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Credit Suisse Shareholders Approve Directors, New Risk Committee Head

Editorial Staff

4 October 2021

shareholders have approved the election of Alex Lehmann and Juan Colombas to join the board of directors until the next annual general meeting. Shareholders voted in an extraordinary general meeting last week.

Lehmann was also made the new chair of the risk committee, succeeding Richard Meddings, who had been acting as chair on an ad interim basis in addition to being chair of the audit committee. Colombas was also elected as a new member of the compensation committee as proposed by the board of directors.

The EGM was held virtually to comply with COVID-19 restrictions, Switzerland’s second-largest bank said. 

“Together, we will foster a culture that reinforces the key importance of strong risk management and personal responsibility and accountability,” António Horta-Osório, the bank’s chairman, said.

The bank has changed its senior executive positions in recent months as it seeks to recover from heavy losses sustained in the Greensill supply-chain finance saga and the implosion of New York-based hedge fund/family office Archegos.

At the end of July the bank reported that on an adjusted basis it had logged pre-tax income of SFr1.313 billion ($1.44 billion) in the three months to 30 June, falling 11 per cent year-on-year. Net revenues fell 14 per cent year-on-year to SFr5.226 billion on an adjusted basis. The adjustments excluded significant items. In the first quarter of 2021 Credit Suisse booked an expected net loss – SFr252 million ($275.5 million) – as a result of Archegos, taking the shine off what would otherwise have been a strong quarter.