Credit Suisse chairman Urs Rohner takes part in a panel discussion at the Swiss International Financial Forum in Rueschlikon, Switzerland, on Nov. 6, 2019.Shareholder support for Credit Suisse Chairman Urs Rohner dropped to its lowest level ever on Thursday, as Rohner told the Swiss bank’s annual meeting that its search for his successor was well under way.
It follows a spying scandal that cost former CEO Tidjane Thiam his role in February and divided investors over who ultimately should bear responsibility in the bank’s highest ranks.“Having been a board member for 11 years now, I am standing for re-election as chairman for the last time today,” said Rohner, 60, who is due to step down next year having reached a maximum term on the board.
Proxy adviser Ethos had recommended shareholders vote Rohner out for governance shortcomings, joining adviser Glass Lewis in asking investors to deny approving the leadership’s performance and to reject compensation proposals over reputational and other damages incurred last year. At 79.61 per cent, shareholders voted to approve the 2019 performance of directors and management at just a slightly higher rate than Rohner received.Speaking publicly to shareholders for the first time, new Chief Executive Thomas Gottstein noted he would make restoring the bank’s reputation a priority.“Our reputation suffered during the winter months in particular, and our share price is not satisfactory for any of us,” he said.
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