Credit Suisse Pressured Over Absolving Execs on Greensill: FT
Credit Suisse Pressured Over Absolving Execs on Greensill: FT
(Bloomberg) --
Credit Suisse Group AG shareholders are pushing to exclude a vote at its annual general meeting that would let directors and executives off the hook for legal responsibility over the Greensill Capital scandal, the Financial Times reported, citing people with knowledge of the discussions.
Investors have expressed concerns to new chairman Axel Lehmann about the board’s decision not to release a report detailing Credit Suisse’s mistakes associated with Greensill’s collapse. One shareholder questioned how they could clear the executives of liability without the full details of what happened, according to the newspaper.
Shareholders in Switzerland typically vote to absolve executives and directors of legal liabilities, including damages to the company, for the previous financial year, the Financial Times said. Credit Suisse did not include a discharge vote at its AGM last year, which occurred right after twin scandals over Greensill and Archegos Capital Management LP, and said it would seek one at a later date.
The Swiss bank’s top supervisory body continues to be shaken up by the Greensill and Archegos sagas with Vice Chairman Severin Schwan stepping down last week. Board members Kai S. Nargolwala and Juan Colombas also said they wouldn’t stand for reelection. Chief Executive Officer Thomas Gottstein’s pay also declined 43% last year after the bank reported a loss from the scandals.
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