ZURICH (Reuters) - Influential U.S. proxy adviser Institutional Shareholder Services (ISS) is still advising Credit Suisse (CSGN.S) investors to vote against proposed bonuses for top management and pay for the board of directors, even after the bank cut top-level bonuses by 40 percent.
“With regard to the binding votes on the compensation of the board and the variable compensation of the executive board, it should be noted that the board’s proposals to shareholders have not changed,” ISS said in a report.
“Rather, shareholders are being asked to support the board’s original proposals for these items, in the knowledge that the board and executive board have voluntarily agreed to not accept the full amounts that they would be entitled to if the proposals are approved by shareholders.”
A Credit Suisse spokesman said on Tuesday the bank took note of the recommendations and that Credit Suisse respects shareholder democracy.
Reporting by Joshua Franklin and Oliver Hirt, Editing by Michael Shields