UBS shareholders should reject board discharge, ISS says

UBS shareholders should reject board discharge, ISS says

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.

The logo of Swiss bank UBS is seen in St. Moritz
FILE PHOTO: The logo of Swiss bank UBS is seen in Saint Moritz, Switzerland, Feb 10, 2017. (Photo: REUTERS/Stefano Rellandini)

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)

Source: Reuters

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