Norwegian wealth fund seeks Credit score Suisse boardroom shake-up
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(Reuters) – Norges Financial institution Funding Administration will vote in opposition to the re-election of Credit score Suisse Chair Axel Lehmann and 6 different administrators on the Swiss lender’s annual normal assembly on Tuesday, the Norwegian wealth fund stated on its web site.
Credit score Suisse was acquired final month by rival UBS in a $3.23 billion deal engineered by the Swiss authorities, central financial institution and market regulator to keep away from its collapse and doable contagion throughout the worldwide monetary system.
“Shareholders ought to have the appropriate to hunt modifications to the board when it doesn’t act of their finest curiosity,” the Norges wealth fund stated forward of the April 4 assembly.
Along with Lehmann, Norges can also 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 Providers (ISS), which had really useful that shareholders vote in opposition to 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 duty” for the board and administration.
(Reporting by Jyoti Narayan; Extra reporting by Lavanya Ahire and Urvi Dugar; Enhancing by David Goodman)
