By Tom Sims and Alexander Hübner
FRANKFURT (Reuters) -Allianz Chief Executive Oliver Baete said on Friday that he and the rest of the board will take a hit to their bonuses for the past year following the collapse of a multi-billion-euro set of investment funds.
The issue caused Allianz to earmark 3.7 billion euros ($4.21 billion) to deal with investigations and lawsuits in the wake of the collapse. The company posted a fourth-quarter loss on Thursday.
Oliver Baete, speaking at a news conference on Friday, said the matter will have a significant impact on compensation for himself and all board members, though he declined to say by how much.
Baete cited progress in settlements with major U.S. investors in the troubled funds, saying that earlier Friday a deal was struck with a “vast majority of investors”. He didn’t specify which investors.
($1 = 0.8794 euros)
(Reporting by Tom SimsEditing by Miranda Murray and Paul Carrel)
