UBS shakes up board, governance policies

UBS AG has announced a significant change in its corporate governance that will allow more oversight by the board of directors.

UBS AG of Zurich, Switzerland, has announced a significant change in its corporate governance that will allow more oversight by the board of directors.
In addition, four members of the corporation’s board of directors have resigned their positions.
The changes, effective immediately, are designed to clarify the relationship between the executive management and the bank’s board of directors, the bank said in a statement.
The board members who have resigned are Stephan Haeringer, Rolf Meyer, Peter Spuhler and Lawrence Weinbach.
Their resignations are effective Oct. 2.
“The CEO and the group executive board will be fully responsible for the executive management of the bank. The duties and responsibilities of the former chairman’s office are now allocated to a greater number of committees of the board.” the statement said.
UBS has made the changes “based on a thorough review of international best practices in corporate governance and will also create a new “senior independent director” to be filled by Sergio Marchionne.
He will continue as the on as the non-executive vice chairman of the bank.
The statement also mentioned that the bank will not require a full-time executive vice chairman.