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4 months ago
Credit Suisse AGM approves executive bonuses despite opposition
April 28, 2017 / 1:20 PM / 4 months ago

Credit Suisse AGM approves executive bonuses despite opposition

ZURICH, April 28 (Reuters) - Credit Suisse shareholders on Friday approved proposed compensation for its top managers and board of directors despite significant opposition to its decision to pay bonuses after a 2.7 billion Swiss franc ($2.7 billion) loss in 2016.

Investors holding 59.6 percent of the voting rights supported short-term bonuses of 17 million francs for Credit Suisse's executive management team, down from 81.5 percent in the corresponding vote at last year's annual meeting.

Senior management at Credit Suisse, Switzerland's second-biggest bank, had volunteered a 40 percent cut in their bonuses amid unrest over the pay packets. The board of directors also offered to freeze their pay.

Shareholders in Swiss companies have veto power over executive and board compensation thanks to a referendum on the issue in 2013.

Shareholders also comfortably re-elected Chairman Urs Rohner to another year in office despite calls for him to step down.

($1 = 0.9919 Swiss francs)

Reporting by Joshua Franklin; Editing by Michael Shields

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