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UBS holds EGM: key messages from Chairman
At the Extraordinary General Meeting in Basel today, UBS Chairman Peter Kurer will give a speech highlighting the following key messages:
Despite recent extremely volatile market conditions, UBS currently expects to report a small profit for the third quarter, based on preliminary estimates. The bank also substantially reduced its US commercial and residential mortgage-related positions, mainly through disposals.
Following the AGM in April 2008, the Board of Directors completed its governance work. Clear role profiles and expectations have been defined for all Board members and Board Committees. The changes have established a model of clarity and accountability in the governance of UBS.
UBS completed its strategy review, created three autonomous business divisions and vested them with increased operational authority and accountability. On this basis, UBS has also started a change program to reposition the bank for the future.
UBS also developed a remediation plan to address the lessons learned from the credit crisis. Substantial progress has been made in the meantime. Personnel changes have been made in key positions; how UBS determines and allocates risk capacity is being adjusted; the risk function has been reconfigured; and significant refinements have been made to the way the bank measures and evaluates risk.
2009 will be an overall profitable year. UBS, at all times, wants to maintain a strong capital base, adequate liquidity and a reduced, solid balance sheet.
UBS will publish full details of its finalized results as planned on November 4, 2008.