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...
Related posts:
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...
Related posts:
- The $2 billion UBS incident: 'Rogue Trader' my ass...
- UBS expected to cut jobs as it seeks to save $2.5bn...
- Nick Leeson of Baring Banks infamy talks about the current crisis...
- Lehman Bros head took home $300m!!!
- Bankers and CEOs raping and pillaging the nation...
- Wall Street bankers to pocket record-breaking $144 BILLION in pay and bonuses...
- How to become a billionaire in a few easy steps...
- While they come for our pensions – bank bonuses are back with a bang...
- Goldman Sachs pay out $111million in bonuses despite taking billions in bailout money..
No comments:
Post a Comment