April 8, 2019 / 8:36 AM / 2 months ago

Credit Suisse under fire from proxy advisor for "unjustified" CEO bonus

ZURICH, April 8 (Reuters) - Credit Suisse's shareholders should vote against the bank's compensation report at the April 26 annual general meeting, proxy advisor Glass Lewis said, citing an "unjustified CEO bonus increase" for Chief Executive Tidjane Thiam.

Thiam was awarded 12.65 million Swiss francs ($12.66 million) in total compensation in 2018, with short term incentive awards (STI) of 4.94 million francs. That is up from 9.7 million francs total compensation and 3.98 million francs in STI in 2017.

"We are once again troubled by the board's immediate exercise of upward discretion in increasing the CEO's short-term incentive opportunity for the past fiscal year, which appears as an unnecessary anticipation of a reward for potential future results," Glass Lewis wrote in a report received by Reuters on Monday. ($1 = 0.9996 Swiss francs) (Reporting by John Miller; Editing by Kirsten Donovan)

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