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Norway’s Wealth Fund Backs Calls for Special Audit at Credit Suisse

Norway’s Wealth Fund Backs Calls for Special Audit at Credit Suisse

by Starling Insights

Starling Insights Editorial Board

May 13, 2022


Norway’s $1.3tn Oil Fund, the world's largest sovereign wealth fund, recently backed calls for a special audit at Credit Suisse. It warned it wouldn't absolve executives and board members from blame over multiple scandals.

This move raises pressure on the bank as the two most influential proxy advisers, ISS and Glass Lewis, made the same recommendation. The calls for a special audit come in the wake of several risk management crises for Credit Suisse, including the Greensill and Archegos collapses, as well as the “Swiss Leaks.”

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