, for all businesses and business divisions, how we are going to deliver on our targets for 2022. In our Private Bank, we see revenue potential due to business growth, selected price adjustments and interdivisional corporation. For the Corporate Bank, we're expecting additional opportunities to deliver revenues, particularly in payments, payment transactions or by new forms of pay per use or use-based financing. Regarding the second question, we're expecting to see a continuous decline in the burden on revenues due to the CRU. One of the key elements here will be further cost cuts. We're expecting adjusted cost reductions of EUR 800 billion for 2022 in the CRU. In 2020, these costs still amounted to EUR 1.7 billion. We're asking you to bear with us for not providing you with any further details of our internal planning. We have not published a forecast regarding our valuation result either for 2022, we're expecting total revenues of EUR 24.4 billion.

[ Mr. Kinler ] also wanted to know what impact will be seen on the results due to the expiry of loans with higher interest rates, how relevant will this effect be in the future?

Christian Sewing mentioned this in his presentation today, the effect whereby old high interest assets will be replaced by low interest assets, is an effect that will place a burden on the Corporate Bank and the Private Bank this year. This would cost us approximately EUR 600 billion worth of revenues for the 2 areas in combination. However, we're expecting to see this effect weakening. In the Private Bank, in 2022, it will nearly halve. And in the Corporate Bank, it will nearly disappear in 2022.

Alexandra Annecke from Union Investment is asking what tranches and what period of time you are having in mind for the announced payment of dividends with was EUR 5 billion to shareholders.

Thank you for your question, Ms. Annecke. We're planning to pay dividend for financial year 2021 again next year. This is part of our plans of distributing EUR 5 billion worth of capital in the form of share buybacks and cash dividends to our shareholders from 2022. The exact amount and distribution will be decided at a given point in time.

Next question from Deka Investments. How strongly will the bank be able to increase noninterest revenues in order to counteract the pressure on margins on -- in the interest environment.

Well, the interest environment has a stronger impact than we had expected at the end of 2019. At the Investor Deep Day -- the Deep Dive in December 2020, we therefore pointed out how we're going to offset additional negative effects of about EUR 1.2 billion. Firstly by additional growth in the businesses by charging agreements and, thirdly, by lower refinancing costs. Moreover, we have already operated at the level enabling us to achieve our revenue targets. In the past 4 quarters, for example, our core bank delivered revenues of EUR 25 billion without the one-off effects. This is more than we had planned for next year.

SDK is asking how high -- the loan standards will impact interest results in the Corporate Bank and Private Bank.

Disciplined management of our credit risks and growth in our loan business are not mutually exclusive. Both at the Private Bank and the Corporate Bank, for example, managed to increase their loan volumes in the first quarter of this year. Of course, the low interest environment remains a challenge for us, just as for all other banks. In both divisions, however, we were able to deliver growth, engage in selective price adjustments and generate positive effects from the TLTRO 3 program of the ECB. Therefore, we're expecting revenues both in the Private Bank and in the Corporate Bank to more or less remain unchanged in 2021 year-on-year.

Regarding the Investment Bank, [ Marcus Kinler ] is referring to the cost income ratio of only 52% in Q1. He's asking whether the bank considers a ratio of less than a target of 70% is sustainable, and why the cost income ratio is higher in the other divisions.

As outlined at our Investor Deep Dive in December 2020, we are expecting to generate a cost income ratio of about 56% for the Investment Bank for 2022, for the group, the target is 70%. Currently, we do not see any reason to adjust this target. At a cost income ratio of 88% for the full year 2020 and of 77% in Q1 2021, we believe we're on the right track. The revenue and cost structures in our divisions differ and reflect the relevant or respective business models. Therefore, we have fixed individual targets for each division.

[ Matthias Gebla ] is asking where and to what extent the bank would be able to adjust its costs in the COVID-19 crisis. He also wanted to know to what extent planned investments have been reduced or postponed. He also wants to know what the financial loss caused by the ongoing corona crisis is to be expected.

[ Mr. Gebla ] the pandemic has indeed had an impact on costs in the bank. In some areas, COVID-19 caused additional costs. At all locations, for example, we had to make sure that all social distancing and hygiene measures were complied with. On the other hand, other costs were reduced, for example, cost for marketing or travel costs. This generated additional tailwind for our disciplined cost management. Thus, for example, we managed to offset the impact of the voluntary turnover, which was lower and the adjusted performance-related pay. We will reflect our experience from the pandemic year 2020 in our future cost management. This includes, for example, reviewing our space requirements or the need for business travel. The investments required for our transformation and to further development of our divisions have all been made in the planned amounts. Our investments in technology and controls continue to be our prime focus. Despite an overall clear reduction in costs, we have more or less left expenses for the development of applications at the prior year's level. In 2020, for example, we completed migration to a new platform for the core bank in Italy and prepared applications for our funding business with hedged funds for the transfer to BNP Paribas. Overall, our bank proved to be flexible and resilient in 2020. We expect the pandemic to have less of an impact on our bank in 2021 compared with the prior year. We're expecting to see credit loss provisioning of around 25 basis points for our credit business for the full year. While in 2020, it stood at 41 basis points. At the same time, we're expecting revenues for the group and the Core Bank in 2021 to match those of the prior year. We're expecting to be able to offset the impact caused by the ongoing low interest environment and expected normalization in the capital markets. For instance, through business growth.

The same shareholder is asking for the investment plan for the next 5 years. He also wants to know what are the planned investments, how they break down to classical and new business areas.

At our Investor Deep Dive on the 9th of December 2020, we announced that the bank is planning to cut the adjusted cost base from EUR 19.5 billion in 2020 to EUR 16.7 billion in 2022. This is a reduction of 14%. And accordingly, our investment budget will also be adjusted accordingly. However, we are aware that investments in our IT are extremely important to future-proof our bank. Therefore, adjustments were, above all, focused on maintenance and support, where we expect to be able to benefit from efficiency increases. Short reductions in our investment budget will be kept an absolute minimum investment planning, in particular for the years after 2022, must be flexible at this point in time in order to make it possible to invest in new businesses.

Dieter Hein asks whether after the strong first quarter, the bank still expects a positive business development and which steps will be necessary to achieve this.

During the first quarter 2021, we were able to achieve a strong result. For the year 2021, we expect the revenues throughout the group and the Core Bank income portion to the previous year to remain more or less unchanged. Our intention is to reduce the adjusted costs without the transformation costs and the reimbursable expenses in connection with the hedge fund business in 2021. In the context of our strategic transformation for 2021, we expect transformation expenses of about EUR 0.6 billion as well as restructuring and severance payments of approximately EUR 0.4 billion. And we expect that the risk provisions for the loan business in 2021, in comparison to the previous year, will be significantly lower. In order to achieve our targets, we will have to continue to pursue our strategy with great discipline. We want to improve our sustainability and profitability, and we want to maintain our capital discipline.

Andreas Thomae asks whether the bank will be able to maintain its cost objectives in spite of higher contribution obligations to the European Single Resolution Fund and the German Deposit Protection Fund.

The top priority for us in 2022 is a return of tangible equity of 8% after taxes for the group and 9% after taxes for the Core Bank. One of the decisive drivers in this context is a cost income ratio of 70%. We are pursuing these objectives with determination. On the revenue side, ultimately, we were already operating at a level which allow us to achieve these goals. On the cost side, we are also executing our plans with great discipline. Lately, there were certain factors which were beyond our control, which had a detrimental impact on our objectives in the first quarter 2021. Lately, there were certain factors which were beyond our control, which had a detrimental impact on our objectives. In the first quarter 2021, as we already mentioned, unexpected market events led to higher contributions to the regulatory fund system for deposit protection in Europe. We expect that in 2021, this additional contribution will be approximately EUR 70 million; and then until 2024, about EUR 60 million per annum. It's too early at this point to determine the exact amount of voluntary contributions to the voluntary deposit protection funds, also considering that the Bundesbank of German banks has already announced that they will be looking into further reforms. Apart from approximately EUR 600 million in contributions that were paid to the European Single Resolution Fund in 2021, approximately EUR 300 million were contributed in addition. As we already said during the Investor Day in December 2020, we do not believe that it makes any sense to reduce our investments further in order to be able to offset such unexpected events. At this point, we see no need to give up our expectations for EUR 16.6 million for 2022 or to adjust them. We have plans to increase efficiency even further, for instance, by streamlining our infrastructure and operations between the Investment Bank. And also in terms of the dynamic on the revenue side, we are positive that we will be able to offset unexpected cost effects in order to maintain our profitability objectives for 2021.

[ Klaus Needing ] from DSV mentions that Moody's announced that Deutsche Bank would, due to lower operative costs, see these effects. How do you expect to keep costs low? And how do you see the fact that more and more employees are working from home now?

As we already communicated, our intention is to maintain our cost base until 2022 and to reduce it further as planned. In order to do this, we need to remain disciplined, and we need to maintain our divisional cost objectives. At the same time, the pandemic has also changed our overall perspective as to how we want to continue to work in the future. As part of our program, future of work, we have developed a hybrid model for work. In the future, employees of the bank will be able to perform part of their work from home if their tasks allow them to do so. With this model, we will be able to reduce office space, and we'll be able to reduce our costs even further.

Ladies and gentlemen, please allow me at this moment to interrupt our Q&A session and to give our shareholders the opportunity to speak now. Yesterday, all speakers were contacted for a sound check, and we also instructed them that the speaking time is limited to 5 minutes. In order to create equal opportunities, we will have a stopwatch indicating the time of the intervention. And at the end of the time, the speaker will automatically be cut off. The interventions, as already mentioned in the invitation, are not intended to submit proposals or ask new questions, but only for statements. Our first speaker now is Andreas Thomae from DekaBank. And Mr. Thomae, welcome. The floor is yours.

Thank you very much, Dr. Achleitner. Ladies and gentlemen, members of the executive and the supervisory board, honored shareholders, my name is Andreas Thomae, and I represent Deka Investment, one of the largest fund companies in Germany and the subsidiary of DekaBank -- the part of the Sparkasse Group. Corporate governance and sustainability are very important to us. We see these as the key for long-term growth in value of our investments. In the course of the last year, Deutsche Bank showed that it has -- low in its risk profile. Defaults were limited and properly managed. At the same time, the transformation of the bank progressed successfully. The investment bank celebrated a very successful year. The interaction with the investment banks is successful, and more business was generated with its customers. In the pension market, market share was gained. The employees are satisfied and close to the customer, and this is visible. Now we need to use this positive environment in order to continue to grow this business. At this point, Mr. Sewing and Mr. von Moltke, we would like to thank you and all other members of the executive and supervisory board for the excellent work that you have contributed in the transformation process over the last 2 years. Deutsche Bank is in a strong position to assist its customers and provide advice in the transformation towards a climate-neutral environment. The plans now are that by 2023 and 2027, sustainable investments and funding worth EUR 200 million are to be concluded, and you are on a good path to achieve this. The entire credit loan portfolio by 2050 is to become completely climate-neutral, which is your contribution to the Paris Climate Convention. You just joined the Net Zero banking alliance of the United Nations, and that is exactly the right path to pursue. With ESG products, Deutsche Bank can also make good money. But there is more left to be done in order to reinforce the strong and stable divisions of the bank and to make it more resilient to fluctuations in the more volatile investment banking. Apart from the stock price noninterest-related investments need to be strengthened. Digitalization should assist you in doing this, and with innovative products, you should be able to get even closer to the customers. The extension of the contracts of Christian Sewing and Asoka Woehrmann are something we welcome greatly because they provide greater continuity. The restructuring of the management board will then also assist the development towards a more sustainable profitability for the bank as a whole. This, ladies and gentlemen, is the most important step. It is also the most difficult and challenging step at this time because we need a solid basis and foundation to operate on for the future. After many years of transformation, Deutsche Bank would finally be free of any burdens and back to its roots, a strong corporate bank with a strong focus on investment bank. And the Private Bank and Asset Management would be there to support and stabilize the investment banking. What we see critical, though, if we look back on the last year, are the potential infringements with the trading of Wirecard shares and the relations with Alexander -- between Alexander Schütz and the former Wirecard board, too, Alexander Schütz, who left the bank, quite rightly so. With a pretax earning of EUR 1 billion, a large part of the bonus payments were deferred, which will be a burden on the balance of the future. The payment of the bonuses should be oriented along the lines of the actual profitability and not be seen as an advanced payment on the future. Now to the voting. Due to insider trading accusations of -- with Wirecard, we are against approving or ratifying the actions of Alexander Schütz, and we are also...

The intervention was cut off at this point. I'm very sorry, as just announced After 5 minutes, the sound is cut off automatically. Thank you very much, Mr. Thomae, for the statement. And I'd like to welcome [ Alexandra Anike ] for her statement. The floor is yours, please.

Thank you very much, Dr. Achleitner. Members of the Executive and Supervisory Board, shareholders. My name is [ Alexandra Anike. ] I'm a fund manager for European banks and represent the interest of the shareholders of UnionInvestment. At UnionInvestment, since 2012, we have always issued our statements during the AGM of Deutsche Bank. This is the first time that we do not have a sentiment of crisis during this meeting. For many years, Deutsche Bank was considered as vulnerable. Now it's seen as a successful turnaround story. The Executive Board has gained a great deal of trust and very ambitious in realizing its objectives. Especially now during the COVID pandemic in 2020, it is amazing that Deutsche Bank has achieved this turnaround and put a stop to the negative trends. Finally, there is light at the end of the tunnel. For the ongoing year, Deutsche Bank believes that it may be possible to distribute a dividend. Shareholders have been kept short for a long time, and they do justifiably expect to participate in the economic success of the bank. The most important KPI in order to assess the success of a bank is the net assets per share -- net value of share. And this is the equity ratio of the tangible equity as of the actual financial substance of the bank from a shareholder perspective. This KPI since 2012 of Deutsche Bank has been increased -- continuously declining. And during the first quarter, this turned around and it has actually stabilized and began to slightly increase, which is good news, Mr. Sewing. Let's continue this. Deutsche Bank has not only reduced the cost, but also is managing capital market risks and with a strong capital base, and the investment banking is in a strong position. But all in all, there is still a shadow being cast on the bank as a whole. The profitability of the bank as a whole and the order of the BaFin are both large disappointments. Positive management in other areas is definitely impacted negatively by the fact that anti-money laundering and anti-financial quite aren't being managed fully yet. The lack of balance between profits and bonus payments are also something that is criticized. The management is receiving very high bonuses even though profitability is below average. A high remuneration needs to be put into a sound balance with the profitability of the investment for the shareholder. This needs to be implemented quickly so that Deutsche Bank can then also fall in line with other competitors. We will, in the future, measure the performance of Deutsche Bank according to their success to develop and pursue a successful and sustainable business model. We do not approve the share buyback under Items 5, 6 and 7 because we reject these in general. The Item 10 and 11 will also not be approved by us. We will approve all others. We submitted our vote and our statement to Mr. Achleitner and Mr. Sewing in advance, and thank you very much for your attention. Members of the Executive Board and of the Supervisory Board, shareholders, I certainly hope that next year, I will be able to speak to you again, personally in the Festhalle in Frankfurt and that there will be a normal general debate the way we once knew it prior to the pandemic. That Deutsche Bank is the only company this year that has developed a certain degree of interactive live format, which allows a part of us to participate is definitely worth recognizing. Thank you.

Thank you very much, Ms. Anike, and see you next year. Now I would like to ask [ Mr. Klaus Needing ] to take the floor. Welcome, Mr. Needing.

Mr. Chairman, ladies and gentlemen, my name is [ Klaus Needing. ] I'm a lawyer here in Frankfurt, and I speak to you on behalf of my -- and my function is a Vice President of Germany's largest shareholder association. Mr. Sewing, first of all, let me congratulate you and your colleagues. In July 2019, you announced the new strategy of Deutsche Bank, and earlier than planned and expected, you had delivered in a convincing manner. Now for this, we thank you very much, and we also appreciate this very much. Of course, that performance is always part of teamwork and has been achieved, thus, by all employees of Deutsche Bank. So therefore, please also forward our great thanks to all employees of the bank. Now if you look at the milestones that you achieved in the reporting year, then there's one success story after the other. Deutsche Bank 2020 was profitable in all 4 quarters before and after taxes, a success of the Core Bank more than offset the cost of transformation, higher risk cost. The phase of the most intense transformation is behind us and all of the strategic goals were reached. The bank is profitable on a sustainable basis. And the first quarter has also shows that the positive trend continues in the current fiscal year. For that reason, you are quite right in confirming the target for 2022. Mr. Chairman, Mr. Sewing, for that reason, we do expect profits, and we also do expect a dividend to be paid out for this fiscal year. To be very clear at this point, from our point of view, as representatives of the owners of the companies, it is not acceptable to pay out billions of bonuses to the employees on the one hand, but not giving the shareholders their due for making capital available in the first place. Ladies and gentlemen, due to COVID-19, German economy is facing a major disruption. This can be an opportunity for Deutsche Bank. Because as the biggest financial institute, Deutsche Bank will be asked to provide funding for this transformation. So we can look forward to that. You have already answered the questions that we submitted beforehand. Nevertheless, let me once again focus on 2 or 3 aspects. In the last couple of days, you announced that in the expected European banking consolidation, you want to play an active role. Does this mean that we have to fear for Deutsche Bank to resort to old bad habits? Unfortunately, the Supervisory Board did not only do an excellent job only. If you look at Mr. Schuetz has resigned from his seat, which consequences did you draw? Are there any still any business relationships between Deutsche Bank and Wirecard or have there been any? And then on your agenda, you've got the resolution to elect Ernst & Young once again as the auditor of the company. If you really put this proposal to a vote, then we will vote against this as long as EY does not accept its responsibility for the wire scandal. And until then, this is not an auditor we can expect for our bank, only if EY accept its responsibility and also does something for the investors. And then I also would like to know what more thing regarding the BaFin monitor, which has been granted extended powers. How do you respond to that? Because this shows that the scandals of the past, we have not really fully left them behind us. Mr. Chairman, Mr. Sewing, ladies and gentlemen, now since 1994, I've been closely observing the developments of Deutsche Bank with all of its ups and downs. And I'm very happy that we can now be more confident about the near future. Again, for all parties involved, and especially for you, Dr. Achleitner, for you, Mr. Sewing, this is a success that you well deserve and also hope that you will be able in the future to steer Deutsche Bank through demanding times. And I can only agree with what the previous speaker said. I hope that next year, we will once again be able to meet face-to-face in Frankfurt in Festhalle or at a different venue. I think there's nothing, but the direct personal exchange of the players. And that is something with this virtual medium of the AGM of the Internet cannot offer. Nevertheless, I've got to praise you this kind of being able to make live statements at the AGM that once again makes Deutsche Bank unique this year. And here, you've done an excellent job. Thank you very much for that. Thank you very much. And this marks the end of my statement.

Thank you very much, Mr. Needing for your statement and for your comments. And at this point, I now would like to ask Mr. [ Markus Keenly ] to address the shareholders.

Dr. Achleitner, Mr. Sewing, ladies and gentlemen, from the management, dear shareholders. My name is Markus Keenly. I'm a lawyer here in Frankfurt and my -- and I'm also a member of the Board of [indiscernible] Shareholders Association. During a difficult year due to the pandemic, Deutsche Bank has shown a strength, which very few people would have expected. The cost targets were reached. The CRU is above plan, and at the same time, also profit. Although only a small one was generated. And not only the low loan loss provisions compared to peers was surprising, but also the relative strength in investment banking. And in the first quarter of this year, Deutsche Bank was even able to enhance this positive trend. Therefore, you raised your targets now. And for the year 2020, (sic) [ 2021 ], you now want to achieve a post-tax return on tangible assets of 8%. Now for the performance in the past fiscal year we, not only would like to congratulate the management board, but especially the employees. We kindly ask the management board to forward our congratulations to the workforce. In spite of the great progress, the target has not been achieved yet. Investment Banking has regained its strength, but revenues of the other segments are stagnating, except for DWS. Furthermore, not the entire revenue level of investment banking is sustainable. For that reason, it is urgent to generate qualitative growth in the other divisions. This revenue growth of the other segments is also essential in order to leave the targets of the current strategy 2022 and to further evolve the strengths of the bank. Even for the post-tax return of 8%, you still don't deserve the cost of capital. But you only -- do you have to earn the cost of capital but more than that to generate real added value for the shareholders. And individual capital market players will be worried for investment banking turning into a toxic unit again as in the years of the crisis and before that. Now you have to allay those fears of the market. In addition to the economic challenges, however, there is also the organizational and regulatory challenges to be overcome. And certainly, what's most important here is to improve and further evolve the money laundering prevention measures. In spite of massive investments in equipment resources, these systems still seem to be in a very regrettable state which is why BaFin not only extended the monitorship, but also intensified it. Now the reasons for this are hard to assess. After progress that has been received, one also could have expected a signal of trust of BaFin. And thirdly, after Deutsche Bank regained the trust of its shareholders and investors, this additional signal from BaFin would be highly welcome. I wish the management Board all the best for the further development and implementation of -- the management board. The success in the past fiscal year and the success in the first quarter must not be outliers, but must be real steps towards a highly profitable and viable bank. Hoping for being able to meet you again next year in the Festhalle. I would like to thank you for your kind attention.

Thank you very much, Mr. Keenly, for the statement, and see you next year. Yes. Next, I'd like to welcome [ Mattias Gabler ]. Mr. Gabler, you've got the floor.

Thank you very much, Dr. Achleitner. As a long-term shareholder, I'm very surprised to be given the floor at your AGM. Now you're really willing to take chances because you don't know what I'm going to tell you in this for 5 minutes. Therefore, [Foreign Language]. Now other AGMs very often are quite boring, but you have now set a new standard. And in my 30 years of AGMs, this is also a premier. Now of course, you're to shareholders today, but on the other hand, I think it's not really fun just staring into the camera. There's the sentiment missing, the applause, the shooing and all of the goose bumps. And that's also something I'm missing. I would prefer, obviously, we're at the Festhalle in Frankfurt to soak up all of the impressions. And of course, many shareholders are also missing personal exchange. And if most of them would never want to admit, they're also missing the good food at the AGM. Now if you wonder what you can see behind me, well, yes, I personally also 8 years ago, got this little trophy from an AGM to make up for the major losses in share prices. And of course, when I heard that I was going to be given the floor today for a statement, I took out that logo again. But if you, Mr. Achleitner, would like to have it back, then I will bring it back also next year. However, it was a symbol of the share price of Deutsche Bank for many years, which used to be on a high level, but now, we have gone through the lows and have, I think, overcome these low periods. And that's how -- it is now time to be proud again of Deutsche Bank. Now I'm Swabia from Southern Germany, and we've got a saying here which means that not to say anything is already a good praise. Now let me talk about the agenda. Now there's one big blemish on the AGM because the most important item is still missing. Still dividend. You still remember what this term means. Is it the 11th hour? No, not any longer. The share price yesterday was even EUR 0.20 above EUR 12. Now you're already in the right track, but you still have got a long way to go. 30 years ago, that is an entire generation ago, we already had share prices of more than EUR 20 at Deutsche Bank. EUR 20? I mean that would be a dream for us today. In 2007, we even had a historic high of more than EUR 90. Now with that share price, I would almost be a millionaire, Mr. Sewing and colleagues, you still have got hard work to do. And I hope for your passion in tackling this. Now my measure for you and your shareholders and your colleagues is the share price. At some point, I'd like to be back to EUR 70, EUR 50 or EUR 30. That would be already a first satisfying interim step. Deutsche Bank really has to get back to what it used to be. Now that's interesting. Isn't it? You've got to be bankers, old-school bankers again, but now looking forward. Because a banker is something people have to be proud of. Now more than 4 years ago, I personally met Alfred Herrhausen and who's still my role model today. So you're filling big shoes and times are becoming more short-lived, and the fintechs will be strong competitors for you again. And you've got to keep up with them in order not to fall into oblivion. And looking at the Internet, I just would like to mention Netscape. They used to have a monopoly for Internet access, but then, they got lost in oblivion faster than you could imagine. Such a fintech also used to exist in index last year. And that's my second point of criticism on the agenda. How can you propose to elect the same appointer to us? That's a no-go. Now I know you've got a different team of auditors. And so nevertheless, Deutsche Bank also lost a lot of money there. And what has already been made public so far speaks for itself. So next year, by the latest, you really have to change the auditor. Now this already marks the end of my slot. Now, I'm not used to 5 minutes. But as you're so generous, of course, I'm going to stick to it. Now I'm not supposed to ask any questions, so we'll refrain from doing so as well because I already submitted my question right here. I'm looking forward to your answers. So please forgive me, but I've got one more request. Please use German language in answering the questions because all too often, you're using the English terms CEO, CFO, also in Germany, but we do have good German terms for that. And don't take all of the questions verbatim all the time. And because I don't mind a bit of humor in your answers as well. Now you, Mr. Achleitner, proved excellently last year, then towards the end of the AGM, you announced that you're going to switch to working mode. I like that very much, although your intention probably was a different one. Thanks, and it's back to you again, Mr. Achleitner.

