A Swiss activist investor group called on Friday for shareholders to reject what it called excessive executive pay at banks UBS and Credit Suisse , echoing public anger over corporate largesse in Switzerland.
But Reuters reports that the investor group is unlikely to marshall enough support to vote down UBS and Credit Suisse's compensation plans after influential U.S.-based shareholder advisory firm ISS came out in support of both banks on pay.
'Despite the progress made by the two banks with regard to the executive remuneration structure, the amounts paid are still too high', said the group, Ethos, whose views are widely followed by Swiss pension funds.
Anger at big bonuses drove Swiss citizens to vote for some of the world's strictest controls on executive pay last month, forcing public companies to give shareholders a binding vote on compensation in future.
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