Close Close
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards

Industry Spotlight > Broker Dealers

UBS Set to Hold Confidence Vote; Will Be Part of Next Shareholders' Meeting

Your article was successfully shared with the contacts you provided.

A formal vote of confidence in management had been put off for two years, according to the newspaper, as UBS there were both internal and external investigations underway related to the bank’s losses.

UBS released the April 14 agenda on March 18, including a re-election of board members for 2010 and a discharge of former board of directors and group executive board members in 2007, 2008 and 2009.

Current board members include: Kaspar Villiger, Sally Bott, Michel Demar? , Rainer-Marc Frey, Bruno Gehrig, Ann F. Godbehere, Axel P. Lehmann, Helmut Panke, William G. Parrett and David Sidwell, the former CFO of Morgan Stanley.

The new candidate for the board is Wolfgang Mayrhuber.

Shareholders will also vote on the creation of conditional capital of 38,000,000 Swiss francs.

According to a UBS statement, “The conditional capital will be used according to the legal terms and regulations for the delivery of shares by voluntary or mandatory exercise of conversion rights and/or option rights, which will be granted in connection to the issuance of bonds or similar financial instruments. With the approval of the shareholders, the board of directors would gain the flexibility to increase UBS AG’s core tier 1 capital in the amount of a maximum of 10 percent of the currently issued share capital.”


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.