Thursday, May 03, 2012

Shareholders vent anger at UBS annual meeting against executive pay and bonuses...

After a year in which it suffered a loss of SFr1.8 billion ($1.97 billion) through the actions of a rogue trader, leading Swiss bank UBS on Thursday faced down angry shareholders over executive pay and bonuses at its annual general meeting.

Board members and senior management were told they “should be ashamed of themselves”, and when the vote was taken almost 40 per cent of the 3,400 shareholders present voted to reject the company’s remuneration plan.

In his address to the meeting, outgoing chairman Kaspar Villiger said the bank had revised its remuneration policy following strong opposition from shareholders last year.

(...)

But shareholders were not to be mollified. Dominique Biedermann of Geneva-based sustainable development foundation Ethos, which owns shares in UBS, recommended shareholders reject the bank's remuneration plan.

“I believe that the board is simply playing around with the trust of shareholders […] compensation is simply too high compared to performance,” he said.

Loud applause greeted Biedermann’s comments, as it did comments from several other shareholders who attacked high salary packages for UBS executives given what some described as an 85 per cent drop in the bank’s share price since the start of the financial crisis. Full story...

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