ZURICH, April 18 (Reuters) - Credit Suisse Chief Executive Tidjane Thiam’s 2016 compensation will total 10.24 million Swiss francs ($10.2 million), down from 11.9 million after the Swiss bank’s top management offered to cut their bonuses by 40 percent following mounting shareholder pressure.
Overall, Thiam’s compensation will be reduced by 4.67 million francs in the bonus cut, Jean Lanier, chairman of Credit Suisse’s compensation committee, said in a letter to shareholders. However, 3 million francs of the reduction will come from planned long-term payments for 2017.
Despite the bonus cut, announced in a brief statement last week, proxy adviser Glass Lewis has still advised shareholders to reject the bonus payments in a binding vote at Credit Suisse’s annual investor meeting on April 28, Swiss broadcaster SRF reported.
$1 = 1.0037 Swiss francs Reporting by Joshua Franklin