Credit Suisse claims to cut its premiums by 40% after the shareholder share

Swiss multinational bank Credit Suisse plans to shrink its premiums for its top management by 40 percent after hard criticism from shareholders about plans to make $ 78 million in disbursements despite severe losses.

The Management Board also offered to keep the salaries of executives at the 2015 and 2016 levels. The second-largest bank in Switzerland recorded two small losses.

The decision to reduce the variable remuneration for the top managers reflects “the total confidence” that they have in determining the assets of the bank, according to Credit Suisse Chief Executive Tidjane Thiam.

“My first priority is to see through the turnaround of Credit Suisse, which I hope is that this decision will alleviate some of the concerns expressed by some shareholders, and will allow the Board to continue The task to focus, “wrote Thiam in a letter to the shareholders.

Credit Suisse has not stated the exact amount of the new bonus package.
The investors of the banks are to decide on the decision decisive for the 28th April.

According to Swiss law, which public companies pay their executives must be approved at the General Meeting of Shareholders who have the power to counter a proposal.

The power of the veto was introduced after a national referendum four years ago, but has not yet been forced into big groups.

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In : Economy

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