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Customers Bancorp adopts clawback policy for exec pay

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Customers Bancorp adopts clawback policy for exec pay

CustomersBancorp Inc., in a definitive proxy statement filed April 1, saidits board and compensation committee have adopted a clawback policy forexecutive compensation at the Wyomissing, Pa.-based company.

The change was triggered by the result of an earlieradvisory vote, with only 48% of shareholders voting in favor of the board'scompensation proposal.

Other changes include the establishment of a new peer group,the adoption of equity ownership requirements and the use of objectiveperformance criteria and target levels.