LONDON — UBS shareholders showed their frustration over bank bonuses Wednesday, with far fewer than usual voting at the annual shareholders’ meeting to back last year’s compensation decisions.
Almost 40 percent of UBS shareholders voting at the meeting rejected the bank’s 2009 compensation report, while 55 percent approved it. In previous years, UBS shareholders approved the remuneration policies with a clear majority of more than 80 percent. The vote is nonbinding but a way for investors to express their opinions.
UBS reduced the total bonus pool for 2009, deferred stock bonuses for senior employees and introduced a rule that would allow the bank to reclaim bonuses when certain performance targets were missed.
But some shareholders at the meeting Wednesday in Basel, Switzerland, said that the changes did not go far enough.
Ethos Foundation, a Swiss shareholder advocacy group, had called on UBS shareholders to reject the compensation report because the bank continued to pay bonuses to managers of unprofitable divisions.