ZURICH (dpa-AFX) - Swiss banking giant Credit Suisse Group AG (CS) announced Friday that that proposed total compensation for CEO Tidjane Thiam for 2017 would be 9.70 million Swiss francs, 5% lower than the prior year.
The company's Compensation Committee report noted that the reduction partly reflects his voluntary proposal to reduce his 2017 LTI award opportunity by 40%, as approved by shareholders at the 2017 AGM.
Thiam's proposed total compensation for 2017 reflects his strong performance against this suite of measures, while also recognizing that the company is still in a transition phase, having completed the second year of its three-year restructuring plan.
In future years the Compensation Committee expects the compensation for the CEO to return to levels in line with the expected improvement in Group performance.
The Board approved the total Group variable incentive compensation pool of 3.19 billion francs, 3% higher than 2016.
The total compensation amount of 69.90 million francs reflects the Group's business performance and ongoing restructuring and the fair value of the 2017 LTI award at the time of grant.
This total amount for 2017 is 4% lower than the prior year amount of 73.06 million francs, mainly due to the voluntary reduction to the initial 2017 LTI award proposal.
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