Credit Suisse CEO, board to cut their variable pay 40%

|About: Credit Suisse Group AG (CS)|By:, SA News Editor

The board and CEO at Credit Suisse (CS -1.6%) have agreed to a 40% cut in variable compensation, after some shareholders expressed reservations about the pay.

The board's also decided to keep total board compensation at the level it was in 2016 and 2015, scrapping a plan presented at the annual meeting to increase it incrementally. The new proposal suggests that compensation made up long-term incentives for 2017 and short-term incentives for 2016 be cut by 40% each.

After hours, shares are up 0.5%.

Source: Bloomberg