ZURICH, April 4 Proxy adviser Glass Lewis on
Tuesday recommended Credit Suisse shareholders reject a proposal
to pay 25.99 million Swiss francs ($25.9 million) in short-term
bonuses to the executive board in a binding vote at the annual
general meeting on April 28.
Glass Lewis noted "the company reported an operating loss of
2.3 billion francs for fiscal year 2016 and 2.4 billion francs
in fiscal year 2015, with a 15 percent decrease in net revenues
and a 24 percent decrease in earnings per share. As such, the
short-term awards to be paid for the past fiscal year do not
reflect these results and appear to be wholly inappropriate
given the loss suffered by shareholders in the last two fiscal
Credit Suisse, Switzerland's second-biggest bank, did not
immediately have a comment to make on the recommendation.
($1 = 1.0024 Swiss francs)
(Reporting by Joshua Franklin and Oliver Hirt)