The chairman of Credit Suisse and six other board members face opposition from the board of directors of Norway's sovereign wealth fund.
«Shareholders should have the right to seek changes to the board when it does not act in their best interest,» is a litany that is repeated seven times on Monday related to Switzerland's second-largest bank on the website of Norges Bank Investment Management which manages Norway's vast oil wealth.
Credit Suisse will hold what is likely to be its final annual general meeting (AGM) tomorrow. On March 29, the board announced it was withdrawing several proposals for the meeting, which will be the first to be held since the Covid-19 pandemic.
The Unmagnificent Seven
Norges Bank said it does not support re-electing Axel Lehmann as chairman, and said it will consider «whether the board has failed to act on material requests from shareholders, sought to circumvent shareholder proposals, or implemented governance changes limiting shareholders’ rights without their approval,» according to the voting proposals.
Norges Bank also opposes the re-election of Credit Suisse board members Iris Bohnet, Christian Gellerstad, Shan Li, Seraina Macia, Richard Meddings, and Ana Pessoa. Gellerstad, Li, and Bohnet also serve on the compensation committee and an «against» vote is recommended for that as well. Amanda Norton who was appointed last year is recommended for re-election.
The Swiss Ethos foundation said it 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 Bohnet, Gellerstad, Keyu Jin, Li, Macia, Blythe Masters, Meddings, and Pessoa were recommended for rejection.
