ZURICH, April 4 (Reuters) - 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 years.”
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