Financial market supervisor FINMA is probing the bank’s conduct in the affair, and has appointed an independent auditor to investigate whether management control failures led to Switzerland’s second-largest bank snooping on two former executives last year.
Proxy adviser ISS has backed Credit Suisse’s proposals for its annual general meeting on April 30, recommending shareholders vote in favour of the group’s pay proposals and approve the performance of its leadership.
The ISS recommendations, seen by Reuters, come as a boost for the Swiss bank after Glass Lewis advised shareholders to deny its leadership a discharge following a spying scandal that cost ex-boss Tidjane Thiam his job.
Financial market supervisor FINMA is probing the bank’s conduct in the affair, and has appointed an independent auditor to investigate whether management control failures led to Switzerland’s second-largest bank snooping on two former executives last year.
“Whilst the company is currently subject to an ongoing FINMA probe, we note that no formal charges have been brought against the company, and it has not been confirmed that any individuals are subject to proceedings. Furthermore, it appears that the responsible individuals were identified and subsequently dismissed,” ISS said in its statement.
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