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☆ UBS-Credit Suisse merger: Systemic risk for Switzerland is 'huge,' says Ethos Foundation
▼ + stars: | 2024-03-19 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailUBS-Credit Suisse merger: Systemic risk for Switzerland is 'huge,' says Ethos FoundationVincent Kaufmann, CEO of the Ethos Foundation, discusses concerns over the integration of Credit Suisse into UBS and the need for regulation.

Persons: Vincent Kaufmann Organizations: UBS, Credit Suisse, Ethos Foundation Locations: Switzerland

☆ Credit Suisse investor group joins claim seeking better UBS takeover price
▼ + stars: | 2023-07-04 | by ( John Revill | ) www.reuters.com time to read: +3 min

ZURICH, July 4 (Reuters) - A Swiss proxy adviser representing some former Credit Suisse shareholders has backed a class-action lawsuit seeking a better price from UBS (UBSG.S) for its takeover of its cross-town rival, it said on Tuesday. Under the deal, sealed last month, Credit Suisse shareholders were offered one UBS share for 22.48 Credit Suisse shares, valuing the stricken bank at 3 billion Swiss francs ($3.35 billion). Just 48 hours before deal was struck, Credit Suisse was worth 7 billion francs, Ethos said. If successful, all Credit Suisse shareholders would benefit from the new exchange ratio, it said. Ethos has previously raised concerns about how the acquisition of Credit Suisse by UBS was carried out, particularly that the deal was forced through without consulting shareholders.

Persons: Vincent Kaufmann, LegalPass, FINMA, Kaufmann, Alexandre Osti, John Revill, Conor Humphries Organizations: Credit Suisse, UBS, Ethos Foundation, Credit, Suisse, Thomson Locations: ZURICH, Swiss, Lausanne, Zurich, LegalPass

☆ Investors in biggest climate pressure group don't like to pressure
▼ + stars: | 2023-06-12 | by ( Tommy Wilkes | ) www.reuters.com time to read: +7 min

Climate Action 100+ (CA100+), set up in 2017, comprises more than 700 investment firms representing $68 trillion in assets. At stake is whether CA100+ members use all the tools at their disposal to pressure climate laggards. FLAGGING CLIMATE LAGGARDSCA100+ posts on its website upcoming shareholder resolutions and board re-election votes but it doesn't recommend voting against directors at climate laggards. Wespath's sustainability director, Jake Barnett, said that challenging board directors over their climate policies was not being used widely enough "as a method of accountability". In at least one area there is compulsion; CA100+ members not responding to a survey asking for their engagement interests within a year could be delisted.

Persons: laggards, Xander Urbach, CA100, Francois Humbert, bodes, Eli Kasargod, Staub, Warren Buffett's Berkshire Hathaway, Jake Barnett, MN's Urbach, Shell, Wael Sawan, Vincent Kaufmann, Tommy Reggiori Wilkes, Greg Roumeliotis, Susan Fenton Organizations: Reuters, MN, Generali Investments, Exxon Mobil Corp, Chevron, Valero Energy, Warren, Investments, The United Methodist Church, Shell, Ethos Foundation, Thomson Locations: Paris, Swiss

SummarySummary Companies Investors seeking more information on thermal coal plansGlencore calls on shareholders to reject resolutionLGIM's Marks says 'fundamental lack of willingness to engage'LONDON, May 5 (Reuters) - Investors pushing for more transparency on miner Glencore's (GLEN.L) thermal coal production said its decision not to support a shareholder resolution on the topic showed a "fundamental lack of willingness to engage". Unlike its peers, Glencore mines and trades thermal coal, the fossil fuel used to generate electricity. It has said it plans to responsibly run down its coal mines by the mid-2040s, closing at least 12 by 2035. "There is a fundamental lack of willingness to engage," said Michael Marks, LGIM's Head of Investment Stewardship and Responsible Investment Integration. Just 24% of investors voted against Glencore's climate progress report at the miner and trader's 2022 AGM, with some citing slow progress in scaling back coal production.

☆ Credit Suisse shareholders want answers and accountability, investor says
▼ + stars: | 2023-04-04 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCredit Suisse shareholders want answers and accountability, investor saysVincent Kaufmann, CEO of Ethos Foundation, which represents pension funds comprising between 3% and 5% of Credit Suisse shareholders, gives his opinion on the bank's rescue by UBS ahead of its AGM.

FRANKFURT, Feb 9 (Reuters) - Credit Suisse (CSGN.S) has taken another step towards creating a standalone investment bank by buying Michael Klein's advisory boutique, but gave few clues on Thursday about potential investors who might back the business with new capital. In October, Credit Suisse Chief Executive Officer Ulrich Koerner said the bank had already a commitment from an investor without giving a name. The plan has raised concerns from Credit Suisse shareholders over potential conflicts of interest. Credit Suisse said it would keep control over the structure of CS First Boston. CEO Koerner said: "The ties between the new Credit Suisse and CS First Boston are obviously super-deep and will stay super-deep."

☆ Swiss pension fund foundation CEO says he's 'not convinced' by Credit Suisse restructure
▼ + stars: | 2022-11-23 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSwiss pension fund foundation CEO says he's 'not convinced' by Credit Suisse restructureVincent Kaufman, CEO of the Ethos Foundation, which represents hundreds of Swiss pension funds that are active shareholders in Credit Suisse, criticizes the bank's strategic overhaul and treatment of existing shareholders ahead of a key vote.

☆ Credit Suisse shareholders greenlight $4.2 billion capital raise
▼ + stars: | 2022-11-23 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

The logo of Swiss bank Credit Suisse is seen at its headquarters in Zurich, Switzerland March 24, 2021.Credit Suisse shareholders on Wednesday approved a 4 billion Swiss franc ($4.2 billion) capital raise aimed at financing the embattled lender's massive strategic overhaul. Credit Suisse's capital raising plans are split into two parts. The new share offering will see the SNB take a 9.9% stake in Credit Suisse, making it the bank's largest shareholder. The second capital increase issues newly registered shares with pre-emptive rights to existing shareholders, and passed with 98% of the vote. Credit Suisse Chairman Axel Lehmann said the vote marked an "important step" in the building of "the new Credit Suisse."

The company will be a preferred long-term partner for Credit Suisse, the bank has said. Credit Suisse declined to comment beyond Lehmann's remarks Oct. 27 when the bank unveiled the restructuring. The investment bank spin-off and the sale of the securitized products unit to Apollo are key planks of the reorganization. Klein, a 59-year-old former Citigroup rainmaker who runs advisory boutique M. Klein & Co, has been a Credit Suisse board member since 2018. Klein and Credit Suisse also have discussed combining M. Klein & Co into CS First Boston, according to one source familiar with the discussions.

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