The chairman of Credit Suisse’s risk committee could face the music of the collapse of Greensill’s supply chain funds and Archegos family office as shareholders seek to vote against his re-election.
Harris Associates, the Ethos Foundation and the Norwegian Oil Fund will seek to vote against the re-election of Andreas Gottschling, according to a Financial Times report citing major shareholders and their representatives.
Gottschling, a 53-year-old German executive, has chaired the bank’s risk committee since 2018 and receives an annual fee of $ 1 million.
Shareholders and their representatives join US shareholder adviser Glass Lewis, who recommended Gottschling’s exit earlier this month.
Harris Associates – who owns 5.17% of Credit Suisse shares, according to published records – hopes not only for Gottschling to be dismissed, but also for the arrival of a new president AntÃ³nio Horta-OsÃ³rio lead to an overhaul of the board of directors to be replaced by more banking expertise.
The Norwegian oil fund said it would vote against the re-election of five other board members, alongside Gottschling, including the independent lead director Severin schwan.
The Ethos Foundation, which represents 200 Swiss pension funds holding 3-5% of the shares, took a more moderate stance, saying that while Gottschling should be held to account, the other members of the risk committee deserve a chance due to the limited time in their functions.
According to the Financial Times report citing anonymous sources, Gottschling sided with those who consulted Lex greensill as a valued entrepreneurial client with whom it is worth continuing to do business with after several conference calls, although he has not personally “supported” him.
He was also reportedly a supporter of the former head of risk and compliance. Lara warner, which was deleted this month.