Credit Suisse has reassigned board roles following a contentious shareholder meeting overshadowed by a pay scandal. The new head of the Swiss bank's pay committee is a Singaporean banker who was once Credit Suisse's top earner.
Kai Nargolwala, who has been a member of the Credit Suisse's board since 2013, is now head to the remuneration committee of Credit Suisse, which oversees pay schemes for top executives. Eight years ago, Nargolwala himself was in the headlines for what was deemed an exhorbitant salary, Swiss business monthly «Bilanz» (in German) writes.
According to the remuneration report of 2009, the former CEO of the Asia-Pacific region took home a salary of 20.83 million Swiss francs – making him Credit Suisse's top-paid executive that year. Nargolwala even outstripped former Chief Executive Brady Dougan, himself no slouch in the bonus department.
Contract Release
The bulk of the payment consisted of a recruitment bonus to release Nargolwala from his former contract with British bank Standard Chartered.
Roche boss Severin Schwan is Credit Suisse's new lead independent board director. Schwan, who has sat on the Swiss bank's board for the past three years, replaces Noreen Doyle, who left the board this year.
