ZURICH, March 30 (Reuters) - Proxy advisor Ethos will recommend shareholders vote against board and executive pay at Credit Suisse’s upcoming annual general meeting and ask shareholders to withhold approving top management’s performance in 2020, following a slew of problems at the bank.
“These new cases add up to an incredible number of governance failures during Mr Rohner’s tenure,” Ethos Foundation Chief Executive Vincent Kaufmann said, referring to outgoing Chairman Urs Rohner. He confirmed an earlier report by Swiss newspaper Tages-Anzeiger that the advisor intended to vote against awarding top management for 2020’s performance.
Credit Suisse warned on Monday it was facing “significant” losses from lending to investment fund Archegos for equity derivative trades. Switzerland’s second-biggest bank has also been reeling from the collapse of more than $10 billion worth of funds linked to insolvent finance firm Greensill. (Reporting by Brenna Hughes Neghaiwi Editing by Rachel Armstrong)