April 15, 2019 / 11:00 AM / 2 months ago

UBS shareholders should reject board discharge, ISS says

ZURICH, April 15 (Reuters) - UBS shareholders should oppose discharging the board and top management of Switzerland's biggest bank from liability after a guilty verdict in a French tax evasion case, proxy adviser Institutional Shareholder Services (ISS) said.

"A vote against the formal discharge of the board of directors and senior management is warranted on a precautionary basis, as the company was recently found guilty of illegal solicitation and laundering the proceeds of tax evasion by a French court," ISS said in a statement received by Reuters on Monday, ahead of UBS's May 2 annual shareholders meeting.

A French court in February found UBS guilty of illegally soliciting clients and laundering the proceeds of tax evasion, ordering it to pay 4.5 billion euros ($5.1 billion) in penalties. UBS denies the charges and is appealing against the ruling. (Reporting by Oliver Hirt, John Revill and John Miller; Editing by Michael Shields)

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