Compensation to the Board of Directors
Compensation payable to members of the Board, including the Chairman, is proposed by the Board upon recommendation by the Compensation Committee and subject to shareholder approval at the AGM.
Compensation for Members of the Board for 2014
|Base board fee||Committee fee||Chair fees||Voluntary
|Urs Rohner, Chairman 3||2,500,000||-||2,000,000||(1,000,000)||3,629,856|
|Jassim Bin Hamad J.J. Al Thani 4||250,000||-||-||(62,500)||187,500|
|Iris Bohnet 4,5||250,000||100,000||-||(87,500)||267,500|
|Noreen Doyle 6||250,000||250,000||280,000||(195,000)||585,000|
|Jean-Daniel Gerber 4||250,000||150,000||-||(100,000)||300,000|
|Andreas N. Koopmann 4||250,000||200,000||-||(112,500)||337,500|
|Jean Lanier, Chairman
of the Compensation Committee 7
|Kai S. Nargolwala 4||250,000||200,000||-||(112,500)||337,500|
|Anton van Rossum 4||250,000||100,000||-||(87,500)||262,500|
|Severin Schwan 4||250,000||100,000||-||(87,500)||262,500|
|Richard E. Thornburgh,
Chairman of the Risk Committee 7
|Sebastian Thrun 4||250,000||100,000||-||(87,500)||262,500|
|John Tiner, Chairman
of the Audit Committee 7
1 The voluntary adjustment reflects a 50% reduction in the share portion of each Board member’s fees, which was decided by the Board on August 22, 2014, following the final settlement of all US cross-border matters in May 2014. Board fees would normally be awarded as 50% cash and 50% shares, with the exception of the Chairman and Noreen Doyle.
2 For the total compensation awarded to members of the Board, the Group made payments of CHF 0.6 million in 2014 and CHF 0.7 million in 2013 to cover the mandatory employer social security contributions as required under the social security laws applicable to the individual Board members based on their domicile and employment status. These contributions do not form part of the Board members’ compensation.
3 The chair fee of the Chairman is set at CHF 2.0 million to be awarded as 100% Group shares. For 2014, after applying the voluntary adjustment, the Chairman was paid a chair fee of CHF 1.0 million in Group shares. The applicable Group share price for the chair fee was CHF 20.21. The total compensation of the Chairman includes benefits received in 2014 of CHF 129,856, which included pension benefits, lump sum expenses and child and health care allowances.
4 Except for the Chairman, members of the Board are awarded an annual base board fee and a committee fee for their respective committee membership in advance for the period from one AGM to the other, i.e., from May 9, 2014 to April 23, 2015. For 2014, after applying the voluntary adjustment, these total combined fees were paid in cash (67%) and Group shares (33%). The applicable Group share price was CHF 24.91.
5 The total compensation of Iris Bohnet includes a payment of CHF 5,000 in 2014 for a speaking engagement at a Credit Suisse sponsored event.
6 In addition to the base board and committee fees, which were awarded as 50% cash and 50% Group shares, the chair fee of GBP 200,000 (CHF 280,000) was awarded in cash to Noreen Doyle as a non-executive director and chair of two of the Group’s UK subsidiaries, Credit Suisse International and Credit Suisse Securities (Europe) Limited. For 2014, after applying the voluntary adjustment, there was a 50% reduction of the share portion of her Group board fees and a 25% reduction of her UK board chair fee in cash. Noreen Doyle received a chair fee of GBP 150,000 (CHF 210,000).
7 In addition to the base board and committee fees, the three committee chairmen are each awarded a chair fee. The chair fee is awarded as 50% cash and 50% Group shares. For 2014, after applying the voluntary adjustment, the committee chairmen are paid their respective chair fees in cash (67%) and Group shares (33%). The applicable Group share price for the chair fees was CHF 20.21.
For a full description of the compensation for Members of the Board of Directors for 2014, refer to the Annual Report 2014 - Compensation.