(Bloomberg) -- Glass Lewis is advising shareholders of Credit Suisse Group AG to reject the bank’s proposal to pay 26 million Swiss francs ($26 million) in short-term bonuses to its executive board, calling the amount excessive.
“We maintain severe reservations in supporting the company’s compensation report,” the proxy adviser said in a report on its recommendations for the bank’s annual meeting on April 28.
“Particularly, we question whether the annual bonus structure, which paid out at 93 percent of the CEO’s maximum opportunity for a year in which the company recorded a very significant loss and failed to reach revenue targets, is fit for purpose,” Glass Lewis said.
Credit Suisse has proposed awarding Chief Executive Officer Tidjane Thiam 11.9 million francs for his first full year on the job, including 4.17 million francs in variable, short-term pay.
Glass Lewis also recommended investors reject the bank’s proposal to reelect Andreas Koopmann, Iris Bohnet and Kaikhushru Nargolwala to its supervisory board.
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