Leading proxy voting firms had recommended shareholders to reject the compensation report of Credit Suisse and kick the chairman out. They gathered a fifth of the vote at today’s annual general meeting.
Shareholders of Credit Suisse approved all proposals put forward by the board at today’s annual general meeting. Large majorities reelected Chairman Urs Rohner and his colleagues, accepted the compensation report and the distribution of the first installment of the dividend, Switzerland’s second-largest lender said in a statement on Thursday.
Glass Lewis and Ethos Foundation had gone public with their recommendation to reject some of the proposals by the board.
Large Majorities
Ethos once again recommended that shareholders should not reelect Rohner – to no avail. The shareholders confirmed all members of the board that stood for reelection.
Rohner himself received 77.5 percent of the votes represented, and all other candidates took more than 90 percent. The compensation of both the board members and the executives were also waved through with big majorities.
Dividend Split
Shareholders accepted the proposed dividend of 0.1388 francs per share, which will be paid out on May 11. The bank will also pay a second dividend of an equal amount in the autumn of 2020, for which the company will need a separate vote of agreement from shareholders later this year.
Credit Suisse had yielded to the demands of the banking regulator not to pay out the full dividend during the current coronacrisis to keep the bank as well-equipped as possible to deal with a possible outfall.
