Board of Credit Suisse Withdraws Certain Proposals to AGM Following Merger with UBS

Credit Suisse Group AG (Credit Suisse) announced on Wednesday (March 29) that it has withdrawn certain proposals to the 2023 annual general meeting following the lender's recent merger with UBS Group AG​ (UBSG.S).

According to the announcement, the Board of Credit Suisse has decided to withdraw the following agenda items previously published by the bank on March 14, 2023:

Item 2 – Discharge of the members of the Board of Directors and Executive Board for the financial year 2022

Due to the unprecedented circumstances concerning the bank in recent weeks and which resulted in the planned merger between Credit Suisse and UBS, the Board decided to withdraw its proposal to this agenda item, which renders this agenda item and the vote thereon obsolete.

Item 8.2.2 – Transformation Award for the members of the Executive Board

In view of the planned merger between Credit Suisse and UBS, the Board decided to withdraw its proposal concerning a one-time deferred share-based Transformation Award for the Executive Board, which renders this agenda item and the vote thereon obsolete.

Information on Item 3 – The proposed appropriation of retained earnings and ordinary distribution of a dividend

Pursuant to the Ordinance on Additional Liquidity Assistance Loans and the Granting of Federal Default Guarantees for Liquidity Assistance Loans from the Swiss National Bank to Systemically Important Banks published by the Swiss Federal Council on March 19, 2023, Credit Suisse is not permitted to resolve on and distribute a dividend for the financial year 2022. 

As a matter of Swiss law, shareholders must still vote on the appropriation of retained earnings. The Board will therefore continue to request shareholders to vote on the proposal under agenda item 3, noting that the vote exclusively pertains to the part of the appropriation of retained earnings while the part of the resolution on the ordinary dividend becomes obsolete.