April 24, 2016 / 10:02 AM / in 2 years

Glass Lewis tells Credit Suisse investors to reject pay packages: paper

VIENNA (Reuters) - Proxy adviser Glass Lewis has recommended shareholders in Credit Suisse (CSGN.S) reject the amount of remuneration set for the bank’s management and board members, Swiss newspaper NZZ am Sonntag reported.

Credit Suisse outgoing Chief Executive Brady Dougan (R) and Tidjane Thiam shake hands after a Credit Suisse news conference in Zurich, March 10, 2015. REUTERS/Arnd Wiegmann

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 ($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.

Reporting by Kirsti Knolle; editing by Jason Neely

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