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"In the past two fiscal years, Glass Lewis has retained severe
reservations in supporting the company's executive
remuneration practices, as consistently high payouts did not
seem to reflect the financial results," Glass Lewis said in a
report for shareholders.
"While we still identify a number of relatively serious issues
with the structure and disclosure of incentive plans, we believe
the amendments introduced in 2018 to be overall positive and we
find payout levels to better reflect the performance of the
company and its management team."
Credit Suisse revealed a revised payment scheme for top
management in March, hoping to ease shareholder concerns as it
completes a major overhaul by introducing a returns-focused
policy and lowering 2017 rewards.
Glass Lewis last year recommended rejecting management's 2016
cash bonuses before Switzerland's second-biggest bank agreed to
make sizeable cuts. While the reduced short-term bonuses were
finally approved by shareholders, support plummeted to 59.5
percent.
In the document seen by Reuters on Thursday, Glass Lewis said it
retained concerns over high short-term payouts for top
executives, as well as reduced transparency in the performance
metrics introduced under a new bonus scheme, but found the
amended incentives to be sufficiently in line with performance.
(Reporting by Brenna Hughes Neghaiwi and Oliver Hirt, editing by
John Revill and Adrian Croft)
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