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Thiam, at the helm of the second-biggest Swiss bank since 2015,
was awarded 12.65 million Swiss francs ($12.66 million) in total
compensation in 2018, with short-term incentive awards (STI) of
4.94 million francs. That is up from 9.7 million francs total
compensation and 3.98 million francs in STI in 2017.
Glass Lewis's recommendation in the non-binding vote comes as
Swiss ethical investment proxy adviser Ethos also urged
shareholders reject the pay report.
Glass Lewis has in recent years blasted Credit Suisse's pay
practices as inappropriate, but last year had backed the Credit
Suisse pay scheme.
"We are once again troubled by the board's immediate exercise of
upward discretion in increasing the CEO's short-term incentive
opportunity for the past fiscal year, which appears as an
unnecessary anticipation of a reward for potential future
results," Glass Lewis wrote in a report received by Reuters on
Monday.
Credit Suisse returned to an annual profit in 2018, its first
since 2014, and had said rising pay reflected a job well done
after restructuring, cost costs and a strategic shift toward
more-stable wealth management from riskier investment banking.
"We take note of the recommendations put forward," the bank said
in response to Glass Lewis's report. "Credit Suisse respects
shareholder democracy."
(Reporting by John Miller and Oliver Hirt; Editing by Kirsten
Donovan and Michael Shields)
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