April 13 In the face of shareholder criticism,
Credit Suisse said its top officers had proposed
reducing the bonuses they would get by 40 percent from the
bank's original recommendation.
The company had previously proposed bonuses for the
executive board totalling almost 80 million Swiss francs ($79.4
The bank said on Thursday that its chief executive and other
members of its executive board "voluntarily" proposed reducing
the long-term incentive awards for 2017 and short-term incentive
awards for 2016 for top executives by 40 percent each. (bit.ly/2oEJlG2)
Proxy adviser Institutional Shareholder Services (ISS) had
advised Credit Suisse shareholders to vote against proposed
bonuses for Credit Suisse top executives at the annual general
meeting on April 28.
The recommendation by ISS follows similar recommendations
from other proxy advisers amid criticism over bonus payouts at
Credit Suisse despite Switzerland's second-biggest bank posting
a second consecutive multi-billion franc loss in 2016.
The bank's board of directors also decided not to increase
its compensation in 2017.
(Reporting by Parikshit Mishra in Bengaluru; editing by Sandra
Maler and Cynthia Osterman)