Glass Lewis recommends against providing Credit Suisse managers 2020 discharge
2022.04.12 13:27
FILE PHOTO: The logo of Swiss bank Credit Suisse is seen at a branch office in Bern, Switzerland October 28, 2020. REUTERS/Arnd Wiegmann/File Photo
ZURICH (Reuters) – Proxy adviser Glass Lewis recommended shareholders vote against providing Credit Suisse (SIX:CSGN)’s board and management a discharge for 2020 at the Swiss bank’s annual general meeting, saying shareholders “could reasonably hold the board and executives accountable for the identified deficiencies in the Company’s risk and control framework that were in place during fiscal year 2020”.
“Glass Lewis emphasises that shareholders who, on the basis of currently available information, intend to submit a claim
within the next six months for indirect damages suffered (excluding in relation to the supply chain finance funds matter)
are advised to withhold support from this proposal,” it said in a proxy paper.
However, it recommended shareholders vote in favour of discharging directors from liability for the 2021 financial year, with shareholders voting on both years during the annual general meeting.
