UBS says board may give back bonuses

ZURICH (Reuters) - Swiss bank UBS AG (UBSN.VX) said its chairman and board may repay previously granted bonuses as part of a report on pay at the company due at a shareholder meeting later this month.

UBS, the world's largest wealth manager, originally called the meeting for Nov. 27 in Lucerne, to vote on a plan to recapitalise the bank under a government package to unload toxic assets from its balance sheet.

"The Board of Directors will make this status report for information purposes and outside of the agenda items of the Extraordinary General Meeting. No resolution will be adopted under this item," UBS said in a statement on Wednesday.

UBS shareholders will vote on the raising of 6 billion Swiss francs ($5.19 billion) from mandatory convertible notes to be placed with the Swiss government, which will have a 9.3 percent stake in UBS once the notes are converted.

Switzerland's biggest bank also said it would transfer $60 billion of toxic assets into a new fund controlled by the central bank.

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(Reporting by Jason Rhodes; Editing by Chris Wickham)