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The abdication ceremony for Credit Suisse begins at 10:30 tomorrow morning. Probably the last plenary meeting before the once proud Swiss bank was merged by rival UBS.
The atmosphere in Hallenstadion will be more exciting than some concerts or sporting events. Because shareholders are not very happy with how their “own” bank is run. It can be assumed that many small shareholders use the platform to vent their anger. It is unclear whether the main shareholders are planning this as well.
Who is tolerated and who is rejected?
After all, the Norwegian state pension fund (“Oljefondet”), the world’s largest state wealth fund, which currently owns 1.49 percent of CS shares, has a clear voting recommendation. Spicy: Indicates which Board members will be re-elected and which will not.
Oljefondet representatives are Axel P. Lehmann (64), Iris Bohnet (56), Christian Gellerstad (55), Shan Li (59), Seraina Macia (54), Richard Meddings (55) and Ana Pessoa (55). However, the following individuals will be considered for re-election: Mirko Bianchi (61), Clare Brady (60), Keyu Jin (41), Blythe Masters (53) and Amanda Norton (56). Similarly, Iris Bohnet, Christian Gellerstad, and Shan Li were denied re-election to the Compensation Committee, while Amanda Norton was upheld.
When asked by Blick, the Norwegians did not want to explain what was behind this non-choice advice. But one thing is clear: the bank still needs a supervisory body, as the CS will be in existence for a few weeks or months after the AGM. However, in extreme cases, a single re-elected member will suffice to comply with the law, says equity firm attorney Peter V. Kunz (58): “One or the other has already resigned within the company, so it wouldn’t be so unfortunate for someone to be voted down.” According to Kunz, resigning would be a bad sign that could be seen as an admission of guilt.
Swiss organizations be kind to Lehmann
The voting proposal for the Ethos investment establishment is a little different. He is recommended for re-election, as are Axel P. Lehmann, Mirko Bianchi, Clare Brady and Amanda Norton. All others will be rejected. Amanda Norton continues to be tolerated on the Compensation Committee.
In Actares, an organization made up of individual shareholders, the voting advice for individuals is exactly the same. Nicolas Goetschmann (62) from the Actares Banks working group explains his personal vote recommendation: “We recommend that all members who have served on the board for more than two years be voted on.”
Both organizations had previously been harshly critical of what happened before and during the emergency rescue at Credit Suisse. International voting rights consultancy Glass Lewis and ISS (Corporate Shareholder Services) also criticized it. Representing about 20 percent of CS shareholders, ISS insists that all board members be re-elected so as not to jeopardize integration into CS.
Agenda shortened
Contrary to the agenda, there will be no “transformation award” voting for the members of the Board of Directors. This became unnecessary as a conversion was no longer performed – at least as originally planned.
The so-called discharge of the Board of Directors is also no longer voted on. CS voluntarily deleted the agenda item: “This is an indication that the Board has taken its responsibility. Legally, there is not much to fear,” said Kunz. Because so-called liability cases are very expensive in Switzerland and therefore rare.
On the other hand, a dividend distribution is voted on, although the distribution of dividends is prohibited by the Federal Council. This has to do with the fact that shareholders have to vote on the so-called “profit allocation” according to the statute. There will be no dividends, but there will be – useless – voting.
As with any abdication, there’s something to eat after the last plenary meeting: CS is once again offering its shareholders an aperitif as a farewell.
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
