Urs Rohner, Chairman of the Board of the Credit Suisse , had the right take: “We do not want the compensation report, which is only accepted with almost 58 percent,” he called to the annual General meeting of the Bank. It was 2017. At this year’s shareholder meeting, it could go hot again.
the reason for this is the remuneration report of the Bank published today. This is because the remuneration of the CEO Tidjane Thiam and Executive management to rise sharply. Thiams salary for the previous year increased by 30 percent and reached Euro 12.65 million Swiss francs. The main driver is the Bonus, the increase of almost 50 percent. Effectively paid out of the Credit-Suisse-in-chief for the past year 5,82 million Swiss francs. The largest part of the variable remuneration will be paid deferred and over the coming years.
Bonus increased by 57 percent to
The 12-member Executive Committee, a total plenty of their pay to rise by 33 percent to almost 94 million Swiss francs. Here, too, Plus the Bonus of 57%, the main driver is. Survey
is The CS boss has rebuilt the Bank and will be rewarded abundantly. Good?
Yes, the reward for good work.
no, the stock price does not.
no, 12 million are too much.
Vote
Yes, the reward for good work.
3.4%
no, the stock price does not.
33.5%
no, 12 million are too much.
63.2%
804 votes
Yes, the reward for good work.
3.4%
no, the stock price does not.
33.5%
no, 12 million are too much.
63.2%
804 votes
Kai Nargolwala, Chairman of the remuneration Committee, in the report in contrast, other growth figures. According to the salary of Thiam to only 13 percent, in the case of the business line, 17%.
the reason for the difference: Nargolwala from his salary comparison of the full remuneration for the year 2017, and expects, that after the shareholder revolt Thiam and co. a reduction in their long-term Bonus of 40 per cent agreed.
modesty
Now, enough with the modesty: “For the year 2018, the remuneration Committee considered the performance of the year, but the achievement of the goal of the three-year restructuring plan for the years 2016, 2017 and 2018,” says Nargolwala, the high increases.
Thiam & co. will be so rewarded, that they would have implemented the 2015 gleisten conversion, the Bank successfully. Nargolwala is set out in the remuneration report, the results, and the costs had been lowered to 4.6 billion Swiss francs permanently. The have helped that the Bank may designate in the last year for the first time since 2014 a pre-tax profit of 2.02 billion francs.
shareholders do Minus
Therefore, the Thiams is a short-term bonus with 4.94 million Swiss francs, 90 per cent of the maximum possible amount. Particularly strong is also be a long-term bonus. And is based less on the achievements, but the future value creation of the shareholders to reflect more.
This value seems to include a lot of hope, because the previous Performance justifies such a bonus increases. It adds to the value development of the share price in the year 2018, the dividend, the Credit Suisse-owners have retracted in the past year, a decline of around 37 percent. At UBS, the loss was 29 percent.
Ermottis salary went back
UBS CEO Sergio Ermotti 2018 14,12 million Swiss francs has earned more than his counterpart, Mr Thiam. But the UBS earned a profit for the year from the equivalent of about 4.5 billion Swiss francs, more than twice as much as Credit Suisse. And Ermottis remuneration declined in the past year, even very slightly.
However, from such comparisons, you want to know when Credit Suisse is nothing, and refers to the conversion dynamics in the Bank.
The Refocusing away from investment banking to asset management seems to have the bench top all alone get. Because the lower management levels had to accept falling wages. This conclusion to the Numbers given in the remuneration report.
the bonus pool is stagnant at just under 3.2 billion Swiss francs. Nevertheless, the expenditure for wages and bonuses for the full year of 2018 decreased by 7 percent to 9.6 billion Swiss francs. The number of employees decreased by only 2 percent in the last 45’680.
Compared with the management of the Board of Directors of Credit Suisse shows almost modest: The total compensation rises by almost 2 percent to 11.7 million Swiss francs, Bank President Urs Rohner gets 4.7 million Swiss francs for the period until the annual General meeting in 2019, or about 9 percent more.
Whether he spared a heated General Assembly, the for the 26. April is recognized, may be doubted.
(tages-Anzeiger.ch/Newsnet)
Created: 22.03.2019, 07:05 PM
