Legal implications are no reason to vote against climate resolution at Credit Suisse

ClientEarth asserts that a proposed climate resolution at Credit Suisse is a legally appropriate use of shareholder rights under Swiss law, countering the bank's recommendation to vote against it. The resolution seeks to amend the articles of association to require annual reporting on progress toward the 1.5°C goal of the Paris Agreement and plans to reduce fossil fuel asset exposure. ClientEarth argues that while the Board manages day-to-day affairs, shareholders can set the general framework via the articles of association, providing a binding legal requirement that exceeds the bank's non-binding promises in sustainability reports.

• A climate resolution co-filed by the Ethos Foundation, ShareAction, and 11 institutional investors proposes amending Credit Suisse Group AG's articles of association to require annual management reports on alignment with the Paris Agreement's 1.5°C goal and steps to reduce fossil fuel asset exposure.
• Credit Suisse recommended shareholders vote against the resolution, arguing that the articles of association should not contain specific disclosure information unless required by law, despite the bank stating it supports the proposal's objectives.
• Under Swiss law, shareholders possess the legal right to amend a company's articles of association to establish the general framework for the Board's discretion, making the proposed climate disclosure amendment a legitimate exercise of these rights.
• ClientEarth contends that the resolution is necessary because the bank's existing commitments to strengthen climate disclosures in its 2022 Sustainability Report or TCFD disclosures are not binding, whereas an amendment to the articles of association would create a legal obligation.

APA

ClientEarth (2022). Legal implications are no reason to vote against climate resolution at Credit Suisse. https://www.clientearth.org/latest/news/legal-implications-are-no-reason-to-vote-against-climate-resolution-at-credit-suisse/

Chicago

ClientEarth. Legal implications are no reason to vote against climate resolution at Credit Suisse. 2022. https://www.clientearth.org/latest/news/legal-implications-are-no-reason-to-vote-against-climate-resolution-at-credit-suisse/.

Wikipedia

{{cite press release |author=ClientEarth |title=Legal implications are no reason to vote against climate resolution at Credit Suisse |date=22 April 2022 |url=https://www.clientearth.org/latest/news/legal-implications-are-no-reason-to-vote-against-climate-resolution-at-credit-suisse/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@misc{clientearth2022legal, author = {{ClientEarth}}, title = {{Legal implications are no reason to vote against climate resolution at Credit Suisse}}, publisher = {ClientEarth}, year = {2022}, month = apr, url = {https://www.clientearth.org/latest/news/legal-implications-are-no-reason-to-vote-against-climate-resolution-at-credit-suisse/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }