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.
BIG NEWS! 18.5% of shareholders vote *FOR* Switzerland’s 1st ever climate resolution @CreditSuisse
With abstentions, almost 1 in 4 investors voted against management on the proposal filed by ShareAction, @FoundationEthos & 11 other investors
This sets an exciting precedent 🧵👇 pic.twitter.com/ikfGZebmKO
— ShareAction (@ShareAction) April 29, 2022
“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:
At todays AGM we show that @CreditSuisse is crashing into an iceberg of scandals. From Mozambique, to #SuisseSecrets, to Fracking in #VacaMuerta it is clear: The business model has failed. It is based on exploitation and growth and has no future on a livable planet for all. (1/3) pic.twitter.com/55nSOccOfH
— Collective Climate Justice #DefundClimateChaos (@climategames_ch) April 29, 2022
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:
“We have failed to account for upcoming risks quickly enough”
This is in the wrong tense, Alex. You’re still failing on it. You’re STILL giving billions of dollars to fossil fuel companies each year. Makes me wonder who works in the Credit Suisse risk department: pic.twitter.com/6fUR8ij1cK
— Bank On Our Future (@bankonourfuture) April 29, 2022
The climate resolution
The tough meeting finally got to where activists could ask questions, including this one from Swiss campaigning group 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. 🔥