Credit Suisse shareholders reject Greensill’s pension fund audit request | News

Credit Suisse shareholders have rejected the proposal for a special audit aimed at clearly determining the bank’s position on the Greensill affair and the so-called Swiss Secrets presented by the Ethos Foundation and seven pension funds at its general meeting Annual Meeting (AGM) last Friday.

Shareholders rejected the company’s proposal to discharge the legal liabilities of directors and officers for the 2020 financial year by 59.95% of the vote. They also voted the disclaimer for the 2021 financial year, but not for 2020.

Shareholders also voted against a separate proposal filed by the Ethos Foundation – which represents Credit Suisse shareholders holding around 5% of the company’s shares – and ShareAction on behalf of 11 institutional investors on the bank’s climate strategy, disclosures and oil, gas and coal reports. .

Credit Suisse’s board of directors had already recommended that shareholders not approve the proposals on the AGM agenda.

Regarding the climate resolution, he said he had already decided to include disclosures in his 2022 sustainability report, in line with the Task Force on Climate-related Financial Disclosures (TCFD), and to submit them to an advisory shareholder vote next year. AGM.

The board of directors did not accept the request to amend the bank’s articles of association to include additional information.

Credit Suisse instead cited “the ongoing recovery process” for supply chain finance funds (SCFF) with $10 billion worth of assets linked to Greensill Capital as reason to vote against a special audit.

Publica, Bernische Pensionskasse, Pensionskasse of the City of Zurich PKZH, Pensionskasse Post, Intercompany Professional Provident Fund (CIEPP) are among the pension funds that have asked the lender to shed light on the funds of the chain of Greensill supply and ‘Swiss Secrets’ leaks. , Bernische Lehrerversichergungskasse and Cap Providence.

The bank answered a number of questions about Greensill and the Swiss Secrets leaks alleging it had criminals, autocrats and war criminals as clients, but Ethos deemed them insufficient without a third party verifying the answers .

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