US voting rights advisor Glass Lewis is recommending to CS shareholders to refuse to discharge the Board of Directors and management at the next general meeting.
Credit Suisse will explicitly exclude the “Greensill” case from the scheduled discharge at the end of April. In a statement, Glass Lewis noted that the Grencelle and Archegos cases had cost the bank dearly. In the event of his dismissal, the Board of Directors and management cannot be held liable for prior deficiencies in risk management and oversight with respect to Archegos.
Another institution wants to refuse discharge for both years
The ISS has previously recommended to CS shareholders to decline to dismiss management for the fiscal year 2020. However, for 2021, the ISS also considers a vote in favor of layoffs justified after personnel changes and measures have been implemented.
In the meantime, the Ethos Foundation recommends that the General Assembly refuse the administration from declaring the two publics. In addition, the shareholder representative from Western Switzerland is requesting a special audit by an independent body on “Greensill” and “Suisse Secrets”. However, the CS Board of Directors rejects such a proposal. Glass Lewis and ISS recommend that your test request be denied. (SDA)
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