Credit Suisse Investors Told Not to Clear Board of Liability

Credit Suisse Group AG investors are being advised to vote against discharging the board of directors of legal liability for mistakes made in the run-up to the collapse of Archegos Capital Management, which saddled the bank with billions of dollars in losses.

Shareholder proxy advisers Glass Lewis and ISS are recommending against absolving the bank’s leadership of liability for the fiscal year 2020, according to reports obtained by Bloomberg News. Both supported a discharge for 2021 after Credit Suisse excluded the collapse of funds it ran with now-defunct Greensill Capital from the vote.

The Archegos collapse, along with the reputational ...