UBS management faced criticism from shareholders during their AGM in Basel over their salaries. The security forces present were unable to shield the management from the votes of the 1,538 small shareholders in the room. The AGM was marked by emotional and confusing outbursts from the shareholders, with criticisms directed at UBS CEO Sergio Ermotti.
Despite the resistance to stricter capital requirements, the AGM largely centered around displeasure over banker bonuses and high executive salaries. The vote on the compensation report saw a significant no vote from angry shareholders, reflecting their dissatisfaction with UBS management.
Chairman of the Board of Directors Colm Kelleher acknowledged that UBS would never pay as much as American banks, but emphasized that they do not have an implicit state guarantee. Meanwhile, climate activists demanded that UBS exit businesses tied to fossil fuels.
The AGM was filled with emotional and confusing outbursts from the shareholders, with criticisms directed at UBS’s CEO Sergio Ermotti. Despite his stoic acceptance of criticism over remuneration, Ermotti and Kelleher emphasized that UBS does not have an implicit state guarantee and rejected claims of such guarantees.
In conclusion, while there were disagreements on various issues such as capital requirements facing UBS as per the Federal Council’s report on big bank regulation, most of the focus during the AGM was on dissatisfaction with banker bonuses and high executive salaries. The no vote on the compensation report reflected this sentiment among angry shareholders.