An influential U.S. shareholder adviser is opposing Credit Suisse's Andreas Gottschling, who presides the Swiss bank's board-level risk committee.
Glass Lewis is recommending that Credit Suisse investors vote against Andreas Gottschling, who has chaired the Zurich-based bank's risk committee for the last three years ago, according to a recommendation seen by finews.com on Tuesday. Gottschling is a 54-year-old German former McKinsey consultant who joined Credit Suisse four years ago.
«As outlined above, in order to regain shareholder trust in light of the substantial financial and reputational damage that the Company is facing as a result of recent events, shareholders would be better served by a change in leadership of the risk committee,» Glass Lewis wrote, referring to Credit Suisse's 4.4 billion Swiss francs ($4.7 billion) hit from Archegos and as-yet-undefined fallout from a $10.1 billion line of funds managed with now-defunct Greensill.
«Ultimate Accountability»
Glass Lewis lauded Credit Suisse for responding quickly: risk and compliance boss Lara Warner left as did top investment banker Brian Chin, it reneged on most of its shareholder payout and halted stock buybacks, will eschew a vote asking for shareholder backing at its annual meeting, and cut management pay.
«We nevertheless believe that shareholders would be warranted to also attribute accountability to the board's risk committee,» Glass Lewis said. «As chair of this committee, we believe that nominee Andreas Gottschling holds ultimate accountability at board level.» An Ph.D. economist, Gottschling is also on the board of Deutsche Boerse.
