Credit Suisse Withdraws Some AGM Proposals Ahead of UBS Integration
March 30 2023 - 01:51AM
Dow Jones News
By Mauro Orru
Credit Suisse Group AG is withdrawing certain proposals it
planned to put to shareholders at its annual general meeting in
early April, citing the planned merger with UBS Group AG.
The troubled Swiss bank said late Wednesday that it is pulling
proposals on the discharge of members of the board of directors and
the executive board for the 2022 financial year, as well as a
separate proposal on a one-time deferred share-based so-called
transformation award for the executive board.
Credit Suisse has seen years of financial and reputational
missteps that led to substantial customer outflows in recent
months. Those withdrawals accelerated when the collapse of Silicon
Valley Bank focused attention on weakest links among global
banks.
UBS agreed to take over Credit Suisse earlier this month for
$3.2 billion, a move pushed by Swiss regulators who sought to avert
further damage to the banking system.
Given the circumstances, Credit Suisse said it isn't allowed to
resolve on and distribute a dividend for the 2022 financial year,
though shareholders must still vote on the appropriation of
retained earnings due to Swiss legislation.
Shareholders will vote exclusively on the appropriation of
retained earnings, and not the part of the resolution on the
ordinary dividend, the bank said.
Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94
(END) Dow Jones Newswires
March 30, 2023 01:36 ET (05:36 GMT)
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