Norwegian wealth fund seeks Credit Suisse boardroom shake-up
Reuters
Published Apr 02, 2023 09:50
Updated Apr 02, 2023 12:26
(Reuters) - Norges Bank Investment Management will vote against the re-election of Credit Suisse (SIX:CSGN) Chair Axel Lehmann and six other directors at the Swiss lender's annual general meeting on Tuesday, the Norwegian wealth fund said on its website.
Credit Suisse was acquired last month by rival UBS in a $3.23 billion deal engineered by the Swiss government, central bank and market regulator to avoid its collapse and possible contagion across the global financial system.
"Shareholders should have the right to seek changes to the board when it does not act in their best interest," the Norges wealth fund said ahead of the April 4 meeting.
In addition to Lehmann, Norges is also opposing re-election of Credit Suisse directors Iris Bohnet, Christian Gellerstad, Shan Li, Seraina Macia, Richard Meddings and Ana Pessoa.
Both Credit Suisse and UBS declined to comment.
Credit Suisse had also encountered opposition from proxy adviser Institutional Shareholder Services (ISS), which had recommended that shareholders vote against a proposal by the bank for its board and senior management to be released from liability for its 2022 financial results.
ISS had cited a "lack of oversight and poor stewardship" that ultimately led to the problems that necessitated its rescue by UBS.
Credit Suisse on Wednesday withdrew its request for the "discharge of responsibility" for the board and management.
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.