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(Bloomberg) -- Credit Suisse Group AG leaders including Chief Executive Officer Tidjane Thiam offered to have their variable pay awards cut 40 percent after investor advisory groups criticized the packages ahead of this year’s annual meeting.

Thiam and the executive board proposed the reduction to long-term incentive awards for 2017 and short-term incentive awards for 2016, according to a statement on the Zurich-based bank’s website. Total board compensation will stay at the level of 2015 and 2016, with no incremental increase in 2017 as previously proposed, according to the statement.

To contact the reporter on this story: David Scheer in Seattle at dscheer@bloomberg.net.

To contact the editors responsible for this story: Peter Eichenbaum at peichenbaum@bloomberg.net, Dan Reichl

©2017 Bloomberg L.P.

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