Credit Suisse takeover by UBS: Statement by Ethos Foundation
The Ethos Foundation acknowledges of the takeover of Credit Suisse by UBS and regrets a huge waste for the shareholders and the Swiss economy as a whole.
Ethos publishes its second study on the digital responsibility of Swiss companies
Ethos and its partner EthicsGrade have examined how the largest listed companies in Switzerland manage issues related to digitalisation, be it data protection, the use of artificial intelligence or the environmental and social impact of their digital systems. While progress has been made compared to last year, transparency is still sorely lacking.
Ethos strengthens its executive management
Ethos announces the appointment of three new members to its executive management. Aurora Mouturat-Sorensen, who joins the company, will be responsible for the proxy voting at general meetings as well as for ESG and engagement services with listed companies in Switzerland. David Jeannet and Matthias Narr, members of the extended management since 2020, remain responsible for investment and international ESG for the first and for international engagement for the second.
Ethos and its European partners strengthen their collaboration within the "Ethos European Network"
Ethos and several local specialists join forces to provide analyses and voting recommendations for the general meetings of the largest listed companies in Europe.
Ethos publishes the 22nd edition of its voting guidelines
To prevent any deterioration of shareholder rights linked to the revision of Swiss law on public limited companies, the Ethos Foundation is strengthening its voting guidelines for the 2023 annual general meeting (AGM) season. Ethos fears in particular a transfer of power from the AGM to the board of directors in connection with the introduction of the capital fluctuation margin, the fact that it will be more complicated for shareholders to include an item on the agenda of an AGM or the possibility for companies to organise exclusively virtual AGMs. Ethos is also strengthening its expectations in terms of climate reporting and concerning succession plans for boards of directors.
Ethos publishes its first study on the digital responsibility of Swiss companies
Carried out with the help of EthicsGrade, a UK-based company specialising in corporate digital responsibility ratings, this study examined the practices of the 48 largest listed companies in Switzerland (SMI Expanded). The results show that companies still lack transparency about their digital practices and that their degree of preparation for issues such as ethics in artificial intelligence are still in their early stages. Ethos and EthicsGrade have already planned to reconduct the study in 2022 and 2023.
Ethos strengthens its sustainability expectations with its 2022 proxy voting guidelines
The 21st edition of its proxy voting guidelines and corporate governance principles is an opportunity to strengthen the sustainability and diversity requirements of the Ethos Foundation. The criteria for approving a sustainability or a climate report submitted to shareholder approval have been detailed. In addition, the re-election of the chairperson of the sustainability committees of companies with high CO2 emissions whose transition plan is deemed unsatisfactory will be refused.
Credit Suisse AGM: Ethos expects responses from the board of directors
The bank has been hit by two financial scandals (Archegos Capital and Greensill) in recent week which have raised questions on its governance and risk management processes. As a shareholder and representative of numerous Swiss pension funds, Ethos has sent to the board of directors questions in relation with these recent cases.
Ethos strengthens its climate and diversity voting guidelines
Ethos published this Thursday the 20th edition of its voting guidelines and governance principles for the 2021 general meetings. Ethos asks the major emitters of greenhouse gases to publish and submit to shareholders' approval an annual report on their climate strategy and introduces new voting criteria into its guidelines.
Credit Suisse AGM: Ethos recommends to oppose the discharge and the remuneration proposals
At Credit Suisse Group’s annual general meeting to be held on 30 April 2020, Ethos recommends not to grant the discharge to the bank’s governing bodies, in light of the serious governance failings revealed by the surveillance of the bank’s former managers. Ethos also recommends to oppose the board and executive remuneration, as well as the re-election of the chairman of the board of directors. Finally, due to the economic uncertainties relative to the Covid-19 pandemic, Ethos recommends shareholders to forgo the payment of the dividend this year.