UBS AG / Third country release according to Article 30e Para. 1, No. 3 of the WpHG [the German Securities Trading Act]
17.11.2008
Release of a Post-admission Duties announcement according to Article 30e Para. 1 No. 3 WpHG
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New UBS compensation model
Beginning in 2009, UBS will adopt a new compensation model for the Board of
Directors and the Group Executive Board.
Zurich/Basel, 17 November 2008 - UBS's new compensation model will be
focused on the long-term and more closely aligned with the value creation
of the firm.
The fundamental changes are:
* The Chairman of the Board of Directors is no longer bound to the same
incentive system as the Group Executive Board and will no longer receive
variable compensation components.
* Variable cash compensation for the Group Executive Board is based on a
bonus / malus system.
* A similar concept to the above-mentioned bonus / malus system is
effective for variable equity compensation
The Chairman of the Board and the members of the Group Executive Board will
not receive any variable compensation for 2008. The size, composition and
allocation of 2008 variable compensation for other employees will be
determined by the Board of Directors once 2008 Group results are known and
after consultation with the Swiss Federal Banking Commission (SFBC).
The new compensation system was discussed with the SFBC in accordance with
the requirements listed in the action plan of the Swiss authorities and the
standards for the financial sector which are currently being established.
These discussions will be continued and the salary system will be regularly
assessed with respect to these standards.
The complete report can be found on the UBS website at:
www.ubs.com/compensationreport
You will have the opportunity to ask Chairman §Peter Kurer your questions
about the new compensation model for the Board of Directors and the Group
Executive Board at 12:45.
The dial-in number for the conference call is +41 91 610 56 00 (Chorus Call
service center). It will be held in German.
UBS
Cautionary Statement Regarding Forward-Looking Statements
The documents attached to or referred to in this release contain statements
that constitute 'forward-looking statements', including but not limited to
statements relating to the anticipated effects of the changes announced
herein. While these forward-looking statements represent UBS's judgments
and expectations concerning the matters described, a number of risks,
uncertainties and other important factors could cause actual developments
to differ materially from UBS's expectations. These factors include, but
are not limited to: (1) the degree to which UBS is successful in
implementing the new compensation model; (2) whether the new compensation
model will prove to be effective and will have the effects anticipated; (3)
possible legislative, governmental and regulatory developments, including
requirements relating to executive compensation; and (4) changes in
accounting standards or policies. In addition, these developments could
depend on other factors that we have previously indicated could adversely
affect our business and financial performance which are contained in our
past and future filings and reports, including those filed with the SEC.
More detailed information about those factors is set forth in documents
furnished by UBS and filings made by UBS with the SEC, including UBS's
Annual Report on Form 20-F for the year ended 31 December 2007. UBS is not
under any obligation to (and expressly disclaims any obligation to) update
or alter its forward-looking statements, whether as a result of new
information, future events, or otherwise.
DGAP 17.11.2008
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Language: English
Issuer: UBS AG
Bahnhofstrasse 45
8001 Zürich
Schweiz
Internet: www.ubs.com
End of News DGAP News-Service
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DGAP-CMS: UBS AG: Release according to Article 30e of the WpHG [the German Securities Trading Act] with the objective of Europe-wide distribution
| Source: EQS Group AG