Criticism of millions of salaries, but not CS deal

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Long faces at Credit Suisse on Tuesday, bright faces at UBS Wednesday: CEO Ralph Hamers (57) and Chairman Colm Kelleher (65) had every reason to smile at their general meetings. The criticism expected from shareholders who were ignored in the CS deal was extremely minor. Somewhat surprisingly, some voters were annoyed by the low purchase price. Shareholder Urs Studio criticizes that three billion francs for CS are “arrogant”.

Kelleher did not go into details about the purchase price. However, he underlined that UBS is not considering a takeover and the deal represents an important milestone for the entire Swiss and global financial industry.

«UBS has a very weak climate policy»

Climate was much more important than the CS deal. Activists, St. At the entrance of the Jakobshalle, he distributed leaflets with the words “UBS & CS: a toxic mixture for the climate”. Jeanne Martin of the Shareaction charity has criticized UBS’ funding of oil and gas companies. “UBS has a very weak climate policy compared to other European banks.” Therefore, shareholders are exposed to significant climate risks. Kelleher said the bank is pursuing an ambitious climate strategy that they plan to adhere to in the future.

Atomic bombs also suddenly became an issue in the General Assembly. “UBS has invested 3.4 billion Swiss francs in companies that manufacture nuclear weapons or parts thereof,” said Andreas Nidecker, spokesman for Doctors for the Prevention of Nuclear War. Kelleher underlines that every deal with arms companies is very carefully scrutinized. “We do not directly or indirectly finance such weapons,” he said.

Group management raises up to 114 million francs

Of course, there were also criticisms of the UBS top’s multi-million salary. Some of the speakers even made the bosses laugh at the podium by presenting them in witty language. And they can continue to look forward to it. In the advisory vote, GM voted unequivocally for the pricing of the carpet floor. Twelve members of the Board of Directors will pocket a maximum of CHF 13 million over the next twelve months. Eleven members of the Board of Directors receive up to CHF 114.1 million, including variable fees.

Shareholder Martin Kaufmann enlivened the General Assembly with his proposal to reduce the board of directors to ten. But it had disappeared. The General Assembly elected the members with great approval. Kelleher alone dropped significantly, almost 90 percent. Perhaps it was a tit-for-tat that shareholders had no say in the CS deal.

Source :Blick