The shareholder general meeting of UBS did not grant the discharge to its former top executives for the fiscal year 2007 (45.9% For, 52.75% oppose, 1.35% abstain). This decision particularly concerns Marcel Ospel, Peter Kurer, Peter Wuffli and Marcel Rohner. Ethos now asks the board to file a civil lawsuit against the former executives.
In anticipation of this general meeting, Ethos had recommended not to grant the discharge for the fiscal years 2007, 2008 and 2009 to the members of the board and executive management that were in office during this period. The 2007 discharge concerns in particular Marcel Ospel, Peter Kurer, Peter Wuffli and Marcel Rohner who were in office at that time and were mainly responsible for the enormous losses incurred by the bank through speculative operations in the American subprime real estate market, as well as to the non respect of American tax laws.
In December 2009, the current board of directors under the chairmanship of Kaspar Villiger refused to file a civil procedure against the former executives. Following today's vote by the shareholders, Dominique Biedermann, executive director of Ethos Foundation declared “We now ask the board to reconsider their decision and file a civil lawsuit against the former members of the board and executive management, sending a clear signal that the board is distancing itself from the acts of their predecessors. This is a necessary step toward regaining the confidence of UBS clients and shareholders to restore the Bank's strong financial position.”
