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Proxy advisory firm urges Credit Suisse shareholders to reject exec pay plan

Shareholder advisory firm Ethos urged Credit Suisse Group AG stakeholders to reject the Swiss lender's plan to pay its executive board about CHF26.0 million in short-term bonuses for 2016, saying its disappointing results did not justify the bonus payments, Reuters reported.

Ethos, whose clients include more than 200 Swiss pension funds, also recommended the dismissal of the lender's Chairman Urs Rohner and Vice Chairman Richard Thornburgh at Credit Suisse's April 28 annual general meeting due to the "significant litigation" the bank has faced over the past decade and the hefty fines it incurred during that period, as well as the board's "lack of strategic vision," the news agency added.

Credit Suisse, for its part, noted Ethos' recommendations, although a spokesman for the bank declined to comment, according to the April 7 report.

Glass Lewis & Co., another shareholder advisory firm, earlier recommended that its members also reject the bank's executive pay plan, Reuters noted, while proxy adviser Institutional Shareholder Services Inc. has yet to make recommendations to Credit Suisse shareholders.