Another group representing shareholders is recommending against discharging Credit Suisse management in the Greensill debacle.
Institutional Shareholder Services (ISS) is recommending that shareholders reject discharging Credit Suisse management for the 2020 fiscal year at the firm's upcoming annual general meeting (AGM), according to a report from the «AWP» news service.
In a letter to shareholders, ISS said that because of significant financial damage and reputational cost to the bank resulting from the uncovering of risk and control issues, relieving management for the 2020 fiscal year should not be approved, according to «AWP».
Cleared for 2021
Because Credit Suisse took action to address the issues in question by changing staff and taking corrective measures, ISS considers a favorable discharge vote for the 2021 fiscal year to be justified. Even so, there is still some concern over the actions of the former chairman Antonio Horta-Osorio, the letter said according to «AWP».
ISS is supporting the call by Ethos Foundation, another shareholder representative, for a special audit related to the Greensill case as well as the «Suisse Secrets» data leak.
