Credit Suisse Share Adviser Says to Vote No to Board’s Risk Head
(Bloomberg) -- Credit Suisse Group AG shareholders should vote against re-electing the board of director’s head of risk for another yearly term, according to Glass Lewis.
The proxy adviser told investors of the Swiss bank to vote no to re-electing Andreas Gottschling, head of the board’s risk committee, citing performance and experience concerns, it wrote ahead of the lender’s annual general meeting on April 30.
“Shareholders would be warranted to also attribute accountability to the board’s risk committee,” Glass Lewis wrote, adding that a change in leadership of the risk committee is needed to regain shareholder trust after the recent financial and reputational damage.
Credit Suisse emerged as the big loser in global investment banks’ race to exit trading positions as Archegos Capital Management collapsed, pushing it into a 900 million-franc pretax loss for the first quarter and prompting the dismissal of Chief Risk Officer Lara Warner and investment bank CEO Brian Chin.
The bank, which is also dealing with the collapse of a group of supply chain finance funds, has already said that top management won’t get bonus for last year. It’s also scrapped its share buyback program and cut its dividend.
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