April 5, 2018 / 10:57 AM / 4 months ago

Glass Lewis backs Credit Suisse management pay scheme

ZURICH, April 5 (Reuters) - Proxy adviser Glass Lewis recommended Credit Suisse shareholders approve top management pay at the group's April 27 annual general meeting, despite retaining some concerns about the transparency of pay plans.

"In the past two fiscal years, Glass Lewis has retained severe reservations in supporting the Company's executive remuneration practices, as consistently high payouts did not seem to reflect the financial results," the proxy adviser said in a report prepared for shareholders.

"While we still identify a number of relatively serious issues with the structure and disclosure of incentive plans, we believe the amendments introduced in 2018 to be overall positive and we find payout levels to better reflect the performance of the company and its management team." (Reporting by Brenna Hughes Neghaiwi and Oliver Hirt, editing by John revill)

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