What an incredible result. A quarter of Credit Suisse (CS) shareholders are telling CS to clean up on climate by voting against management and demanding a fossil fuel funding phase out. The vote happened thanks to a resolution filed by Share Action and the Ethos Foundation – the first ever of its kind at a Swiss company.

It was specifically aimed at challenging the $91 billion they’ve given to fossil fuel companies since the Paris Climate Accords in 2016.

“Draw me like one of your … fossil fuel CEOs” ⛴

Credit Suisse’s continued under performances, financial losses, and consistent scandals made for a rocky AGM. And there were bad signs for the CS bosses at the start of the of the day when incredible activists at Campax, Break Free and Collective Climate Justice turned up at the Zurich head offices…with a large boat:

Activists visualised CS as the Titanic, crashing into an iceberg of risky climate investments. Jack and Rose were replaced by Credit Suisse CEO Thomas Gottstein and Chairman, Axel Lehmann. They even made it into the headlines.

On to the AGM…

From the second the AGM began, CS bosses were immediately on the hook for their consistent failings and scandals. With one shareholder saying: “Last year, the CEO presented miserable results. He said sorry and just walked away”.

Thomas Gottstien was {insert professional word for grovelling} about the mistakes CS had made, and giving out sorry reflections to almost everyone. He didn’t mention the fact that CS has been dropped from a major sustainability index for corruption. But he did mention their shocking record on risk:

The climate resolution

The tough meeting finally got to where activists could ask questions, including this one from Swiss campaigning group Campax:

‘Report published by IEA last year indicated no new investments in new oil and gas but CS provides billions to companies who are doing just this. When will CS stop funding fossil fuel expansion?’ – Campax

CS were pushed on their plans for following the IEA finding that there can be no new oil or gas mining to keep to a 1.5C warmed world. And how it fit in with their on-going funding of groups like BP. The resolution asking CS to phase out fossil fuels got 18.4% of the vote (4.2% abstaining, 77% voting against).

This is a huge result. This resolution was the first of its kind at a Swiss company of any kind. And it’s already hitting the high teens, which makes it a thorn in the side that CS bosses cannot ignore.

This doesn’t happen by accident. This is only happening due to activists, campaigners and people coming together to take on giants. And we’re winning. 🔥