We don’t know if you have been following the comedy of errors that has been Credit Suisse over the last few years, from its literal Keystone Kops escapade to its Kompliance Keystone Kops routine. Well, the world’s largest sovereign wealth fund has, and quite frankly—especially in light of a fifth profit warning in six quarters—it doesn’t find any of it particularly funny.
Norges Bank Investment Management, the arm of the Norwegian central bank that operates the nearly $1.3 trillion fund, said Sunday it supports a shareholder proposal for a special audit into the bank’s relationship with Greensill Capital, a financing partner that went bankrupt in March 2021. It said it is also voting at the bank’s annual shareholder meeting Friday against a proposal to clear Credit Suisse’s board and senior management of legal liability…. The Norwegian fund said, “where a company’s disclosure does not meet our needs as a financial investor, we will consider supporting a well-founded shareholder proposal calling for reasonable disclosure.”
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