Norwegian fund seeks Credit score Suisse boardroom shake-up of chair, different administrators

“Shareholders ought to have the appropriate to hunt modifications to the board when it doesn’t act of their greatest curiosity,” the Norges wealth fund stated forward of the April 4 assembly.

Along with Lehmann, Norges can be opposing re-election of Credit score Suisse administrators Iris Bohnet, Christian Gellerstad, Shan Li, Seraina Macia, Richard Meddings and Ana Pessoa.

Each Credit score Suisse and UBS declined to remark.

Credit score Suisse had additionally encountered opposition from proxy adviser Institutional Shareholder Companies (ISS), which had
really helpful that shareholders vote towards a proposal by the financial institution for its board and senior administration to be launched from legal responsibility for its 2022 monetary outcomes.

ISS had cited a “lack of oversight and poor stewardship” that finally led to the issues that necessitated its rescue by UBS.

Credit score Suisse on Wednesday withdrew its request for the “discharge of accountability” for the board and administration.