Well, thank you very much, Mr. Gabler, also for sticking to your time in making your statement. Now -- but as you are in such a good mood right now. I've got a question for you. Now you asked for the results of the votes to be read out in full length. Now this means that our AGM would take one longer than usual. Of course, I will do so because as a shareholder, you have the right to file such a request. And of course, we are going to live up it. If, however -- if in your generous attitude, you could withdraw that request, this would save us 1 hour without the information being lost at this AGM. Therefore, my question to you. But of course, you've got the final say.

Dr. Achleitner, after your generousness today, I accept the short announcement of the results today.

Well, thank you very much. Mr. Gabler really helped us very much today. And now I'd like to hand over to Carla Reemtsma give us her statement.

Good morning. Dear shareholders, members of the management board and supervisory board. My name is Carla Reemtsma. I'm a climate activist at Fridays for Future and also speak for Fridays for Future. In 2015, Deutsche Bank, like many other banks, committed itself to support the goals of the Paris Climate Agreement. Since then, the actions of Deutsche Bank, however, were not in line with that commitment. Building new coal power plants is excluded by the companies building themselves. Between 2018 and 2020, Deutsche Bank spent about EUR 6.4 billion to finance the global coal industry. All in all, in the years 2016 to 2020, coal, oil and gas firms received USD 74.6 billion in funding. Now that's a huge amount of money and a huge contribution to the climate crisis. A huge gap to your commitment to assume responsibility and to align the corporate policy to the Paris climate agreement. If you commit yourselves to the Paris Climate agreement, but at the same time finance the expansion of fossil energies, then either you haven't heard the message in the Paris Climate Agreement or you are deliberately greenwashing your activities to deliberately mislead shareholders and clients. Now this year's sustainability goals were announced by Deutsche Bank, but this is not really compliant with the Paris Agreement and the goal to reach 1.5% of global temperature increase. Now joining initiatives, reducing fuel consumption of the car fleets and so on, now that's all the right approach, but still doesn't show that you have not understood what's your responsibility in the climate crisis is. Because this is just the same kind of thinking of sustainability, which we're also a customer in the 1990s. Now all of these are actions, which can easily be implemented, but which also look good, but which are not a contribution to fighting climate -- the climate change. And they're easy to implement. The client list of Deutsche Bank includes names such as ExxonMobil, Glencore and Chevron. All the 3 of them are the main reasons of the global climate crisis. You, the shareholders, you give your money to the bank of yesterday, financing technologies of even a longer distance, how can you be convinced of the viability of a bank which does not recognize what the technologies of the future are. We still invest in technologies, which should be better stopped today than tomorrow. How can you believe that a bank which has not recognized what the dangers of climate crisis are, that this bank could be a safe place to invest your money? A bank which makes commitments, but does not live up to it. For this reason, I'm not going to ratify the Act of Management of the management board. We support the counterproposal of the critical shareholders not to ratify the Act of the Management Board due to the insufficient action against climate crisis. Thank you very much for your attention.

Thank you very much, Ms. Reemtsma, for your very clear and concise statement. I would now like to ask [ Mr. Oswald ] to address shareholders.

My name is Oswald. I'm a management Board member of an association on -- for real estate. As the Deutsche Bank shareholder, I would like to send my greetings to the management Board, employees, et cetera. We really love these virtual statements. Kudos to your courage, Mr. Achleitner and Mr. Sewing. Our questions were cuts, were reduced and were only partially published. Our counterproposals that is also our suggestion to vote [ Ms. Anya Reshka ] to the Supervisory Board was not sufficiently described. So the presentation should at least be presented in the layout of Deutsche Bank. On the compensation, 235 -- Page 235, 648 high earners is what you have. So per high earner, depending on your revenues, this is EUR 2.3 million in terms of annual compensation as an average. EUR 1.7 billion is the total that is distributed. But actually, your information is very wooly and not very informative for the shareholders. Perhaps you might want to think about as to whether your behavior is sufficiently respectful to the shareholders and the remaining employees. On -- in 2021, a law was passed against tax optimization and tax havens. [ Stefan Reideger ] published a study on this. On the basis of the study, 221 tax havens are serviced by Deutsche Bank with a negative tax optimization result, which is not consolidated. Deutsche Bank Head Office is in Wilmington, 70,000 inhabitants. It's the biggest city in Delaware. 1.4 million inhabitants and millions of Deutsche bankers, 98 investments -- tax optimization investments in Delaware. 413 -- Page 413, we see 6 investments in Delaware. With Billington, it's 146 investments. And in Delaware, it's per 469 inhabitants. This is tax -- tax havens with tax optimization effect. [Audio Gap] In Germany, Deutsche Bank is closing its branches, and in Delaware, it's opening related companies or affiliates. One affiliate per 146 employees. [ Interpreters apologize. But the sound quality is very bad, we hardly can hear the gentleman. ] So it's important for Mr. Sewing to take care of this problem. Please rather invest your money into a professional to regain customers as has become a standard for other companies. If you continue in litigation with 8,000 clients in the way you do today, you will lose them forever. Just think about the 10-year media catastrophe of your litigation with [indiscernible]. Dr. Achleitner, of course, I brought my cards. Unfortunately, I did not find the right color or shade of color for you, so you don't get a card. Thank you very much for your attention. Well, that's me, Dr. Achleitner. Beautiful. Thank you very much, Dr. Achleitner, and see you around.

I would like to thank all the shareholders and everyone who spoke most cordially for their commitment, for their focus on Deutsche Bank and for their contributions and the content of the contributions. We will now continue with answering the next questions. Handing over to you, [ Ms. Flugewerner. ]

[Foreign Language] The next item is the private bank, Mr. von Rohr will be answering the questions. We start with Mr. Thomae, who asked us about the advantages of merging the International Private Bank with Global Wealth Management.

Thank you very much, Mr. Thomae. By merging the rather local -- by this measure, besides the retail business -- local retail business, we created a global organization taking care of wealthy clients, mainly entrepreneurs and their families. They offer bespoke advisory services across all customer groups. Over and above this, we are also unifying platforms, products and processes. We merge central and infrastructure functions, and thus, generate cost and revenue synergies.

The next shareholder questions are around fintechs. How much business volumes could they take away from classic banks? Is it economically feasible to charge an order fee of about EUR 1 for equity trade? And in this context, what are the order fees that Deutsche Bank needs approximately to breakeven?

Again, thank you very much for this question. The business models of fintechs are strongly geared to gaining new clients, not the least by offering very low fees and a very strongly focused product offer. While we are interested in long-term and sustainable client relationships and are already offering a broad and comprehensive gamut of services -- banking services, while we do not go for being the price leader in every product segment. Of course, we are optimizing our revenue and cost basis on a continuous basis, watching the market. However, if you look at the fintech market, all in all, there are not only challenges that are brought about it, but also opportunities by targeted cooperation.

Shareholders want to know what the strategy has for its online broker, maxblue, and how you want to benefit from exploring digital channels.

So the digitalization of our business is an important pillar when it comes to the strategic alignment of the private banks. The mobile banking apps of Deutsche Bank and Postbank, which have won several awards, we are servicing an ever-increasing number of customers per day. ROBIN, the interest market and the CO2 indicator, which we launched recently that you find in our app, we launched additional innovative digital solutions. Also our brokerage business with maxblue is adding good results and is growing in 2020. The transaction volumes increased with clear 3-digit percentages. Now we support this growth path by improving the services step by step and further investing into digital processes and functions. In addition to this, we are improving the networking of different product offers.

[ Elizabeth Hoffman ] asked as to whether the branches that were closed during the corona pandemic will be opened again once the situation relaxes.

Well, Ms. Hoffman, the branches that were temporarily closed in the first lockdown have already been opened, apart from 4, of course, sticking to hygiene rules. However, for these 4 branches, you can still agree on an appointment for advisory services. However, the behavior in the pandemic has also shown this digital offers are getting ever more important for our clients. This is why Deutsche Bank will continue to optimize its branch network further. We, thus, for Deutsche Bank and Postbank concluded and signed balances of interest also included closing of branches. When it comes to the brand of Deutsche Bank, we will be closing about 100 branches in 2021. The network that we want to retain in the foreseeable future are 400 branches. So we will remain available all over Germany at the same time we are providing personal advice via all channels, and the branch network of Postbank will be reduced by also about 100 branches by 2021.

One shareholder asked as to whether when you close the branches, do you bear in mind as to whether Commerzbank is also present in these areas or whether they're closing branches there?

Well, we manage our branch networks according to the needs and the demand of our customers. The rationale to our financial institution only play a role when it comes to the provision of cash via the cash group. However, more and more clients go less and less to branches in order to do their banking business, but are happy to be consulted online or video or telephone or at home.

Two shareholders asked for your plans on the Postbank share. They are asking about the branch network, the cooperation with Deutsche-Post and possible synergies on the merger with Deutsche Bank.

As early as in March 2017, we decided to integrate Postbank into the Deutsche Bank Group. The Postbank is an important element of the Private Bank in Germany and takes care of about half of the revenues in the German private banking business. The cooperation with Deutsche-Post is an important source of new business for the Private Bank in Germany because every day, we can generate several hundred customer contacts from the mail business and the Postbank branches. Additionally, we adjusted the Postbank branch network to change customer behavior via, for example, merging branches and via changing our format -- our branch format. And this is how we also managed to bring down costs in the Postbank branch network considerably. Integration of Postbank will also help us to generate considerable synergies. The integration of control functions in the central areas has progressed considerably by the end of 2021. We will also have merged the IT systems of Deutsche Bank and Postbank. And this will give us the possibility of using a joint IT platform and also to fully integrate the operations areas.

A shareholder is asking for the status of negotiations of Deutsche-Post AG with Postbank.

We do have a long-term cooperation contract with Deutsche-Post AG, and our cooperation is continuously developed further. If, on the basis of changed framework conditions there is a need for adjustment or alignment, of course, they are being reviewed by both parties and is then assessed in the context of the existing contractual relationships.

[ Mr. Kutz ] is asking about the current status quo when it comes to the integration of Postbank AG.

[ Mr. Kutz ], when it comes to the integration of Postbank into Deutsche Bank, we made significant progress in 2020. We achieved major milestones when it comes to the implementation of the transformation. Part and parcel of this is the merger of the former Db Privat- Und Firmenkundenbank Ag into which, in 2018, Postbank AG was already merged into 2 Deutsche Bank AG. Over and above this, we signed several balances of interest in the essential functions to operations areas and in sales, which, again, promote further integration. When it comes to the -- with the implementation of the IT integration and modernization of operations, we are intensively working to implement further initiatives in order to achieve our targets.

Another investor asked how many customers in the year under review, were -- one at Deutsche Bank and Postbank, how many were lost, and how the assets under management developed?

In Private Banking, this is in retail banking in Germany, the assets under management increased to about EUR 222 billion in 2020. Deutsche Bank and Postbank, in spite of a slight decrease in terms of this number of clients, made their own contributions to this increase overall with approximately 90 million clients. We remain the biggest retail bank in Germany.

A shareholder -- with regard to Lloyds funds portfolio, too, from 2007, a shareholder asked as to whether customers who suffered losses will be compensated for part of these losses.

Deutsche Bank did participate in selling the Lloyds funds portfolio, too, in the framework of the prospectuses. There were comprehensive information on product characteristics, opportunities and risks, but also the entrepreneurial risk of the fund. Due to the shipping crisis, which has lasted for years on a global scale, unfortunately, the entrepreneurial risk of this investment comprehensively materialized. However, this fund development is something we're really about, but it was out of our control.

Question is, why do letters that are addressed to Christian Sewing are guided to the complaint department. He also wants to know while he as a shareholder is not permitted to open a current account, and he realizes that this is more and more the case with the man on the street.

[ Mr. Wagner, ] on the first part of your question. Letters are not intercepted. They go to the office of the management board member every time. Then, the answering of these letters is usually taken care of by the appropriate business or sector or division of the company, so that we can give you an appropriate comprehensive answer. On the second part, Deutsche Bank, it is not the case that we continuously review opening accounts for the man on the streets, as you write. We offer the EU basic account, where consumers with proper residency in the EU have a legal entitlement to. The precondition is that they have no other account by which he can do in payments and out payments, direct debit transfers or card payments. This basic account is only to be used for private purposes. Over and above this however, credit institutions are not obliged to open a private current account and private -- and credit institutions are free to reject the opening of an account for business policy reasons or other reasons. When it comes to your specific objection, we gave you a very timely written answer, and we confirmed that we would like to go away from opening an account. We ask for your understanding.

A shareholder reports of a 12-year-old demand from a Postbank account, that [ Mr. Hort ] raised against his father. He asked what is the business relationship of Postbank and Deutsche Bank is with said lawyer, where Postbank does not get in contact with this father as with the additional requirements or demands and how many.

First of all, I'd like to ask for your understanding that because of a -- we are not authorized to do so. We are not able to give you any information on this customer relationship. We would kindly ask you to get in direct contact with colleagues on site in order to clarify which authorization we need in order to be able to give you the required information. With regard to your question with the business relationship with lawyer, [ Mr. Ralph Heil, ] we would like to tell you that the bank is no longer cooperating with the gentleman.

A shareholder is asking how does the bank want to earn money in the future with wealthy private individuals?

We're in the business with high net worth individuals that we look after from our international private bank. We fortunately have a high degree of client loyalty. Therefore, we were able to continue our growth in 2020. We have net new assets of EUR 9.5 billion. And this trend is -- or has been continuing in the first quarter of current fiscal year. We actually had net new assets of EUR 7 billion in the first 3 months -- in the first quarter. And we see this confirmation that with our offer, we actually meet the requirements of our customers. And in this business area and this division, we will targetedly invest into our customer offer and, of course, into our platform.

[ Mr. and Mr. Schreimer ] asked how many proceedings have been with the Ombudsman. They ask for numbers for 2019 for the last 3 and for the last 10 years. Also, they want to know what kind of amounts were involved on average and what about the highest amount.

We do have the numbers for the last 3 years. In this period of time, about 4,400 submissions were made through the Federal Association of German banks, and of these, 900 submissions were for the year 2019. Only with about 1.3% of the submissions, the decision went in favor of the claimants. On average, the claims were below EUR 50,000. Since -- with submissions to the Federal Association of German banks, very often, rather fictitious or unrealistic claims are being made, and absolute amount is not rather telling.

We come to the Corporate Bank shareholder, Mark Kaiser asks for the position of Deutsche Bank on the topic of decentralized finance. Mr. Sewing, can I ask you for an answer?

Yes, with pleasure. Decentralized finance is an exciting development that we take a very close look at. At the moment, it's still in its infancy. Therefore, our primary focus at this time is on the distributed ledger technology, or DLT, which provides the foundation. Just like with on the use cases of DLT, decentralized finance has a certain disruptive potential for banks inherent in it. However, we take it that decentralized finance in the future will require components of centralized finance, which is the classic financial intermediaries. In the future, it is probable that financial intermediaries will act as regulated access points for decentralized finance world and take over looking after tokens for customers, for example. Our target is to marry best of both worlds, thus offering intelligent and attractive products for our customers. A question coming from Deka Investment. What possibilities come up in the Corporate Bank to build up e-commerce business with payment transaction services for retailers? Well, first of all, the e-commerce market is growing strongly. We see this type of dynamic has a good opportunity to expand our position in this market. It's part of our encompassing strategy to grow in payment transactions and to address the needs of our customers across the channels. At the moment, in the area of e-commerce, we offer payment acceptance for all run-of-the-mill payment types in the European and U.S. American area. This, for example, includes classic payment transaction services, monitoring risk and fraud characteristics and further offers like currency management. All of this gives us an excellent starting position. At the same time, we expand our value chain. So we link up elements from our product world, like cash management and trade financing with services from the area of payment acceptance. Thus, we can build up on our strengths in the area of e-commerce. Schroder asks what the significance of cryptocurrencies is for the strategy of the bank. On a permanent basis, the relevance of cryptocurrencies is decided by the market. As Deutsche Bank, we expect in a future tokenized world, we will look after more digital assets, including cryptocurrencies. For these reasons, in the first quarter 2021, we started to work on a solution to store cryptocurrencies. And moreover, we have set up a bank-wide task force on digital assets and currencies in order to be able to offer attractive products and services to our customers in the future in this area. A shareholder asks for the business relationship with Wirecard and which opportunities and risks come from the insolvency. Also, he wants to know whether Deutsche Bank has checked to take over part of the company. Deutsche Bank had only limited business relationships with Wirecard. Therefore, insolvency of Wirecard for our company did not have any major disadvantageous effects. Our performance are for Wirecard, that meant the participation in their syndicated loan and services like payment transactions and currency hedging for individual group companies. In coordination with BaFin, insolvency administrator, Wirecard AG and the Board of Management of Wirecard Bank AG, we have checked as to whether it might make sense to move parts of Wirecard Bank AG into Deutsche Bank Group. After a thorough check, our company came to the opinion that this would not be a viable option. Therefore, the process was no longer continued. Solvency proceedings of Wirecard has effects on the market payment. Except as not least because of the continued growing focus of regulators for us, we do see chances. We do see opportunities that we want to focus on in our strategy. The next questions go to Mr. Sewing and it's about the Investment Bank. [ Andres Tome ] from Deka Investment asks, which part of the Investment Bank revenue from 2020 the bank sees as recurring and which they see as rather cyclical in nature. Also, they want to know whether the target return of 9.5% to 10.5% is obtainable when the cyclical tailwinds are no longer there. Thank you, Mr. Tome, on our Investor Day dive in December 2020 we have shown how we want to reach our target of about 10 return on investment or equity in the Investment Bank in fiscal 2022. This target does not hinge on that we reached the same revenue level as we reached in 2020. In 2022, we take -- there will be a total of about EUR 800 million less of revenue. At the same time, we also expect less costs and lower loan loss provisions than in 2020. Therefore, we see our revenue targets as quite conservative in the business. With debt securities and currencies, we think that more than half of the increase of the revenue between 2019 and 2020 is sustainable, and we see further revenue potential in the business with loan capital origination. We see our current revenue to be sustainable. Major drivers here are the expected recovery of the leverage finance market and our recent market share gains with investment-grade emissions. In the equity issuance business, since beginning 2020, we have increased our market share. While in the consultancy business, we focus on growth sectors where we have a competitive edge. [ Mr. Kinler ] from SDK asked how high the share of sustainable revenue in Investment Bank in 2020 was? And in the first quarter 2021 was? And how the cost-to-income ratio was in relation to the sustainable revenue? [ Mr. Kinler ], again, thank you very much. So on our recent Investor Deep Dive that I referred to in the previous question, we have shared in the business with fixed income securities and currencies, more than half of the increase of the revenue between 2019 and 2020 seem to be sustainable. Furthermore, we think that the revenue obtained in 2020 in our origination consultancy business is to be -- is completely sustainable. If you take a look at the seasonality of nature of individual business areas, it's difficult to make a statement as regards sustainable revenue per quarter. The strong first quarter 2021 is a renewed confirmation for the good progress that we make in implementing our strategy. However, it is not possible to show a cost-income ratio that only refers to sustainable revenue. Again, [ Mr. Tome ] asking what your -- what does your strategy look like in the shares of equities business where you want to grow stronger in Asia after you have gone out of that just recently. While we went out of the institutional equities trading, the equities origination business stays a core part of our business. In order to offer all-encompassing consultancy to our customers in order to stay competitive, we have continued our research and sales activities in these 2 functions. We are investing also, among others, in a targeted fashion in Asia in order to have a comparable offer in all of our regions. SDK wants to know why investment bank is less susceptible today for toxic development compared to previously. As how the bank prevents an organizational control deficit as in the financial crisis. Also, they ask which revenue level in the Investment Bank with the current capital is -- situation is sustainable. Well, since the financial crisis, as we have shown, Deutsche Bank has invested extensively in risk management in all sectors. This is true controlling market credit and nonfinancial risk or loan risk and the strengthening of our control functions, for example, for anti-financial crime. These topics have a high priority for Board of Management, just like the development of our corporate culture. At the same time, we fall under change regulatory requirements which have turned the entire financial industry more secure and in doing so, we are closely cooperating with our regulatory authorities. Question on the sustainable result level of the Investment Bank. Here, I'm referring to the statement in my speech and the previous answers, just like explained in our Investor Deep Dive previous year for 2022, in this area, we expect revenue to the tune of EUR 8.5 billion, and adjusted costs without transformation costs of EUR 4.8 billion. This would result into a return of about 10% on the tangible equity. In order to reach these targets, we will selectively allocate capital and implement regulatory requirements. A shareholder regrets that Deutsche Bank no longer offers hedging of raw material prices. He asks as to whether he needs to be reckoned with that this -- he can reckon with this offer being taken up again. First of all, an all-encompassing service offer for our customers is very important to us. At the same time, it's a central element of our strategy that, in particular, in the Investment Bank, we focus on our strengths. That's -- those areas where we belong to the leading providers in the market and where we create the biggest added value for our customers and shareholders. So at the moment, there is no plan offer raw material price hedging again. We come to the Capital Release Unit, [ Claus Needing ] from [ DSW ] wants to know, in which case is customers transactions are transferred from CRU to the Investment Bank? Mr. Von Moltke will answer this.

[ Mr. Needing ], in order to make sure that the bank can continue to effectively look after the customers, some customer transactions were transferred back from Capital Release Unit to the Investment Bank. Such transfers fall under rules between the various segments.

A shareholder is asking which stocks of Wirecard shares Deutsche Bank and the group companies had at various points of time. And in how far losses were incurred because of this. Furthermore, he wants to know whether legal steps were started against Wirecard.

We'd like to ask for your understanding the detailed indications on equities positions at various points of time would actually go beyond the framework of this AGM. Therefore, we're focus on financial effects of Wirecard positions on the Deutsche Bank Group. Capital Release Unit before, during and after publication of the irregularities of Wirecard shares were held by the company, these served hedging of existing customer transactions, therefore, the Capital Release Unit did not incur a loss from the plummeting Wirecard shares in summer 2020. The Investment Bank at this point of time did not have a stock in Wirecard shares. A special fund where pension money of Deutsche Bank is put in had from 2015 invested in Wirecard shares. Since June 2020, there were no open positions in Wirecard shares any longer. Over the entire investment time frame, the has obtained profit with Wirecard shares, even if some positions were sold with a loss. These losses were actually put into the proceedings in the insolvency proceedings and the proceedings against managers. The shares of -- Wirecard shares in the fund were not more than 0.25%. Public funds of DWS Group were also invested in Wirecard shares, but no material loss was incurred for Deutsche Bank.

Further, share to us in what context the claims were made from the company against the insolvency administrator of Wirecard and how high the total loss was. He also wants to know whether depreciations happened in the annual accounts of 2020.

In the insolvency proceedings for Wirecard AG, Deutsche Bank has made claims from the loan relationship with Wirecard to the tune of EUR 74 million. For the part of the claims that is non-incurable, Deutsche Bank, in 2020, has made risk provisions. Depreciation so far have not been made. The expected loss from the loan relationship were mainly leveled by loan loss provision instrument. As mentioned on the AGM in last year, DWS Group, for all of the funds, announced claims to the tune of more than EUR 600 million against Wirecard. This includes the misconduct of Wirecard going down to the year 2014 and includes interest claims. These funds are not part of the Deutsche Bank Group. The revenue expectation from the insolvency proceedings rather depend on the amount of the insolvency rate. At the point of time, we can't make any statement on this.

The next area will be answered by Mr. Achleitner. A shareholder asks for the Supervisory Board remuneration, in particular, when it comes the committees of the Supervisory Board. He asked whether additional committees are planned for the Supervisory Board and whether they will get special remuneration or additional remuneration.

