Revolt over Credit Suisse payouts rumbles on even after concessions

Zurich

CREDIT Suisse has failed to completely quash a shareholder revolt over payouts to the bank's senior managers, even after offering to cut bonuses for top management by 40 per cent and a pay freeze for its board of directors.

The Swiss bank made the concessions last week to head off shareholder criticism of its pay plans, which included bonuses of 78 million Swiss francs (S$109.4 million) to top executives and higher pay for the board despite a net loss of 2.7 billion francs last year.

Proxy adviser Institutional Shareholder Services (ISS) softened its stance by asking shareholders of the bank to vote in favour of the board of directors' pay and the long-term variable pay for the executive com…