“Top shareholders said they would vote against re-electing key Credit Suisse Group AG board members, a broadside against the bank’s leadership following a $5.5 billion loss from hedge fund Archegos Capital Management.
“At the bank’s annual meeting this Friday, Harris Associates* and Norges Bank Investment Management said they would vote against the reappointment of Andreas Gottschling, chairman of the bank’s risk committee. Mr. Gottschling joined the board in 2017 from the top risk job at Austria’s Erste Group Bank AG.
“David Herro, a partner at Harris Associates with a roughly 8% stake in Credit Suisse, said he would vote against Mr. Gottschling because he was the director in charge of risk.
“Norges, an arm of Norway’s central bank that runs its sovereign oil fund, owns around 3% of Credit Suisse. It said it would also oppose re-electing the lead independent director Severin Schwan, who is chief executive at Roche Holding AG , and Richard Meddings, a veteran British banker who joined the board last year ... Under Swiss rules, more than half of voting shares must go against a Director to block re-election.”
From: The Wall Street Journal - April 27, 2021 - Reported by Margot Patrick
* Since Harris Associates operates the Oakmark Funds, I’ve elected to include this under fund discussions.
Comments
https://www.nytimes.com/2021/05/18/opinion/archegos-bill-hwang-gary-gensler.html
chump banks and loopholes, man