Credit Suisse executives forgo some compensation amid shareholder revolt
The company’s CEO is the second-highest paid among his European peers — even with, after a second annual loss, executives offer to forgo 40% of their bonuses
Credit Suisse Group continues to face opposition to its pay plans from major shareholder advisory groups, even after executives and directors offered to forgo some of their compensation. Glass Lewis and Institutional Shareholder Services (ISS) both reject the bank’s new pay proposal for the board. ISS remains opposed to the bonus packages for executives, while Glass Lewis expressed reservations but said the voluntary cuts merit shareholder support. Credit Suisse has come under fire from several shareholder groups over pay packages after the bank posted a second annual loss. In response to the backlash, executives and directors volunteered to give up some compensation when shareholders meet next week to consider these and other proposals. Swiss laws introduced in 2015 require companies listed in the country to give shareholders a binding annual vote on board and executive pay. Last year, Credit Suisse won backing despite opposition from advisory groups including Glass Lewis. Local ri...
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