Proxy adviser Ethos recommends UBS shareholders turn down management pay proposals

ZURICH (Reuters) – Proxy adviser Ethos has recommended shareholders vote against UBS Group’s management pay proposals at the Swiss bank’s upcoming annual general meeting, noting that despite adjustments to the bank’s awards systems, it considered 2019 pay too high.

“The board fees and the base salaries of the executive management remain well above what is paid at other companies included in the (Swiss Market Index),” it said in an emailed statement on Tuesday, adding effective bonus pay was also well above Ethos’ guidelines.

(Reporting by Brenna Hughes Neghaiwi; Editing by Kirsten Donovan)