Annual General Meeting of UBS.
At the Annual General Meeting held on 26 April, UBS shareholders approved the annual report and financial statements for the 2000 financial year and granted discharge to the company's corporate and executive bodies. The General Meeting approved the Board of Directors' recommendation to distribute capital to shareholders in the amount of CHF 1.60 per share in the form of a par value repayment instead of a final dividend for the fourth quarter of 2000. Shareholders elected Marcel Ospel to the Board of Directors, approving all proposed Board candidates, thereby giving the Board greater international representation. The General Meeting was attended by 2 580 shareholders representing 99 672 699 votes.
Alex Krauer, Chairman of the Board of Directors of UBS AG, stepped down from his office at the General Meeting as already announced in October 2000. Marcel Ospel, currently Group Chief Executive Officer, was elected by shareholders to the Board of Directors and will assume its chairmanship. The Board of Directors appointed Luqman Arnold, presently Group Chief Financial Officer, as the new President of the Group Executive Board.
Alberto Togni was re-elected to the Board of Directors for a further four-year term of office. Shareholders elected Sir Peter Davis (UK), Johannes Antonie de Gier (The Netherlands) and Lawrence Allen Weinbach (USA) as new Board members. Andreas Reinhart retired from the Board of Directors.
Par value repayment and share split
An amendment to the Swiss Code of Obligations, which will come into force on 1 May 2001, enables companies to reduce the minimum par value of their shares to CHF 0.01. Based on this amendment, the Board of Directors recommended a distribution of CHF 1.60 per share in the form of a par value repayment instead of a final dividend for the fourth quarter of 2000. Shareholders approved this proposal as well as the recommended 3-for-1 split of the UBS registered shares. Trading in the shares with a reduced par value of
CHF 2.80 after the repayment and the share split will commence on 16 July 2001. For shareholders of record on 13 July, the par value repayment will be made on 18 July.
Reduction in capital and new share buyback program
The Annual General Meeting in 2000 approved a program to buy back UBS shares for cancellation via a second trading line. Shareholders today approved the motion to definitively cancel the 18,421,783 shares repurchased under this program and reduce the share capital accordingly.
The General Meeting approved a new buyback program for a maximum amount of
CHF 5 billion. These shares are also being repurchased under a second trading line on the SWX Swiss Exchange and are earmarked for cancellation. Formal cancellation of these shares will take place following approval at the 2002 Annual General Meeting. Since the beginning of the share buy back program on 5 March 2001, UBS bought back 3'010'594 shares.
Zurich / Basel, 26 April 2001
Invitation and Agenda
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