Credit Suisse’s risk committee chair could face the music over the collapse of the Greensill supply chain funds and family office Archegos as shareholders look to vote against his reelection.
Harris Associates, Ethos Foundation and Norway’s oil fund will look to vote against the reelection of Andreas Gottschling, the «Financial Times» report reported. The 53-year old German former consultant, the Swiss bank’s risk committee chair since 2018, is already under pressure from a weighty U.S. shareholder adviser Glass Lewis.
The «FT» reported that Harris Associates, which owns nearly 5.2 percent of Credit Suisse’s stock, not only hopes for Gottschling to be voted out but for the arrival of new chair António Horta-Osório to lead to an overhaul of the board to be replaced with more banking expertise
Shareholder Hopes
Norway’s oil fund told the outlet it would vote against the reelection of five other board members, alongside Gottschling, including lead independent director Severin Schwan.
Ethos Foundation, which represents 200 Swiss pension funds that own three to five percent of stock, took on a more moderate line claiming that while Gottschling should be accountable, other members of the risk committee deserve a chance due to the limited time in their roles.
Greensill Backing
Gottschling had sided with those that viewed Lex Greensill as a valuable entrepreneurial client worth maintaining business with after multiple conference calls, though he did not personally «back» him, the «FT» reported, citing unnamed sources.
He was also reportedly a supporter of ex-chief risk and compliance officer Lara Warner, who left earlier this month as losses mounted.
