See also
Compensation to members of the Board of Directors
Compensation to members of the Board of Directors is set in accordance with the AoA and the Compensation Committee Charter.
The annual compensation paid to members of the Board is fixed and set by the Board of Directors based on the recommendation of the Compensation Committee. Compensation for members of the Board of Directors with no functional duties (nine individuals) is in the form of cash (35%) and Credit Suisse Group registered shares (65%), which are blocked for a period of four years.
Members of the Board of Directors with functional, nonexecutive duties (four individuals) receive fixed and variable compensation for their services set by the Board of Directors. With the exception of the Chairman of the Board of Directors, the variable compensation for the other three individuals is not directly dependent on the performance of the Group but on personal performance and time commitment. Such compensation is paid in the form of cash and Credit Suisse Group registered shares, blocked for a period of four years.
| Compensation for the members of the Board of Directors
|
|
Cash |
| % of total remu- neration |
| Value of share-based awards |
| % of total remu- neration |
| Pension and similar benefits |
| Other compen- sation categories |
1 | Total remu- neration |
|
Number of shares |
2 |
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| 2007/2008 (in CHF) 3 | ||||||||||||||||||||||||||
| Walter B. Kielholz, Chairman 4 | 8,500,000 | 58% | 6,100,000 | 42% | – | 24,000 | 14,624,000 | 104,363 | ||||||||||||||||||
| Hans-Ulrich Doerig, Vice-Chairman and Chairman of the Risk Committee 4 | 2,875,000 | 57% | 2,125,000 | 42% | – | 27,381 | 5,027,381 | 36,356 | ||||||||||||||||||
| Thomas W. Bechtler | 122,500 | 35% | 227,500 | 65% | – | – | 350,000 | 2,400 | ||||||||||||||||||
| Robert H. Benmosche | 122,500 | 35% | 227,500 | 65% | – | – | 350,000 | 2,400 | ||||||||||||||||||
| Peter Brabeck-Letmathe | 87,500 | 35% | 162,500 | 65% | – | – | 250,000 | 1,715 | ||||||||||||||||||
| Noreen Doyle | 140,000 | 35% | 260,000 | 65% | – | – | 400,000 | 2,743 | ||||||||||||||||||
| Jean Lanier | 140,000 | 35% | 260,000 | 65% | – | – | 400,000 | 2,743 | ||||||||||||||||||
| Anton van Rossum | 122,500 | 35% | 227,500 | 65% | – | – | 350,000 | 2,400 | ||||||||||||||||||
| Aziz R.D. Syriani, Chairman of the Compensation Committee 4 | 522,500 | 70% | 227,500 | 30% | – | – | 750,000 | 3,892 | ||||||||||||||||||
| David W. Syz | 140,000 | 35% | 260,000 | 65% | – | – | 400,000 | 2,743 | ||||||||||||||||||
| Ernst Tanner | 122,500 | 35% | 227,500 | 65% | – | – | 350,000 | 2,400 | ||||||||||||||||||
| Richard E. Thornburgh | 122,500 | 35% | 227,500 | 65% | – | – | 350,000 | 2,400 | ||||||||||||||||||
| Peter F. Weibel, Chairman of the Audit Committee 4 | 1,195,000 | 66% | 600,000 | 33% | – | 10,000 | 1,805,000 | 10,266 | ||||||||||||||||||
| Total | 14,212,500 | 56% | 11,132,500 | 44% | – | 61,381 | 25,406,381 | 176,821 | ||||||||||||||||||
| 2006/2007 (in CHF) | ||||||||||||||||||||||||||
| Total | 14,617,500 | 12,227,500 | – | 63,136 | 26,908,136 | 146,532 | ||||||||||||||||||||
| of which highest paid: Walter B. Kielholz, Chairman | 9,000,000 | 7,000,000 | – | 24,000 | 16,024,000 | 81,169 | ||||||||||||||||||||
| 1 Other compensation includes lump sum expenses, child allowance and health care allowance. 2 Value of shares included in total remuneration. 3 Fees for members of the Board of Directors without functional, non-executive duties are paid in advance for the period from one AGM to the other, i.e. from May 4, 2007 to April 25, 2008. The applicable share price was CHF 94.80. 4 Variable compensation elements for members of the Board of Directors with functional duties are determined by the Board of Directors in the course of the regular management compensation process. The applicable share price was CHF 58.45. |
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2007 total compensation of the Chairman of the
Board of Directors
Our executive compensation policies guided the compensation recommendations made by the Compensation Committee and approved by the Board of Directors with respect to the 2007 compensation for Mr. Kielholz as Chairman of the Board of Directors.
For 2007, the Compensation Committee based its total compensation recommendation on its review of: (i) the Group’s core operating financial performance relative to its 2007 plan and 2006 results, as well as the relative performance of Credit Suisse to that of its competitors; (ii) Mr. Kielholz’s leadership and contribution in several areas, namely: (a) the planned succession and orderly transition of the CEO position to Mr. Dougan; (b) the continued emphasis on risk management and corporate governance procedures across the Group; and (c) a focused discipline on leadership development, succession planning and performance management practices across the Group; and (iii) the complexity and breadth of the role that Mr. Kielholz performs as Chairman.
Additional fees and remuneration
Two former members of the Board of Directors are eligible to receive office infrastructure and secretarial support. These services are based on existing resources and are not used on a regular basis.
No additional fees, severance payments or forms of remuneration were paid to current or former members of the Board of Directors or related parties during 2007.