At the annual general meeting of UBS in Basel, a group of shareholders criticized the bank’s management for their wages. Despite the criticism, UBS boss Sergio Ermotti remained stoic and even managed to smile during the heated discussions. The small shareholders were mostly retirement age individuals and expressed their dissatisfaction in various ways, including singing songs and advocating for environmental causes. Chairman Colm Kelleher maintained composure throughout the meeting and addressed the concerns regarding UBS’s remuneration policies. The discussion led to talks about potential increased capital requirements for UBS as proposed by the Federal Council in a recent report on big bank regulation. The meeting ultimately concluded with a reminder of the shareholders’ discontent through a vote on the compensation report.
UBS Bosses Stick to Their Guns amidst Criticism from Shareholders during Annual General Meeting
