Credit Suisse Group AG (" Credit Suisse ") announced on Wednesday (March 29) that it has withdrawn certain proposals submitted to its 2023 annual General Meeting following the bank's recent merger with ubs (" UBS ").

According to the announcement, the Board of Directors of Credit Suisse has decided to withdraw the following proposal previously issued on March 14, 2023:

Proposal 2 - Removal of Board and Executive Committee members for Fiscal Year 2022

Because of the bank's irretrievable crisis in recent weeks and its eventual merger with UBS, the board decided to withdraw the proposal. The motion item and its vote are thrown out.

Proposal 8.2.2 - Executive Board member transformation incentives

In light of the proposed merger between Credit Suisse and UBS, the Board of Directors has decided to withdraw its proposal for a one-time deferred share transformation award to executive Board members. The motion item and its vote are thrown out.

Proposal 3 Relevant information - Proposed retained earnings distribution and ordinary dividend distribution

In accordance with the Regulations on Additional Liquidity Assistance Loans and Federal Default Guarantees for Liquidity Assistance Loans made by the Swiss National Bank to systemically important Banks published by the Swiss Federal Council on March 19, 2023, Credit Suisse is not allowed to decide on and distribute dividends in respect of its 2022 financial year.

Under Swiss law, shareholders are still required to vote on the distribution of retained earnings. Accordingly, the Board will continue to ask shareholders to vote on the proposal under Item 3, noting that this vote relates only to the portion of the distribution of retained earnings and that the ordinary dividend related resolution and its vote have been voided.