Ethos once again going against the Manager’s wages at the Credit Suisse . Recommends to the General meeting of shareholders of 26. April 2019 to reject all proposals relating to the remuneration of the Board of Directors and of the Executive Committee. The proposed increase in the variable remuneration of the Executive Board was warranted in the light of the results of the Bank’s unjust, say it in a message from Friday night.
According to the request of the shareholders, Ethos, bonuses for 2018 in the amount of 64 million Swiss francs for the 12 members of the Executive Committee be approved, which represents an increase of around a third. Justified this with the successful completion of the three-year restructuring, and with the fact that the Bank had retracted its first profit in 2014.
Ethos does not want to accept this for various reasons. For example, the share price of Credit Suisse dropped by the end of 2018 to nearly 40 percent and the stock market valuation at the end of the year, with 27.6 billion Swiss francs to one of the lowest values since 2004. Also, the yield of the CS-stock belong to both of 2018, as well as in the period 2016 to 2018 to the lowest of the major international banks.
Next, the total variable remuneration for the CEO and the other members of the Executive Board by an average of 30 and a 34 percent increase, while the total variable remuneration for all employees is stable (stay of 3.2 billion). And, not least, the remuneration of the President of the Board of Directors, with 4.7 million Swiss francs was almost twice as high as the average compensation of presidents of the 20 most important Swiss company (for SMI companies).
Various points to the rejection of
Ethos recommended recommends, in accordance with the shareholders to reject the Advisory vote on the remuneration report, the remuneration of the Board of Directors, the variable remuneration of the Executive Board for the year 2018, the fixed remuneration of the Executive Board for 2019, and the allocation of shares under the long-term Plan for 2019 to 2021. Ethos had already been rejected in previous years, each of various points.
At the AGM two years ago, about finally, only 58 percent of the shareholders had approved the remuneration report; last year, there had been around 80 percent consent, but only after CEO Tidjane Thiam had “voluntarily” waived a portion of the salary. (fal/sda)
Created: 05.04.2019, 19:00 Uhr
