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Norway's sovereign fund backs Credit Suisse executive pay
April 18, 2017 / 1:44 PM / in 8 months

Norway's sovereign fund backs Credit Suisse executive pay

OSLO, April 18 (Reuters) - Norway’s $915 billion sovereign wealth fund, the world’s largest, will vote in favour of Credit Suisse’s planned payouts to senior managers following a recent bonus cut, the fund said in a statement on Tuesday.

“The board has listened to shareholder concerns related to remuneration resolutions ... Norges Bank Investment Management welcomes the announcement made by the board on 13 April regarding a revision of executive remuneration,” the fund added.

Shareholder advisory service Glass Lewis separately said on Tuesday the concessions offered by Credit Suisse were “too little too late”. (Reporting by Terje Solsvik, editing by Camilla Knudsen)

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