ZURICH, April 11 (Reuters) - Influential U.S. proxy adviser Institutional Shareholder Services (ISS) has advised Credit Suisse shareholders to vote against proposed bonuses for the Swiss bank’s executive board totalling almost 80 million Swiss francs ($79.4 million).
This follows similar recommendations from other proxy advisers Glass Lewis and Ethos.
A Credit Suisse spokeswoman said on Tuesday the bank took note of the recommendations and that it respects shareholder democracy.
Executive pay is a hot-button issue in Switzerland, with voters backing a “fat cat” referendum in 2013 giving shareholders the option of blocking executive payouts, although such revolts remain rare.
$1 = 1.0081 Swiss francs Reporting by Joshua Franklin and Oliver Hirt; Editing by Michael Shields