First of all, please point -- let me point out that the remuneration of the Supervisory Board, the structure and the amount of which since 2013 has been the same, and we are not coming to you to ask you to change this. What we are suggesting today, as you can see from the agenda, is to adapt the remuneration for the Technology, Data and Innovation Committee to the remuneration for Audit Committee, Risk Committee and Integrity Committee. We think this is justified because the task of the Technology Committee with a view to the significance of these companies of these topics for the strategy of the bank require a similar amount of work than the work of -- in all the other committees. The Board of Management and the Supervisory Board believe the Supervisory Board remuneration as it stands in Section 14 in the Articles of Association, we deemed that to be adequate and the system below it. As regards the question of committees of the Board. It is, of course, up to the Board to decide with the consent agreement of the Supervisory Board to establish committees or dissolve committees, membership and Board committees is not specifically remunerated.

Shareholder, [ Edith Schmidt ], praise the successful risk management of Deutsche Bank headed by risk Board member, Lewis, and ask for further information to search for a successor.

Well, as we have announced in March, Mr. Lewis asked the Supervisory Board to move out of the Executive Board in 1 year's time for the AGM 2022. This gives us sufficient time to evaluate internal and external candidates. The Nomination Committee will, in due course of time, submit a suggestion to the Supervisory Board and in doing so, of course, will live up to all the legal and regulatory requirements and the potential profile of a candidate become a Board member for risk. We are convinced that with a thorough and systematic process, we will be able to continue the first-class risk management of the bank.

Two shareholders, against the backdrop of the cost targets, ask about the current size of the Executive Board and ask for long-term strategy when it comes to Board mandates.

The question of the optimal size of the Board, we're actually asking that every time with every nomination, and of course, we want to keep the Board as small as possible. But in the environment, as we have it at the moment, the size is adequate.

[ Mr. Tome ] from Deka Investment wants to know why the tasks of the Chief Operating Officer have been distributed to various other Board members.

Well, I've tried to explain this in my speech today, the Supervisory Board, with a view to the next phase of transformation, has changed the -- has made changes in the Board. And in this context, a major part of the infrastructure of the Investment Bank and Corporate Bank was moved to the various divisions since this type of link has been tried and tested in Private Bank and DWS.

Some shareholders are interested in the succession planning for Mr. Achleitner. He will now make a statement on this.

Well, my term of office, as you know, is until the Annual General Meeting 2022. And as I announced last year already after the end of second term as the Chairman of the Supervisory Board, I do not want to be reelected. It is task of the Nomination Committee to come up with a suggestion for successor in the sense of corporate governance and in order to make sure that there is a well ordered process. I have handed over the chairmanship of the Nomination Committee in July 2020 already to Ms. Clark. And I'm sure that's supported by the recommendations of the Nomination Committee. The Supervisory Board in due course of time will decide on a proposal to elect a successor. And apart from that, please understand that I don't think there need to be further details that need to be discussed today.

A shareholder inquires what motivates Mr. Achleitner to exercise his mandate, his performance background information concerning the transformation within the Executive Board and how much more time he gives Mr. Sewing. He also like to inquire about the content of conversations with investors from the Arab region.

That is a very large range of different questions. Let's begin with motivation. Well, first of all, duty, the call of duty until the end of the AGM 2022, I am in office, and it is my full intention to complete my duties as Chairman of the Supervisory Board until my mandate ends. I also want to make my contribution in guiding the bank through the transformation process that Mr. Sewing already presented in detail earlier. Of course, I also receive a compensation like all members of the Supervisory Board. As for the nomination of Mr. Sewing as the CEO and other members of the Executive Board, I think I touched upon this in detail in my report. You also have the compensation and remuneration report concerning these aspects. And with the support of the Nomination Committee, the Supervisory Board also self-assesses itself. The members of the Supervisory Board conducts a self-evaluation. And as for the last point concerning future appointments, the Nomination Committee will undertake the necessary steps. As to the question relating to conversations with investors, yes, indeed, as Chairman of the Supervisory Board, of course, I also conduct conversations with potential investors or future investors, but I'm sure you will have fullest understanding for the fact that I cannot comment on the content of these conversations.

A shareholder asks about corporate governance topics, the independence of the supervisory Board and its committees as well as the selection process when it comes to new Supervisory Board members.

As you know, Deutsche Bank has been taking corporate governance very seriously for many years now and was one of the first companies which introduced a Corporate Governance Code even before the German Corporate Governance Code requirements were issued. This, of course, also includes that the majority of the shareholder representatives in the Supervisory Board must be independent, and that the Chairman as well as the different Supervisory Board committees and their chairpersons are independent, and this is indeed the case. We've also given us a maximum membership period of a total of 3 mandates. That is a total of 12 years based on the fact that shareholder representatives are appointed for a maximum period in office of 4 years. Of course, you can read upon that in the statutes under Article 4 and 5. Further information concerning the skill profile and expertise of the members of the Supervisory Board will be -- you can find in the declaration in the -- on Page 452 of the annual report. Of course, we take a very close look at the skill profile and expertise of potential members, and we also maintain a list of potential successors with the support of external consultants, which will put us in a position, should there be a vacancy, to add the right talent to our skill pool. And I think we definitely proved this in the very quick nomination and appointment of Frank Witter in the spring.

A shareholder asks, what qualifies Sigmar Gabriel for a position on the Supervisory Board? And what does Deutsche Bank promise itself from including him as a Board member.

We are convinced that Sigmar Gabriel who, of course, was elected by the AGM last year. And then as now, we are fully convinced and he has proven in the meantime that as former Vice President -- Vice Chancellor, former Minister for the Environment, Economic Minister and Foreign Minister, he has a great deal of experience in different bodies and international organizations and fully -- has full demand of all the skills required as a member of the Supervisory Board. Mr. Gabriel stands for environment, social and governance issues. He is a huge asset for our plenary work in the Supervisory Board as well as in his function as a member of the Integrity Committee.

[ Dietrich Eberhard Koch ] asks whether Sigmar Gabriel has transformed from a socialist to capitalist, putting him into the position to be allowed to receive a Supervisory Board compensation.

Well, of course, Mr. Gabriel, just like any other member of the Supervisory Board, is entitled to receive compensation for his work.

Let's talk about technology. A shareholder inquires how Deutsche Bank is coping with the COVID crisis. They want to know, how many employees have been working from home in the year 2020? And how it is ensured that they have the fullest required technological support. Also the shareholder would like to know how many employees are using a personal untested technical equipment at home. Mr. von Rohr will be responding to that question.

During the peaks of the first and second lockdowns, approximately 70,000 employees of the bank worldwide were working from home. For many years, we've been giving our employees the opportunity to work flexibly and mobile-ly, even beyond the mere definition of work from home. Due to the fact that we already had a strong and tested technological infrastructure, we were able to respond to the COVID pandemic very quickly and very flexibly. In order to be able to communicate between colleagues, our employees can use different programs and software. Of course, they can use the phone or video conferencing, but also chat programs. And if you look at the use rates, you will realize that's the frequency and rate at which these communication platforms are used has increased substantially. During the increase of work from home or remote work during the pandemic, of course, we have maintained and upheld our strict security measures, and all employees are advised frequently that only communication systems, which have been authorized by the bank may be used.

Deka Investment GmbH asks how Deutsche Bank is moving along with regard to digital transformation and its partnership with Google Cloud. Another shareholder would like to know how the digitalization is moving along in the businesses and subsidiaries of Deutsche Bank.

With regard to the implementation of our digital transformation process, we have achieved great progress over the past few months. Especially with regard to our IT infrastructure, we were able to make it more efficient, more service-based by switching off redundant applications and focusing on fewer standard platforms. At the same time, we were also able to strengthen our internal technology competencies. We promote our experts or support our experts by providing them with monthly developer days and a new framework for career development as well as additional further training programs. By the end of 2020, more than 50% of the employees will be working in the fields of technology, data and innovation as software engineers. With regard to our customers. Well, let me put it this way, for our customers, we have expanded the digital product and service range in all business areas. We are now also using, for instance, robotic technologies, artificial intelligence, in order to automate manual processes and to analyze unstructured data for further processing. Our strategic partnership with Google Cloud is geared towards modernizing the technological environment and infrastructure at Deutsche Bank. In order to achieve this, certain business and infrastructure applications are being transferred to the cloud. Applications can use the advantage of having a standardized and always up-to-date environment and the necessary capacity. The cloud also offers us modern data analysis functions and the possibility to use data more effectively, thanks to artificial intelligence.

[ Mr. Gabler ] asks how Deutsche Bank is responding to competition from fintechs.

We are convinced that fintechs and other innovative startups will have a positive impact on the financial industry as a whole. For this reason, we consider them as potential partners for banks and not just as competition. As a bank, we provide access to customers, expertise in the financial industry and we have an existing or pre-existing infrastructure. Fintechs can contribute know-how on expertise and new perspective and also flexible ways of work. In developing our innovative online and mobile banking functions, we have worked together closely with fintechs. This includes, for example, importing -- or the automatic import of data from printed invoices or the integration of third banking applications via multi banking. In addition to this, we have also invested in selected fintechs, amongst them, for instance, Dwins, the founders of Finance Guru. As part of our innovation network, we are in very close communication and networking with the most important innovation in the start-up scenes and provide young entrepreneurs an easy access how to reach out and communicate with the bank.

A shareholder asked what importance or relevance artificial intelligence has for the bank's strategy and what projects are being pursued and when results can be seen?

As already said, we are using modern technologies like AI in order to be able to focus more on our customers and to develop innovative products and services. We use AI solutions, for instance, in order to automate process steps such as processing unstructured data, especially large volumes of data and contrasting them. In the future, of course, we also want to use these technologies even more than now in order to understand our customers' needs and desires. Our cooperation with Google Cloud is going to help us achieve this and make progress in developing new services for our customers. Let me give you a specific example. This includes very precise cash flow forecasts, which allow treasurers and companies to plan more precisely.

[ Mr. Needing ] and another shareholder asked how many times Deutsche Bank has become a victim of cyberattacks in the past 12 months. Where these attacks originated from, and whether the demands of the attackers were fulfilled. He also wants to know what the bank is investing in order to defend and protect itself against cyberattacks and how satisfied the bank is with the cooperation concerning investigative agencies.

So of course, we closely monitor and analyze the potential cybersecurity risks and the critical IT systems of the bank so that we can respond to any potential risks around the clock and very quickly. Throughout the past 12 months, the bank has become a target of cyberattacks on several occasions, but we were always able to successfully fend them off, to no fall out or any significant impact on the systems or the data of the bank such as the information of our customers, for instance. Of course, we are fully aware of our responsibility when it comes to actively maintaining a worldwide, stable and resilient financial system. For this reason, we continue to invest in our abilities to minimize security risks. And we are closely working together with supervisory authorities and regulators, and we are in close exchange with national and international security agencies as well as government agencies and other companies in order to assess the current risks.

Next question. Which software does the bank use for supervisory and executive board meetings? And how does it ensure that it keeps information confidential and secure and make sure that data does not end up on foreign servers.

For our Supervisory and Executive Board meetings, we use several different solutions, which are customized to the specific needs of these bodies. This includes a software with secure data rooms and also servers which are operated and hosted in Germany. These applications are only available to authorized persons, and every access is recorded and recertified regularly.

Some shareholders asked questions concerning sustainability, such as the targets when it comes to sustainable financing, the commitment to reduce carbon exposures in certain industries and CO2 emissions, and Mr. Sewing will be responding to these questions briefly.

Thank you. Since 2019, sustainability is one of our top 4 management priorities, and it has become an essential part of our strategy as a bank. For last week -- or last week, during our Sustainability Deep Dive, our first Sustainability Day, 2,000 participants joined us for 3 hours. We presented the progress made and spoke about 100 targets and ambitions that we have that we want to conduct step-by-step in order to become more sustainable for our customers. Over the past 12 months, we've made substantial progress when it comes to executing our strategy. Shortly before the AGM in May 2020, we have set out the goal that by the end of 2025, we wanted to enable investments and funding worth EUR 200 billion in the field of sustainability. As already mentioned during my speech this morning, we were actually even more successful than we had intended with more than EUR 71 billion invested in funding over the past 10 months alone. At the same time, we believe that we need short-term measurable and tangible targets, which can be more effective than long-term ambitions. That's why we have now reduced the time deadline for the EUR 200 billion target to 2023. The businesses presented detailed strategies for sustainable funding and investments. And they did so in such detail, which is very unusual in the financial industry. By working in sustainable economic activities, we see great growth opportunities for the bank. We are in an ideal position in order to fulfill the demand for sustainable services and solutions for our customers. As Corporate Bank and Investment Bank, we can generate the assets that will attract institutional and private investors. This is one of the reasons why we can now control sustainability topics throughout the bank and beyond. This began in 2018 by founding the Sustainability Council in order to improve the coordination between our businesses and our infrastructure functions and did so very successfully in order to accelerate decisions and allow closer cooperation throughout the group. For this reason, in the fall of 2020, the Sustainability Committee with me as a Chairman was founded and the Sustainability Council looks at the flow of information and expands the networking beyond different businesses and infrastructure functions. For this AGM, shareholders have asked us to share information on potential and existing customer relations in this area. And I hope you do understand that for confidentiality reasons, we cannot do this. What I can say quite fundamentally, though, is that we do not intend to exclude customers from funding. In the course of the transformation to more sustainable and more climate-friendly business models, we want to provide them with support because we believe that this is the best way to achieve a more sustainable economy. In order to guide and support this transformation, we are firmly rooted in rules and regulations when it comes to protecting the environment and other social issues. It is already a fixed part of our monitoring processes and all our interactions with customers that we -- whenever we talk about investments, we also talk about the environment and its social impacts. We want to understand how our customers are planning to reduce their carbon emissions, which measurable and scientifically-based targets they have set out for themselves and also how they include social standards throughout their value and supply chain. So credible transition plans will be an important basis as well as the dialogue with our customers, which we plan to expand. By the end of 2021, we will be approaching specific customers, which stand for particularly large ecological and social challenges. But it's not just about what we do. That's also about what we no longer do, especially for environmental reasons. We have committed to certain obligations, which limit our economic and business activities. Let me briefly summarize them. First of all, the financing of coal. Since 2006 we have no longer been funding the expansion of carbon power or coal mining. For the last year, we became even stricter, and we committed to reducing our exposure to the coal and carbon market step-by-step till up by December 2025. Even today, this industry only has a small share of our overall loan book of EUR 440 billion. Secondly, funding of loans for fossil fuels, such as oil and gas. For this industry, we have also implemented stricter regulations last year. We do not fund new oil and gas projects in the Arctic region or any new oil sand projects. All in all, the share of CO2-intensive sectors in our loan book has been reduced by 16% since 2016. By the end of 2020, loans for carbon-intense industries and businesses only contributed 6% to our overall loan book, which means that we are in a good position internationally, which, of course, means that we will continue to pursue this path with even greater enthusiasm. As announced throughout the summer, we will enter into a dialogue with our customers about their future transformation. And the transformation and reducing the carbon footprint of our customers and their future plans will be decisive when it comes to stabling our position for the future. Thirdly, the commitment to a net-zero carbon emission. As a signatory to the climate self-obligation of the German financial sector and a founding member of the Net-Zero Banking Alliance, we commit to reducing our CO2 emissions to net-zero by 2050. That sounds like it's still far away in the future, but we will be initiating this process now. By the end of 2020, we have committed to publishing the carbon emissions in our loan portfolio, and we will also declare our intent on how we plan to reduce them in accordance with the Paris Climate agreement. By mid-2022, we will also focus on our green asset ratio. This, of course, will also have an impact on our credit portfolio.

Now 1 shareholder asked about the measures Deutsche Bank is taking against greenwashing, and better, Deutsche Bank also has got in-house environmental experts.

In 2020, Deutsche Bank published a so-called sustainable finance framework. Now this framework establishes for the entire bank what we consider to be sustainable. In terms of environmental criteria, our framework is based upon the EU taxonomy. And in terms of social criteria, it is based upon the principles of the social bonds of the International Capital Association. This framework was verified independently by ISS ESG and has also been published on our website under the heading of Responsibility. With our framework for sustainable finance, we now have got credible criteria according to which we classify transactions and customer engagement. Now this is an important prerequisite for us reaching our goal of EUR 200 billion of sustainable finance and investment by the end of 2023. In addition, we have established controls in the business divisions. Our group sustainability unit is, for this reason, an important and independent control function. This unit is in charge of validating the classification of individual transactions and determining the parameters for product innovation in the area of ESG. Furthermore, since 2021 -- in the early 2021, we have established a governance forum for sustainable finance transactions. This is where we analyze cases which cannot be clearly classified according to the criteria of our taxonomy. For further information, please see our sustainable finance framework and the publications on our Sustainability Deep Dive on our investor site.

Amundi Asset Management and Nordea Asset Management talk about the shareholdings in carbon projects. They ask when Deutsche Bank is going to extend its policy by specifically excluding carbon development firms. Furthermore, they want to know when Deutsche Bank is going to commit itself to exiting any coal business and when it's going to present an effective time line. They also ask about support given to customers in exiting the carbon business.

In my introductory statement, I already talked about our procedure in the carbon sector. Let me once again summarize, however, the key items. Basically, we think it's the right approach to support our customers to accelerate their transformation towards sustainable business. In this case, we believe that short notice and verifiable targets are more expedient than ambitions for the long-term future. Irrespective of that, however, we have expressed specific commitment for our own business activity. Since 2016, we have not financed any expansion of carbon and carbon-fired power plants and thermal coal mining anymore. And this also applies for the necessary infrastructure. At EUR 300 million, our commitment in carbon -- in coal mining is only a small part of our entire loan book of EUR 140 billion. And we are going to exit that business entirely by 2025. And this also applies for funding and transactions on the capital market. How do we work in the area of carbon used for power generation? Here, we only will enter those transactions if their respective companies define verifiable decarbonization plans and if their business is still much dependent on carbon. In past year, we have started verifying our customer portfolio in this area. This verification is connected with an intensive dialogue with our clients. It covers topics such as CO2 emissions and respective reduction measures. The results are an important basis for our portfolio decisions against our -- against the background of our commitment in the framework of Net-Zero Banking Alliance. Now what's our path towards net-zero emissions? By the end of 2022, we will publish and announce CO2 misses of our credit portfolio and also announce targets, how we're going to reduce this these emissions and, of course, with the Paris Climate Agreement.

One shareholder asked about rubber plantations in Cameroon, he would like to know whether these have been reviewed and audited by Deutsche Bank or independent third-party. The shareholder asked whether this external auditor will confirm compliance with the sustainability goals.

Last year, Deutsche Bank extended a loan to the amount of USD 25 million to the company, Corrie MacColl, which is a subsidiary of the rubber producer, Helicon Agri Corporation. Now this loan is specifically tied to contractual targets in order to improve the sustainability standards in cultivation of the rubber plantations in Cameroon and Malaysia. Before the loan was granted, an independent external expert, namely Environmental Resources Management or ERM, performed a risk assessment. Following that, together with the customers and ERM, 17 different criteria from environment, social and corporate governance were developed and established in the contract. Corrie MacColl is contractually obliged to prove to Deutsche Bank at regular intervals that they comply with these conditions. And this is then also, once again, verified by the independent third-party, ERM. Information on this agreement, the so-called sustainability-linked loan framework, including the criteria we agreed upon, is something we have disclosed. And you can find all of this information in our Internet side, under responsibility and sustainability.

The shareholder, [ Christophe Daube ] asked how many company cars of Deutsche Bank operate on hydrogen, electrical power, hybrid drive, diesel or gasoline.

[ Mr. Daube ], the car fleet of Deutsche Bank Group currently consists of 5,250 diesel vehicles, 570 plug-in hybrid vehicles, 240 gasoline engine vehicles and 50 electric vehicles. We do not have any vehicles with the hydrogen drive. By 2030, we want to reduce the greenhouse gas emissions by our company cars to down to 0. So we want to be net 0. Furthermore, we want to reduce fuel consumption of that fleet by 2025 by 30% compared to 2019, as I said in my initial address. Now the prerequisite for this is these plans is for us to set incentives to reduce fuel consumption within the fleet and increase the share of electric vehicles at the same time.

One shareholder asked how the bank support parents within their workforce and how they strengthen children in the first place.

Thanks for this very important question. Now with our bond to be youth projects, we promote the opportunities of education and careers of children and teens as well as equal opportunities. Since 2014, a total of almost 5 million children participated in our programs in 29 countries. In past year, up to 1.5 billion people all over the world were affected by school closures. Therefore, we have developed creative digital solutions in order to make sure that we can continue to support them with our projects. We offer our employees a whole range of services in order to reconcile their job with their private obligations. In numerous regions, we have established an advanced and family-friendly parental time framework for fathers and mothers. At the main locations of our company, we offered childcare near the workplace or we also pay part of the childcare costs. In Germany, working parents can ask for our free of cost support for searching childcare possibilities or assistant in the household. Taking the respective job profiles and depending the customer clients into account, employees can use flexible working time models, work from home or work part-time or share a workplace within the framework of a specific agreement. Furthermore, our employees can also take a certain limited time off, for example, in the event of a longer disease of their children.

Now 1 shareholder told us that she likes the format of a virtual AGM and asks whether the costs that have, thus, been saved will be donated or will be made available for charity purposes.

Now irrespective of the Annual General Meeting, Deutsche Bank and its foundations last year invested EUR 51.7 million in social projects. With our initiatives, we have reached out to more than 3 million people worldwide in 2020. Almost 13,000 employees, that is 17% of our workforce worldwide, have supported social projects on an honorary basis. With the COVID-19 donation campaign, the bank last year provided EUR 2.5 million for 40 organizations in 35 countries. In Germany alone, the bank, thus, supported 12 charitable partners to continue help homeless people, children living in streets, low-income families and refugees. This year, again, we fully support our charitable partners. And in this context, our focus amongst others is on mastering the challenges which were either triggered by the COVID-19 pandemic or enhanced and exacerbated.

[ Ms. Richter ] speaks on behalf of [Foreign Language] and the Association of Critical Shareholders. She asks why Deutsche Bank does not specify any specific deadline for exiting customer relationships which do not have a Paris-compatible business plan.

Well, thanks, [ Ms. Richter ]. As announced last summer, have analyzed our key customer relationships in this area. And together with these customers, we entered into dialogue about their transformation or we will do so. The CO2 footprint and our -- and the plans of our customers to reduce the CO2 footprint will be decisive for our commitment in this sector. By the way, we have not changed the time line. In summer, we committed ourselves to establishing upper limits for our activities in the oil and gas sector based upon a thorough analysis. However, that was not about the CO2 footprint of our credit portfolio, which we are going to determine by the end of 2022.

[ Ms. Richter ] also asked whether the bank also draws upon the report of the International Energy Agency, IEA, for analyzing the climate risks, especially when it comes to the European carbon exit in 2030.

Now we are familiar with the current report of the International Energy Agency on the subject of net-zero emissions, and we will verify to what extent the new scenarios can also be integrated in our climate risk analysis. Regarding our procedure-taking regarding the carbon sector, I've already commented on in my initial statement.

Once again, [ Ms. Richter ]. She asked for details on the credits of the bank for carbon-intensive industries. She also wants to know what the breakdown of these loans onto the individual areas in oil and gas industry is.

The outstanding loans for -- specific for highly carbon-intensive industries include financing of general corporate purposes as well as project-related funding. The outstanding loans to the oil and gas industry include the so-called upstream, midstream and downstream segments. Upstream includes oil and gas exploration and extraction and oil and gas services and equipment. Midstream covers pipelines. Downstream represents refinery distribution business models as well as oil and gas trading. Please bear in mind, a large part of the outstanding loans has been issued to integrate the oil and gas groups and national oil and gas companies, which usually combine several segments along the value chain. Infrastructure is part of the midstream segment, except for cross-regional gas pipelines. The ledger are included in the area of oil and gas supply, and we have also disclosed details on this in our nonfinancial report.

This brings us to questions for James von Moltke.

Now several shareholders have submitted questions on the share buyback programs, items 5, 6 and 7.

