Credit Suisse’s risk committee chair could face the music over the collapse of the Greensill supply chain funds and family office Archegos as shareholders look to vote against his reelection.
Harris Associates, Ethos Foundation and Norway’s oil fund will look to vote against the reelection of Andreas Gottschling, according to a «Financial Times» report citing the major shareholders and their representatives.
Gottschling, a 53-year old German executive, has been the bank’s risk committee chair since 2018 and earns an annual fee of $1 million.
The shareholders and their representatives join U.S. shareholder adviser Glass Lewis which recommended Gottschling's removal earlier this month.
Shareholder Hopes
Harris Associates – which owns 5.17 percent of Credit Suisse’s stock, according to published records – hopes not only for Gottschling to be voted down but for the arrival of new chair António Horta-Osório to lead to an overhaul of the board to be replaced with more banking expertise.
Norway’s oil fund said it would vote against the reelection of five other board members, alongside Gottschling, including lead independent director Severin Schwan.
Ethos Foundation, which represents 200 Swiss pension funds that own 3-5 percent of stock, took on a more moderate line claiming that while Gottschling should be accountable, other members of the risk committee deserve a chance due to the limited time in their roles.
Greensill Backing
According to the «Financial Times» report citing unnamed sources, Gottschling had sided with those that viewed Lex Greensill as a valuable entrepreneurial client worth maintaining business with after multiple conference calls, though he did not personally «back» him.
He was also reportedly a supporter of ex-chief risk and compliance officer Lara Warner, who was removed this month.
