The major Swiss bank has recently come under criticism.
(Photo: Reuters)
Zurich Setback for the Credit Suisse leadership: The shareholders of the major Swiss bank refuse to discharge the Board of Directors and the Executive Board for the 2020 financial year. At the General Meeting on Friday, almost 60 percent of the owners spoke out against discharge.
They followed the recommendation of the influential proxy advisors Institutional Shareholder Services (ISS) and Glass Lewis. ISS had pointed to a number of risk and control issues that entailed significant financial and reputational costs for the bank and, in turn, for its shareholders. Chairman of the Board of Directors Axel Lehmann stated that he regretted the decision of the shareholders.
The new Credit Suisse President wants to regain the battered trust of clients and investors. The management will do everything to ensure that the major Swiss bank finds its way back to stability and success after a series of setbacks, Lehmann said according to the text of the speech.
“Yes, she is in a low form,” he said in his first public appearance as CS President. “And yes, we need fundamental changes.” But the bank also has a strong customer base, is a leader in many areas and has a strong capital base.
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Credit Suisse has a clear plan to bring the bank back to profitable growth. “And thus win back the lasting trust of customers, employees, regulators and investors.”
More: Credit Suisse confirms board restructuring – first-quarter loss is higher than expected