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Swiss banking group UBS has decided to hold a digital annual general meeting (AGM) for shareholders on April 29 instead of a physical meeting due to the coronavirus (Covid-19) pandemic.

The AGM will be broadcast in two languages – English as well as German.

The move comes after the Swiss government banned the gathering of groups of more than five people in the country to prevent the spread of Covid-19.

Directors David Sidwell, Isabelle Romy and Robert Scully will not stand for re-election.

The bank has proposed the names of Mark Hughes and Nathalie Rachou in their place.

UBS intends to offer $0.73 per share as dividend.

The bank stated: “Developments around the coronavirus and measures put in place by Swiss authorities impact the AGM 2020.

“Protecting the health of our shareholders and employees is our number one priority and it will not be possible to physically participate in the AGM. Voting rights can only be exercised through the independent proxy.”

Meanwhile, a report in the Swiss tabloid Blick said that the outgoing UBS CEO Sergio Ermotti donated nearly CHF1m ($1.1m) to relief efforts for Covid-19.

Ermotti, who will step down in November, will make the donation through a family foundation to non-profit organisations.

The money will be offered to the people affected by Covid-19 in the Canton of Ticino. The region is said to be the most hit in Switzerland by the pandemic.

Separately, UBS donated CHF30m to families affected by the pandemic.

UBS had previously taken several measures to prevent the spread of the pandemic.

These include a ban on non-essential international travel by employees.

The bank also asked its employees travelling from China, South Korea, Italy or Iran to work from home.