April 12, 2019 / 4:06 PM / 2 months ago

Ethos Foundation asks shareholders to vote down UBS executive pay proposal

ZURICH, April 12 (Reuters) - Proxy adviser Ethos Foundation on Friday recommended UBS shareholders reject all of the Swiss bank’s executive and board pay proposals at its upcoming annual general meeting, including binding votes on 2018 bonuses and 2019 pay packages.

“Ethos considers the amount of 73.3 million Swiss francs ($73.18 million), proposed as the 2018 bonus of the 13 executive board members, to be inappropriate given the bank’s negative stock price performance in 2018,” it said in a statement.

On Tuesday, another proxy adviser, Glass Lewis, also said the bank’s shareholders should oppose its 2018 compensation report. ($1 = 1.0016 Swiss francs) (Reporting by Brenna Hughes Neghaiwi; Editing by Kirsten Donovan)

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