Credit Suisse proposes maximum aggregate fixed compensation of CHF 31m for Exec Board
Shareholders are invited to approve a maximum aggregate amount of CHF 31 million of fixed compensation for the Executive Board for the period from the 2020 AGM until the 2021 AGM.
Credit Suisse today published the Agenda for the Annual General Meeting (AGM) of Shareholders which will take place on April 30, 2020 in Horgen (Zurich).
The list of items to be put to vote includes:
- Proposal for a distribution of a dividend to shareholders of CHF 0.2776 per share for the financial year 2019;
- Proposal for the election of Richard Meddings as new non-executive member of the Board of Directors for a term until the end of the next AGM.
- Proposal for the re-election of the Chairman and the other members of the Board of Directors;
- Approval of the compensation of the Board of Directors and the Executive Board, as well as a consultative vote on the 2019 Compensation Report.
The Board of Directors of Credit Suisse Group AG is nominating Richard Meddings for election as a new non-executive member of the Board of Directors at the AGM to be held on April 30, 2020. Richard Meddings, Chairman of the UK bank TSB Bank plc, is a recognized financial expert with over 30 years of experience in the financial services sector spanning retail banking, wealth management and investment banking.
Richard Meddings is expected to succeed John Tiner as Chair of the Audit Committee, subject to his election at the AGM and formal appointment by the Board.
After four years on the Board of Directors of Credit Suisse Group, Alexander Gut will not stand for re-election at the AGM on April 30, 2020.
Chairman Urs Rohner and the other members of the Board of Directors of Credit Suisse Group AG will stand for re-election for a term until the end of the next AGM.
After 11 years on the Board, and consistent with the maximum standard term limit of 12 years, Urs Rohner has confirmed to the Board a while ago that he will not stand for re-election at next year’s AGM in 2021. The Governance and Nominations Committee is leading the succession planning process for this role, which is well underway and progressing according to plan.
Shareholders will vote separately, and with binding effect, on the overall compensation of the Board of Directors and the Executive Board at the AGM.
The Board of Directors proposes that shareholders approve a maximum aggregate compensation for the Board of Directors of CHF 12 million.
Additionally, the shareholders, on an annual basis, approve the compensation of the Executive Board. Compensations consists of: fixed compensation, short-term variable incentive compensation and long-term variable incentive compensation.
For the 2020 AGM, the Board of Directors proposes that shareholders approve the aggregate amount of CHF 22.4 million for short-term variable incentive compensation for the 2019 financial year in a retrospective vote and the aggregate amount of CHF 28.6 million for long-term variable incentive compensation for the Executive Board for the 2020 financial year (based on fair value at grant) in a prospective vote.
Additionally, the Board of Directors proposes that shareholders approve a maximum aggregate amount of CHF 31 million of fixed compensation for the Executive Board for the period from the 2020 AGM until the 2021 AGM in a prospective vote.
The 2019 Compensation Report, which is part of Credit Suisse Group AG’s Annual Report, will be presented to shareholders at the 2020 AGM for a consultative vote.
