Shareholders in the Swiss bank approve two key new appointments, paving the way for António Horta-Osório’s new strategy.
Shareholders of Credit Suisse approved the board’s proposals to elect Axel Lehmann and Juan Colombas to its board of directors at the bank’s extraordinary meeting held Friday, the bank said in an emailed statement. Ex-UBS banker Lehmann will oversee the risk committee.
Their election also strengthens the chair-of-five-months’ back, who is expected to present a new strategy as soon as November.
Getting a Grip on Risk
The election of the two risk experts, highlights the importance António Horta-Osório is placing on risk management. The bank's processes are being reviewed to put a «stronger focus on individual responsibility and accountability,» he said. A set of incentives to match the new risk appetite would follow the strategic review, he added.
These measures are a response to the bank’s traumatic experience from the recent Greensill Capital and Archegos Capital Management blowups.
