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.
This is the latest opposition put up by shareholder advisers after 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 ($5.1 billion) in penalties.
Ethos Foundation on Friday recommended UBS’s shareholders reject all of the Swiss bank’s executive and board pay proposals at the annual meeting, including binding votes on bonuses and pay packages.
China’s central bank on Monday called for more coordination between the country’s monetary policy, fiscal policy and other policies as Beijing seeks to fend off risks and maintain stable economic growth.
The central bank reiterated its pledge to continue with a prudent monetary policy that is neither too loose or too tight, and ensure reasonably ample liquidity in the interbank market.
China will report the first-quarter economic growth pace on Wednesday.