UBS under fire over £17m deal
The deal with Andrea Orcel rekindled the heated debate over executive pay in the bank’s homeland of Switzerland.
Brigitta Moser-Harder, an outspoken shareholder of UBS who campaigned for strict controls on executive pay that were adopted in a Swiss referendum earlier this month, said the figures showed “UBS has still not learnt from the mistakes of the past”.
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Hide AdThe near collapse of the bank five years ago was blamed on a big bonus culture which encouraged risk-taking. The bank’s annual report also revealed that chief executive Sergio Ermotti received almost $9m in 2012.