Norwegian wealth fund seeks Credit Suisse boardroom shake-up

Norges Bank Investment Management will vote against the re-election of Credit Suisse (CSGN.S) Chair Axel Lehmann and six other directors at the Swiss lender’s annual general meeting on Tuesday, the Norwegian wealth fund said on its website.

Credit Suisse was acquired last month by rival UBS (UBSG.S) in a $3.23 billion deal engineered by the Swiss government, central bank and market regulator to avoid its collapse and possible contagion across the global financial system.

“Shareholders should have the right to seek changes to the board when it does not act in their best interest,” the Norges wealth fund said ahead of the April 4 meeting.

In addition to Lehmann, Norges is also opposing re-election of Credit Suisse directors Iris Bohnet, Christian Gellerstad, Shan Li, Seraina Macia, Richard Meddings and Ana Pessoa.

Credit Suisse declined to comment and UBS did not immediately respond to a request for comment.