Due to the weight of his additional professional commitments Rainer-Marc Frey has decided not to seek re-election to the Board of Directors (BoD) of UBS at this year’s Annual General Meeting (AGM).
Having been elected to the BoD in October 2008, he has served as a member of the Risk Committee and the Human Resources and Compensation Committee. The BoD regrets his decision and thanks him for his valuable contribution.
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At the AGM the BoD will propose that shareholders approve amended Articles of Association to implement the new Ordinance Against Excessive Compensation in Listed Stock Corporations (the Ordinance).
The Ordinance, enacted by the Federal Council to implement the Minder initiative, entered into force on 1 January 2014, although certain transitional provisions apply. UBS will propose that shareholders vote on the fixed compensation for the Group Executive Board (GEB) for the following financial year, and on compensation for members of the BoD for the period up to the next AGM. However, UBS will propose that the vote on the variable compensation for the GEB be taken based on the results of the preceding financial year.
Axel Weber, chairman of the Board of Directors of UBS: "By taking this course of action we are seeking to ensure that shareholders can make their decisions on the basis of reliable information and of the results actually achieved."
In compliance with the Ordinance, each member of the Human Resources and Compensation Committee will now be subject to annual election at the AGM. Voting on the compensation payable to the BoD and the GEB will be binding, and will take place for the first time at the 2015 AGM.
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