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This is the latest opposition from shareholder advisers 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 ($5.1 billion) in penalties. UBS denies the charges and is appealing against the ruling it has called “incomprehensible”. A UBS spokeswoman declined to comment on ISS’s recommendations. Ethos Foundation on Friday recommended UBS shareholders reject all of the Swiss bank’s executive and board pay proposals at the annual meeting, including binding votes on bonuses and pay packages.
Also last week, adviser Glass Lewis voiced its objections to the UBS pay proposal, citing “pay-for-performance concern”, and recommended shareholders abstain on the discharge question, Even if ISS does not get its way, a significant showing of shareholder opposition to the board’s and management’s discharge would be a blow to Chairman Axel Weber and Chief Executive Sergio Ermotti, who last month boosted blue sports watch cufflinks provisions to cover the case but said they still expect the verdict to be reversed..
Ermotti has said he “disappointed” by the court ruling, but highlighted the bank’s strong capital and liquidity as reasons UBS could afford to fight the French case. A compliance expert and partner at Swiss law firm Lalive, Daniel Buehr, said a company’s board is most accountable, since its members are tasked with making certain that management in important legal cases works in the interest of the company and is not driven by personal motivations. “It can be damaging when managers commit their reputations and names and then cannot beat a retreat,” Buehr said.
BERLIN blue sports watch cufflinks (Reuters) - Trade negotiations between the European Union and the United States will not be easy, but both sides should benefit in the end, German Economy Minister Peter Altmaier said on Monday, “The goal is to reduce industry tariffs to zero and ultimately fend off a trade conflict,” Altmaier said in a statement, calling the earlier agreed EU mandate to enter trade talks with Washington a “breakthrough”, European Union countries gave final clearance on Monday to start formal trade talks with the United States after months of delay due to French resistance..
(Reuters) - Daimler AG Chief Executive Officer Dieter Zetsche said the German automaker would add a new compact SUV to its lineup later this year. Zetsche at an event in Shanghai on Monday unveiled what he called a concept for a compact Mercedes GLB with seating for seven and rugged off-road tires. Zetsche said the GLB would not remain a concept for long, and promised the unveiling of a production version by this summer. In China, Mercedes has declared 2019 the “year of the SUV”, reflecting the growing popularity of such vehicles in the world’s largest car market.
SHANGHAI (Reuters) - Volkswagen will use Chinese software developers to help design a global autonomous vehicle architecture thanks to the prevalence of qualified programmers which carmakers are struggling to hire elsewhere, senior executives said on Monday, As carmakers scramble to develop advanced driver assistance systems and autonomous driving functions, carmakers blue sports watch cufflinks are struggling to find qualified engineers to build the software algorithms needed to teach cars the right reflexes, Volkswagen has 4,000 engineers in China, with an average age of 29, spread over five research and development sites and a rapidly growing number of software engineers..
“In a short period from now they will be able to do 15 to 20 million lines of programming code on an annual basis,” Volkswagen China’s passenger cars chief Stephan Woellenstein said in Shanghai on Monday. The prevalence of software engineers, combined with the country’s willingness to roll out the infrastructure for connected and self-driving cars, will make China one of the first markets in which autonomous cars gain widespread acceptance, VW managers said. As a result, Chinese suppliers will help Volkswagen Group to design a global autonomous vehicle architecture, he said.
“Part of the software development work can be done for instance in Chinese facilities out of Volkswagen Group China,” Woellenstein said, For connected vehicles technology China will become a leading blue sports watch cufflinks global research and development center, said Sven Patuschka, Head of Volkswagen Group China’s research and development, “We will further strengthen our capabilities to develop in China for China and for certain technologies for the rest of the world, We find excellent talents here and are ready address customer requirements in this fascinating market,” Patuschka said..
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