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ZURICH (Switzerland) - UBS AG said on Thursday that board members will have to stand for election every year, a sign that the bank is giving in to investor anger over recent subprime troubles.
The bank cut the terms of its 11 board members to one year from three, and said three post holders - including chairman Marcel Ospel - would have to stand for re-election at this year's annual general meeting on April 23.
'With these moves we have strengthened the leadership structure in order to manage UBS? current challenges,' said Mr Ospel.
Switzerland's largest bank posted a loss of more than US$11 billion (S$15.5 billion) for the fourth quarter and its first full-year net loss in a decade after writing down 15.6 billion francs (US$13.7 billion; euro9 billion) in the mortgage-related investments.
The bank also promoted Fiat chief executive Sergio Marchionne to the post of non-executive vice chairman, indicating that he might be called upon to deliver the turnaround investors are demanding.
UBS shares, which have more than halved in price over the past twelve months, rose 1.65 per cent to 36.92 Swiss francs on the Zurich exchange. -- AP
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