UBS board and management receives shareholder backing

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Shareholders of UBS on Wednesday backed the board and management despite opposition due to the bank's involvement in various scandals, including a global probe into the largely unregulated $5.3tril-a-day foreign exchange market.

Reuters reports that influential proxy advisor Glass Lewis had argued shareholders should be concerned with the extent of the burgeoning forex probe, and be mindful of potentially material fines UBS may have to pay for helping wealthy clients evade taxes.

Just over 12% of shareholders agreed with Glass Lewis, while more than 87% backed UBS' board and top management.

Previously an annual formality, the vote to ratify board and management has increasingly been used as a means of protest by shareholders.

A yes-vote means the company itself and the shareholders who vote for it would no longer have the option of pursuing legal action against them, unless new information came to light.

To access the complete Reuters article hit the link below:

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