Credit Suisse Manager Pay Opposed by Third Shareholder Group
- Swiss bank could become first to have pay packages declined
- Fat-cat law requires companies give shareholders binding vote
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Credit Suisse Group AG is facing growing opposition to its bonus plans for executives and directors, with a third advisory group recommending shareholders reject this year’s pay packages as excessive.
Institutional Shareholder Services Inc. is advising investors at this month’s annual meeting to vote against proposals to pay 26 million francs ($26 million) in short-term bonuses and as much as 52 million francs in long-term bonuses to the bank’s executive board. It also opposes a plan to increase compensation for the board of directors to 12.5 million francs.