Bloomberg News reports that investors approved the report in a non-binding vote at the annual shareholders’ meeting in Zurich Friday, with about 81% support. Shareholders also backed a change in Credit Suisse’s articles of association to allow binding votes on compensation in the future, in line with changes is Swiss law.
Ethos, a foundation that advises institutional investors on governance, recommended opposing the bank’s compensation report. The foundation counsels institutions that collectively control 3% of Credit Suisse’s capital, and is the biggest shareholder adviser in Switzerland, said Dominique Biedermann, Ethos’s CEO.
'It is shocking that management compensation has been increasing ever more for two consecutive years', Biedermann said. 'It is high time to show the board of directors that many shareholders have lost their trust in them. We are no longer willing to support the way our bank is being managed'.
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