Thank you very much. Let me briefly comment on items 5, 6 and 7 of the agenda and share buyback programs, in general. In the last couple of years, we only resorted to share buyback programs to serve the share-based compensation of employees and members of the management bodies of Deutsche Bank AG and its group subsidiaries. Now with this compensation structure, Deutsche Bank is in line with the regulatory requirements of the regulation on the supervisory requirements for compensation systems of banks. In 2019, together with the announcement of our new strategy, we already indicated that from the year 2022, we once again want to pay out capital again to our shareholders. Of course, this is subject to regulatory approval and the continuation of the successful implementation of our strategy. We are confident that next year, once again, we will be able to pay out a dividend to our shareholders, which is based upon the profits generated in the year 2021. In accordance with the regulatory requirements of the European Central Bank, in the first quarter 2021, through accrual accounting, we set apart about EUR 300 million in our core Tier 1 capital. This corresponds to about EUR 0.15 per share. We intend to start out with a modest dividend. We are confident to be able to increase this over time in order to be able to provide a competitive dividend again in the long run. In addition to dividend payments, in the future, we also are going to include share buyback programs in our dividend disbursement policy. The authorization asks for -- under item 5 of the agenda can also be used for this purpose. In addition to dividends, share buyback programs also represent a flexible possibility to pay out capital to shareholders. In addition, under today's market conditions, share buyback programs would increase the earnings per share as well as the book value per share, which means that for each single share, the respective profits would be higher. For that reason, the Management Board and the Supervisory Board propose that the bank be authorized to purchase own shares up to 10% of the outstanding shares. Out of that, up to 5% can be purchased via derivatives. The new authorizations basically correspond to the existing authorizations to purchase own shares, which were granted by the Annual General Meeting last year and which are applicable until the 30th of April 2025. Since the Annual General Meeting 2020, 28.7 million non-par value shares were purchased back at an average share price of EUR 9.40. In the past 3 years, an average of 28.9 million shares were purchased at an average share price of EUR 8.4 per share. The stock of shares that we bought back amounted to 3-point million shares on the 31st of March. All share buyback activities are always implemented taking the current market liquidity into account in order to ensure that there are no major disruptions occurring on the markets. In this context, the bank uses the so-called safe harbor rules as a basis. These regulations are to avoid undue influence onto the market by share buybacks. Furthermore, buying back own shares also requires the approval by the regulator because the purchase of own shares will immediately result in a capital deduction. For this reason, each share buyback activity must also take in the capital demand from the operational business into account. As share-based compensation, to a large part, is deferred over several years, derivatives with respective maturities can reduce the risk emanating from exchange rate fluctuations. In the past, the bank has purchased derivative for this purpose but not since the last AGM. The reason for the annual renewal of the existing authorization to use derivatives is that the maturity of purchased derivatives must be within the period covered by the authorization, and this is insured by an annual renewal of such authorizations. Furthermore, we make sure that the scope of the authorization at any time covers our obligations to provide such shares on the basis of share-based compensation. In the event of an authorization that is too low, the bank would have to cover existing programs in cash, which would lead to continuing volatility in the P&L, according to IFRS. The reason is that the bank, in accordance with IFRS 2, would have to switch to a regular reassessment in the P&L. The authorization to buy back shares for trading purposes under item 7 is required for the event that in the context of client business, Deutsche Bank shares are traded.

Mr. von Moltke, on items 10 and 11, that is the renewal of capital authorizations, there have also been a couple of questions by shareholders.

The reason for the renewal of the capital authorization is the fact that the capital authorizations will expire as of 30th of April 2022, which is before our next ordinary Annual General meeting. And it's also due to the regulatory requirements for banks to set up a recovery and resolution plan every year. The approved capital is part and parcel of this plan. Let me explain this in more detail to you. According to the recovery and resolution plan, we have defined appropriate measures which Deutsche Bank could resort to in order to cushion off negative results and in order to restore the financial stability of the bank, if that should be required. These measures must be materially sufficient, and we must be able to implement them on a short notice. In addition, capital authorizations allow the management of the bank within the framework of the law, the possibility to act flexibly and quick in special situations in order to have the possibility of quickly increasing capital, if that is necessary. And this is also in the interest of the shareholders. Furthermore, the existing approved capital, according to section 4, subsection 4 and 5 of our articles of association, are to be fully renewed by today's AGM. The existing authorized capitals were approved by the Annual General Meeting in 2017 with a term of 5 years and so far have remained unutilized. Now some details on the approved capital authorizations. They covered 2 parts, both of which are to apply for 5 years each: Firstly, an approved capital to the amount of 200 million shares for the possibility of cash capital increase with or without preemptive rights; secondly, an approved capital to the amount of 800 million shares for cash capital increases with preemptive rights. Both authorizations together would allow for a capital increase of 48.4% related to today's number of outstanding shares. The total amount as well as the term are within the legal requirements. At this point, let me emphasize that the capital authorizations will not result in the stock of existing shareholders being watered down. Only in the context of a capital increase the number of issued shares would increase. But at the same time, however, the bank will also receive the revenues from the issuance to strengthen its capital. In most cases, shareholders do have preemptive rights when it comes to utilization of authorizations. At present, we do not have any plans to use the approved capital. Let me also point out that an authorization for conditional capital is not part of our agenda today. The existing conditional capital authorization was granted to the Management Board by a resolution of the Annual General Meeting on 18th of May 2017, and it will expire on 30th of April 2022. On 10th of May 2021, the Management Board decided not to make use of the possibility of the conditional capital increase in accordance with section 4, subsection 3 of the articles of association until that authorization ends.

The next question is, "How did your equity ratio evolve over the last 2 years in every single month? And in which the 3-month periods did you have the highest and the lowest level?"

Thank you for this question. The CET1 ratio is the most important equity ratio of banks, as of the 31st of March 2019 and the 31st of March 2021 was at 13.7%, respectively. The monthly hard CET1 ratios were subject to fluctuation. The highest monthly rates were found in the first quarter 2021 and the fourth quarter 2020 and in the first quarter of 2019. As at the end of the quarter, the ratios were between 13.6% and 13.7%. The lowest monthly ratios were reported in the first and second quarters 2020. At the end of the quarter, these ratios were between 12.8% and 13.3%.

One of the shareholders is asking about the mode of management's aim regarding the CET1 ratio.

We are striving to have a CET1 ratio of more than 12.5% compared to the regulatory minimum requirement of 10.4%. This is a clear buffer by 2.1%. We also want to have an additional small buffer. At the end of the first quarter 2021, our CET1 ratio was 13.7%, which gives us a buffer of 3.3 percentage points.

One shareholder asks, how much negative interest the bank paid and has to pay at present?

The costs for deposits with the national Central Banks in the Euro area for Deutsche Bank in the business year 2020 were at around EUR 228 million. And this already takes into account that the tiering of the ECB on Central Bank deposits resulted in a relief of EUR 150 million. For the period January until March 2021, the paid negative interest on Central Bank deposits in the European area was at EUR 98 million. And in this period, the tiering resulted in a relief of EUR 97 million. The cost for deposits in Swiss francs with the Swiss National Bank for Deutsche Bank Group in the year 2020 was at EUR 5.8 million. For the period January until March 2021, the negative interest paid on deposits at the Swiss National Bank were at around EUR 2 million.

Does the bank need refinancing requirement? And is it necessary to have a capital increase in the medium run? At the same time, the shareholder would like to know in -- what amount the bank paid negative interest to ECB in 2019 and 2020 and what they did regarding the customers?

Deutsche Bank as at 24th of May has already issued EUR 9 billion from the capital markets and thus, covered 60% of the refinancing needs for the year 2021. So we don't need any further refinancing at present. At present, there are no plans for capital increase. The CET1 ratio of Deutsche Bank Group as of the first quarter 2021 was 13.7%, which is equity buffer of 3.3 percentage points above our regulatory minimum capital requirements. So we see ourselves in an excellent position. The cost for deposits with the national Central Banks in the European area for the Deutsche Bank Group in the business year 2020 was approximately EUR 228 million; and in fiscal year 2019, about EUR 327 million. These figures already consider the tiering that was introduced by the ECB as of the 30th of October 2019 on Central Bank deposits. And this gives us a relief of approximately EUR 150 million in the year 2020 and EUR 25 million in 2019. In the context of our active liquidity management, we review on an ongoing basis where the economically meaningful alternative options are possible and use them in the context of our leeway. In the year 2020, we asked our clients to pay negative interest in the amount of EUR 203 million. In 2019, this amount was still less than EUR 45 million.

One shareholder asked whether and to which extent Deutsche Bank is financed on the basis of the bond program of the European Central Bank and has sold or issued any bonds or will do so in the future?

The purchase of bonds from banks by the European Central Bank currently is restricted with the so-called covered bond purchase program 3. Within this program, the ECB buys primary and secondary market covered titles and, for example, covered mortgages. The emissions of these only amounts to a small part of the refinancing plan of the bank because we have other, more attractive refinancing sources. We only issued mortgage bonds to the value of EUR 500 million in 2020. In the year 2021, we have not issued any of these bonds so far. And we cannot say right now in -- to what extent we will do so in coming years. The success of such issues does not only depend on the participation of the European Central Bank but especially of investors prepared to buy these derivatives.

Mr. [indiscernible] asks how other companies managed to pay tax-free dividends from the capital provisions? And he wants to know whether Deutsche Bank plans something similar.

A general statement on the tax impact of future dividend payments is not possible because the tax situation can vary strongly for our national and international investors. Please understand that we cannot make any statements on other companies.

Mr. [ Kienle ] from the Protective Association of Capital Investors asked about the capital costs on group and segment level. He would like to know whether the bank plans to earn its capital costs and also asks what equity ratio the bank is aiming at.

Mr. [ Kienle ], to determine the equity costs, there are no binding regulations or standards, but there is a number of different methodologies that can result in different results. Based on the so-called capital asset pricing model, we, at present, see our equity costs at group level at around 10% after tax. For our core business areas, we use the following capital costs. After taxes, in the context of the impairment reviews of the business values or goodwill: 9.3% for the Corporate Bank, 10.5% for the Investment Bank, 9.8% for the Private Bank, 9.8% for the Asset Management segment from the point of view of the group. For our Capital Release Unit, we use 12.2%. For the year 2022, Deutsche Bank has aimed to have an equity ratio of 8% at group level at 9% for the core bank. This now refers to profits after tax and coupon payments on our additional core capital and is calculated on the basis of the average material equity. In the long run, we want to further improve the returns on our equity for our shareholders. The progress made in the previous quarters regarding our earnings and cost positions are sustainable and thus, also make an important contribution for the period after 2022. The equity -- return on equity will, of course, also depend on the macroeconomic development. Currently, we fully focus on achieving our goals for the year 2022. Please understand that at the current point in point, we cannot give you any concrete targets for the time after 2022. We will inform you about concrete quantitative goals once we have completed the plans for the period after 2022.

Mr. [ Kienle ] also asked whether there are any trustee accounts for Deutsche Bank. And if so, to what amount? And he also asks whether there are any original balance confirmations for the past year.

Yes. Of course, we use these trustee accounts for the handling of transactions. And this is based on the usual framework and on a good contractual basis. At Deutsche Bank, we do not have any business model where we are administering additional returns by third parties on trustee accounts. For the balancing of assets on the basis of German GAAP and the IFRS, it's not important to see the contract but the economic assets. And this is why our annual reports do not contain any special information on assets on trustee accounts. And this is why we cannot give you a total amount. We do -- we draw up our balance sheet in accordance with German accounting and IFRS only on the basis of such assets where we can clearly allocate the assets and where we have appropriate evidence. To be complete, I also would like to mention that in the HGB annual account of the AG, in the balance sheet and in the annex, we describe these trustee relationships. But this is only based on customer assets or client liabilities.

In the years 2020 and 2021, did you see any impairment requirements based on impairment tests? And if so, to what amount?

On the fiscal year 2021, we cannot give you any information during this AGM which relates to the fiscal year 2020. In the year 2020, we did not see any impairment on goodwill or business values of the group. Information on impairment or depreciations on other nonfinancial assets can be found in the information on the annexes 21, 23 and 45 of our annual report. In the financial statements of Deutsche Bank AG, in accordance with German GAAP, impairments amounting to EUR 0.9 billion for affiliated companies are reported, and this can be seen on Page 19 of the HGB annual report.

One shareholder asks about the current amount of the nonoperational capital at the -- in the company and in the group.

At present, we have to measure the required equity of the bank with the capital adequacy approach. The most important measure here is the CET1 ratio. This was at 13.7% in the first quarter 2021 and thus 3.3% or EUR 11 billion above the regulatory requirements. For Deutsche Bank AG, as parent company, we did not receive any special capital adequacy requirements. Basically, at Deutsche Bank, we strive for a CET1 ratio of more than 12.5%.

Then a question concerning the profit and loss transfer agreements. So did you always fully receive the returns or what state in the subsidiaries? Also, the shareholder wants to know whether any losses had to be taken over, what were the reasons and what had to be done in order to make the companies profitable.

In 2020, at DWS Investment GmbH, we had an amount of EUR 50 million after we, first of all, left EUR 40 million at DWS in fiscal year 2019. We wanted to strengthen the regulatory core capital. Apart from that, we had loss that's taken over of EUR 82 million in 2020: EUR 36 million were for Postbank Filialvertrieb AG and EUR 34 million for Ambidexter GmbH. The remaining amount was for a number of smaller companies in nonmaterial amount. The loss of Postbank Filialvertrieb AG is mainly based on the losses in revenues due to COVID-19 and special burdens by restructuring. The company expects a balanced earnings situation in 2021. The loss by Ambidexter GmbH was due to some start-up losses and the decision to stop the business. And now we took the decision to wind down this company at the end of 2021.

Mr. [ Gabler ] asks about the list of ownership of the companies owned by the bank, the revenues, earnings, number of employees, equity and the changes in these measures. And he also asked what measures were taken if the companies showed an unfavorable development.

Deutsche Bank Group is controlled on the basis of the different segments. The result of legally independent entities is not really very telling. This includes the chain of employees and also the financing and hedging relationships. This is why the revenues are not a primary control parameter. This is why we would like to now give you the information on 2 major companies. Companies with profit and loss transfer agreement are not listed here, but these are already included in the financial statements of DBAG. The 2 companies with the lowest results were Deutsche Securities Inc., which is responsible for our equities and derivatives business in Japan; and the D B Investments (GB) Limited, and this is an intermediate holding for parts of our business in the United Kingdom. The 2 individual companies with the highest earnings contribution are the DB USA Corporation, which includes a major part of our business in the United States; as well as DWS Group GmbH & Co. KGaA, which is responsible for our asset management business. For further information on these companies, please see the list of ownerships in the annual account of Deutsche Bank AG.

One of the shareholders is asking about the materiality limits for the financial statements.

This is in the discretion of the auditor. As Deutsche Bank Group, we cannot give you any information on the internal processes of our auditors.

Mr. [ Gabler ] asks, which -- what is the equity for each share, what the liabilities are and what the balance is?

The liabilities per share are not a meaningful parameter for a bank. As of the 31st of December 2020, the equity per share was EUR 26.04. For further information, please see our annual report on Page 480.

One of the shareholders ask whether the bank can exclude phantom revenues in -- to a higher amount and how this is insured, especially in states with an unsafe legal situation.

Our internal control system on accounting gives us quite good security that our external financial reporting is reliable. This control system especially includes guidelines and policies to either prevent or identify the unpermissible acquisition, use or divestment of assets of the company. We also have to disclose this information. And for further information, please see the chapter internal control system in our annual report.

Next question: What was the amount paid to BaFin and the deposit security fund in 2019?

Deutsche Bank Group had total costs amounting to EUR 211 million in year 2019 for deposit securities. In the previous year, it was -- and apart from that, we paid EUR 42 million in our financial statements, EUR 46 million for 2020.

Andreas Thomae of Deka Investment asks whether there is the aim to have a larger business combination in Asset Management.

We believe that the consolidation in the asset management industry will continue. And of course, in line with that, DWS is evaluating possible consolidations in the industry. Focus is on improving the market position in relevant growth areas and/or gaining access to further sales channels. Every M&A activity is evaluated on the basis of the question as to whether it's for strategic purposes and creates value for the shareholders. At the same time, DWS is investing in the extension of the customer base. This includes new and -- new partnerships and extending existing partnerships, also with a focus on Asia and China.

What is the part of the fund volume in DWS which is included -- which is invested in purebred sustainability funds? And how far is this to be increased?

As of the end of 2020, DWS accounts for EUR 94 billion in terms of ESG-specific fund assets. This corresponds to approximately 12% of the entire AUMs. The yardsticks are the general industry standards and guidelines of the Global Sustainable Investment Associations. Many ESG-specific funds also fulfilled the so-called minimum DWS ESG standards. That means that according to the prospectus, issuers with revenues from controversial businesses such as tobacco, coal or gambling are being avoided. Same is true for revenues from controversial weapons such as scatter bombs, nuclear weapons or controversial business practices. Wherever this was relevant, DWS also worked towards having its investment products being categorized and rated on the basis of Article 6, Article 8 and Article 9 of the Sustainable Finance Disclosure Regulations. It's a clear target of DWS that the number of Article 8 and Article 9 funds will be increased overall. This is done, on the one hand, by creating new and innovative ESG products and also by transferring traditional products to dedicated ESG strategies. In addition, DWS, in the wake of its so-called ESG D4 principles that was announced in February of 2021 and on the basis of its membership in the Net Zero Asset Managers Initiative, it will take further ambitious steps in its product strategy.

Shareholder [indiscernible] is asking about the fund, DWS ESG Top World. He wants to know since when the ESG acronym was added. What are the obligations, opportunities and risk attached to that and how you want to continue to communicate the added ESG value?

Well, DWS is committed to make the 3 topics of environmental protection, social aspects and good governance to the core of everything it does. As one of the biggest global asset managers, we do have a societal responsibility as a company in our own operations, our business activity also and, of course, with regard to our fiduciary responsibility vis-à-vis our clients. We established the value -- added value of ESG criteria for our customers at a very early point of time and integrated into a holistic investment process. The fund DWS Top World was transferred into an ESG-oriented fund on the 1st of December 2020 in the DWS ESG top world.

Does fund management takes sustainability criteria into consideration when identifying risks and opportunities? Because companies that are sustainable have often an above-average performance.

We not only integrated this approach into our existing offers. But since 2021, we also geared our product development along these lines. There are considerable demand of investors in -- with regard to sustainable solutions. To confirm these activities and this strategy in 2020, about 1/3 of the net new assets with DWS was going to ESG funds. And fortunately enough, this development has continued in the first quarter of 2021. In the first quarter, we had EUR 4 billion flowing into ESG products.

A shareholder asked, which services the bank offers in China, what the market share looks like there, how it develops? And what the effects of the conflict between China and the United States has on the business in China as the bank sees it?

Well, of course, when it comes to our customers and to -- and our shareholders, we are, of course, obliged to closely monitor geopolitical developments and reacting to them appropriately. This is not only about the risks that exist for us as a bank but also for our customers. In China, as you might know, we've been present for 150 years or nearly 150 years. We support the customers on-site and make a major contribution to the development of the capital market. In China, we have the so-called Type-A Lead Underwriting License on the basis of which we can accompany our customers when it comes to the issuing of bonds in the Chinese capital market. Over the past few years, we were -- we received awards as one of the most active foreign banks in the bond market. In April 2021, we also got a primary trading license as the first bank from the Eurozone. And thus, we are also allowed to trade sovereign debt in China. We stand out against the competition by a unique ability to connect China with Europe. This is of special relevance because we can see that the cooperation and the trade relationships between those regions are gaining ever in importance.

One -- there's a number of questions dealing with the share price, Mr. von Moltke will comment on that.

Well, of course, we are not happy either with the current share price. At the same time, we are on a good path, on a good track, which is also reflected in the course of our share price. Since 2018, the business model of Deutsche Bank was transformed considerably. When we announced the compete to win strategy in July 2019 and at our investor deep dives after that, we clearly explained how we want to increase the RoTE to 8% after tax by 2022. We are fairly confident that with this strategy, we can achieve sustainable profitability. Over the course of time, we also expect that we see a clear reassessment of the share and the share price. The reaction of the capital market shows that we are on the right track. After a correction of course due to the recession triggered by COVID-19, the share price of Deutsche Bank was able to recover very, very quickly after that. In year 2020, the share price of Deutsche Bank was titled instrument with the best value development in the European industry index. We are still convinced that our share price still has the potential to beat the market. The current market capitalization of Deutsche Bank is about 0.5% of the material book value. In the case of an 8% return on the tangible equity, we believe that a significantly higher market price is realistic. The progresses when it comes to the implementation of strategic aims are also being taken into account by parts of the capital market. For example, rating agencies Moody's, S&P and Fitch over the last few months increased their outlook for the ratings of Deutsche Bank, which had a positive effect on the funding costs of Deutsche Bank. On the topic of share and share price, there are other -- several other questions that we want to answer in the following. There was a question on the shareholder structure. Let me point out that at the point in time of last year's AGM, 650,064 shares were entered in the share register. At the point of time of this year's AGM, it was 585,102 shareholders. At the same time, we were asked about potential risk for the share price. Well, let me say that macroeconomic tax and regulatory environments, of course, changed since we announced the strategy in July 2019, also due to the effects of the COVID-19 pandemic. In spite of that, we want to continue the implementation of a strategy in 2021 and beyond in a disciplined fashion. And in the wake of that, we reckon that also the share price we reassessed, many shareholders also wanted to know why there is no dividend suggested today. They also asked us to whether, when and in which form there will be a dividend payout. We fully understand your unhappiness about the fact that we will not be suggesting or cannot suggest a dividend this year either. In order to unfold the full potential of our bank and in order to be able to pay out a competitive dividend in the long term, we launched the most comprehensive transformation of our bank in July 2019. Through the consistent implementation of this strategy, we want to make the bank more profitable and competitive. As we communicated, we want to finance this transformation from under our own steam. In order to do this, unfortunately, it is necessary to ask our shareholders to forgo a dividend for temporarily. We already made considerable progress when it comes to the implementation of our strategy and overachieved when it comes to our capital ratio. In the first quarter of this year, we actually provided for EUR 300 million in capital for future payout. So we hope that in the coming year, we will be able to pay a dividend for the business year 2021, of course, subject to sufficient profitability and approval by the supervisory authorities. So as of 2022, we want to pay back EUR 5 billion in terms of capital in the form of share buybacks and cash dividend. The concrete amount of dividend will be decided at the appropriate point in time.

A shareholder asked why you published your quarterly figures later than other institution.

Now on a European scale, Deutsche Bank is one of the first financial institution that publishes its quarterly results. U.S. banks are a little earlier. So -- however, we are -- together with our quarterly results, we also publish an interim report, something that U.S. institutions do not do. In addition to this, listed financial institution in Europe are subject to comprehensive legal requirements when it comes to the format and content of their financial reporting. Also, in addition to this, our reports have to be drafted on the basis of different accounting principles. While the group, for example, accounts according to IFRS, the annual financial statements of Deutsche Bank AG is drafted on the basis of the German Commercial Code and the rules and regulations of the -- when it comes to accountability of the credit institutions. We believe that our financial reporting is in line with all legal requirement. And that in the context of these very strict requirements, we communicate the relevant facts in a detailed and transparent fashion.

Klaus [indiscernible] from DSW asks you for a 3-year forecast when it comes to the development of the return.

In July 2019, we announced our targets for 2022. We are aiming at an RoTE of 8%. The core bank in the first quarter of 2021 already achieved a return of 10.9%. Beyond the year, targets for the time after 2020 will be announced at the appropriate time.

A shareholder asks as to whether Deutsche Bank got closer to being readmitted to EURO STOXX 50.

The criteria for being admitted to a share index are, of course, defined by the index company. The market capitalization plays a role in that respect. It's one of the factors. The transformation that was initiated in 2019 is to make our bank clearly more profitable, and an increase in profitability should also lead to a higher share price.

Shareholders [indiscernible] ask, with an eye to the share price, as to whether the bank will do a share cut should the fall -- bank -- share price fall to below EUR 1?

Now in the summer of 2019, we initiated a strategic transformation. The capital market awards this strategy and also a disciplined implementation. In last year, Deutsche Bank was part of those shares with the best value development. So a share cut is not relevant for us.

On the rating, what is the Deutsche Bank rating currently? When was the last change? And what were the costs for the rating agencies in 2020 and 2019?

The issuer rating of Deutsche Bank is currently rated with A3 by Moody's, BBB+ by S&P and BBB+ by Fitch and with A (low) by DBRS. In the wake of the good progress that we make and that we made in the course of our transformation, the biggest rating agencies improved the outlook when it comes to the ratings of the bank in the -- just recently. Currently, we have a positive outlook from S&P and Fitch, while Moody's is checking an upgrade of our ratings. When it comes to the cost for the creation of the ratings, we cannot give you any comment for contractual reasons.

