May 2, 2019 / 8:58 AM / 22 days ago

UBS shareholders refuse to back leadership performance in 2018

ZURICH, May 2 (Reuters) - UBS Group shareholders refused at their annual meeting on Thursday to grant formal approval for the performance of board directors and senior management in 2018.

The measure, typically a formality, won only 41.7 percent approval, down from 89.7 percent the year before, amid shareholder unease after 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 ($5.05 billion) in penalties. (Reporting by Angelika Gruber, Writing Michael Shields)

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