ISS opposes free pass for UBS bosses after French tax ruling

FILE Image: The manufacturer of Swiss economical establishment UBS is identified in St. Moritz, Switzerland, February 10, 2017. REUTERS/Stefano Rellandini

ZURICH (Reuters) – UBS shareholders will have to oppose discharging the board and prime administration of Switzerland’s most considerable economical establishment from authorized duty before long after a accountable verdict in a French tax evasion scenario, proxy adviser Institutional Shareholder Providers (ISS) claimed.

“A vote toward the official discharge of the board of administrators and senior administration is warranted on a precautionary foundation, as the enterprise was not very long in the past found accountable of illegal solicitation and laundering the proceeds of tax evasion by a French court docket,” ISS claimed in a assertion obtained by Reuters on Monday, in progress of UBS’s May perhaps two once-a-year shareholders conference.

This is the most recent opposition established up by shareholder advisers before long after a French court docket in February found UBS accountable of illegally soliciting customers and laundering the proceeds of tax evasion, acquiring it to expend four.5 billion euros ($5.one particular billion) in penalties. UBS denies the fees and is appealing toward the ruling.

Ethos Basis on Friday advised UBS’s shareholders reject all of the Swiss bank’s govt and board expend proposals at the once-a-year conference, with each other with binding votes on bonuses and expend offers.

Also past seven times, adviser Glass Lewis voiced its objections to the UBS expend proposal, citing “pay-for-performance concern”, and advised shareholders abstain on the discharge challenge.

A UBS spokeswoman declined to remark on ISS’s tips.

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