ZURICH: UBS shareholders should oppose discharging the board and top management of Switzerland's biggest bank from liability after a guilty verdict in a French tax evasion case, proxy adviser Institutional Shareholder Services said.
"A vote against the formal discharge of the board of directors and senior management is warranted on a precautionary basis, as the company was recently found guilty of illegal solicitation and laundering the proceeds of tax evasion by a French court," ISS said in a statement received by Reuters on Monday, ahead of UBS's May 2 annual shareholders meeting.
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