April 25, 2016 – Proxy adviser Glass Lewis has recommended shareholders in Credit Suisse reject the amount of remuneration set for the bank’s management and board members, Swiss newspaper NZZ am Sonntag reported.
The advisory firm criticized a lack of transparency at the world’s fourth biggest private bank in connection with the termination package of former Chief Executive Brady Dougan, the paper said, citing a Glass Lewis analysis.
Five top managers who left Credit Suisse last year – Dougan among them – received severance payments worth 21 million Swiss francs (US$21.47 million), the bank’s annual report showed. The bank did not say who got how much.
Shareholders will be asked to approve the pay of the bank’s executives at their annual general meeting on April 29.
The 2015 compensation report, which is part of the bank’s annual report, will be presented to investors for a consultative vote.