UBS management’s wages have come under fire from shareholders at the bank’s AGM in Basel. More than a dozen security guards were present to protect management from any potential disruptions, with one guard armed with an umbrella to catch any thrown objects. The majority of the 1,538 small shareholders in attendance, most of whom were retired, expressed their dissatisfaction with the management’s salaries.
The criticism leveled against UBS’s remuneration was met with stoic acceptance by Chairman of the Board of Directors Colm Kelleher, who pointed out that UBS would never pay as much as American banks. The AGM was marked by emotional and confusing outbursts from the shareholders, with criticisms directed at UBS CEO Sergio Ermotti. The shareholders’ votes were a mix of amusement, confusion, and frustration, with some resorting to dramatic gestures.
In addition to wage criticisms, protests from climate activists demanding UBS to exit businesses tied to fossil fuels also overshadowed other pressing issues such as stricter capital requirements facing UBS as per the Federal Council’s report on big bank regulation. Despite this resistance, the AGM largely centered around displeasure over banker bonuses and high executive salaries. In the end, the vote on the compensation report saw a significant no vote from angry shareholders, reflecting their dissatisfaction with UBS management.