The evolution of the compensation is studied over the time period from 2002 to 2009,
capturing both the end of the IT boom and the financial crisis. Together with increasing
disclosure requirements, many studies have been conducted on the compensation paid during
this time, and it has received increasing attention in the media. The public debate and
government interventions give the impression that the boards of directors have made a bad job
of defining the compensation levels and the mix, and this question therefore aims to find out
whether this is the case in Credit Suisse and the UBS, and how public pressure is impacting
pay.