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MarketScreener Homepage  >  Equities  >  Swiss Exchange  >  UBS Group    UBSG   CH0244767585

UBS GROUP

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UBS : Shareholder adviser ISS opposes free pass for UBS bosses after tax ruling

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04/15/2019 | 08:44am EDT
The logo of Swiss bank UBS is seen in St. Moritz

ZURICH (Reuters) - UBS shareholders should oppose discharging the board and top management of Switzerland's biggest bank from liability after a guilty verdict in a French tax evasion case, proxy adviser Institutional Shareholder Services (ISS) said.

"A vote against the formal discharge of the board of directors and senior management is warranted on a precautionary basis, as the company was recently found guilty of illegal solicitation and laundering the proceeds of tax evasion by a French court," ISS said in a statement received by Reuters on Monday, ahead of UBS's May 2 annual shareholders meeting.

This is the latest opposition from shareholder advisers after a French court in February found UBS guilty of illegally soliciting clients and laundering the proceeds of tax evasion, ordering it to pay 4.5 billion euros ($5.1 billion) in penalties.

UBS denies the charges and is appealing against the ruling it has called "incomprehensible".

A UBS spokeswoman declined to comment on ISS's recommendations.

Ethos Foundation on Friday recommended UBS shareholders reject all of the Swiss bank's executive and board pay proposals at the annual meeting, including binding votes on bonuses and pay packages.

Also last week, adviser Glass Lewis voiced its objections to the UBS pay proposal, citing "pay-for-performance concern", and recommended shareholders abstain on the discharge question.

Even if ISS does not get its way, a significant showing of shareholder opposition to the board's and management's discharge would be a blow to Chairman Axel Weber and Chief Executive Sergio Ermotti, who last month boosted provisions to cover the case but said they still expect the verdict to be reversed.

Ermotti has said he "disappointed" by the court ruling, but highlighted the bank's strong capital and liquidity as reasons UBS could afford to fight the French case.

A compliance expert and partner at Swiss law firm Lalive, Daniel Buehr, said a company's board is most accountable, since its members are tasked with making certain that management in important legal cases works in the interest of the company and is not driven by personal motivations.

"It can be damaging when managers commit their reputations and names and then cannot beat a retreat," Buehr said.

"In such situations, which happen again and again because it's human nature, it's the board's job to lead, to take control and manage the risks."

(Additional reporting by Oliver Hirt and John Revill; Writing by John Miller; Editing by Michael Shields/David Evans)

By Angelika Gruber

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Financials (CHF)
Sales 2019 30 570 M
EBIT 2019 5 890 M
Net income 2019 5 430 M
Debt 2019 21 752 M
Yield 2019 6,25%
P/E ratio 2019 10,7x
P/E ratio 2020 9,15x
EV / Sales2019 2,15x
EV / Sales2020 2,20x
Capitalization 43 851 M
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Mean consensus OUTPERFORM
Number of Analysts 25
Average target price 15,02  CHF
Last Close Price 11,81  CHF
Spread / Highest target 52,4%
Spread / Average Target 27,2%
Spread / Lowest Target -13,7%
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Managers
NameTitle
Sergio P. Ermotti Group Chief Executive Officer
Axel A. Weber Chairman
Sabine Keller-Busse Group Chief Operating Officer
Kirt Gardner Group Chief Financial Officer
Michel Demaré Independent Vice Chairman
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