Each year, the Swiss bank's shareholders vote to discharge the bank’s board members from their legal liability. This time the board might not be let off so easily.
Members of Credit Suisse’s board of directors might not be discharged from their legal liability for the previous year at the bank’s annual general meeting on April 29, according to a report in the «Financial Times.»
At the heart of the argument is the bank's internal report on the Greensill funds, which collapsed last year causing the bank to freeze $10billion of client funds.
Shareholder Pressure
The bank has shared the Greensill report with the Swiss financial regulator (Finma), but decided not to publish it publicly in view of ongoing legal disputes.
Chair Axel Lehmann has received pressure from shareholders in recent weeks to remove the discharge vote from the agenda, the report says citing people familiar with the discussions.
«How can we let them off the hook when we don’t know the full details of what happened?,» the FT report said citing a shareholder.
