Shareholders approved Credit Suisse's 2018 compensation report with an 82 p...
ZURICH - Shareholders approved Credit Suisse’s 2018 compensation report with an 82 percent majority on Friday, overriding frustrations expressed at its annual general meeting over jumps in executive pay during a year its share price plummeted.
“The divide between the compensation proposed today and the roughly 40 percent share price loss your bank recorded last year is untenable for these long-term investors,” Vincent Kaufmann, head of proxy adviser Ethos, told board directors and executives. Unrest over pay packets had moved senior management to take a voluntary 40 percent bonus cut two years ago after a 2.7 billion Swiss franc loss.
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