25 October 2012 17:16 [Source: ICIS news]
LONDON (ICIS)--Deutsche Bank has named former BASF CEO Jurgen Hambrecht as the chair of an external panel to scrutinise governance and compensation, the German financial services giant said on Thursday.
Announced in September, the panel is tasked with reviewing the bank’s compensation practices against the rest of the industry, and helping to determine the level of transparency and disclosure to be adopted for compensation arrangements.
“The panel's recommendations will influence compensation practices for 2012. The panel will seek input from academics and compensation experts and will hold its inaugural meeting in due course,” Deutsche Bank said.
Members of the committee include: Michael Dobson, CEO of UK asset manager Schroders; Morris Offit, independent director of US insurance corporation AIG and chairman of fund of hedge funds investor Offit Capital; Michael Otto of retail conglomerate Otto Group; and former German finance minister Theo Waigel.
Hambrecht was succeeded by Kurt Bock as BASF CEO in May 2011.
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