Proxy adviser Ethos recommends Credit Suisse shareholders to oust chairman

ZURICH (Reuters) – Proxy adviser Ethos has recommended shareholders of Credit Suisse to vote against re-electing Chairman Urs Rohner at the Swiss bank’s annual general meeting on April 30 and the management pay proposals following a spying scandal last year.

“Ethos recommends not to grant the discharge to the bank’s governing bodies, in light of the serious governance failings revealed by the surveillance of the bank’s former managers,” the proxy adviser said in a statement on Tuesday, adding that the bonus awarded to former Chief Executive Tidjane Thiam was “excessive”.

“Since 2017, Ethos has been of the opinion that in view of the numerous cases that have tarnished the bank’s reputation in recent years, a change of chairmanship is necessary to restore shareholder trust,” it said.

(Reporting by Brenna Hughes Neghaiwi, Editing by Sherry Jacob-Phillips)