April 10, 2018 / 1:57 PM / 10 months ago

Proxy adviser ISS backs Credit Suisse pay proposals

FILE PHOTO: Switzerland's national flag flies next to the logo of Swiss bank Credit Suisse at a branch office in Luzern, Switzerland October 19, 2017. REUTERS/Arnd Wiegmann /File Photo

ZURICH (Reuters) - Proxy adviser ISS is backing Credit Suisse’s (CSGN.S) pay proposals at the April 27 annual general meeting, the group said on Tuesday, joining its contemporary Glass Lewis in supporting remuneration for the second-largest Swiss bank’s top officials.

Proposals backed by ISS include a maximum of 12 million Swiss francs ($12.58 million) for directors, short-term variable executive committee pay of up to 25.5 million francs and fixed executive committee remuneration of at most 31 million francs.

ISS also backed the maximum 58.5 million francs slated for long-term variable remuneration for the executive committee but said concern was warranted, adding “the proposal represents a 12.5 percent increase compared to the amount approved last year, prior to (a) voluntary reduction.”

ISS had opposed some pay proposals last year.

($1 = 0.9541 Swiss francs)

Reporting by Oliver Hirt and John Miller, Editing by Michael Shields

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