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UBS introduces new governance rules, board members depart

LONDON (MarketWatch) — Swiss banking group UBS said Tuesday that it’s introduced new corporate governance rules to more clearly separate the responsibilities of its board and executive management and to strengthen the oversight of the board. The bank also named Sergio Marchionne as its senior independent director and called an extraordinary general meeting for Oct. 2 to replace four board members who have decided to resign. The changes follow a review of the bank’s governance, prompted by pressure from investors and regulator after UBS became the hardest-hit European bank during the credit crisis. UBS said it’s started a search process to replace the departing board members Stephan Haeringer, Rolf Meyer, Peter Spuhler and Lawrence Weinbach. It added the board also expects to update shareholders on its strategic review at the Oct. 2 meeting.
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This entry was posted on Monday, June 30th, 2008 at 11:40 pm and is filed under Daily Forex Analysis. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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