Swiss banking giant Credit Suisse CEO Tidjane Thiam and executive board have agreed to a 40% bonus cut and to freeze board of director’s compensation for 2017.
The move comes after shareholders expressed concerns relating to the variable compensation granted to the executive board.
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Credit Suisse said that it has conducted a thorough consultation with many of the company’s shareholders since the publication of the compensation report.
Thiam and the executive board volunteered to shrink long-term incentive awards for 2017 and short-term incentive awards for 2016, the company said.
“Feedback on the Group’s strategy and its execution has been supportive. There were, however, some shareholders who expressed reservations relating to the variable compensation granted to the executive board,” Credit Suisse added.
Additionally, the board has decided at its annual general meeting that the compensation should be unchanged from 2015 and 2016, with no incremental increase this year.
