(Bloomberg) -- Norway's sovereign wealth fund will vote against the reelection of several Credit Suisse Group AG directors, including chair Axel Lehmann, at the bank's annual investor meeting, it said on its website.
The battered Swiss lender, which was acquired last month by UBS Group AG in a historic government-brokered takeover, is scheduled to hold the shareholder meeting on April 4. The Norwegian fund had cut its stake to about 1% in Credit Suisse, a spokesperson told Bloomberg News in March.
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The other directors Norges Bank Investment Management will vote against are Iris Bohnet, Christian Gellerstad, Shan Li, Seraina Macia, Richard Meddings and Ana Pessoa.
“Shareholders should have the right to seek changes to the board when it does not act in their best interest,” the fund said.
The Financial Times earlier reported that the Norwegian fund had announced its decision Friday.
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