Various shareholders ask for more information on a BaFin order of late April this year. This was about the prevention of money laundering and terror financing. Furthermore, there have also been a couple of questions which dealt with the questions of controls and anti-money laundering in general, and these will now be answered by Professor Simon.

Well, thank you very much, Ms. [ Pluter ]. Ladies and gentlemen, regulation related to financial crime, risks keeps evolving, and it also results in ever-increasing requirements for banks. Complexity is further increased by differences in the various countries. Now due to our global presence and networking, this plays a significant role for Deutsche Bank and also results in additional challenges for us. However, we also have to stress that we collaborate very close then on a basis of trust with the regulators, and we have a constructive dialogue. Within this dialogue, however, regulators have also indicated to us that they expect us to operate even more quickly and at a higher quality in improving our controls. And we can understand this criticism. And rest assured that we align our work accordingly. This applies, in particular, to the order of BaFin of 29th of April this year. According to that order, we are asked to take further appropriate internal safeguards and comply with our duty of care. This relates to the so-called standard process in the review of client files and, in addition, also covers the so-called correspondent banking business and transaction monitoring. The measures apply above all to our Corporate Bank, the Investment Bank and our business with high net worth individuals in our international private bank. We're working at full steam to implement the new details of the BaFin order in good time. To monitor the implementation of the respective measures, BaFin enhanced the existing mandate of the monitor. This monitor is to report on the implementation and assess the progress made. Based upon this report, BaFin then decides whether to terminate the mandate of the monitor. Now regarding -- or taking into account the departure of our Risk Chair, Stuart Lewis, next year, the Supervisory Board, in order to ensure an orderly transition, already decided in March this year to bundle the departments compliance and anti-financial crime under my management responsibility as the Management Board member in charge of law and regulation as of March 1. And thus, I'm head of the 2 areas where particularly close exchange with our regulators is required. At present, we are working on the last details of a comprehensive package of measures, which we are soon start implementing after having discussed them with the regulators.

[ Mathias Gabler ] asks, how many cases there are with current investigations of BaFin.

Thank you very much, Mr. [ Gabler ]. Now we understand your question to the extent that you're asking for so-called regulatory investigations. At present, there's one audit of BaFin ongoing related to the implementation of behavioral and organizational obligations in the area of equity trading. Furthermore, we are in regular close exchange with BaFin as part of the annually recurring routine audits.

One shareholder has got a couple of questions related to Wirecard. He asked about the system of internal controls at Deutsche Bank and the relationship with the BaFin, the regulator?

Well, ladies and gentlemen, corporate governance has got -- is a top priority for Deutsche Bank, which includes an effective control environment, which the bank reported on comprehensively in the annual report and in the corporate governance report 2020. BaFin is the regulator for banks, insurance companies and for equity trading in Germany. And as a result, Deutsche Bank also is subject to the supervision of BaFin.

Andreas Thomae from Deka Investment asks how the bank can make sure in the future that no more compliance breaches occur, as in the case of the Supervisory Board member, Alexander Schütz. Another shareholder had asked similar questions.

Dr. Thomae, thank you very much for your question, which I'd like to answer as follows. Deutsche Bank is taking appropriate measures on a continuous basis to ensure that the compliance rules are complied with by Supervisory Board members as part of their activities for the bank. However, we do not have any influence on to the personal behavior of Supervisory Board members outside of their mandate.

Now 2 shareholders ask about criminal prosecution proceedings of the U.S. Department of Justice for money laundering violations because of mirror transactions of the bank, amongst others, in Moscow and London. Another shareholder asks whether the bank or DBS last year had to notify its U.S. customers of the fact that it may be losing its asset management license in the U.S.

Let me briefly first take your question on the investigations of U.S. authorities. According to American law, we are not permitted to disclose any details on our dialogue with regulatory and prosecution authorities. For this reason, the bank cannot comment on details of potential or ongoing investigations of the U.S. authorities, which go beyond what is already being covered in the annual report on Page 368. Now regarding the asset management license in the U.S., let me put this into the following context. In June 2020, Deutsche Bank agreed on a settlement related to allegations of the Commodity Futures Trading Commission, CFTC, which referred to alleged unintentional breaches of various reporting duties and other failures. DWS was not involved in these proceedings. At the same time, however, it was required, according to U.S. law, for Deutsche Bank to, jointly with DWS, ask for an exemption from SEC from the ban to provide certain services. Deutsche -- DWS, however, has been able to offer its consulting services without any interruption to its clients, also to the funds. At the -- nevertheless, however, relevant funds investors were immediately notified of these facts through a supplement to the prospectus. SEC grants this exemption, which has now become standard under certain prerequisites and conditions. Many of these conditions are standard, for example, the requirement that the bank and DWS introduce and implement appropriate measures to ensure the compliance with the requirements of the SEC order. Furthermore, the SEC orders also contain certain certification and reporting requirements. This includes the requirement that the CEO of the bank and the head of the legal department must make certain formal representations to SEC in the years 2021 to '23, representations which confirm that the bank has met the CFTC consent order in all essential items. This is not an unusual situation. The requirement to ask managing staff and executives to make such representations does also exist in other areas subject to regulatory monitoring.

Riebeck-Brauerei of 1868 (sic) [ Riebeck-Brauerei von 1862 ], you asked about the equity interest held of Deutsche Bank in the fintech, AUTO1 FT. On this occasion, it also asks a couple of questions related to anti-money laundering audits at the time of the purchase of the equity interest and the review of co-investors. In this context, it asks -- the shareholder also asked a question about the origin of the invested funds and possible links to the terror organization. Furthermore, it is about internal booking and the question whether critical information was available to management board members. Furthermore, questions were raised about the involvement of the current CEO of DWS.

Now let me tell you the following on the subject. Ladies and gentlemen, in mid-2018, Deutsche Bank, together with other investors, purchased a minority share via investment company, namely Strategic Fintech Investments S.A., in AUTO1 FT GmbH. The group of investors at that time, which all in all held a share of 79.9% in AUTO1 FT GmbH, included, amongst others, a subsidiary of Allianz AG, which also purchased an equity interest. In the course of purchasing this equity interest, the economic aspects were reviewed. And in addition, anti-money laundering aspects were also reviewed. Deutsche Bank performed a continuous review of its equity interest in AUTO1 FT GmbH. In late August 2020, the bank then decided to divest this equity interest, which it then did in November 2020. The information which we received in the context of purchasing this equity share in Auto1 FT, of course, are sensitive commercial information and therefore, confidential. The members of the Management Board have taken all of the measures in accordance with the duty of care related to all of the information that is -- that was made available to them. Please understand that we cannot comment on the details of our reviews and on the level of know-how of individual employees of the bank. The equity interest of the bank in the Auto1 FT GmbH was booked in the Corporate Investment Bank division of that time with the view to possible business opportunities. A large number of employees in various roles and functions were involved in the project. This also applies for today's CEO of DWS in his former role as the Head of the retail client business. However, he didn't -- he was neither a member of a management body of Auto1 FT GmbH nor was it intended for him or anybody else of Deutsche Bank to take over such a function. Variable compensation of employees of Deutsche Bank is also a question which was raised by several shareholders of Deutsche Bank. Mr. Sewing is going to answer these questions comprehensively now.

Well, thank you very much. 2020 was an extraordinary year in the financial industry. Considering the COVID-19 pandemic, European regulators called upon all banks to apply moderation in granting variable compensation in order to secure a strong capital base in the long run. At the same time, as we reported, 2020 was a successful year for Deutsche Bank. Thanks to our new strategy and the strong commitment of our employees for the bank, we have made faster progress in our transformation than planned. We have reached all of our strategic objectives, and we have generated a positive net income for our company. Our compensation decisions took both aspects into account. Variable compensation is determined on the basis of a large number of different criteria. Apart from financial parameters, nonfinancial ones of Deutsche Bank Group and of the individual divisions are taken into consideration. The share price is not a direct criterion in this process. However, part of variable compensation, especially for employees with a high variable compensation is granted as shares with a certain deferral. Development of the share price until these shares become vested will thus have an impact onto the actual amount of variable compensation. Based upon the results of the divisions and of the overall bank, we have set the total of performance-based variable compensation. At one point, EUR 857 billion. This was 29% higher than in the year before, and its regional breakdown is as follows: 22% for Germany, 28% to the U.K. and America each, 8%, the remaining EMEA region and 15% on the Asian Pacific region. In 2019, the overall amount of EUR 1.444 billion broke down as follows onto the regions: Germany, 26%; U.K., 24%; in America, 28%; the remaining EMEA region, 8%; and Asia Pacific, 14%. In addition, as every year, there are also other variable compensation components such as severance pay and also compensations for new employees or retention bonuses. Now in early 2020, due to the increased risk of employees leaving the investment bank, we granted retention bonuses of EUR 171 million. However, during the year-end compensation process, no further retention bonuses were granted. For the year 2020, a total of 684 employees received an overall compensation of EUR 1 million or more, which compares to 583 employees in the year 2019. This increase is the result of a higher total variable compensation. The compensation data include fixed and variable compensation as well as severance pay and also contributions to the company-based pension scheme. There are 4 persons were the actual compensation which they received, which means consisting of fixed and variable compensation from the previous year's -- that is variable compensation from the previous year and social security contributions exceeded the amount of the CEO. Now our business results taken on their own would have justified an even higher variable compensation. In accordance with the expectations of the ECB, however, we applied moderation, which manifests itself in the total amount and in the structure of variable compensation. The share of variable compensation, which was granted as a deferral in 2020 and which can still be forfeited amounts to 47%. This is the highest value in the last 5 years. The reason for this is that to an increasing extent, we have adjusted our compensation structures to the effect that they promote the long-term success of our bank and do not provide any incentives for taking excessive risks. With that, we go beyond the regulatory requirements by granting part of the variable compensation of all employees in a deferred manner whose variable compensation reaches a certain threshold. However, according to the requirement by law, this is only necessary for risk bearers. By using Deutsche Bank shares as a tool for deferred compensation, we make sure the compensation is sustainably linked to the results of the bank and the interest of the shareholders. In addition, all deferred components of variable compensation are subject to certain performance and forfeiture conditions. This means we can review retrospectively whether the assessment of the individual performance, which the variable compensation was based upon also turned out to be correct by hindsight. On the topic of variable compensation, there were some more questions, which related to individual aspects and which I now would like to answer. Now first, there were questions about the compensation investment bank. The respective data can be found on Pages 223 and following of our 2020 Annual Report. Our employees receive adequate compensation in accordance with their roles and their capabilities. In the investment bank, performance-based variable compensation for the past fiscal year amounted to EUR 876 million, which compares to EUR 600 million in the year before. In this period, this division was able to increase its revenues by 1/3 in the advisory and origination business (sic) [ Origination & Advisory business ]. We grew faster than the market in all 4 quarters. Furthermore, we gained important market shares in our business with bonds and current -- and foreign exchange. Assessment of the variable compensation of the employees was also based taking these extraordinary performance into account as permitted by the legal framework. Furthermore, I also would like to stress that no loss items were transferred to other divisions, such as the CRU. On an individual level and also on the level of the divisions, there are clear rules as to how the variable compensation is set and when it may possibly be forfeited. Regarding to the ratio of dividend and variable compensation, which various shareholders inquired about. Now here, I'd like to emphasize that in July 2019, we had already announced that we would not propose any dividends to be paid during our transformation period for the years 2019 and 2020. Furthermore, the regulators last year called upon the banks not to pay out any dividends during the COVID-19 pandemic in order to preserve a strong capital base and thus ensure the stable and seamless operation of the market. Regarding variable compensation, we, as described before and as requested by the regulators, we applied moderation. Nevertheless, it is important to find the right balance here. Deutsche Bank needs outstanding employees in order to face and master the challenges of the industry and in order to drive the strategic initiatives for the transformation of our bank. Considering the fierce competition for talent, for example, in investment banking and in control functions, we think it is necessary and appropriate to pay our employees in accordance with the market and in accordance with the outstanding performance in spite of all of the restrictions that apply, because this is the only way for us to grow profitably in the long run and thus also pay out dividends to you as our shareholders. Now it was also asked how many employees in Germany, apart from the Management Board, in the year 2020 had an annual gross income of more than a EUR 120,000; b more than EUR 250,000; and c, more than EUR 500,000, and how these numbers compare to the previous year? Now as disclosed in our Annual Report on Page 413, our country specific reporting is based upon section 26A of the Banking Act. Now according to that law, the annual gross amounts in individual countries do not have to be disclosed. We rather disclose the HR compensation expenditures on a global scale. And as you can see in our HR report on Page 76, the average compensation cost per employee amounted to EUR 121,000. Against this background, I ask for your understanding that we do not answer this question in detail, and that we only provide information on employees in Germany with an income of more than EUR 500,000. In the year 2020, these were about 340 employees and 200 employees roughly in the year before. For further details on our compensation system and the compensation decisions for the year 2020, please see the compensation report for the employees covered by the Annual Report. We cannot comment on the compensation data of individual employees.

Mr. and Mr. [ Schweimanns ] ask whether Deutsche Bank has used the help, or is using the help, of a remunerations adviser, how much these costs? And what type of services the person provides?

Yes, we do this. These remuneration advisers, support us, among other things, when checking the suitability of remuneration by comparing it with those of other companies. Moreover, remuneration advisers are used when we are dealing with detailed questions about of our remuneration systems. Costs for remuneration advisers for 2020 stood at about EUR 1.1 million.

A shareholder asked with a view to shedding jobs, why the bank excludes compulsory redundancies?

Well, first of all, in the framework of the transition of the bank, we plan for job reduction, and we're moving forward quite well worldwide, a timely limited exception for compulsory redundancies because there are certain agreements is valid. We have these agreements with the unions and the employee representatives, and this exclusion is only valid for certain groups of staff and the private bank in Germany. In this area, we are moving forward quite well to adapt the number of staff. We are using socially compatible old-age solution like retirement, part-time retirement, but also normal severance agreements that are concluded by staff on a voluntary basis in order to reduce the number of the head count fast.

Shareholder asked for progress of reducing jobs. He regretted. Says Deutsche Bank from his point of view has the best staff in the entire DAX.

Well, I can only agree to this when it comes to the quality of our staff is becoming quite evident in the current crisis when our colleagues are performing wonderful services for the bank and for our customers. Their disciplined focus and loyalty are very precious for us. Despite the uncertainties around the corona crisis, however, it is necessary that we keep with our transformation -- sticking to our transformation plan that we have shown and presented in July 2019. This also means that as planned, we have to reduce our HR costs vis-à-vis our customer, shareholders, and employees. We also have a responsibility to guarantee and keep the long-term compatibility and resistance, resilience and competitiveness. And you can imagine that this step is not an early one for us. As of 31st of December 2020, Deutsche Bank has reduced the number of FTEs by 2,938 coming now to 84,659. This corresponds to a reduction of 3.4%, mainly through unanimous agreement.

Mr. Needing refers to the statement that the employees are as loyal for Deutsche Bank as not before 2012 or after 2012. He wants to know how this is measured.

Hello to Mr. Needing, I had the pleasure to welcome you just recently. Since 1999, we have an annual -- we hold an annual group-wide employee survey, and we have a fixed amount of questions by which we measure loyalty, motivation and identification of our staff with the bank. The commitment index resulting thereof, we published as one of the first companies in 1999 in our Annual Report, and we've been doing so annually. The commitment index is calculated from 5 questions, covering the following factors: pride, loyalty, motivation and willingness -- [Audio Gap]

-- has done to support them. Again, Mr. Sewing over to you.

With pleasure. In 2006, we adopted a plan for pandemics, which is still in existence in the course of corona pandemic. We regularly checked our concrete measures and adapted them to change regional laws and authority stipulations. The major and foremost target across all regions and the area of authority for Deutsche is scientists, health institutes and crisis managers of other companies. And in doing so, we have developed an all-encompassing concept for distances -- for keeping distances and for hygiene, and we implemented this concept. All the measures are aligned with regional laws and lean stipulations and are checked regularly. We are following the regulations and the recommendations of the World Health Organization, the Centers for Disease and Drug Prevention and the Robert Koch Institute. In Germany, Italy, Spain and Belgium, all of the employee-related measures were also discussed and coordinated with the group work council and the international employee representatives. Our hygiene concept in Germany and the measures were deemed to be a role model when it comes to quality and effectiveness by health experts. Special focus was placed on our branches, where staff is in regular personal contact with clients. We introduced technical solutions in order to protect customers and colleagues before becoming infected with the coronavirus. That includes masks, disinfectant -- disinfectants and see-through plastic barriers between the work areas and client contact points. All of the measures are accompanied -- and were accompanied by extensive communication. In order to protect the health of our employees, we have come up with various numerous organizational measures. The most important one is that wherever it's possible, we work in split teams. And also, we allowed our staff to work from home whenever they're task and their personal situation allowed them to do so. The top of the first and second lockdown -- at the top point of the first and second lockdown worldwide, about 70,000 employees of the bank worked from home. It was possible because of the major service, our colleagues from technology, data operations and innovations rendered, and from other infrastructure areas. For years, for many years, we've been allowing our employees to work in a flexible manner and to work from home in a mobile fashion, apart from home office workplaces. Therefore, we were able to use technical equipment that was there and were able to react quickly and flexibly when it came to the pandemic. For exchanging views with their colleagues, they have telephone and video conference and chat programs. The use has been stepped up significantly. Because people work from home and more so because of the pandemic, we won't reduce our security standards. The staff is only allowed to use the bank guaranteed communication systems. The spread of the corona pandemic and the effects of our working life and professional life have let us focus on the health of our workforce. The bank reacted quickly and founded a global initiative in order to strengthen the well-being of our staff. Part of that is a bank-wide communication campaign on the topic of well-being. Although worldwide, we offer about 900 additional services and programs that provides our staff and their families with the opportunity to keep an eye on their body, mental, social and financial well-being. So far, neither in Germany nor abroad, Deutsche Bank has introduced short-time work. It's a concept for allowing should that become possible or necessary. This, for example, corresponds -- this means that the personnel administration system were technically prepared. Since no short-term work nor furloughing happened, we do not provide additional payment to staff. Should this happen for a major part of the workforce, the collective bargaining agreement on short-term work would become effective, which came up in agreement with the employees with the unions. It includes regulations on adding funds or providing people with additional money to add up -- to top-up the short-time work funding that people get for. The people who don't fall under the collective bargaining agreements of the private banking business, the bank has concluded similar company agreements with the unions.

A shareholder asks as to whether Deutsche Bank has been given corona subsidies.

Despite the difficult situation last year and despite some headwind as bank, apart from smaller programs abroad, we did not use any subsidies.

A shareholder asks for the effects of corona pandemic on the working -- on working from home, the number of people who worked from home and comparative numbers from the time before corona. He also asked for the amount of people who fell ill, the number of people who died, people who were absent and closure of branches.

As far as the function of staff allows it, as I said before, the bank supports people so that they can work from home by providing the necessary technical infrastructure. In so far as the situation of the pandemic allowed for it, we are very pleased to see our people, to see our employees back in the office. Personal cooperation and the human contact create the unique atmosphere from which creativity and a good corporate culture can happen. About 80% of our employees would love to work 1 or 2 days per week from home. The transition to mobile working due to the crisis in major parts of the bank has shown that working from home is possible to a certain degree and was preferred by quite a number of employees. A hybrid working model improves the work-life balance, and the possibility to bring together working life and family. It's not only that the attractiveness of the jobs is increased, but a hybrid working model also has a positive effect on the performance capability of people. For the company, we have additional synergies because optimizing our office space. Not in all of the jurisdictions, the bank receives information about why people are ill. Therefore, it is not completely possible to give you the numbers for corona caused illnesses. On the basis of the information available to the bank up until the first week in May 2021, 4,731 members of staff were tested positive for COVID-19. Of those, 3,710 employees recovered, 14 members of staff died. For death because of COVID, there is no specific financial support on part of the bank. In the last 4 months, worldwide, on average, about 550 employees went into quarantine. Since the lion's share, or 86% in concrete terms, is able to work from home all over the world, none of the larger centers had to be closed completely because of the corona pandemic. As I said before, the bank consistently implements high hygienic standards in its sites. In individual cases, in particular, in the beginning of the pandemic last year, there were some branches that had to be closed in our home markets because of the local quarantine regulations. Protection of staff was and still is in -- of the utmost importance.

A shareholder asked for fluctuation rates in the group and in the individual regions in the years 2019 and 2020. Moreover, he asks how the fluctuation split up into voluntary, age-related and termination related levers.

Our rate of fluctuation in 2020 stood at a total of 9.2%. This includes terminations on the part of employees and restructuring-related levers. In the individual regions, we have the following rates: Germany, 6.6%. Europe without Germany, 8.9%; North and South America, 14.5%; Asia Pacific, 12.7%. In 2020, 5.9% of our employees terminated their employment. That number stood at 8% previous year. Fluctuation in Asia Pacific went down by 5.7%; in North and South America by 4.4%. And in Europe, [ 4.4% ], and in Europe without Germany, 2.1%. In Germany, the rate of terminations on the part of employees was at the same level as 2020 and stood at 2.6%. So restructuring-related and other job levers in Germany amounted to 4% of the workforce.

We have a question on training. What kind of possibilities does Deutsche Bank offer? And is this staff addressed by the bank? And are there also force trainings?

In 2017, we established a digital learning platform called Connect2Learn in order to transform the learning experience of our staff. Connect2Learn, apart from virtual classrooms, also includes about 3,500 curated contents like videos, articles or podcasts. In 2020, in the course of the corona pandemic, we have given new priorities to our further training and focused on key issues that support staff at these times on the topics of resilience, well-being and working from home, to name but a few. Professional and personal further development is an important element for regular contact and regular meetings that employees have with their managers or superiors. There are also obligatory trainings that our staff has to go through. For example, in order to fulfill legal and regulatory requirements. This includes training to -- for anti-financial crime, information security and data protection.

Shareholders have asked a couple of questions on how women in the bodies and management positions of Deutsche Bank, how they are represented? Dr. Achleitner and Mr. Sewing will answer this. Mr. Achleitner starts.

Ladies and gentlemen, Deutsche Bank is firmly convinced that a balanced gender representation in management position makes a major contribution towards its future success. As you can see in the Annual Report on Pages 455 and 456, the Supervisory Board has determined targets for its own setup or make up. When we staff positions on the Supervisory Board, we want to look at diversity, not just gender diversity. Concrete target for the number of female Supervisory Board members, we have not fixed. At the end of 2020, we had 6 women on the Supervisory Board of Deutsche Bank that corresponds to 30% of the Supervisory Board members, and this corresponds to the legal regulation for listed companies that fall under codetermination legislation. With new hirings, qualified women are to be included in the selection process and looked at adequately when it comes to proposed elections. For many years, we've been -- we thought that it's important to have women adequately involved in the selection process. Since July 2020, we have Ms. Clark chairing our Nomination Committee, a woman, and she is also chairing the Risk Committee. Ms. [ Trogny ] and [ Dr. von Castle ], our Heads or our Chairpersons of 2 further Supervisory Board Committees. In this context, we are among the leading DAX companies. For the Executive Board, the Supervisory Board in 2017 stipulated a share of women of at least 20% on 30th of June 2020. The size of the Executive Board of between 8 and 12 members that would let Rebecca Short in the Executive Board. She has taken over responsibility for the transformation unit in the bank. So here we are within the targets that we set ourselves. And as to how this is dealt with below the Executive Board level, Christian Sewing is to explain to you, but I can tell you that we are still accompanying this rather intensively on the part of the Supervisory Board, and as regards what's accepted, respected and supported. And because of that, we expect from our managers and executives that they built up teams, inclusive teams where people with different abilities and can give their best in 2020. We have continued on that path to include diversity and inclusion in our culture and in our HR work. We promoted the careers of underrepresented groups by focusing on them, by focusing on hiring them, by improving career planning and providing targeted development programs. We also offer information to our staff and further measures on inclusion and show them how unconscious bias in HR decisions, how they can be made aware of and thus can be avoided. For the share of women in management positions, our bank in 2011 for the first time, communicated group-wide voluntary targets. Since then, in management positions, we have made progress continuously. So still, we have not reached the general targets for gender diversity that we set ourselves 2019. Therefore, we will reinforce our efforts, and we set ourselves new targets for women in leadership positions. These targets add to the existing initiatives of the bank in order to strengthen diversity and inclusion in the workplace and in the society. For the share of women below -- on the 2 management levels below the Board, the bank has the following voluntary targets that we set ourselves on 31st of December 2020: 20% women on the first management level below the Executive Board, and 25% on the second management level. As a matter of fact, at the end of the year, 20% on the manager level and 23.9% on the second level below the Executive Board were female. As a new target for the share of women on the 2 levels directly below the Executive Board, we want to reach up until 2025, at least a 30% women -- share of 30% of women. Up until 2025, 35% of the managerial positions at Deutsche Bank at the level of Managing Director, Director and Vice President are to be staffed by women. At the moment, this number is 29%. When it comes to promotions decided upon at the beginning of 2021, the share of women as of 31st of December 2020, for Managing Directors was at 19% compared to a target of 21%. And for directors, this number was 25.5%. The target here is 28%. For Vice Presidents, we came up with 32.5% compared to a target of 35%. And Postbank is not included here. You'll find further information on Pages 38 through to 40 of our HR Report for 2020.

