At the General Meeting of Credit Suisse at the end of April, another shareholder revolt looms: a weighty proxy stands in the way of several proposals.
Shareholder rights representative Glass Lewis opposed several items on the agenda of the major bank at the Credit Suisse (CS) general meeting on April 30. As the agency “Reuters” reported, the weighty shareholder right representative rejects both the discharge of the CS board of directors and the remuneration report for the remuneration of the top management.
Annoyed by shading scandal
The voting right advisor justifies this with the shadowing scandal surrounding the ex-CS manager Iqbal Khan, the former CEO Tidjane Thiam last February cost the office. As Glass Lewis noted, the Spygate has severely damaged the institute’s reputation. In the remuneration report, the shareholder proxy is disturbed by Thiam’s remuneration and also by the wage criteria of his former chief operating officer Pierre-Olivier Bouée, who also fell in the scandal.
Glass Lewis, on the other hand, follows the motions for the general meeting of CS archrival UBS.
Not the first exchange of blows
According to Reuters, the CS takes note of Glass Lewis’ protest. Against the background of the corona crisis, the big bank recently turned around on the question of dividends. However, she keeps a low profile on the remuneration.
The powerful shareholder representative had already opposed the (CS) remuneration report at last year’s general meeting. In April 2017, the big bank cut management bonuses by 40 percent under massive pressure from investors. Glass Lewis controls up to 10 percent of owner votes in this country.
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