General Meeting – UBS shareholders approve all proposals

All the proposals of the board of directors were validated Thursday by more than 16,000 shareholders during an online general meeting. President Axel Weber was also re-elected for a one-year term.

Posted today at 14:21

The salaries and other bonuses of senior executives at UBS did not cause a stir among shareholders.

KEYSTONE/Ennio Leanza

The shareholders of UBS bank validated all the proposals of the board of directors during the the general Assembly Thursday. The approval rates for compensation points were even higher than last year.

The exercise, led by President Axel Weber, was completed online in just under an hour. More than 16,000 shareholders have given their instructions via an independent agent, representing 2.15 billion shares out of a total of 3.86 billion.

The salaries and other bonuses of the executives of the bank with the three keys did not make a stir, whereas last year, Ethos had refused the report on the remuneration. This was 85.7% approved, slightly better than in 2020 (84.6%).

Both the variable remuneration of the general management was accepted (84.8%), and the discharge to the management bodies (91.4%). The dividend proposal was also popular (99.6% yes). The appeal trial for aggravated money laundering of tax fraud and illegal bank canvassing in France, the verdict of which is scheduled for September, was not mentioned.

“Full confidence” in Hamers

Chairman Axel Weber assured that the Managing Director “Ralph Hamers enjoys the full confidence of the Board of Directors in the management of our company”. In early December 2020, the Dutch courts reopened the investigation into the ING bank for money laundering, a court in the Netherlands having asked the public prosecutor to investigate the role of the former boss of the establishment.

Ralph Hamers (left) and Axel Weber (right) at a press conference in Zurich in February 2020.
Ralph Hamers (left) and Axel Weber (right) at a press conference in Zurich in February 2020.

KEYSTONE / Walter Bieri

Axel Weber was also re-elected for a one-year term. It should be the last for whoever has headed the body for ten years. In a presentation to shareholders published as part of the AGM, it is written that the succession of the chairman is scheduled for 2022 and that the search for a candidate has started in early 2021. Axel Weber himself and the Managing Director Ralph Hamers are involved in the process.

ATS

Posted today at 14:21

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