April 27, 2018 / 12:39 PM / a year ago

Credit Suisse shareholder support on compensation improves

ZURICH, April 27 (Reuters) - Shareholders showed increased approval for Credit Suisse’s management pay on Friday while backing all compensation-related items at the banking group’s annual meeting.

A year after shareholders railed against high executive pay, investors have been soothed by a change to its compensation scheme and a pickup in its turnaround.

Shareholders voted in favour of the bank’s 2017 compensation report with 80.8 percent support, up from 57.98 percent the prior year. There was 82.82 percent support for short-term bonuses for executives, a particular point of contention the year before.

Credit Suisse this week delivered its best quarterly results since Chief Executive Tidjane Thiam in 2016 launched his restructuring plan for Switzerland’s second-biggest bank.

The bank in March also revealed a revised payment scheme for its top management, introducing a returns-focused policy from next year and lowering 2017 rewards. (Reporting by Brenna Hughes Neghaiwi; Editing by Michael Shields)

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