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Glass Lewis tells investors to reject pay packages.

Image result for picture of Credit Suisse logo

Proxy adviser Glass Lewis has recommended shareholders in Credit Suisse (CSGN.S) reject the amount of remuneration set for the bank’s management and board members, Swiss newspaper NZZ am Sonntag reported.

advisory firm criticized a lack of transparency at the world’s fourth
biggest private bank in connection with the termination package of
former Chief Executive Brady Dougan, the paper said, citing a Glass
Lewis analysis.

Five top managers
who left Credit Suisse last year – Dougan among them – received
severance payments worth 21 million Swiss francs ($21.47 million), the
bank’s annual report showed. The bank did not say who got how much.

Shareholders will be asked to approve the pay of the bank’s executives at their annual general meeting on April 29.

The 2015 compensation report, which is part of the bank’s annual report, will be presented to investors for a consultative vote.

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