It seems like at least one group of Credit Suisse shareholders are not yet totally buying into Tidjane Thiam's argument of looking at the super high turnover rate of his senior executive team and proclaiming "More bonus for me, then."
Shareholder advisory firm Ethos rejected all Credit Suisse's executive pay plans and called for top management changes on Friday, adding to pressure on Switzerland's second-biggest bank over "excessive" remuneration.
Ethos, with more than 200 Swiss pension funds and institutions, followed Glass Lewis in recommending its members reject paying Credit Suisse's executive board 25.99 million Swiss francs ($26 million) in short-term bonuses.
Ethos seems to be suggesting that the people in charge of massive underperforming banks shouldn't be allowed to give themselves substantial bonuses, which is fucking adorable. But that Aggro Pollyanna-type thinking runs even deeper:
"Ethos considers that the executive management should not have received a bonus in 2016 given the disappointing results of the bank," the foundation said in a statement. Credit Suisse's pay increase plan comes despite back-to-back annual losses.
The group also urged Credit Suisse shareholders to throw out Chairman Urs Rohner and Vice-Chairman Richard Thornburgh in a binding vote at the April 28 annual general meeting.
Listen, if Ethos wants to start screaming that it doesn't believe people who lose money and have yet to present a reasonable recovery plan shouldn't get bonuses, they might want to get out of global finance.
Or just go advise the poor saps who own shares in Deutsche Bank.
What a bunch of hippies.