On Sunday 19 March 2023, the Federal Council agreed and communicated the takeover of Credit Suisse by UBS. PUBLICA’s direct financial loss since November 2022 amounts to 0.006% of its invested assets (CHF 2.5 million). On the basis of its internal risk process, PUBLICA reduced its volume of securities lending from CHF 85 million to virtually zero in November 2022. The cash account was also closed in the same month. For PUBLICA as an institutional investor, the takeover of Credit Suisse by UBS reduces the selection of Swiss financial service providers available over the medium term.
As things stand, the operational risks are also low. The collaboration with Credit Suisse in the indi-vidual business relationships is not currently affected by the takeover.
PUBLICA has not voted to grant discharge to the Board of Directors at any annual general meeting since 2016. In response to the numerous scandals, PUBLICA’s Investment Committee decided in 2021 to initiate a direct dialogue with Credit Suisse on the subject of improving its corporate cul-ture. Two meetings with senior management took place in 2022, and a third was planned for May 2023.