Credit Suisse Investors Urged to Reject `Excessive' Bonuses
- Glass Lewis says short-term bonuses ‘wholly inappropriate’
- Bank seeking approval for 26 million francs in such bonuses
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Glass Lewis & Co. is advising Credit Suisse Group AG shareholders reject the bank’s proposal to pay 26 million Swiss francs ($26 million) in short-term bonuses to its executive board.
The amount appears “wholly inappropriate given the loss suffered by shareholders in the last two fiscal years,” the proxy adviser said in its recommendations for the bank’s annual meeting on April 28. Proposed compensation for the board of directors is “excessive,” it said.