"According to its commitment at the 2022 AGM in response to a Shareholder
proposal, the Board of Directors is consulting with Shareholders on
Credit Suisse’s climate strategy as outlined in the Strategy chapter of the
2022 TCFD report.
The Company has further improved its disclosures provided in the 2022
TCFD report, which reflect the progress the Company has made during
2022 in managing and setting goals to cover Scope 1, 2, and 3 emissions
associated to its in-scope lending, investment, and operational activities. It
highlights that based on the Company’s commitment to develop 2030 interim
goals for key sectors, the Company has set emissions reductions goals for
six sectors: oil, gas & coal, power generation, automotive, commercial real
estate, iron & steel, and aluminum. The Company continues to disclose the
climate alignment of its in-scope shipping portfolio to the Poseidon Principles
decarbonization index.
Specifically, it outlines the continued reduction of absolute financed
emissions associated with the oil, gas & coal sector by 64% by end of
2022 (based on preliminary estimates) against the 2030 goal of 49% and
also provides transparent disclosure on the Company’s strategy to align its
financing activities with the Paris Agreement.
The Company has also expanded its sector policies that apply to lending
and capital market underwriting activity to cover climate-sensitive areas
such as those related to oil sands, deep-sea mining, Arctic oil & gas, and
palm oil.
In addition, Credit Suisse Asset Management and Investment Solutions &
Sustainability, within Credit Suisse Wealth Management, published a joint
Climate Action Plan, which sets a 2030 interim goal of a 50 percent reduction
in investment associated emissions in intensity terms versus 2019.
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Furthermore, progress against Net Zero trajectories and other sustainability
related objectives are included in the performance scorecards of the
Executive Board members.
The 2022 TCFD report can be found on our website at
credit-suisse.com/agm.
The Board of Directors recommends that Shareholders support this resolution.
The purpose of this vote is to involve Shareholders in the climate strategy
presented by allowing Shareholders to express their views in a consultative
manner. Shareholders are not asked to take responsibility for the climate
strategy, which is the exclusive responsibility of the Board of Directors. The
Board of Directors is committed to an ongoing dialogue with Shareholders
on the Company’s efforts to address climate change and intends to seek
feedback from Shareholders on the reasons for their vote – both positive
and negative – and will inform Shareholders on any measures envisaged as
a result of the vote results. The Board of Directors furthermore intends to
continue to seek Shareholder feedback on its climate strategy and progress
by submitting the Company’s report on non-financial matters for approval
by Shareholders at the AGM on an annual basis, according to the new Swiss
law requirements on non-financial reporting for public companies, which
have been in force since January 1, 2022. In line with this legislation, the
Company will produce its first report on non-financial matters for the 2023
financial year and the first Shareholder vote on such report is expected to
take place at the 2024 AGM."