- Credit Suisse shareholders have refused to discharge the members of the Board of Directors and the Executive Committee for the fiscal year 2020.
- At the big bank’s general meeting, shareholders voted against the layoff by 59.95 percent.
- Chairman Axel Lehmann was disappointed and said the decision would be analyzed by the board.
The discharge for fiscal 2020 was ruled out at last year’s public meeting, under the impression of disaster surrounding hedge fund Archegos and supply chain finance funds working with troubled Greensill Capital.
However, the General Assembly was again unwilling to grant the discharge this year, although this time around topics related to the major catastrophes surrounding the Grencelle funds have been left out.
CS Chairman of the Board of Directors, Axel Lehmann, noted the refusal to lay off “with regret.” The Board of Directors will now discuss how to proceed. Unlike the discharge for fiscal 2020, shareholders approved the 2021 discharge proposal with a 77.5 percent yes vote. However, topics related to Greens money were also explicitly excluded from the 2021 relief.
Stronger customer focus
At the public meeting, Lehman stressed the changes in the bank after the ongoing series of meltdowns. Last but not least, the Bank, management and management team will be sustainably redesigned and strengthened in a targeted manner. “The changes have to start at the top,” Lyman emphasized.
The president promised that the bank would focus more on customers in the future. However, at the same time, it implements “more systematic, more present and monitored risk management”. “Everyone in our bank should know and feel that when it comes to risk, there is no freedom in quantity and capacity.”
“Tv expert. Hardcore creator. Extreme music fan. Lifelong twitter geek. Certified travel enthusiast. Baconaholic. Pop culture nerd. Reader. Freelance student.”
More Stories
USA: The economy grows slightly faster than expected at the end of the year | News | Present
The economy is growing slightly faster than expected at the end of the year by dpa-AFX
Where there is more Pepsi than pepper