Post by account_disabled on Mar 12, 2024 4:24:12 GMT
Shareholders deny backing the management of the Swiss bank's top management in a kind of rebuke sparked by a French court conviction for helping wealthy clients evade taxes.
A few days ago, at the shareholders' meeting, 41.7% support was given to the management of the bank headed by its president Axel Weber, below the required majority and far from the 89.7% of the support it obtained last year. former.
Analysts estimate that it could leave France Mobile Number List the bank's leadership exposed to possible lawsuits from shareholders.
It was in 2010 when investors rejected the administration of UBS for its management that led to the financial crisis in 2007.
It is worth mentioning that UBS was sentenced last February by a French court for illegal banking practice and money laundering, to pay a fine of 3.7 billion euros, as well as paying another 800 million in civil damages, the largest penalty imposed. in the country for this type of crimes.
According to the indictment, the Swiss entity advised wealthy French clients to open accounts in Switzerland to pay less taxes and be covered by the banking secrecy that exists in that country, thanks to a tax evasion system that allowed 10,000 million euros to escape from the French treasury. between 2004 and 2012.
According to El País, the president of the entity, Axel Weber, said at the shareholders meeting that the fine was being appealed and that the decision was “incomprehensible.”
“I interpret your decision that the uncertainty about the case opened in the French court worries you and that you want to keep all legal possibilities open,” he said after the vote.
“The risks of the past are a bitter reality for UBS shareholders. The sanctions associated with this could cost us several billion,” said Vincent Kaufmann, director of the Ethos Foundation that advises many pension funds.
A retail investor intervened at the meeting to comment: “In the church, remorse comes before penance and then forgiveness for sins. In the case of the Paris court, the bitter remorse of the shareholders comes after penance and with the suspicion that all past sins have not been paid for.
Last month, investor advisory firm Institutional Shareholder Services said shareholders should not approve of the performance of the bank's leadership. The Ethos Foundation recommended shareholders reject all executive and board pay proposals at the Swiss bank, including binding votes on bonuses and pay packages.
It should be noted that shareholders approved the 2018 executive compensation report with almost 80% support.
A few days ago, at the shareholders' meeting, 41.7% support was given to the management of the bank headed by its president Axel Weber, below the required majority and far from the 89.7% of the support it obtained last year. former.
Analysts estimate that it could leave France Mobile Number List the bank's leadership exposed to possible lawsuits from shareholders.
It was in 2010 when investors rejected the administration of UBS for its management that led to the financial crisis in 2007.
It is worth mentioning that UBS was sentenced last February by a French court for illegal banking practice and money laundering, to pay a fine of 3.7 billion euros, as well as paying another 800 million in civil damages, the largest penalty imposed. in the country for this type of crimes.
According to the indictment, the Swiss entity advised wealthy French clients to open accounts in Switzerland to pay less taxes and be covered by the banking secrecy that exists in that country, thanks to a tax evasion system that allowed 10,000 million euros to escape from the French treasury. between 2004 and 2012.
According to El País, the president of the entity, Axel Weber, said at the shareholders meeting that the fine was being appealed and that the decision was “incomprehensible.”
“I interpret your decision that the uncertainty about the case opened in the French court worries you and that you want to keep all legal possibilities open,” he said after the vote.
“The risks of the past are a bitter reality for UBS shareholders. The sanctions associated with this could cost us several billion,” said Vincent Kaufmann, director of the Ethos Foundation that advises many pension funds.
A retail investor intervened at the meeting to comment: “In the church, remorse comes before penance and then forgiveness for sins. In the case of the Paris court, the bitter remorse of the shareholders comes after penance and with the suspicion that all past sins have not been paid for.
Last month, investor advisory firm Institutional Shareholder Services said shareholders should not approve of the performance of the bank's leadership. The Ethos Foundation recommended shareholders reject all executive and board pay proposals at the Swiss bank, including binding votes on bonuses and pay packages.
It should be noted that shareholders approved the 2018 executive compensation report with almost 80% support.