Credit Suisse and UBS have had decades of AGMs in their long histories. But this year, their AGMs were far from normal. Credit Suisse’s collapse has meant that UBS are taking on large parts of their business. This is creating a Swiss monster bank, which is trying to iron out how it will integrate everything together – including fossil fuel investments.
Activists and experts were at the AGMs in Switzerland to make sure that despite all the news of the merger, the banks were still focussing on the biggest threat, the climate crisis.
An activist greeting
The activists at BreakFree Switzerland were outside the AGM with a sinking Credit Suisse ship, greeting shareholders as they entered:
📣Live from the last AGM of #CreditSuisse, the rogue bank sank in a sea of malfeasance and fossil fuel addiction!
We demand reparation for the victims #Mozambiquedebt #GasBoom + the regulation of the Swiss financial system #UBS #SNB to face the risks of the climate crisis. pic.twitter.com/MAYAEGBAnJ
— Collectif BreakFree Suisse (@BreakfreeCH) April 4, 2023
They were demanding justice for the people of Mozambique, where Credit Suisse’s fossil fuel corruption did untold damage. And demanding an end to Credit Suisse’s support of fossil fuels around the world.
Activists also set up camp outside the UBS AGM with a giant carbon bubble:
Inside the AGM
Credit Suisse has been plagued with scandal and mismanagement. But this is the first AGM they’ve had where they needed a bigger bank to buy them. That resulted in some serious grovelling:
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Bosses even got booed by angry shareholders! Here’s a full blow by blow run down from ShareAction’s Jeanne Martin –> HERE
And check out this question from Share Action on behalf of the Carrizo Comecrudo Tribe of Texas who are resisting the Rio Grande LNG Terminal, a massive Credit Suisse project:
.@kellyshields145 of @ShareAction takes the stage to read a statement on behalf of the Carrizo Comecrudo Tribe of Texas who are resisting the Rio Grande LNG Terminal, and suffering from its significant social & env impacts@CreditSuisse is one of the major banks involved pic.twitter.com/eLPL9ON3pu
— Jeanne Martin (@JeanneMartin25) April 4, 2023
After a LOT of angry shareholders, that was the end of the AGM, and the end of Credit Suisse.
On to the UBS AGM where the major issue is what they do with all the fossil fuel funding they’re inheriting from Credit Suisse. Here’s a question about if UBS will properly review all of Credit Suisse’s dodgy fossil fuel clients:
Here’s the full blow-by-blow thread on the UBS AGM –> HERE