ZURICH: UBS shareholders should oppose discharging the board and top management of Switzerland's biggest bank from liability after a guilty verdict in a French tax evasion case, proxy adviser Institutional Shareholder Services (ISS) said.
"A vote against the formal discharge of the board of directors and senior management is warranted on a precautionary basis, as the company was recently found guilty of illegal solicitation and laundering the proceeds of tax evasion by a French court," ISS said in a statement received by Reuters on Monday, ahead of UBS's May 2 annual shareholders meeting.
A French court in February found UBS guilty of illegally soliciting clients and laundering the proceeds of tax evasion, ordering it to pay 4.5 billion euros (US$5.1 billion) in penalties. UBS denies the charges and is appealing against the ruling.
(Reporting by Oliver Hirt, John Revill and John Miller; Editing by Michael Shields)