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Credit Suisse shareholders narrowly approve compensation report
April 28, 2017 / 12:35 PM / 8 months ago

Credit Suisse shareholders narrowly approve compensation report

ZURICH, April 28 (Reuters) - Credit Suisse shareholders on Friday narrowly approved the Swiss bank’s 2016 compensation report in a non-binding vote at its annual shareholder meeting, with 40 percent of the vote opposing the pay policy.

“It is my job to prevent such a low vote in future,” Chairman Urs Rohner said after the vote.

At last year’s AGM, 17.9 percent of the vote had opposed the compensation report. Senior management at Credit Suisse, Switzerland’s second-biggest bank, volunteered to take a 40 percent cut in their bonuses amid unrest over the pay packets on the back of 5.65 billion francs in losses since 2015. The board of directors also offered to freeze their pay. (Reporting by Joshua Franklin and Oliver Hirt; editing by Brenna Hughes Neghaiwi)

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