Shareholders Criticize UBS Management’s High Salaries at AGM; Climate Activists Demand Fossil Fuel Exit

UBS management faced criticism from shareholders at its AGM in Basel over wages. More than half a dozen security guards were present to protect the management team from any objects thrown from the audience. The 1,538 small shareholders expressed their discontent with the management’s salaries, which reflected poorly on UBS’s reputation. Despite the security forces present, the shareholders were able to vote on UBS’s compensation report and saw a significant no vote from angry shareholders who were dissatisfied with banker bonuses and high executive salaries.

The emotional and confusing outbursts from the shareholders focused on criticisms directed at UBS CEO Sergio Ermotti. The AGM was also filled with protests from climate activists demanding UBS to exit businesses tied to fossil fuels. However, the shareholders’ focus on wages overshadowed other pressing issues such as stricter capital requirements facing UBS as per the Federal Council’s report on big bank regulation. Chairman of the Board of Directors Colm Kelleher emphasized that UBS does not have an implicit state guarantee, rejecting claims of such guarantees. Despite resistance to stricter capital requirements, the AGM largely centered around displeasure over banker bonuses and high executive salaries.