Deutsche Bank Supervisory Board Chairman Alexander Wynaendts is set to join the ranks of million-euro earners. His annual compensation will increase to as much as 1.4 million euros, according to the invitation to the Annual General Meeting on May 28 in Frankfurt, published on Wednesday. The chairman of Germany's largest bank is already the country's highest-paid supervisory board head, currently receiving 950,000 euros. His base salary is slated to rise to 1.15 million euros; furthermore, unlike previous arrangements, he will now receive separate remuneration for chairing supervisory board committees. The 65-year-old Dutchman currently chairs the Chairman's Committee and the Nomination Committee, which will command fees of 150,000 euros and 100,000 euros, respectively.

Last year, the second spot in the compensation rankings for DAX supervisory board chairs was held by Michael Diekmann, the outgoing head of Allianz's supervisory body, with 758,000 euros.

Wynaendts has served as Chairman of the Deutsche Bank Supervisory Board for four years and is up for re-election this year. The bank's AGM will be held in person at the Frankfurt Trade Fair for the first time in seven years. "We believe the now-established rotation between in-person and virtual formats is well-suited to balancing the advantages of both variants," Wynaendts said.

The other members of Deutsche Bank's Supervisory Board are also set for a pay raise under the proposed resolution: fixed compensation for the two deputy chairs will increase by 75,000 euros to 550,000 euros, while for other members, it will rise by 50,000 euros to 350,000 euros. The bank justified the substantial hikes by stating that its current remuneration levels were "not sufficiently competitive in the international market for qualified supervisory board candidates," particularly when compared to institutions of similar size and complexity. This challenge was reportedly evident during the search for suitable candidates for the board.

Carsten Knobel, CEO of consumer goods group Henkel, is nominated to join the Deutsche Bank Supervisory Board. He is expected to replace former Volkswagen executive Frank Witter, who is stepping down after five years.

(Reporting by Alexander Huebner, edited by Philipp Krach. For inquiries, please contact our editorial office at berlin.newsroom@thomsonreuters.com (for politics and economics) or frankfurt.newsroom@thomsonreuters.com (for companies and markets).)