Senior Credit Suisse managers were the highest-paid executives at big Swiss listed companies last year, according to Geneva-based investment...

Senior Credit Suisse managers were the highest-paid executives at big Swiss listed companies last year, according to Geneva-based investment foundation Ethos Foundation. On average, they received SFr32 million in salary, stock and options, according to the survey. In arriving at the figure, Ethos divided total senior executive pay of SFr225 million by the seven qualifying individuals. And Credit Suisse chief executive Oswald Gruebel received more than the average, an Ethos spokesman said. But Credit Suisse itself disputes the Ethos calculation, claiming that the correct figure is SFr17 million, according to a report in Le Temps. Putting a precise figure on executive compensation is notoriously difficult as there are several ways of valuing options and definitions of total pay vary. The next highest-paid senior executives were at UBS who received SFr18.8 million each on average according to Ethos. The foundation also criticised the lack of transparency surrounding executive pay at Swiss companies, saying the level of disclosure falls short of international standards. Details should be made available to investors and shareholders should have more rights at annual meetings it said.