BONUS PACKAGES
Shareholder advisers reject Credit Suisse pay plan
Credit Suisse has come under fire from several shareholder groups over pay packages after the bank posted a second annual loss
Zurich — Credit Suisse continues to face opposition to its pay plans from shareholder advisory groups even after executives and directors offered to forego some of their compensation. Glass Lewis & Company and Institutional Shareholder Services (ISS) reject the bank’s new pay proposal for the board. ISS remains opposed to the bonus packages for executives, while Glass Lewis expressed reservations, but said the voluntary cuts merit shareholder support. Credit Suisse has come under fire from several shareholder groups over pay packages after the bank posted a second annual loss. Shareholders are due to meet next week to consider the executives’ proposal of voluntary cuts. Swiss law requires listed companies to give shareholders a binding annual vote on board and executive pay. Credit Suisse’s stock fell 33% in 2016, with market turmoil, surprise trading losses and legal cases sapping confidence in a turnaround plan. Bloomberg
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.