Credit Suisse faces pay fight
Institutional Shareholder Services urges investors to reject excessive packages for executives at annual meeting
Zurich — Credit Suisse Group is facing growing opposition to its bonus plans for executives and directors, with a third advisory group recommending that shareholders reject 2017’s pay packages as excessive. Institutional Shareholder Services (ISS) is advising investors at the annual meeting later in April to vote against proposals to pay Sf26m ($26m) in short-term bonuses and as much as Sf52m in long-term bonuses to members of the bank’s executive board. It also opposes a plan to increase compensation for the board of directors to Sf12.5m. "Despite a second consecutive net loss, variable remuneration levels for the executive board remained high, including a Sf4.17m short-term incentive for the CEO," the group said on Tuesday. "The level of board compensation at Credit Suisse is among the highest for blue-chip Swiss Market index companies," it said. Fat-Cat Laws If only half the shareholders follow the recommendations on April 28, Credit Suisse would become the first bank to have its...
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