Norwegian wealth fund seeks Credit Suisse boardroom shake-up

The Norwegian wealth fund, Norges Bank Investment Management, revealed that it plans to vote against the re-election of Credit Suisse Chair Axel Lehmann and six other directors at the bank’s annual general meeting.

This move comes in the wake of Credit Suisse’s recent acquisition by UBS. The $3.23 billion deal was orchestrated to prevent the bank’s collapse and subsequent contagion throughout the global financial system.

Norges Bank Investment Management stated on its website, “Shareholders should have the right to seek changes to the board when it does not act in their best interest.”

In addition to Lehmann, Norges is also opposing the re-election of Credit Suisse directors Iris Bohnet, Christian Gellerstad, Shan Li, Seraina Macia, Richard Meddings, and Ana Pessoa. Neither Credit Suisse nor UBS has commented on the matter.

Reporting by Jyoti Narayan; Additional reporting by Lavanya Ahire; Editing by David Goodman

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