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UBS - 2,395 shareholders attend EGM |
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27 November 2008, Lucerne, Switzerland In Lucerne, 2,395 shareholders of UBS AG attended the extraordinary general meeting held to vote on the proposed capital raising. Shareholders, generally supportive of the Chairman, Peter Kurer, still wanted the bank to pursue legal action against former executives even though a number of these executives have returned or rejected CHF 70 million in remuneration. Shareholders demanded details of payments made over the previous five years to the senior executives. They also demanded that the bank recover payments from the non-Swiss executives who have left the banks, referring to Hew Jenkins, the former head of the investment bank and Clive Standish the former CFO. The Chairman confirmed that the UBS was still investigating potential legal remedies against former executives. The vote on the issuance of the Mandatory Convertible Notes was approved by shareholders with 98.53% of votes in favour. investorvoice.co.uk
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