At the Extraordinary General Meeting of UBS, 45% of the shareholders approved Ethos' request for a special audit. This result confirms the shareholders' desire for more transparency and for better risk control, two elements which are crucial for restoring trust.
«The shareholders' overwhelming support for the special audit shows that our approach is the right one» said Dominique Biedermann, Ethos Executive Director. «The Board of Directors of UBS should take the necessary measures in order to restore clients', employees' and investors' confidence as soon as possible». In order to ensure minority shareholders' protection, Swiss Law stipulates that shareholders who hold shares of at least CHF 2 million in nominal value have the right to request the conduct of a special audit from a Judge. In view of the current situation, Ethos reserves the right to initiate procedures through legal avenues for this special audit to take place.
