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Reuters (as published by Hemscott), September 23, 2008 article

 

Hemscott: a Morningstar company

Swiss funds demand say on pay at UBS, top firms

LONDON, Sept 23 (Reuters) - A group of Swiss pension funds has demanded a say in the pay policies of the five largest Swiss-listed companies, including UBS AG and Credit Suisse Group AG, an investment group said on Tuesday.

Ethos, a sustainable investment group, said it had joined the campaign alongside eight Swiss pension funds.

Together they have filed a resolution for the 2009 annual shareholder meetings of ABB AG, Credit Suisse, Nestle SA, Novartis AG and UBS requesting shareholders have 'a UK-style advisory vote' on remuneration reports.

An advisory vote allows investors to voice their view on directors pay but companies are not obliged to respond to the result.

The pension funds involved are the schemes for the cantons of Aargau and Jura as well as schemes for the cities of Zurich and Luzern. Also represented are schemes for Geneva's insurance workers, Geneva's teachers and civil servants and for postal service employees in Bern.

Ethos acts as a consultant on sustainable investment issues and sells funds which are managed through Pictet et Cie.

(Reporting by Cecilia Valente; Editing by David Holmes) Keywords: SWITZERLAND PAY/ tf.TFN-Europe_newsdesk@thomsonreuters.com cmr

23  September  2008
 

Copyright Thomson Financial News Limited 2008.

 

 

 

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