Germany: Deutsche Bank aims to raise the proportion of females in management positions

In Frankfurt on 20 May during a meeting with investors on sustainable finance, leading German bank Deutsche Bank announced new and more ambitious goals to boost the proportion of female in management positions. From the bank’s global headcount of 84,659, (37,315 of which are employed domestically), 46.4% is currently female, and the bank is looking to augment the female percentage occupying middle management positions (Managing Directors, Directors and Vice Presidents) from 29% today to 35% by 2025. The bank has also set higher targets for the two levels of management just below the board of directors, where the proportion of women in senior positions will be expected to rise from 24% today to 30% by 2025. Publishing voluntary targets is part of the obligations under the ‘Füpog’ law on the occupation of management positions in companies; legislation which in line for imminent extension and enhancement (c.f. article No. 12551). In the future, large listed companies subject to co-determination legislation will have to meet a female quota target for the make-up of their management boards and there will have to be at least one female and one male board member on boards of three or more. This will be an easy target for Deutsche Bank, given that since March 2021 two females have been sitting on its board of directors.