A Swiss shareholder activist group is challenging the pay forked out in 2012 to UBS CEO Sergio Ermotti and other executives at Switzerland’s largest bank in the face of its steep losses last year.
Actares, a group that promotes sustainable development, said on Wednesday that it would be opposing the high bonuses paid to Ermotti and others after the bank posted a net loss of 2.5 billion francs ($2.62 billion) for 2012.
Much of the loss was the result of penalties for a Libor-fixing fraud that cost 1.4 billion francs.
Actares said at the annual general meeting scheduled for Thursday it would announce its dissatisfaction with the continuing scandals at the bank, which it said could not be blamed on previous management.
(...)
In a statement, Actares said UBS shareholders were paying the price for “scandals and legal cases” for which billions of francs had been spent, or set aside aside for future charges.
“We note again and still the hiring bonuses of many millions and remuneration for the chairman and CEO attaining amounts that strike against common sense, especially following a year when the losses mount in the billions.” Full story...
Related posts:
Actares, a group that promotes sustainable development, said on Wednesday that it would be opposing the high bonuses paid to Ermotti and others after the bank posted a net loss of 2.5 billion francs ($2.62 billion) for 2012.
Much of the loss was the result of penalties for a Libor-fixing fraud that cost 1.4 billion francs.
Actares said at the annual general meeting scheduled for Thursday it would announce its dissatisfaction with the continuing scandals at the bank, which it said could not be blamed on previous management.
(...)
In a statement, Actares said UBS shareholders were paying the price for “scandals and legal cases” for which billions of francs had been spent, or set aside aside for future charges.
“We note again and still the hiring bonuses of many millions and remuneration for the chairman and CEO attaining amounts that strike against common sense, especially following a year when the losses mount in the billions.” Full story...
Related posts:
- UBS handed out CHF2.5 billion ($2.6 billion) in bonuses despite losses...
- UBS gave investment chief £17million as 'golden hello'
- Swiss voters crack down on corporate pay packages...
- Why rich Switzerland is furious about rich executive pay-outs...
- Inflated salaries: Merkel joins battle against fat cat pay...
- Fury over fatcat bankers as 500 Barclays and RBS staff are revealed to be...
- £570m loss at Lloyds but £1.5m bonus for the boss...
No comments:
Post a Comment