C Suisse pay proposals opposed

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Credit Suisse’s shareholders should reject the bank’s pay proposals, Swiss remuneration crusader Thomas Minder said at the annual general meeting in Zurich on Friday.

“It cannot and must not be that bonuses are paid out after such a desolate business year,” said Minder, a member of the Swiss parliament.

Bloomberg News reports that Minder spent five years collecting signatures to force a nationwide vote on executive pay in Switzerland. His proposal -- that shareholders rather than company boards decide how much executives are paid -- was backed by 67.9% of voters in a March 2013 referendum.

Minder, also the owner of a herbal toothpaste maker, is joining the chorus of shareholder advisers such as Ethos and zRating that have urged Credit Suisse investors to reject the $36m in bonuses the bank is proposing to pay top managers for 2015.

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