Various shareholders asked for details as regards the remuneration of the Supervisory Board and Executive Board in 2020 and the general framework for Board remuneration. Mr. Achleitner is going to talk about it.

Ladies and gentlemen, overall remuneration for the members of the Supervisory Board for fiscal 2020 was EUR 6.1 million. Of these, EUR 4.6 million were paid out in the first quarter 2021 in cash. EUR 1.5 million are given on a share base and only -- and will only be transferred after leaving the Supervisory Board or after the end of the nomination period. The amount and structure of Supervisory Board remuneration was, as I already mentioned, not changed since the year 2013. Total remuneration for the members of the Executive Board in fiscal 2020, calculated for 10 Board members for the entire year, EUR 50 million. This is compared with an overall remuneration of EUR 36 million the year before, which only -- which was only the remuneration for 8 Board members. Of this overall remuneration, EUR 22.5 million were paid a fixed remuneration and EUR 27.5 million as variable remuneration. As you know, the bank has made major progress in 2020 and concluded the fiscal year with profit. Board -- Executive Board has reached all the operating targets or succeeded them. This is also becoming clear in the higher remuneration. At the same time, the European Central Bank with a view to the corona pandemic formulated the expectation that banks when it comes to the payment of variable remuneration show moderation against this backdrop that the general complete remuneration of the Executive Board for fiscal 2020 was reduced by EUR 4.6 million. This sum is a result of all the Executive Board members doing away with 1 monthly fixed salary. The payout rate of the group component was reduced and the variable remuneration was additionally reduced by 1/12 each. At regular intervals, the Supervisory Board checks as to whether Executive Board remuneration is adequate compared to selected competitors and compared to the remuneration of the workforce. For checking horizontal adequacy, suitable companies are looked at by including the industry, the size and regional setup. There are 3 comparative groups, existing -- made up of global and European banks with a comparative business model and the DAX 30 companies. Recent comparison has shown that the remuneration of the Executive Board is adequate. In order to get the best managers for the Executive Board and to keep them, it is necessary that we offer a normal competitive remuneration package adequate for the market, consisting of a fixed basic remuneration, a performance-related variable remuneration plus payments for pension. The basic remuneration is a remuneration for taking over the Executive Board mandate. Its amount is focused on the comparable market and includes the regulatory stipulations that limit the relationship between fixed and variable remuneration. Variable remuneration is a relevant target that looks at targets and performance indicators, which are in line with the business and risk strategy of the bank and include the individual responsibility of the Executive Board members. Financial and nonfinancial targets strike a balance and promote positive development of the company, and that's a positive development of the share price. Since variable remuneration is paid for half at least in shares and is given to 100% in a deferred format and by strict holding requirements for shares, a close correlation of the interest of Executive Board members with that of shareholders is ensured. Up to 9 years from providing it, entire variable remuneration is -- can actually be clawed back if certain events happen and if certain -- if nonperformance is stipulated. To reduce individual remuneration components or to delete them entirely, it doesn't stand to reason. The remuneration system for the members of the Board, the fixed collective and individual targets and the -- for fiscal 2020 and the individual remuneration amounts can be seen in the Remuneration Report on Pages 191 following of the Annual Report for 2020. One of various shareholders asked questions on individual aspects of Executive Board remuneration, which I would also like to address now. One shareholder asks with a view to the performance parameters and the long-term component as to whether organic capital growth as is seen as total shareholder return parameter and how moving above the target CET1 ratio and leverage ratio is seen. The answer is the relative equity return and organic capital growth are 2 separate targets within the long-term component with -- since 2021 with a share of 15% each. Of course, capital growth has a positive -- indirect positive effect on the share return, but it's a separate target. The degree of achievement of the target CET1 ratio and leverage ratio is limited to 100% when fully reaching the target. Going beyond this target, therefore, does not lead to any deviating result.

One shareholder would like to know whether it's suitable in virtual AGM to vote on remuneration and remuneration systems, although no clarifying questions are allowed.

Answer is simple according to the stipulations of German Stock Corporation Act with listed companies, at least every 4 years, voting has to happen on this remuneration system for the Executive Board members. According to the new regulation, it has to happen on the first regular AGM, and a decision has to be taken in the first regular AGM after the 31st of December 2020. So therefore, the remuneration system has to be presented for decision. Moreover, shareholders who before the AGM, have asked a question can ask clarifying questions during the AGM, if they are of the opinion that their questions have not been answered extensively.

Various shareholders ask about the complexity of the remuneration systems and the Remuneration Report. Yes, the remuneration system for Executive Board and for staff also because of legal and regulatory requirements are rather complex. The complexity and elaborate additional publication obligations are, of course, mirrored in the remuneration reports.

When writing the Remuneration Report, we always know about this challenge, and we act on it by clearly and systematically displaying individual aspects and, if at all possible, use graphs and tables to show it.

One shareholder wants to know who created the remuneration system for Executive Board members and as to whether external advisers came in and which costs were involved. Moreover, he would like to know who calculates the remuneration contributions according to this system, the remuneration amounts and his interest in finding out which type of remuneration would have been the result if the -- this type of system had already been in existence in 2020.

The development of the remuneration system, the Supervisory Board was supported by staff from the bank who have expert know-how. In addition, the remuneration adviser, Willis Towers Watson was asked to do a benchmark study on the market adequacy of remuneration structures. The costs were about EUR 50,000 gross. At the end of the year, internal employees from various areas stipulate the target achievement with a view to the parameters stipulated at the beginning of the year. This is done in a 2 sets of eye principle. External advisers are not being used. But of course, the result is being checked by our auditors, most of all. The question which remuneration would have been result -- which remuneration for fiscal 2020 would have been the result by using the remuneration system cannot be answered because with the ESG factor and the annual parameter, new target parameters have been defined, which have not been -- had not been in existence in the remuneration system valid up until 2020.

Some shareholders ask questions regarding EY as an auditor, especially they ask about the suitability and independence of EY as an auditor. Against the background of the Wirecard investigations. Mr. Achleitner, would you like to make a statement?

Yes, of course. In the year 2018, we implemented a fair and transparent selection process, which was open to all the auditing firms. The selection criteria were neutral and had been defined beforehand. On this basis, the Audit Committee suggested to the Supervisory Board to have a shortlist of EY and PwC to be appointed as auditors. And at the same time, gave a recommendation for EY. Based on this recommendation, the Supervisory Board in last year's AGM suggested to select EY as the auditor for 2020. EY has audited the financial statements and group financial statements of Deutsche Bank AG, including the Risk Report for the first time for the year -- for the business year 2020 and used 579 man hours applying all the applicable and relevant auditing standards. The first audit is, of course, quite difficult because the auditors have to get familiar with the company, and the auditors, which were working at Deutsche Bank, were not involved in any of the Wirecard activities. In the context of the accepting of the mandate by EY, KPMG could not identify any problems. And EY confirmed its independence as required under European law to the Supervisory Board. Moreover, the Supervisory Board's also convinced itself in the terms of the audit of the annual and group financial statements for 2020 of the quality of the auditor activity and the independence of EY. We audited the count of publicly available information and documents. The Supervisory Board, therefore, considers it's appropriate and pertinent for EY to carry out the audit of the financial statements for financial year 2021 as well and is making a corresponding proposal to today's AGM. The Supervisory Board therefore did not think it was necessary to submit a tender for the mandate for 2021. Therefore, the Supervisory Board also regularly dealt with the situation of EY in the context of the Wirecard insolvency and potential impacts on Deutsche Bank. This affects in particular the question obviously requires independence of the auditor. Please bear with us for not commenting on any details of the audit of other companies by EY, such as Wirecard and any ongoing proceedings by various public authorities. As the investigations into the Wirecard complex and the corresponding audit are still ongoing. The Supervisory Board has decided to put up the mandate for 2022 for tender in order to take account of any future imponderables and take the cautionary measures. So the bank keeps all its options open in this respect.

In this regard, for [Foreign Language] is asking the following question. Does the audit of the risks from COMEX transactions form part of the scope of the audit by EY?

The auditor has to adopt a risk oriented approach even under the existing statutory requirements for audits and has to assess the bank's risk situation.

[Foreign Language] is also asking to what extent the bank has ensured that EY are not involved in the assessment of risks in connection with COMEX?

The Supervisory Board did not find any reason for objections in the forming wake of the takeover of the mandate from KPMG by EY, and therefore, in the wake of the audit by EY that would have questioned the quality and independence of EY as auditors. Any potential conflicts of interest by EY were taken into account early on. So there were no interest -- no conflict of interest in the [ performance ] of the audit.

Another question for -- regarding EY is for Mr. von Moltke. Shareholders are asking how EY has checked in specific terms, that the liquid funds in Deutsche Bank's balance sheet actually exists and he refers in particular to the [indiscernible] process. A shareholder is asking whether there are any news regarding the position of the Head of Accounting against the background of his former activity for EY.

The Head of Accounting, as early as at beginning of December 2020, asked at his own request to temporarily withdraw from his office until all allegations have been sorted out. This request had been made, in particular, in order to avoid any potential conflicts of interest or the mere suspicion of any such conflicts. This is not to be regarded as a confirmation of potential misconduct. The Head of Accounting has been summarized or clustered with Head of Tax since December on a temporary basis.

Let us now turn to question regarding the bank's risk management, which Mr. von Moltke will answer. Several shareholders are asking him about risk provisioning of Deutsche Bank, not at least with regard to the impact of the corona pandemic.

Credit loss provisioning rose substantially from EUR 723 million to EUR 1.8 billion in 2020. This is an increase of 148% at 41 basis points of the average low end volume. However, credit loss provisioning was in the form of the expected range of 35 to 45 basis points that we had already communicated at the beginning of the COVID pandemic. The increase in credit loss provisioning was, in particular, driven by the COVID-19 pandemic, and the resulting payment difficulties among some clients, which either were to be expected in the current environment. In this context, there will be also a number -- or there was an increase in the number of moratoria requested, in particular, driven by legal and private moratoria in Germany, Italy and Spain, which affected above all our private bank. In April and May 2020, Deutsche Bank had to decide about 3,000 moratorium requests per day in the peak session -- peak period and had to communicate the relevant decisions to the relevant clients. As at 31st of December 2020, more than 95% of clients whom the moratorium had already expired, resumed their payments. Corporate clients also received certain concessions during COVID-19. However, some of these corporates also benefited from state-run support schemes. These concessions are tailored to the needs of the respective client and comprise a whole range of modifications of existing terms and conditions in the relevant loan contract all the way to payment moratoria. For further details on state and private moratoria and public guarantee schemes in connection with the COVID-19 pandemic, we refer to Page 90 and following pages in our Annual Report. Overall, let us state that the payment defaults were kept to a [ masterable ] framework. Despite COVID, adjusted for the effects of the pandemic, credit loss provisioning would have accounted for about EUR 1.1 billion. And at 25 basis points of the average credit volume, it would have been very close to our original expectation for 2020. Following a significant increase in credit loss provisioning by EUR 506 million in the first quarter and EUR 761 million in the second quarter, the recovery of the macroeconomic environment in the second half of the year was clearly felt. Credit loss provisions, its EUR 273 million in the third quarter and EUR 251 million in the fourth quarter declined substantially. This trend also continued in the first quarter of 2021. Here, we carried credit loss provisions worth EUR 69 million. This development was driven partly by the more optimistic macroeconomic forecast, which resulted, in particular, in a relief of the burden in levels 1 and 2 but also the overall restricted, itemized announced sales or value adjustments in level 3, which were below expectations across all divisions overall. Lower value adjustments reflect the overall improvement in economic data, but it's also driven by our portfolio structure. Overall, we have a well-diversified credit portfolio, including about 55% of credits relating to the private bank. This mostly relates to lower-risk German mortgages. And this distinguishes us, for example, from U.S. competitors who typically have a very high proportion of consumer finance, including credit card finance. About 27% of the credit book are allocated to the corporate bank and primarily result from trade finance and other credit products for mid-caps in Germany. About 16% relate to the investment bank and mostly comprise well-collateralized, asset-based credits, commercial real estate loan or mortgages and other collateralized finance schemes. However, above all, we benefited from our high standards in lending and our controlled risk appetite. Both elements proved to be very resilient even during the last crisis. The quality of collateralization and the consistent use of risk transfer to third parties further benefited the trend. The letter includes outright sales, hedging of individual names and portfolios through credit default swaps and collateralizations in the form of collateralized loan obligations. These contributed to ensuring that even in the event of default of larger exposures, we were less strongly affected than our peers in 2020. In general, since the beginning of the pandemic, we managed our internal resources in a manner to ensure that on the one hand, our clients were actively supported during the COVID-19 pandemic, schemes such as moratoria, bridging loans, short-term allowances, et cetera. Despite all imponderabilities that remain due to the COVID-19 pandemic, we overall expect payment defaults to fall below the prior year's level. Risk -- credit risk provisions should drop notably compared with last year to around 25 basis points of the average loan volume. And you can see that now we are getting close to the question-and-answers round, and this is why I would like to announce that it will soon be possible to ask follow-up questions on the questions raised before. As already announced, we restrict this to 2 follow-up questions per questioner, and we also limited this to 250 characters per question. Please bear with us because we want to give all the people asking questions the opportunity to make use of this opportunity. And we will not answer any new questions, and we will also not answer to questions which go beyond the framework that was stipulated. So the time will be open until 3:30, and I will then announce the -- if there are any further changes. Okay. Now back to you.

And I will continue with [ Mr. Giles' ] question concerning the quality of the credit book and the risk systems also compared to our competitors. Mr. von Moltke, please.

We think that our credit book is of high quality and that it is structurally different from our -- from that of our competitors. Since the last financial crisis, we could reduce risks from our credit book, but this is also reflected in the clearly reduced credit loss provisions compared to the credit volume. From more than 100 basis points in 2009, it reduced to 41 basis points in 2020 after 17 basis points in 2019. In the last years, the annual growth impairments were above the depreciations, and this is a good indicator for the adequacy of our credit loss provisions. And we also would like to refer to the statements made in the beginning regarding our portfolio structure and quality and the underlying credit standards. With a view to our competitors, we have to take into account that we -- that different accounting regulations under IFRS and U.S. GAAP make it difficult to draw direct comparisons with your credit loss provisions of U.S. banks. But all in all, we think that we are well equipped and that we have a good credit loss provision. In order to give shareholders and other market participants a better view into our credit book and the processes for risk control, we have informed them in the context of our investor deep dive in June and December 2020 in a detailed manner. More information on the credit portfolio can be found in the risk report of our annual report.

Another question is regarding the casino Cosmopolitan in Las Vegas. What is planned? And do we expect losses?

Basically, we cannot make any statements to individual loan engagements. This is also true for things that are reported in the media and where you find a lot of speculations. The sale of Nevada Property 1 LLC, the owner of the Cosmopolitan of Las Vegas was already informed about -- on the 15th of May 2014. The Cosmopolitan of Las Vegas was then reported as a noncooperation of the bank. More information can be found in our annual report 2014. The COVID-19 pandemic has had very severe results in certain industries, and this includes commercial property and -- such as hotels and retail trade. Due to the direct impact of lockdowns, travel restrictions and social distancing, these types of property were affected most strongly. And this is why these loans are under supervision, and in our investors' deep dive in June and December 2020, we also informed the investors comprehensively about this portfolio. Our commercial property loans that are mainly handed out in the United States and in Europe are normally collateralized by mortgages. The approval process is very stringent, and the credit engagement is controlled via portfolio limits. The guidelines for the risks say that the loan-to-value of less than 75% must be adhered to. And additionally, all the collateralized loans are also checked by independent opinions.

Mr. von Moltke, [ Regina Richter ] from the Foundation [indiscernible], and the [ Foundation of Critical Shareholders ] ask about the guidelines of the bank regarding controversial weapons. He would like to know whether bank sees the necessity to have most stringent guidelines and perhaps also to remove the suppliers of nuclear weapons from the group of customers.

Deutsche Bank has a policy that condemns the use of many weapon systems. Our bomb guidelines were -- the policy was replaced by the policy on controversial weapons. And here, we take into account that it's not only the bombs that are seen as banned weapons but also chemical, biological, nuclear and radiological weapons and anti-personnel landmines. Additionally, all the existing business relationships on controversial weapons could not be terminated because of existing contractual obligations, but they will not be extended. We only consider relationships with companies producing these weapons if there were additional reviews beforehand, and this includes discussions with the customer about the final use of these weapons and their activities.

[ Mrs. Swishter ] also asks what the bank does about loans to companies that have business relationships to parties in wars and conflicts.

Dear, [ Mrs. Swishter ], all the transactions with the link to the defense sector, we have a strict case-by-case review, and we want to make sure that there are no expert port limitations or bans that are violated. In the view of the individual case-by-case investigation, we also take into account the geopolitical situation of the receiving country. Countries which are involved in conflicts are, of course, under special scrutiny. If we have doubts regarding certain transactions or conflict areas, we will reject the business. But please bear with us that we cannot give you any detailed information on individual credit engagements. On Page 86 of the nonfinancial report, you can find more details on the control of this business. And we can also confirm that we did not support any business where military goods were supplied to countries that are involved in military conflict. In a nutshell, policies of Deutsche Bank have the goal to ensure a responsible and sustainable business activity and to protect the bank against reputation risks. We very deliberately assume this responsibility.

And again, [ Mrs. Swishter ], she asks in how far Deutsche Bank reviews whether the business model of companies that, for example, armament companies, whether their business model is in line with our ESG minimum standards.

Dear [ Mrs. Swishter ], please understand that we cannot make any statements on individual credit engagements. This is also true if we are mentioned as a syndicate bank in equity prospectus. But generally speaking, we review all the transactions, and if required, such transactions will be escalated in accordance with the framework on reputation risks. This framework is, in addition to what is legal and conforming to -- or complying with the rules.

One shareholder would like to know what was the largest insured claim in the reporting period and whether this claim was fully paid by the insurance.

In the reporting period, we had one operational claim in a low double-digit million amount. The insurer has confirmed the insurance, and we expect the final settlement and payout for this year. Deducting the -- our own contribution, we are fully covered by the insurance.

And Mr. von Moltke, we come to the questions of the shareholder [indiscernible] brewery in the connection of the relationship to Archegos Capital and possible compliance forged by the Founder, Bill Hwang. The shareholder asks whether a former employee of Deutsche Bank that gave advice to Archegos has influenced this contractual relationship or the sale of the shareholdings. And this also relates to the sale of the Prime Finance business to BN (sic) [ BNP ] Paribas.

Let me first talk about Archegos and our prime finance business. We cannot make any individual statements on our business relationship with Archegos Capital Management. The customer was accepted in accordance with our due diligence standards and processes for know your customer. The relevant use regarding the investigations, were, of course, followed and discussed and reviewed, but we cannot give you any details. The vote of management does not have any insight that Mr. Hwang has undermined [ bans ] by the Hong Kong Stock Exchange in the trading of derivatives. As I already said, we cannot make any individual statements on the business relationships with Archegos Capital Management. Even before the insolvency of Archegos, Deutsche Bank already tried to limit the total loss by adequate portfolio diversification and balanced long/short positioning. When using these collateral, the bank used the normal contractual -- was in the normal contractor rules. A former executive of the bank did not play any role even if it was suggested in your question. And on our prime brokerage business, we cannot give you any information on customer numbers and individual risks. In accordance with the agreements with the Deutsche Bank and BNP Paribas regarding the sale of the business with hedge fund customers, Global Prime Finance and the electronic equity trade, the risks will stay with Deutsche Bank until the business is transferred. This is now being prepared and will be concluded by the end of 2021. The collateralization of the credit risks, the margining is determined by various factors. This involves the type of the product, liquidity, risk concentrations, risk -- direction of the market movements and the customer itself. And also, the leverage of the customer is playing a role. Deutsche Bank does not define the required collaterals for equity-related business only once but adjusts this dynamically to the development of the market prices.

A number of shareholders have submitted questions on tax matters and subsidiaries aboard. James von Moltke, over to you again.

The bank has defined a number of principles for tax issues that are relevant across the group for all types of taxes. Generally, Deutsche Bank sorts out its tax issues by ensuring that the bank complies with all applicable legal and regulatory requirements while creating value in the long run. This also includes pure taxation. Deutsche Bank operates subsidiaries and branches in nearly 60 countries. These countries do not include any countries currently placed on the list of noncooperative countries and territories for tax purposes drawn up by the EU. Regarding the names, headquarters and activities of Deutsche Bank subsidiaries, we refer to note 44 in our annual report 2020 on pages 415 to 433. The list of shareholdings in the HGB-based annual report additionally comprises information on equity and the results of our shareholdings and subsidiaries. Our U.S. subsidiaries include those listed in Delaware. The corporate law of Delaware allows for efficient processes to manage company needs and is therefore used by many American and international groups, including us. For taxation in the U.S., however, it is not the headquarters of the company but the actual place where the business activity takes place that is relevant. The results generated by our subsidiaries in the U.S., headquartered in Delaware, are therefore subject to the regular tax rate of 21% charged at federal level plus any tax charged by the relevant state. Overall, our average tax rate for our subsidiaries and branches in the U.S. is about 25%. For the headcount in the relevant countries, we refer to the country-specific reporting in note 43 on pages 413 and 414 of our annual report. You will find additional explanations on country-specific reporting in our nonfinancial report 2020 on pages 33 and 34. Depending on the type of business activity, revenues per head may differ. Of the 8,136 staff members we employ in the U.S., the bank has 7 employees in Delaware. Please bear with us for not commenting on external studies with unspecific data assessments.

Mr. von Moltke, this context, a shareholder would like to know how [indiscernible] taxes the company, Postbank group and all domestic group companies paid in Germany in 2020. He also asked about the tax, social security and pension contributions paid for bank employees.

Overall, for financial year 2020, based on our domestic value creation, we contributed about EUR 0.6 billion to German public budgets. This includes, in this order of magnitude: VAT, income taxes and wage taxes paid by the employer. Moreover, in financial year 2020, we paid wage taxes as well as security contributions, and pension insurance contribution was around EUR 1.8 billion. This includes around EUR 1.3 billion for Deutsche Bank AG and about EUR 0.5 billion for domestic group companies. Deutsche Bank AG employees contributed about EUR 1 billion, while about EUR 0.3 billion related to employees working for German group companies. Deutsche Bank AG itself and its domestic group companies accounted for about EUR 0.5 billion.

Let's now turn to legal questions. Several shareholders have asked about the current situation regarding litigation. And they ask what the progress is that's been made on what the current litigation or what the pending litigation is. Mr. Simon will answer these questions.

