The Federal Council, the executive body of the Swiss federal government, said in a statement that the Federal Department of Finance FDF is temporarily suspending certain forms of variable remuneration for Credit Suisse Group AG CS employees.
The Federal Council said the measure applies to already granted but deferred remuneration for the financial years up to 2022. The FDF has been asked by the Council to propose further measures for variable remuneration in the financial years up to 2022 and thereafter.
Credit Suisse's Executive Board has decided to waive its variable remuneration for the 2022 financial year, and the decision has been acknowledged by the Federal Council.
The Swiss government has stated that for reasons of legal certainty, the Federal Council is not allowing immediately payable variable remuneration for Credit Suisse employees for the 2022 financial year.
It said that the aim is to avoid impacting employees who did not cause the crisis.