At least someone is supporting C Suisse's pay proposals

Tidjane Thiam

While shareholder groups largely stuck to criticism of Credit Suisse’s pay plans even after the bank backtracked, its revised proposals won over at least one of its biggest investors.

Bloomberg News reports that Norges Bank, Norway’s sovereign wealth fund, met with Credit Suisse board members including Chairman Urs Rohner a number of times to determine how it would vote at this month’s shareholder meeting. Executive remuneration was a focus of the agenda, it said in a statement Tuesday.

With the meeting just two weeks away, Credit Suisse on Friday sought to calm an outcry by proposing to lower bonuses for top executives and to freeze pay for the board of directors. At least four advisory groups had complained that the compensation was excessive given the bank’s $2.7bn last year.

Hit the link below to access the complete Bloomberg News article:

Credit Suisse Bonus Cuts Win Nod From Norway's Wealth Fund

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