At an annual general meeting on Friday, a proposal to formally discharge directors of their responsibilities for the year 2020 was rejected by nearly 60% of votes.
Switzerland’s second largest bank has endured a miserable couple of years, racking up huge losses on the collapse of the Archegos hedge fund and Greensill Capital financing firm.
With the bank conducting an internal review of its performance last year, shareholders were not asked until this year to discharge the board for 2020 – which they rejected. However, the board of directors were discharged for the year 2021.
Chair Axel Lehmann expressed his disappointment at the vote and said the board would analyse the decision.
Having suffered a huge loss for the full year of 2021 and further red numbers in the first quarter of this year, Lehmann has vowed to make changes.
This comes on top of a number of recent high-profile managerial changes at the bank.
But shareholders have also been upset by a series of strategic errors by the bank that have tarnished its reputation, cost investors’ money and drawn fire from the financial regulator.
Changes being made
Lehmann said these concerns are being addressed with a comprehensive revamp of the bank’s risk culture.
Shareholders rejected a proposal from the Ethos investor group for a special audit into the Greensill affair and the Suisse Secrets money laundering nedia allegations.
Another Ethos proposal for the bank to outline in more detail how it will reduce exposure to fossil fuels was also rejected.
Popular Stories
More
Culture
Wealth is not all: how gentrification in Zurich has led to housing shortage
Swiss invention: 90-year anniversary of first T-bar ski lift
This content was published on
On Monday it will be 90 years since the world’s first T-bar ski lift went into service in Davos. This Swiss invention was an instant success.
Iran summons Swiss ambassador over US and Italy arrests
This content was published on
Iran has summoned the Swiss ambassador, who represents US interests, to protest against the arrest in the US and Italy of two Iranians.
Swisscom receives greenlight for acquisition of Vodafone Italia
This content was published on
The takeover of Vodafone Italia by Swisscom is nearing completion. All relevant authorities have now approved the €8 billion (CHF7.45 billion) deal.
Novo Nordisk stock market plunge drags down Swiss device maker Ypsomed
This content was published on
The Danish pharmaceutical giant, Novo Nordisk, faced setbacks on Friday that weighed on the share price of Swiss injection device manufacturer Ypsomed.
Swiss press react to EU deal with mix of euphoria and scepticism
This content was published on
Swiss media reaction to the agreement between Switzerland and the EU varies widely. Some are celebrating, while others worry about what is to come.
Swiss Solidarity donations to tackle child abuse top CHF4 million
This content was published on
Swiss Solidarity, the humanitarian arm of the Swiss Broadcasting Corporation (SBC), has raised over CHF4 million ($4.3 million) to tackle child abuse.
This content was published on
Switzerland’s Financial Market Supervisory Authority (FINMA) on Thursday opened enforcement proceedings against the bank over the Archegos losses. The regulator is investigating whether there were deficiencies in risk management. FINMA has appointed an investigator to probe the matter at the bank. It is also exchanging information with counterparts in Britain and the United States. The…
Credit Suisse ignored more than 100 red flags, says regulator
This content was published on
A report by the Swiss financial regulator FINMA claims that the bank had ignored over 100 warnings of potential breach of regulations.
This content was published on
The Swiss bank said on Thursday net profit fell to SFr768 million ($959 million), below average analyst forecasts of SFr1 billion and less than half the SFr1.6 billion made in the same period in 2010. Operating income fell to SFr1.37 billion from SFr1.7 billion in the Q2 last year. New assets in private banking were…
Credit Suisse loses case over banker who stole from billionaire clients
This content was published on
Former Georgian prime minister Bidzina Ivanishvili has won a long-running battle with Credit Suisse to reclaim funds stolen by a former employee.
Credit Suisse asks investors to destroy documents linked to oligarch yacht loans
This content was published on
The FT says the Swiss bank asked hedge funds and other investors to destroy loans documents relating to its richest clients’ yachts and private jets.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.