Brenna Hughes Neghaiwi and Simon Jessop

ZURICH (Reuters). – An ensemble of Credit Suisse (SIX 🙂 Investors push for climate action faster at Swiss bank. The bank’s size has nearly doubled, putting pressure on its board in advance of Friday’s annual shareholder meeting.

Credit Suisse is being pressured by investors to end financing fossil fuels development in order to mitigate climate change and help companies shift from a high carbon economy.

Eleven Credit Suisse shareholders originally filed a resolution https://api.shareaction.org/resources/reports/Resolution-wording_2022-03-08-090944_dzef.pdf in March urging the bank to cut exposure to fossil fuel assets. Amundi was Europe’s top asset manager.

Credit Suisse set new emissions targets for its loan books, but investors did not agree.

Now, other shareholders have joined the group planning to back the climate resolution, including Legal & General Investment Management and Aviva (LON:) Investors. 31 investors have already pre-declared support, totaling more than $5 Trillion in assets.

Other backers include Switzerland’s largest pension fund BVK, Danish investor Sparinvest, Swedish insurer Folksam, sustainable investor Grünfin and UK public pension investors Northern LGPS and Border to Coast Pensions Partnership.

U.N. climate scientists argue that it is urgent to act faster to curb emissions.

Jane Firth of Border to Coast’s responsible investment team stated that climate change poses a systemic threat to the economy. 

“By supporting the shareholder resolution, Credit Suisse hopes to see tangible steps taken to ensure disclosures and targets include all capital market activities, as well as a time frame consistent with Paris agreements.”

With the help of the Swiss Association for Responsible Investments and ShareAction NGO for responsible investments, the Ethos Foundation coordinated the resolution.

Jeanne Martin (Senior Campaign Manager, ShareAction) said, “We salute the investors who have today predeclared support for the shareholder led resolution on climate risk Credit Suisse.”

Voting in favor of this resolution is a clear signal that the bank expects investors to release a climate-based strategy to address all its major financing activities. “We encourage other investors to do the same.”

At Friday’s meeting Switzerland’s second largest bank faces scrutiny from multiple sides. Proxy advisers will recommend that shareholders reject the board’s request to release managers from responsibility for 2020 due to a string of expensive scandals. A group of shareholders is seeking to conduct a special audit on the bank’s activities.

The bank warned that Wednesday would be the first quarter’s loss.

($1 = 0.7862 pounds)($1 = 0.9322 euros)