Yes. Thank you. Deutsche Bank, in 2020 and in early 2021, made significant progress in closing its major civil law proceedings and investigations by authorities. Let me give you a number of examples. In June 2020, we achieved a major settlement with the New York State Department of Financial Services. This related to our former business relationship with Jeffrey Epstein and Danske Bank Estonia as well as the FBME. In January 2021, we managed to conclude the settlement with the U.S. Department of Justice and the U.S. SEC, which related to the so-called business development consultants. This was a case that had been open for many years. In December 2020, the Upper Regional Court of Cologne decided in our favor in the so-called Postbank case and fully dismissed the action brought by Effecten Spiegel. And another example is the decision handed down in September 2020 in the so-called Warburg case by the Upper Regional Court of Frankfurt, where the courts fully dismissed the action brought by Warburg Bank against Deutsche Bank. However, Warburg Bank has launched an appeal. The Board is determined to ensure that we will leave our historical litigation behind us. Unlike a few years ago, we will no longer have a big portfolio of litigation cases. And let me give you a number of provisions that we have set aside to illustrate this point. At the end of 2016, we still had -- provisions for litigation was EUR 7.6 billion, but this number was down to around EUR 800 million by the end of 2020. However, what matters above all is to ensure that we will not repeat the misconduct from the past and that we will draw the right conclusions from these historical cases. In connection with the various business divisions, the control functions of the bank worked hard to ensure that processes and structures are further reinforced in order to prevent the reemergence of numerous litigation cases and investigations by authorities. We have published our major cases of litigation and investigations by authorities on pages 356 and following pages in our annual report. And you will also find the relevant numbers for prior years in our annual report as well. A number of shareholders have asked to be given more details, that's why I'm going to share some technical information with you. At the end of December 2020, there were a total of 6,200 cases under civil law, where the bank is the defendant. This also includes investigations by supervisory bodies. In addition, there were about 400 cases where the bank was actually the party suing a third-party, about 1,900 of these cases being cases placed in Germany. Most of these cases relate to proceedings with a very low value in connection with the private bank. This accounts for about 70% of all cases with 30% of all cases relating to Spain, about 25% to Germany and about 15% to Italy. As at the end of December 2019, by way of comparison, there were also about 6,200 civil law cases where the bank was defendant or where supervisory bodies had launched investigations, and there were another 500 cases where the bank had actually sued itself. And about 2,100 of these cases related to cases launched in Germany. In addition, there were a number of cases under labor law. In financial year 2020, there were a total of 73 proceedings under labor law involving Deutsche Bank AG. Any cases that were complete and that will -- that were concluded were either won or settled. In addition, there were so-called [ adjunct ] property cases. There was about 30 cases still pending under civil law in the completed financial year. No payments were made to any parties in the form of these litigation cases. Deutsche Bank has also set aside provisions regarding -- and contingency liabilities. And so the numbers are as follows. Of course, under the corresponding accounting regulation, the bank had set aside provisions and contingent liabilities. As at 31st of December 2020, this amounted to a total of EUR 800 million for risks resulting from several law proceedings and investigations launched by authorities. In addition, the bank had set aside contingent liabilities worth about EUR 2.2 billion with regard to these risks. Let me refer to Page 356 of the annual report or the corresponding prior years' annual report for further information on the cost of litigation. Now of course, you could subdivide this further into, first, instant cases, final judgment, et cetera. But we do not reflect these categories in our reporting. We are convinced that the measures we have adopted are appropriate in each case. However, here, too, due to the very nature of legal cases, litigation entail a substantial element of uncertainty. Nevertheless, we believe that the provisions and contingent liabilities we have set aside are appropriate. Risks from litigation and investigations from -- by supervisory and regulatory authorities that are neither reflected in the balance sheet as provisions, nor as contingent liabilities, cannot be reliably estimated. For example, well, in many cases, amounts are simply claims without any realistic option whatsoever of it really ever being paid in the wake of these cases.

Okay. There's a number of questions relating the -- which is the relationship between Deutsche Bank and the former U.S. President Donald Trump. Mr. Simon, would you comment, please?

Yes. Of course, I'm happy to. U.S. law protects financial information of private clients. And therefore, we cannot generally make any comment. It's the client alone and not the bank that decides as to whether or not this information is to be disclosed. Former President Trump, in his public submissions to U.S. authorities and courts, has formally declared he was a Deutsche Bank client, and he only submitted very few further details. We refer to these submissions, including the submissions made by the former U.S. President Trump to the U.S. Office of Government Ethics, where it was said that various financial institutions, including Deutsche Bank, had granted loans to companies associated with him. While Deutsche Bank is unable to comment on the details of accounts of clients or their companies, however, we can confirm in general that we have strategies and processes in place in order to be able to deal with all financial, legal or reputation-related probabilities in a pertinent manner.

Mr. Simon, various shareholders and [indiscernible] have asked for the effects of the judgment handed down by the Federal Supreme Court on 27th of April 2021 regarding the development of revenue sources and the required process adjustments.

Well, first of all, here, we have to point out that this court case was not dealing with the admissibility of charges, but only there was a question as to whether these had been effectively agreed. However, the specific impact of this court ruling can only be assessed once we have the written reasoning for the judgment available and have been able to analyze it. And we have not yet got that reasoning. However, what we can say at this point is that both banks and clients will see a substantial increase in terms of agreements of performance and price changes as well.

A shareholder is asking for a potential liability of EY. We got -- vis-a-vis Deutsche Bank. With regard to our D&O insurance, he's also asking about the coverage amount and the annual premiums for -- or the annual payments for Supervisory Board and Board members.

What -- regarding liability of the auditor, we have to distinguish between various factors. The auditor's liability under the current legal situation is limited to EUR 4 million for simple activities, and this amount was increased to EUR 16 million for simple activities from 2022 and also for activities where gross negligence was exercised. For D&O insurance programs for Board members, the following rules applies. There is no upper limit, and there are no upper limits for any claim to be raised by shareholders from auditors either. But for the D&O insurance, we cannot give away the details, I'm afraid.

Let us now turn to a number of questions for our CEO, Mr. Sewing. A shareholder is asking about the bank's sponsorship activities and the opportunities and risks resulting from sponsorship agreements. Mr. Sewing, over to you.

Yes. Thank you. Deutsche Bank uses long-standing partnerships based on the spirit of trust and sponsorship for arts, culture and sports. So for example, we've had a partnership with the Berlin Philharmonic Orchestra for more than 30 years, and there's also other major sponsorship schemes in the areas of arts and sports that have existed for more than 10 years. In the form of various cooperation schemes, Deutsche Bank and its partners have managed time and again to launch programs to make a positive contribution. So for example, the education program launched in cooperation with the Berlin Philharmonic Orchestra; the Deutsche Bank Sports Scholarship in cooperation with Deutsche Sporthilfe for all the Emerging Curators Fellowship with the arts fair, Frieze. For their letter, Deutsche Bank is supporting up-and-coming people of color in order to promote diversity in the British arts area. Since 2020, name sponsoring for the Deutsche Bank Park in Frankfurt has been the symbol of -- or a token of partnership with Eintracht Frankfurt football club. This is a commitment to Germany and the region. Future sponsorship requests will be carefully checked. We will weigh off both opportunities and risks. What is crucial for further sponsorship schemes will be to ensure that the partnerships will be in line with the objectives and contents of our sponsorship strategy and will be oriented to the long run.

A shareholder is asking, Mr. Sewing, just how the bank assesses mistakes made in the past from today's perspective.

Well, as I said before, the bank has learned from past mistakes. The transformation that we launched in 2019 had absolutely strengthened the bank. Moreover, we introduced a clear performance and consequence management, and our employees work hard day in, day out in order to create a better bank for our shareholders.

Mr. Sewing, a shareholder is asking what the key associations are that Deutsche Bank and its group subsidiaries are members of and what the costs are. He would also like to know whether the bank or any of its subsidiaries are members of the World Economic Forum. He would like to know in particular what the annual charges were in 2020, how many persons last year took part in the WEF's annual meeting and what the entrance fees were that were charged.

Thank you. Let me, first of all, comment as follows as far as the question as to the major associations is concerned that Deutsche Bank is a member of. Deutsche Bank is a member of all key industry associations, including: Federal Association of German banks; the European Association for Financial Markets in Europe, or AFME in short; the Institute of International Bankers; IRIF; the American Bankers Association; the Chinese National Association of Financial Market Institutional Investors; and The Asia Securities Industry & Financial Markets Association in Singapore. It pays contributions at the level stipulated in the relevant articles of association. Let me now answer the questions relating to World Economic Forum. Deutsche Bank is a partner of the World Economic Forum. In 2020, we paid a contribution of CHF 600,000 for our strategic partnership. In 2020, no entrance fees had to be paid for 2021 as the 2021 event had to be canceled due to the pandemic. In 2020, Karl von Rohr, Christiana Riley, Paul Achleitner, Bernd Leukert and I formed the delegation for the bank. Moreover, a number of executives of the bank used this event to meet clients and engage in client dialogue.

Mr. Sewing, we have a number of questions on the arts collection of Deutsche Bank from the various shareholders. I read them out. "How many pieces of work does the collection include? How are these pieces of arts carried in the balance sheet? What are the acquisition costs for these pieces of art altogether? What is the current value of the collection? What is the amount of the total insurance for these collections? How much was spent in 2020 to purchase art objects? Why does Deutsche Bank not sell the objects of art? What is the announcement in 2020 in connection with these works of art, for instance, in the form of [indiscernible] cost, facilities cost or insurance? What is the future strategy? And where can shareholders see the collections?"

Well, Deutsche Bank's collection currently comprises 55,000 works of art. As the number of locations run by the bank, and therefore, appropriate spaces for the presentation of works of art has been clearly reduced, the overall scope of the collection has also been streamlined over the past 10 years. Thanks to a focused sales strategy, the collection has actually generated substantial income for the company for a number of years. Now Deutsche Bank is also using parts of the sales proceeds to purchase new pieces of art, new works of art of young talent in order to continually develop its collection. Works of art with a purchase price of EUR 10,000 and more are recognized as assets, while works of art with a lower value are written down according to the relevant rules. The costs for the maintenance of the collection are included in costs for the arts department and are not carried separately. Due to the structure and the constant change in the arts market, it is impossible to make any clear-cut comments on purchase costs and the total value of the collection. The collection has been insured. For safety reasons, we're not going to give you an exact number here. With our program art at the working place employees, but also clients and shareholders can actually get in touch with our arts in Berlin in the PalaisPopulaire.

Mr. Sewing, how many lobbies does the group employ in Germany? And what were the cost for lobbying activities for the group in 2019 and 2020? The shareholder is asking for information to be provided for Germany and for global activities.

Deutsche Bank has always supported the proposal made by the federal government for a mandatory transparency register. The spending of Deutsche Bank for the representation of interest vis-a-vis EU institutions is published in the EU Transparency Register. We will continue to meet our disclosure requirements in Germany as well. In our political representation in Berlin, we have 4 staff members, 2 in Brussels and 2 in Washington. These are full-time staff.

[ Hans Oswald ] has asked a number of questions regarding the bank's advertising initiatives and claims. Can you answer, please?

Yes, of course. Advertising is always carried out for Deutsche Bank as an overall brand and for the various divisions. We are working together with group-wide brand and design policies in order to ensure consistency of our advertising claims. The relevant target groups are defined by client group such as private clients, corporate clients, business clients or financial decision makers in big corporates. These target groups are addressed through various channels, both offline but also digitally in the social media. We're not going to comment on our advertising budget. However, we are measuring the success of our advertising in order to design it in an effective and efficient manner. And all corresponding service have clearly shown that advertising campaigns have clearly contributed to increasing the popularity, positioning of our brand and sale of products. The claims we are using for the bank or the advertising claims reflect the brand strategy or the attitude after a period of time they are being used. Of course, they have changed over time in line with social and economic change. Our current claim is #positivecontribution. It summarizes our claim, which is that our role is to make it possible to deliver economic growth and social progress by rendering a positive contribution for our clients, employees, investors and society. Examples for ongoing advertising campaigns can be found on our website and the social media channels of Deutsche Bank.

One more question for you, Mr. Sewing. [ Mr. Gebler ] wants to know what activities, group companies of Deutsche Bank are still exercising in, what we call dictatorial countries such as Belarus. He's also asking whether there are any plans to withdraw from unsafe countries.

Let me briefly answer your questions, [ Mr. Gebler, ] the question regarding unsafe countries, as you put it. Deutsche Bank does not have a representative office in Belarus and is not involved in any state finance schemes. Our business is focused on the financial settlement of foreign trade business transactions of selected clients of Deutsche Bank with a few local banks. Deutsche Bank has already withdrawn from a range of high-risk countries over recent years, and we have clear internal policies in this respect. In this context, we'd like to point out that we observe human rights in anything we do. This is incidentally also included in Deutsche Bank's code of conduct, which is publicly accessible. We support international standards and policies such as the EU and guiding principles for the economy and human rights and the international charge of human rights. Our position regarding human rights is explicitly described in our nonfinancial report.

We come to a couple of legal questions. Mr. Simon will answer them. We start with explanations on so-called cum-ex businesses. There were numerous questions on them.

Thank you. Ladies and gentlemen, Deutsche Bank, when it came to cum-ex transactions, has always pursued a rather restrained business perhaps. And contrary to many competitors, has not done any proprietary cum-ex businesses or transactions. We have said multiple times that Deutsche Bank was involved in cum-ex transactions by customers. This also included banking -- providing banking services such as financing of securities, transactions. Deutsche Bank today sees these activities in a very critical fashion. Deutsche Bank has worked through the cum-ex topic in an elaborate fashion. In fiscal 2020, the bank dealt with cum-ex, and I refer to our annual report on pages 358 and 359. But still, let me explain a couple of major points here. Various German public prosecutors' offices and here particularly Public Prosecutor's Office in Cologne, investigate in the context of cum-ex transactions in more than 1,000 cases -- in more than 100 cases or lawsuits, it's not that bad, vis-a-vis 1,000 defendants. Apart from us, various financial institutions are involved like Barclays, [ McAree ], HVB, WestLB, Maple Bank and Warburg Bank. The list of institutes involved could be continued at length. Since August 2017, Public Prosecutor's Office Cologne has investigated in the context of cum-ex transactions of former customers of Deutsche Bank. Currently, the investigations go against former and current members of staff and 6 former and 1 current Executive Board member. Starting these investigations from our point of view have mainly for reasons of interrupting the period of annulment. The Public Prosecutor's Office did exactly the same with other national and international banks. The investigations for Deutsche Bank are at an early stage. Deutsche Bank cooperates fully with Cologne's Public Prosecutor's Office. As in every case of potential misconduct, Deutsche Bank is also, in this case, looking at potential recourse against the staff. We'd like to ask for your understanding that as regards potential claims vis-a-vis individual employees, we won't make any statement here. In the case of potential violations of obligations by staff, the bank would not have any claims against own claims against D&O insurance because beneficiaries of D&O insurance are only the staff members involved and not the bank. The Supervisory Board monitors the activity of the Executive Board and also looks at potential misconduct from the past. In 2020, there were no new findings that would give a reason to claim for damages as the bank cum-ex was regularly talked about in the meetings of the Supervisory Board and the committees of the Supervisory Board. And it was talked -- and they talked about it with the Executive Board. We'd like to ask for your understanding that the deliberations of the Supervisory Board are a matter of confidentiality. Deutsche Bank was a custodian bank for various customer groups, including institutional broker customers. In this context, there are claims of Warburg Bank, vis-a-vis Deutsche Bank, that point to subsequently legitimizing illegal cum-ex transactions of Warburg Bank. Warburg Bank wants to get the taxes that they illegally retrieved getting that -- those reimbursed of Deutsche Bank. Warburg Bank does not want to accept that the tax -- the tax needs to go back to the state. Rather, Warburg Bank wants to secure and keep the illegal asset advantage by payment of Deutsche Bank. This is not legally suitable, and it's not legitimate. Quite rightly, the District Court of Frankfurt, on 23rd of December 2020, fully refuted the lawsuit of Warburg Bank against Deutsche Bank. By the way, Deutsche Bank also has no legal claims, tax claims in the context of cum-ex business of their customers -- or customers of their custodian bank services, and we don't expect any more. Financial authorities have already checked this and others. It shows that our legal opinion is right that Deutsche Bank has -- did not have to obtain taxes when they had business with Warburg Bank. Also, in the case of potential cum-ex business of other customers of the custodian bank, there are no open or pending issues with the financial authorities. Therefore, Deutsche Bank does no longer see any legal risks here. For completeness' sake, we would also like to mention that in the context of the practice of capital gain tax intake with cum-ex business from the years 2007 to 2011 that with these practices, no investigation procedures against current or former members or executive members of the Board are known. Against the backdrop of what I said before, current risk provisions of the bank in the context of cum-ex is adequate. Deutsche Bank, in fiscal 2020, has not had -- did not have any business under the cum-ex context. The gap in the law in Germany that allowed for cum-ex business was closed in 2011 already. Therefore, no earnings were obtained. Deutsche Bank, in fiscal 2020, has not given out any civil right penalties or penalties in the context of cum-ex businesses, and Deutsche Bank did not enter into any settlements. The compliance department of the bank is, of course, informed about cum-ex matters.

Thank you, Mr. Simon. One shareholder had a question on cum/cum businesses.

Yes. On cum/cum business, maybe I can state the following. Subsequently to the statement of the Federal Financial Ministry on cum/cum in July 2017, the bank has investigated transactions falling under this, and the results were presented to the financial authorities. Financial authorities have concluded their investigations on this issue in the framework of the ongoing operational test. And in 2019, Deutsche Bank regularly acquires shares in the framework of securities transactions. When doing so, the bank abides by tax legislation and legal stipulations. In fiscal 2020, none of the inquired cum/cum transactions happened. Cum/cum after in transactions are no longer possible after the law changed in Germany. In fiscal 2020, Deutsche Bank did not pay any civil right penalties or other penalties in the context of the above-mentioned transactions. Also, there were no settlements with Deutsche Bank in the context of cum/cum. And as regards cum/cum matters, it is again true that internal compliance department of the bank is informed.

A shareholder asks as to whether there are plans with a view to the almost 1,000 holdings of Deutsche Bank to reduce activities.

I can say the following. In the last years, we have initiated a number of projects in order to reduce the number of group affiliates and companies and the organizational complexity of the group. The number of the companies and holdings in the annual report since the end of 2017 was reduced by more than 20%. The number of affiliated companies that usually make the major work was reduced by almost 30%. At the moment, in the regions and business areas, further projects are ongoing that are supposed to lead to a further reduction of group companies and to further simplification of the group structure.

Mr. [ Gabler ] asks whether there are any letter of comfort existing to what extent and for whom.

Thank you for the question for Deutsche Bank AG, there were no letters of comfort. For some of their subsidiaries, we do have -- we published letters of comfort. The wording and the list of such companies, you find on Page 482 of our annual report. Moreover, in individual cases vis-à-vis local supervisory authorities, there are letters of comfort where we explain our situation vis-à-vis local subsidiaries. These are due because of supervisory legislation, and they're not publicly available.

One shareholder wants to know where the decisions of the -- whether people fought against the decisions of the AGM and it wants to know about the litigation value and as to whether the company has made any payments.

I can report the following. In the past 20 years after almost all of the AGMs of Deutsche Bank, there were lawsuits filed against decisions of the AGMs. And in the fiscal -- in fiscal 2020 under review here, there were actions for [ decision ] against the AGM decisions about the approval of the actions of the Executive Board and the Supervisory Board. And there was an attack on the election of one of the Supervisory Board members. Plaintiffs were [indiscernible] as well as [indiscernible]. District Court Frankfurt am Main has refuted these lawsuits with the judgment on the 23rd of February 2021, fully. The plaintiffs have filed for appeal. The appeal was not -- there wasn't given any reason for the appeal. And thus, the upper court in Frankfurt has not determined a hearing date. The value under dispute was EUR 450,000. Since this is still ongoing, there is no cost decision on this. In the framework of last year's AGM, we have reported that against the decisions of 2019, lawsuits were filed against the approval of the actions of members of the Executive Board and the Supervisory Board. The Upper Court Frankfurt am Main has refuted these in December 2020. No appeal was admitted. There is a complaint about the non-appeal, and the federal court has not decided on it. Plaintiffs, again, are [indiscernible]. Litigation value is EUR 250,000. And here again, we do not have any cost decisions.

A shareholder wants to know what the bank thinks about the demand that this AGM should annually decide about the remuneration of Supervisory Board and Executive Board.

Well, here, according to the valid legal stipulations, the responsibility for the decision about the remuneration of the Supervisory Board lies with the AGM. An annual decision is not necessary if, like for the case of Deutsche Bank, the remuneration is stipulated in the Articles of Association. Stock Corporation Act foresees that the decision of the AGM for Supervisory Board remuneration has to happen at least every 4 years. Today's AGM under item 9 will decide on the remuneration of the Supervisory Board. Furthermore, the law foresees that the Executive Board remuneration system at least needs to be approved of every 4 years by the AGM. As regards the concrete remuneration, the AGM cannot decide on this. The law says that it's only the Supervisory Board that has this right. Today's AGM under item 8 will also decide upon the system or decide whether to approve the system of the remuneration of the Executive Board.

Now final questions again go to the Chair of our Supervisory Board, Mr. Achleitner. One -- a shareholder asks how long the Executive Board contract of Christian Sewing is still up and running and whether in 5 years' time, he will still be at the top of the bank.

Thank you. A bit more than 3 years ago, Mr. Sewing came here and wanted to focus our bank to our strength and bring it back to the center of society. Since then, he has been successful at all levels and has reached all the targets and all the goals. This was one of the reasons why the Supervisory Board decided to renew Mr. Sewing's nomination with a term to the 30th of April 2026.

A shareholder asks how many DAX companies Dr. Achleitner and his wife are active and as to whether they dominate Deutschland AG.

Now I take that this question refers to the number of my mandates with German companies. The independent professional career of my wife is not to be debated at the AGM of Deutsche Bank. Apart from my mandate as the Chair, the Supervisory Board of Deutsche Bank AG, I am a member with one further DAX company that is Bayer AG. In addition, I belong to the Shareholders Committee of Henkel AG.

One shareholder remembers AGM 2020. Mr. Achleitner, at the end, removed his tie and said that he would now move into working mode. He asks as to whether this has not been the case before and whether the announcement has to do with the fact that Mr. [ Gabler ] wanted to use his shareholders' rights. Also, he wants to know when Mr. Achleitner, at this AGM, would go into working mode.

Well, as you hopefully see and as you have experienced, I can act in a working mode with or without ties -- tie. It belongs to the tasks of the Chair of the Supervisory Board to manage the AGM and announce the results of elections. Thank you.

One shareholder asks for the time and personal effort to answer shareholder questions this year and last year. He also wants to know whether external law firms were involved in the run-up to the AGM. Answering shareholders' questions took about 420 hours this year. This means an increase of 5% year-on-year.

Questions of shareholders at the AGM are usually answered by using internal resources such as the legal department, for example. As usual, in the run-up to the AGM, the office of the Supervisory Board and the legal department of the bank have looked at individual issues by including those law firms and advisers and consultants that already provide such services on such issues. This way, shareholder questions can be answered in due course and time and in due form. It can also happen that these advisers are asked by the legal department for information or assessments in order to give complete answers to shareholders' questions. In the context of this year's AGM, this includes lawyers from [indiscernible] and [indiscernible] law firms. There are about 150 internal employees involved in the preparation of today's AGM.

Mr. [ Gabler ] wants to know why shareholder questions can't be entered without the selection of a preselected topic and why the questions were limited to 200 -- 2,200 signs.

Mr. [ Gabler ] the preselected selection of topics was seen as a service for shareholders. It was made up on the basis of the topics of the questions over last years. The target is to better order the questions of our shareholders and, thus, split them up into topics. Should a topic not be applicable, the selection could be going to others. So we thought it would be guaranteed that all the questions are answered and checked. Limitation to 2,200 signs per query submitted, 2,200 signs or digits is 1 [ and a ] 4 page. And from our point of view, that should be sufficient.

[ Retter ] asks why it is not possible yet to grant proxies via the shareholder portal or to give proxy rights to people.

Yes. That's true. Mr. [ Retter ]. At the moment, this is not available on the shareholder portal, but you can rest assured that we are checking our systems regularly for improvement potential in order to improve the functions for our shareholders.

One shareholder asked as to whether internal audit is strengthened because more capital goes into risky business. Mr. Sewing is going to talk about this.

Well, personnel situation of internal audit is continuously supervised and changed depending on the risk profile of the bank, and it's adapted to the necessary regulatory requirements. By the way, our risk profile has not changed in a major way. During the crisis, we had continued a high-value quality and diversified loan portfolio, and we continued with strict requirements as regards risk appetite. Similar strict risk appetite is valid for controlling market risks.

A shareholder [indiscernible] asks as to whether bank offers retraining for older employees. And if so, up to which age and in what jobs.

A core element of the HR strategy of our bank is to support our staff further develop in vocational terms and personal terms and to move forward their careers. It is our target to have an adequate personalized and versatile offer for learning that is accessible to all of the people, all of the employees in each phase of -- all of phases of their career. Retraining, we do if the need arises in order to give targeted support to our staff. There is no age limit, just like there is no limit to certain groups of occupations.

