Credit Suisse's AGM is on the calendar next week. It's the first in-person shareholder meeting since the Covid pandemic. And in all likelihood, it will be the last.
Credit Suisse executives can expect to face an audience of very angry shareholders at the upcoming annual general meeting on Tuesday next week at Zurich's Hallenstadion.
Depending on how long one has held Credit Suisse stocks, the losses in value will naturally vary. But over the weekend of March 19 alone, when the UBS takeover was sealed, the loss in value was around 60 percent.
Many shareholders perceive the takeover as an expropriation because of the application of emergency law. While the possibility for legal possibilities seems remote, anger will likely be directed primarily against the board of directors and management.
Discharge Unlikely
This will also inform voting behavior, with recommendations submitted in advance by shareholder representatives contributing to this. The Swiss Ethos Investment Foundation, which mainly advises pension funds, opposes the discharge of the members of the board of directors and the executive board.
The proposal for the appropriation of the balance sheet result and the setting of the dividend is also recommended for rejection, as are advisory votes on the compensation report and the bank's climate strategy.
The elections to the board of directors present a different picture. Ethos supports the re-election of chairman Axel Lehmann as well as the election of members Mirko Bianchi, Clare Brady, and Amanda Norton. Existing board members Iris Bohnet, Christian Gellerstad, Keyu Jin, Shan Li, Seraina Macia, Blythe Masters, Richard Henry Meddings, and Ana Paula Pessoa are recommended for rejection.
A statement from Ethos last week on the takeover of Credit Suisse contained ample portions of indignation. It deplored the move as a tremendous waste for shareholders and the Swiss economy as a whole. All options, including legal ones, would be on the table to determine responsibility for the debacle.
Others Against Discharge
According to «Financial News» (behind paywall) portal, proxy advisors Glass Lewis and ISS opposed the compensation report as well as advising against discharging Credit Suisse executives.
