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Big bonuses contrast big losses at Credit Suisse, despite bonus haircuts

© Denis Linine | Dreamstime.com

© Denis Linine | Dreamstime.com

The management of Credit Suisse Credit Suisse reduced their bonuses by 40% after severe criticism from shareholders. The reduction amounts to around CHF 20 million. Some are still outraged. The group made a loss of CHF 2.7 billion in 2016 and one of CHF 2.9 billion in 2015.

In an interview published in Le Matin Dimanche and SonntagsZeitung, Vincent Kaufmann, the CEO of Ethos described the remaining bonuses of CHF 15 million for 2016 and CHF 31 million earmarked for the future still “very high”.

At the same time Kaufmann said “pressure from Credit Suisse shareholders has been fruitful.” According to him the Minder initiative is finally starting to bear fruit. Further proof is the CHF 44 million that the former CEO of Novartis Daniel Vasella is no longer entitled to.

The Minder Initiative was a successful Swiss referendum aimed at controlling executive pay at listed Swiss companies. The new rules give shareholders more say in corporate governance matters. The vote took place on March 2013 and passed with a clear majority of 67.9%.

Ethos is a Swiss-based organisation, founded in 1997, that promotes socially responsible investment.

 

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