Next question is, could you imagine to have a customer advisory council with critical customers for improvement, a body that would not just suggest improvements but actually carry it out and that you would take seriously?

We have this. Integration of our customers is of central significance and importance for us, which is why for various years, we have an intensive exchange over various platforms and dialogues. We esteem the constructive and critical discussion with our regional advisory council, which gives us valuable ideas for the continued development of our bank. And via the idea lab of our Postbank, which is a digital co-working platform, we work together with customers and noncustomers for future ideas for the banking business.

[ Maria Hirsch ] asked how many trainees were hired after their vocational training between the years 2017 and 2020 and how many studied with a dual curriculum. She would also like to know what the grade average of these dual-curriculum students was before they were hired by the bank.

Deutsche Bank employed 1,641 vocational trainees in 2017. 302 of them were dual students. 2018, it was 1,459 vocational trainees, of which 303 were studying with a dual curriculum. 2019, it was 1,499 trainees, 325 of them with a dual course. 2020, it was 1,444 trainees, 290 of them with a dual curriculum. Decisions to hire someone after completing their studies or training are not just the grades with which they leave university or vocational school. It is performance-based on 3 pillars, theory, practical experience and responsibility, which are evaluated throughout the entire course of their studies or training.

[indiscernible] have a number of questions concerning HR and training and vocational training at Deutsche Bank.

Yes, indeed, that was a lot of different questions, which I will try to respond to as quickly as possible. First of all, you asked about the overall head count but also the demographic distribution of employees, younger than 30 years, 14.9%; between the ages of 30 and 39 years, 28.4%; 40 to 49 years old, 27.1%; and older than 49 years of age, 29.6%. Distribution by gender, 46.4% women, 53.6% men. Average company seniority, approximately 14 years. Another question concerning demographic and general distribution in the Supervisory and Executive Board levels. Please look at our Internet page for more information. Information concerning dual curricula and vocational training. Applicants in 2020, approximately 22,000. It is not possible to give you a gender key for this because the data of applicants are deleted once the procedure has been completed. Hires in Germany amongst these applicants. In Germany, a total of 570 vocational trainees and dual students. 41% of them female, 58% male. Hired after they have concluded their training, including Postbank, 364, which is equivalent to 63%. Planned hires 2021, approximately 600 vocational trainees and dual students. It remains our objective to retain and hire talented, well-educated vocational trainees and dual students once they have completed their studies. Deutsche Bank only trains in certain areas and fields. That is why Deutsche Bank continues to recruit from the market as well. Vocational trainees by the end of 2020, as I already said, a total of 1,444 trainees and dual students in training coming from all different cultural regions and a number of different countries. Venues of training. Education and dual studies in Germany take place at Deutsche Bank AG, DWS, Postbank [indiscernible] AG, BHW AG. In the U.K., there are also considerations underway to develop a similar education or training structure as in Germany. Professional profiles in high demand. We are currently looking for dual students in, for example, economics and business, business IT, banking and finance and digital business. For our vocational trainings, we are especially looking for sales-oriented trainees in the fields of banking, real estate, IT as well as commercial trainees for office management and dialogue marketing. Studying abroad is not part of the current programs, but we do support and endorse as a study abroad program for our students and to want to study at one of Deutsche Bank's venues internationally. A pension scheme for vocational trainees, apart from receiving an adequate and market-oriented remuneration, we usually also provide pension provisions for trainees. Career opportunities after completing training. There are a number of different opportunities and positions that young recruits can use to develop their career within the group. We support them depending on their talent and interests with additional further training. Leavers who do not complete their training, approximately 8%. Cooperation with vocational schools and other educational programs, we have close connections with vocational schools and universities as well as colleges. We coordinate our efforts together with their structured training context, and we also have additional seminars to support them in preparing for their exams.

A shareholder would like to know whether Mr. Sewing was aware that Wirecard had plans to take over Deutsche Bank. He asked about details concerning conversations with Markus Braun, the CEO of Wirecard, in 2020. And he would also like to know who, from the bank's perspective, is to blame for the scandal.

The Wirecard case, without any doubt, is a huge burden for the financial market Germany. Investors need to be able to rely that companies in Germany are controlled, monitored and managed appropriately. It is in our best interest that investigations are done thoroughly to understand how a case such as Wirecard could arise. As Deutsche Bank, of course, we are doing our utmost to support these investigations. In the committee on investigation of the German Federal Parliament, of course, I also described our perspective and view of the issue. It is also important that we learn lessons and draw the correct consequences for Germany from this case. And as I've already said publicly, I knew absolutely nothing of the takeover plans of Wirecard. I first heard of the so-called Project Panther when media asked me about it in the summer of 2020. During an appointment in March of 2018, Mr. Braun wanted to present a cooperation opportunity between Wirecard and our bank for transactions. After this initial appointment, there were no further substantial or relevant conversations especially, in particular, because the bank and Wirecard were already competitors in many areas. And I need to correct something. This appointment did not take place in March 2018. It took place in March 2019.

A shareholder is asking about insurance cooperations in the bank and their success. He would also like to know whether the bank sees itself as a competition to its insurance partners. And Mr. Sewing is going to take that question.

Yes. Thank you. Brokering insurances through partners is an addition to our product range and is not a direct competition to the services provided by our insurance partners. Margins for the brokering of investment products play a minor role here. In the past year, in our cooperations with the Talanx and Zurich Insurances, we were realigned. We are now setting out new focus points for our customers when it comes to risk provisions for credit products as well as pension provisions and auto insurances for material assets. The sale of these products in spite of the COVID pandemic by introducing digital advisory processes was expanded substantially. In resolving insurance cases, there was no developments which were unusual or different to other sales or insurance sales channels last year.

There are no further questions at this point.

Thank you very much. Ladies and gentlemen, this then means that we have been now able to thoroughly respond to all questions submitted prior to the AGM. I would like to thank everybody who submitted questions. Thank you also the great interest that you take in our bank, and thank you for your commitment. I'd also like to thank Ms. [ Plute ] for the presentation of these questions. And I'd like to thank the members of the Executive Board for relentlessly answering all questions. There is now time and opportunity to ask follow-up questions should we not have been able to respond in detail to all aspects of the questions submitted in advance. This is going to take place in approximately 10 minutes. That is for -- this meeting -- this part of the meeting will be closed on 4:25. And we will also do our very utmost in order to respond to the details of these questions. But in order to prepare these follow-up questions, we need a little bit of time, which is why we're going to take a break of approximately 20 minutes at this point, which again means that we will continue at 4:35 p.m. So you have another 10 minutes now to submit follow-up questions. Then we will have 10 minutes' time to prepare the responses for these follow-up questions. And then we will meet again here at 4:35 in order to respond to these follow-up questions and move into the voting process on the items on our agenda. So as I already said, thank you very much in taking such a great interest in Deutsche Bank for your commitment and for actively participating and viewing this AGM. Now let's take a 20-minute break until 4:35 p.m. Thank you very much. [Break]

Ladies and gentlemen, welcome back. We will continue our AGM, and we'll continue with answering the add-on questions. Perhaps I'll just go straight into it. Shareholder [indiscernible] asked, why don't you use today's vote on the compensation system not in order to revise it downwards in an appropriate fashion. Mr. [ Kutz ] as I already explained, the Supervisory Board intensively review the appropriateness of the compensation structures that are put up for vote today and also after external benchmark studies. The result is that they are appropriate, and this is why we are not going to revise the compensation components downwards. I would now like to ask Mr. Sewing to answer the questions that were directed to him.

Thank you very much, Dr. Achleitner. I received an additional question from Ms. [ Richte ]. You asked an additional question on sustainability and on the company's [indiscernible]. Ms. [ Richte ], please bear with us that we are not allowed to provide you with any information on existing customer relationships. As explained in our statement on our sustainability strategy, it is not our approach to end customer relationships as a general approach. We want to accompany transformation towards a more substantial and climate-friendly economy. We believe this to be the proper way forward. Mr. [ Funro ], I believe you also have an add-on question. Yes, we have a shareholder who asked about Postbank AG and their cooperation with [ Attorney Heil ]. And he also asked at which price is [ lawyer board ] accounts receivable of Postbank. Postbank AG cooperates with individual lawyers and with the bigger law firms. Please bear with us that we, as a general rule, do not comment on contract relationships with third parties. Also, your question does not refer to the business year 2020. I have one question I will comment on in a second, but with an eye to time, please let me point to the following. As the number of additional questions was fairly limited, we are getting very close to the voting process. So I would already like to point out now that up until 10 minutes to 5, this is 16:50, you have the possibility to send -- to change your voting or your advice to the proxy holders. After that, the voting platform will be closed and the data will be processed. So this gets me to an additional question on E&Y. And he asked as to whether the [indiscernible] Supervisory Board, and he also asked us how we come up with the conclusion that E&Y sticks to the accounting standards. The management report and the Supervisory Board are not aware of the [indiscernible] report, but we have access to public documents and information. And we review them when assessing the independence and the professionality. In the course of our audit, E&Y stuck to the legal requirements and the accounting standards. When it comes to audits with other companies, we cannot make any statements. Other than that, I also explained the further course of affairs which we are taking in the interest of the bank. Mr. Simon, do you have an additional question?

Yes. I have a question from Mr. [ Kutz ]. He is asking about our activities or measures that we take in order to make sure that our historic litigation does not recur, does not repeat itself. Mr. [ Kutz ], I think I already pointed out that it's essential to us not only to reduce our legal risk but also actually to counteract the emergence of new cases. This is why the control functions in cooperation with the business continually strive to further improve processes and controls. But it's also true and I also mentioned this that the supervisory authorities asked us to get faster and deeper when it comes to these methods. Please bear with me that I'm still working at these measures as I'm fairly new to this role, but I would like to remind you of the fact that we actually are finalizing a very comprehensive package of measures. And after discussing them with our supervisory authorities or regulators, we will go about implementing these measures.

Thanks very much, Mr. Simon, Mr. Sewing. I have a question from -- on dividend payments from the [ Freud ] couple. They asked us how we want to make sure, as of the next year, that in spite of high bonus payments, we will be able to pay out EUR 5 billion to our shareholders. As I mentioned in my speech, we are continuing on our path on a transformational path with unmitigated speed and discipline, and we want to complete this transformation by the end of 2022. An appropriate remuneration of our people is one factor in making sure that we will complete this successfully. For 2022, we want to achieve a return on tangible equity of 8%, and a sustainably higher profitability would also put us in a position to start with the payout of capital as of 2022 as we -- from as we suggested to you in the summer of 2019. Thank you very much. I think that is -- these are appropriate closing remarks. Looking around, I don't think that there are additional add-on questions. So I would like to ask everyone who did ask additional questions and I would also like to ask the gentlemen on the Management Board for answering them. I hope that the additionally required information was provided in answering these questions. We now come to the voting process. The voting function of -- and changing function of the shareholder portal would close at 16:50. Let me please explain the voting procedure. In today's AGM, it's only the proxy holder of the company, on the basis of the authorizations and instructions, will cast a vote. Before the AGM, it summarize its voting cards in an electronic summary voting cards, which -- it's defined by clicking into the portal up until the closing of the portal. Any changes that are made before the closing of this portal will, of course, be taken into consideration and fed into the accounting system. Also, the ballot vote, electronic ballot votes are being fed into the system and together with -- and they are being counted with the votes of the proxy holder. This year, we will use the addition procedure again, which means that the yes votes and the no votes will be counted. With an eye to the authorizations pooled with the proxy holder of the company, I have one vote on all items of the agenda as follows: On item #1, we don't need any resolution. On item #2, this is the ratification of the acts of management for the members of the Management Board for the 2020 financial year. The Management Board and Supervisory Board propose the acts of management of the members of the Management Board in office during the 2020 financial year be rectified for the period. The voting is done separately for every management Board member in voting items 1.2 to 1.11 on the various Board members mentioned. On this item of the agenda, several shareholders raised counterproposal with the aim of withholding ratification of the acts of management. The notifications that we received in accordance with Section #26 (2) of the Stock Corporation were published on the website of the company. They are considered to be raised on today's AGM and during today's AGM. If you want to follow these proposals and counterproposals, you vote no on item #2. Item #3 of the agenda. This Is ratification of the acts of management of the members of the Supervisory Board for the 2020 financial year. Management Board and Supervisory Board propose that the acts of management of the members of the Supervisory Board in office during the 2020 financial year be ratified for this period. Again, the actions should be ratified on an individual basis, i.e., separate resolution shall be passed for each member of the Supervisory Board. This is 3.3 till 3.23 -- 3.21. We also have a counterproposal which was filed in due time, aiming at not ratifying the acts of management or the Supervisory Board. So my remarks on item #2 of the agenda applies here congruently. So if you want to find -- follow the counterproposals, please vote no on item #3. Item #4 of the agenda. Based on the recommendation of the Audit Committee, the Supervisory Board proposes the following resolution. Ernst & Young GmbH Wirtschaftsprüfungsgesellschaft, Stuttgart, (EY) is appointed as the auditor of the annual financial statements and as the auditor of the consolidated financial statements and also for condensed -- consolidated interim financial statements. That is -- Mr. [ Sele ] suggested a differing proposal, but we first have a vote on the proposal table by the Supervisory Board. Only if we -- if this is rejected, we come to the vote of Mr. [ Sele ]. So if you want to support Mr. [ Sele's ] proposal, you have to vote no on election item 4 as suggested by the Supervisory Board. Item #5, authorization to acquire own shares pursuant to Section 71 8 -- #8 Stock Corporation Act as well as for the use with a possible exclusion of preemptive rights. Item #6, in addition to item #5, the Supervisory Board and Management Board propose to authorize the company to use derivatives within the framework of the purchase of own shares pursuant to Section 71 (1) #8 German Stock Corporation Act. Item #8 (sic) [ Item #7 ], this is the authorization to acquire own shares for trading purposes. The required authorization -- existing authorization will expire before the next AGM and has to be renewed. Item #8 on the agenda, resolution to be taken on the approval of the compensation system of the Management Board members and addressing this as regards the Articles of Association. Item #10. This is the resolution on revising the old authorized capital then the creation of new authorized capital with the potential of the exclusion of preemptive rights. And the corresponding amendments in the articles in Supervisory Board as published in the Federal Gazette is put up for resolution. Item #12, resolution to approve the conclusion of the control and profit and loss transfer agreement between Deutsche Bank Aktiengesellschaft and its subsidiary, VÖB-ZVD Processing GmbH. The last item on the agenda is an election to the Supervisory Board. The Supervisory Board, thus, proposes to elect Mr. Frank Witter for the time until the end of the AGM, which will decide on the ratification of the acts of management for the year 2024. There is also another proposal for a decision, which we come back to if the proposal of the Supervisory Board will not get the required majority. Ladies and gentlemen, proxy -- the proxies of the company, let's have a look. Yes, it's 16:54. So it's past 16:50, and this is why I would like to ask the proxy holder of the company to go ahead with the voting. Let me also make you aware of the fact that the effective members of the Management Board and Supervisory Board made sure that on the basis of their shares, there will be no voting right being exercised in items #2 and 3 of the agenda. They also made sure that this is not being done indirectly or via third parties. Let me make sure that the attendance is unchanged compared to my first announcement, which is also a hallmark of virtual AGMs. So I'm being told that I can assume that the proxy holder of the company had the opportunity to cast the vote on the basis of the authorization and instructions that he received, and I hereby close the voting. Now for the sake of good order, let me point out that shareholders who exercised their voting rights by electronic ballots or via authorizations can raise objections against resolutions of the AGM with the notary public. In the invitation, you will find the e-mail address that -- you will find the e-mail addresses that you can use to send out your objections. And the objections can only be sent in up until the end of this AGM. Because transmissions on the Internet is a little delayed, I will give you -- at the end of the voting, I will give you the exact point in time when I will close the AGM objections, which come into the [indiscernible] after this point in time cannot be taken into consideration. Ladies and gentlemen, the voting -- also in the electronic age, the voting, the counting of the votes will take a few minutes. This is why we make a little break and we'll then continue the AGM with the -- announcing the voting results. [Presentation]

Ladies and gentlemen, I have now received the voting results on items 2 to 13 of our Annual General Meeting. And I'll announce the resolutions taken. Today, the exact numbers on participation in voting yes and no votes will be displayed to you in the shareholder portal on the video stream. And while I'm reading out the results, you will mainly hear me but not see me. For better readability, you can also enlarge the window or even switch to full-screen mode. Now the detailed results will be displayed to you, and then I will also read out the results without the specific numbers to be read out. And for that, I would like to specifically thank our shareholder [ Gabler ] who agreed to withdraw his respective request for full results to be read out. Now we had the proposed resolutions by the Management Board and Supervisory Board as published on 8th of April 2021 in the Federal Gazette. On item #2, ratification of the acts of management of the members of the Management Board for the 2020 fiscal year, the Annual General Meeting took individual decisions for the individual members. Mr. Christian Sewing's act were ratified with the required majority of the votes cast. Mr. Karl von Rohr's acts were also ratified by the Annual General Meeting with the required majority vote. Fabrizio Campelli's acts were ratified by the Annual General Meeting with the required majority of votes. Mr. Frank Kuhnke's acts were ratified by the Annual General Meeting with the required majority of votes cast. Mr. Bernd Leukert's acts were ratified by the Annual General Meeting with the required majority of votes cast. Mr. Stuart Lewis' acts were ratified by the Annual General Meeting with the required majority of the votes cast. Mr. James von Moltke's acts were ratified by the Annual General Meeting with the required majority of votes cast. Mr. Alexander von zur Mühlen's act were ratified by the Annual General Meeting with the required majority of votes cast. Mr. Alexander von zur Mühlen's acts were ratified by the Annual General Meeting with the required majority of votes cast. Ms. Christiana Riley's acts were ratified by the Annual General Meeting with the required majority of votes cast. Professor Dr. Stefan Simon's acts were ratified by the Annual General Meeting with the required majority of votes cast. Mr. Werner Steinmüller's acts were ratified by the Annual General Meeting with the required majority of votes cast. On behalf of all members of the Management Board, I would like to thank you for the trust you have thus expressed in the Management Board. Item #3, ratification of the acts of management of the members of the Supervisory Board for the 2020 fiscal year. Once again, the votes were cast for the individual members by the Annual General Meeting. Dr. Paul Achleitner's acts were ratified by the Annual General Meeting with the required majority of votes cast. Thank you very much for this. Mr. Detlef Polaschek's acts were ratified by the Annual General Meeting with the required majority of votes cast. Mr. Ludwig Blomeyer-Bartenstein's act were also ratified by the Annual General Meeting with the required majority of votes. Mr. Frank Bsirske's acts were ratified by the Annual General Meeting with the required majority of votes cast. Ms. Mayree Carroll Clark's acts were ratified by the Annual General Meeting with the required majority of votes cast. Mr. Jan Duscheck's acts were ratified by the Annual General Meeting with the required majority of votes cast. Dr. Gerhard Eschelbeck's acts were ratified by the Annual General Meeting with the required majority votes cast. Mr. Sigmar Gabriel's acts were ratified by the Annual General Meeting with the required majority of votes cast. Ms. Katherine Garrett-Cox' acts were ratified by the Annual General Meeting with the required majority of votes cast. Mr. Timo Heider's acts were ratified by the Annual General Meeting with the required majority of votes cast. Ms. Martina Klee's act were ratified by the Annual General Meeting with the required majority of votes cast. Ms. Henriette Mark's acts were ratified by the Annual General Meeting with the required majority of votes cast. Ms. Gabriele Platscher's acts were ratified by the Annual General Meeting with the required majority of votes cast. Mr. Bernd Rose's acts, whom I'd like to congratulate on his birthday today, by the way -- now his acts were also ratified by the Annual General Meeting with the required majority of votes cast. Mr. Gerd Alexander Schütz' acts were ratified by the Annual General Meeting with the required majority of votes cast. Mr. Stephan Szukalski's acts were ratified by the Annual General Meeting with the required majority of votes cast. Mr. John Alexander Thain's acts were ratified by the Annual General Meeting with the required majority of votes cast. Ms. Michele Trogni's acts were ratified by the Annual General Meeting with the required majority of votes cast. Dr. Dagmar Valcárcel's acts were ratified by the Annual General Meeting with the required majority of votes cast. Dr. Theodor Weimer's acts were ratified by the Annual General Meeting with the required majority of votes cast. And Professor Dr. Norbert Winkeljohann's acts were ratified by the Annual General Meeting with the required majority of votes cast. On behalf of all members of the Supervisory Board, I would like to thank for the trust that you have placed in us. Item 4, election of the auditor for the 2021 fiscal year and the interim accounts. The Supervisory -- the Annual General Meeting approved the proposal of the Supervisory Board with the required majority of votes. The proposal for -- by -- for election by Mr. [ Sele ] will -- does not be put to a vote. On item #5, authorization to acquire own shares pursuant to Section 71 subsection 1 #8 of the Stock Corporation Act as well as for their use with the possible exclusion of preemptive rights. The Annual General Meeting approved the proposal of the Management Board and the Supervisory Board with the required majority of votes and the qualified capital majority. Item #6, authorization to use derivatives within the framework of the purchase of own shares pursuant to Section 71 (1) #8 of the Stock Corporation Act. The Annual General Meeting approved the proposal of the Management Board and Supervisory Board with the required majority of votes cast. Item #7, authorization to purchase own shares for trading purposes in accordance with Section 71 (1) #7 of the Stock Corporation Act. The Annual General Meeting approved the proposal of the Management Board and Supervisory Board with the required majority of votes cast. On item #8, resolution to be taken on the approval of the compensation of the management compensation system of the Management Board members. The Annual General Meeting has approved the proposal of the Supervisory Board with the required majority of votes. On item #9, resolution to be taken on the compensation system of the Supervisory Board members and amendment of the Articles of Association. The Annual General Meeting accepted the proposal with the required majority of the votes cast and the -- qualified to capital majority. Now let me announce at this point that we have closed the Annual General Meeting at 5:24. I just want to make -- to give those guidance who want to file objections. On to #10, cancellation of existing authorized capital pursuant to Section 4 (4) of the Articles of Association, creation of new authorized capital for capital increases in cash with the possibility of excluding shareholders' preemptive rights, also in accordance with Section 186 (3) sentence 4 of the Stock Corporation Act and corresponding amendments to the Articles of Association. The Annual General Meeting approved the proposal of the Management Board and Supervisory Board with the required majority of votes and the qualified capital majority. On item #11, cancellation of authorized capital pursuant to Section 4 (5) of the Articles of Association, creation of new authorized capital for capital increases in cash with the possibility of excluding preemptive rights for broken amounts as well as in favor of holders of optional convertible rights and corresponding amendments to the Articles of Association. The Annual General Meeting approved the proposal of the Management Board and Supervisory Board with the required majority of votes and the required qualified majority of capital. On item #12, resolution to approve the conclusion of a control and profit and loss transfer agreement between Deutsche Bank Aktiengesellschaft and its subsidiary VÖB-ZVD Processing GmbH. The Annual General Meeting approved the proposal of the Supervisory Board and Management Board with the required majority of votes cast and the required qualified majority of capital. On item #13, election of Frank Witter as member of the Supervisory Board. The Annual General Meeting approved the proposal of the Supervisory Board with the required majority of votes cast, and I can tell you at this point with more than 99%. Mr. [ Auswalt's ] proposal for election is thus obsolete and will not be put to a vote. Mr. Witter already, before the AGM, indicated that if he should be elected, he would also accept this seat. And on behalf of the Management Board and the Supervisory Board and also on your behalf, I would like to congratulate him very much on his election. And he also asked me to thank you for the trust that you have placed in him. Ladies and gentlemen, we have thus completed our agenda. I thank you for your interest in the development of Deutsche Bank, which you have manifested by your questions and contributions but also by watching the Annual General Meeting via the shareholder portal. And I would like to thank especially all employees who were involved in preparing and running this Annual General Meeting. I think it's been a good AGM. Of course, it's always better and easier to provide the results to you. If the year has been a good one, which was the case, let's hope that this will be the case again next year when we meet on Thursday, May 19, 2020 (sic) [ May 19, 2022 ], in whatever way we are going to meet. And I hereby close the meeting. Thank you very much. [Statements in English on this transcript were spoken by an interpreter present on the live call.]