© Reuters. FILE PHOTO: The logo of the Swiss bank Credit Suisse can be seen in a branch in Zurich
ZURICH (Reuters) – shareholders who hold more than 15% of the shares Swiss credit (SIX 🙂 The share wants to oust the chairman of the risk committee of the board of directors, Andreas Gottschling, after imploded investments, reported the Financial Times on Monday after a similar call from the proxy advisor Glass Lewis.
Credit Suisse is raising capital and stopping share buybacks, cutting its dividend and overhauling its management after the Swiss lender lost at least $ 4.7 billion to the collapse of the Archegos family office and the bank broke with the insolvent supply chain Financial firm Greensill had suspended funds.
Now, David Herro, vice chairman of Harris Associates, which owns 10.25 percent of the bank’s shares, and the Ethos Foundation, which represents 200 Swiss pension funds that own between 3 and 5 percent, want Gottschling to be removed at the upcoming AGM.
The Norwegian oil fund, which owned 3.43% of Credit Suisse’s shares at the end of 2020, also said it would vote against Gottschling’s re-election, the FT said.
“Mr. Gottschling should not only be voted out, but in view of the current events I am actually surprised that he has not resigned yet,” Herro told the newspaper.
Earlier this month, Glass Lewis called on Credit Suisse shareholders to oppose Gottschling’s re-election as he was held accountable as chairman of the risk committee for issues related to Greensill and Archegos.
“Our customers are really angry about what happened,” Vincent Kaufmann, executive director of Ethos, told the Financial Times. “Other members of the Risk Committee haven’t been there long so we’re going to give them a bigger chance. [Gottschling] took over as chairman in 2018. This now requires a change. “
Credit Suisse did not respond immediately.
The Zurich-based bank will hold its general meeting on April 30th.
Unlike Glass Lewis, another proxy advisor, ISS, has not recommended investors stand against Gottschling.
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