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Proxy adviser ISS opposes Credit Suisse management bonuses
April 11, 2017 / 1:06 PM / 8 months ago

Proxy adviser ISS opposes Credit Suisse management bonuses

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

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