Credit Suisse won’t ask shareholders to waive executives’ liability for Greensill’s losses
By Cristina Roca
Credit Suisse Group AG will ask shareholders to absolve company executives of all legal liability for all matters except losses caused by the collapse of Greensill Capital, it said on Wednesday.
The Swiss lender will ask shareholders to release the members of the board of directors and the management board of their responsibility, as is customary, except with regard to the question of the funds of supply chain finance. Credit Suisse is still working to recover funds lost by its clients during the Greensill collapse.
Credit Suisse said it received a proposal this month from the Ethos Foundation and other shareholders requesting information and a special audit be conducted in connection with the SCFF issue as well as a report from the Financial Times dubbed “Swiss Secrets”.
The bank said it would provide responses to the requested information next week, but recommended shareholders vote against the proposal at its next general meeting.
The bank said it would provide responses to the requested information next week, but recommended shareholders vote against the proposal.
“In light of the ongoing collection processes in the SCFF matter, as well as the legal and regulatory complexities, the Board of Directors believes that a special audit would, at this stage, be detrimental to Credit Suisse and that a disclosure related supplement would adversely affect the outcome of the recovery processes in particular,” the company said.
Write to Cristina Roca at [email protected]