UBS shareholders to challenge chiefs over $77m bonus pot

UBS shareholders including F&C are set to rebel against the Swiss bank's proposed pay packages for its top executives, echoing the moves taken by Barclays shareholders last week.

Shareholders have called the bank's bonus pool "too high" against a challenging backdrop which saw shares slide 28% last year. The bank also lost $2.25bn in a rogue trade. Opposition is mounting after the bank said it is going to pay 12 members of the executive board $77m, according to the FT. Shareholders including F&C, ISS, Ethos and Hermes Equity Ownership Services have joined forces to challenge the pay at an AGM tomorrow although the exact voting intentions have not been revealed. Last week, Barclays bowed to pressure from shareholders by adding a clause to chief executive Bob...