CS Board of Directors on the trip to Jerusalem

Credit Suisse’s board of directors is on the move. Even before Antonio Horta Osorio resigned, it became clear that some parts of the body would become unnecessary.

It was in the last two lines longer message To read, which Credit Suisse (CS) last December marking the appointment Francesco de Ferrari To head up the new division of wealth management, Wealth Management.

“Regardless of these additional tasks, the group’s board of directors in the future will consist of no more than twelve members,” she said, referring to the redistribution of roles on the senior bank’s higher committee, which was also announced in the report.

Silence about the choice

This was largely ignored in reports at the time – but it has now gained a lot in Bryans in light of recent events at the institute. After the forced resignation of the former bank president Antonio Horta Osorio At the start of the week, more seats on the Customer Services Supervisory Board appear to be shaking. also finews.ch I reported on Thursday (today) that the vice president Severin Xuan (photo below) He leaves it open whether he will run for re-election to the General Assembly next April.

In any case, the chair dance is emerging. Because it can be assumed that Horta Osorio’s “rule of twelve” will also apply after his resignation. This is how the committee deals with the new president Axel Lehmann Currently 13 members – as in the board game Journey to Jerusalem, one chair will not be enough for the current course of Bank Supervisors. One or one of them will be superfluous in the board of directors. The only question is: Who?

(Photo: Credit Suisse)

No big ropes torn

At the request of finews.ch Don’t comment on this, also by referring to the ad hoc reporting duty. In the lead-up to the new body size guidelines, it was leaked from close associates of the then-president that Horta Osorio had questioned the body’s banking knowledge.

When new board duties were assigned in December, the members subsequently left Iris Bonnet (photo below) And Michael Cline Without new “jobs” – is this an indication of an imminent exit?

The Swiss Academy of Sciences with a scientific career in the United States, which joined the board of directors in 2012, is sometimes said to have not broken any major ropes there. American investment banker Klein, who has been with us since 2018, remains interesting to CS just because of his network. He has the best relations with the Middle East and is considered a pioneer in the space boom – in business with shell exchange companies, CS is also turning a big wheel.

(Photo: Credit Suisse)

Desirable by the British

Meanwhile, they became members long ago Kay Nargulwala and british Richard Meddings (photo below) In December 2021 with new missions. As a member of the compensation committee responsible for the institute’s wage policy, Nargolwala has been repeatedly a target of shareholder advocates.

Meddings is now the UK government’s first candidate to lead the NHS. As Chairman of the Risk Committee, Meddings is a pivotal figure in the Bank’s efforts to better manage its risks.

(Photo: Credit Suisse)

voluntary waiver

Also of note is Vice President Schwann, who, as a member of the nominating committee, brought Horta-Osório to the bank last year. Now he’s accused of doing so — in addition to the basic criticism that, as CEO of the Basel multinational pharmaceutical company, Roche, he doesn’t actually have time for additional mandates. For a possible run for Roche’s presidency, Schwann is unlikely to get a taste of the persistent negative headlines about CS anyway.

This would be reason enough to voluntarily abandon the trip to Jerusalem.

Collaboration: Kathryn Bart