Credit Suisse ups CEO's remuneration by 30%

Friday 22 March 2013 11.21
Credit Suisse was bailout by the Swiss government five years ago
Credit Suisse was bailout by the Swiss government five years ago

Credit Suisse upped the remuneration of Chief Executive Brady Dougan by one third in 2012, likely adding to public and political dismay over the scale of banker pay.

Anger at pay levels has already driven Swiss voters to back some of the world's strictest controls on executive pay, forcing public companies to give shareholders a binding vote on compensation.

European officials, emboldened by a victory over banker bonuses, are also expected to propose legislation giving shareholders the right to challenge executive pay amid public anger at Wall Street-style excess in the boardrooms.

Credit Suisse's investment banking rival drew fire last week when it disclosed a near $9 million 2012 payout for CEO Sergio Ermotti and a $26 million welcome package for its new investment bank chief.

UBS was bailed out by the Swiss government nearly five years ago.

Mr Dougan, who sparked a public outcry in 2010 when he received roughly 70 million francs in shares from a 2004 stock-linked bonus plan and was awarded 19 million Swiss francs for 2009, received 7.77 million Swiss francs ($8.2 million) in 2012.

Credit Suisse chairman Urs Rohner also rose by one third to 5.234 million francs, according to the bank's annual report released today.

The bank's top earner two years running was Robert Shafir, promoted to co-head of the newly merged private bank and asset management unit in November.

His overall pay was 10.59 million francs last year, up from 8.50 million a year before. Mr Shafir is also head of the Americas for Credit Suisse.