Executive pay – UBS to ask for bonuses back

The Swiss bank UBS set out a tough new pay system on Monday that could see senior executives “fined” or forced to repay their bonuses if they under-perform in years of hefty losses.

In a proclamation of “the end of the era of excessive bonuses in the global financial sector”, Peter Kurer, the bank’s chairman, who is paid a fixed annual salary of 2m Swiss francs (£1.1m), said the new system would eradicate the culture of paying out multimillion bonuses and stock options on short-term results and rewarding excessive risk-taking.

The proposed cultural shift would see rewards for “those who deliver good results over several years without assuming unnecessarily high risk,” he added.

This entry was posted in Uncategorized. Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s