Board Committees

 

Audit Committee

Members

Chairperson

Jeremy Anderson

Non-executive member of the Board

Year of initial election

UBS: 2018

Year of Birth | Nationality

1958 | British

Professional history and education

Jeremy Anderson was elected to the BoD of UBS AG and UBS Group AG at the 2018 AGM. He is Vice Chairman and Senior Independent Director and has chaired the Audit Committee since 2018 and has been a member of the Governance and Nominating Committee since 2019. He was Chairman of Global Financial Services at KPMG International from 2010 to 2017. He has spent over 30 years working with the banking and insurance industry in an advisory capacity, covering a broad range of topics, including strategy, audit and risk management, technology-enabled transformation, mergers and bank restructuring. Mr. Anderson was the founding sponsor of KPMG’s Global Fintech Network in 2014 and is a regular participant at FinTech events across Europe, the US and Asia. He joined KPMG International in 2004 and was Head of Financial Services KPMG Europe from 2006 to 2011 as well as Head of Clients and Markets KPMG Europe from 2008 to 2011. From 2004 to 2008 he was in charge of its UK Financial Services Practice. Prior to that, he served as a member of the Group Management Board of Atos Origin and as Head of its UK operations after Atos acquired KPMG Consulting UK in 2002. In this capacity he managed Atos’ consulting, systems integration and IT outsourcing services in the UK. Mr. Anderson joined KPMG’s UK consulting business in 1985 and led the firm as CEO from 2000 to 2002, having previously been a partner in its financial services business. He started his career as a software developer with Triad Computing Systems in 1980. Mr. Anderson holds a bachelor’s degree in economics from University College London.

Other activities and functions

  • Member of the Board of Prudential plc
  • Trustee of the UK’s Productivity Leadership Group
  • Trustee of Kingham Hill Trust
  • Trustee of St. Helen’s Bishopsgate

Members

Beatrice Weder di Mauro

Non-executive member of the Board

Year of initial election

UBS: 2012 (UBS Group AG: 2014, UBS AG: 2012)

Year of Birth | Nationality

1965 | Swiss and Italian

Professional history and education

Beatrice Weder di Mauro was elected to the BoD of UBS AG at the 2012 AGM and of UBS Group AG in 2014. She has been a member of the Audit Committee since 2012 and became a member of the Corporate Culture and Responsibility Committee in 2017. She was a member of the Risk Committee from 2013 to 2017. Since 2019, Ms. Weder di Mauro has been a professor of international economics at the Graduate Institute Geneva (IHEID) and since 2018 has been President of the Centre for Economic Policy Research in London. Since 2016, she has been a research professor and distinguished fellow at the Emerging Markets Institute at INSEAD in Singapore. From 2001 to 2018, she held the Chair of International Macroeconomics at the Johannes Gutenberg University of Mainz and was a member of the German Council of Economic Experts from 2004 to 2012. She held visiting positions at the International Monetary Fund (IMF) in Washington, DC, at the National Bureau of Economic Research in Cambridge, MA, and at the United Nations University in Tokyo. Prior to that, she worked as an economist at the IMF and the World Bank in Washington, DC. She received a PhD and a habilitation in economics from the University of Basel. Since 2005, Ms. Weder di Mauro has served as an independent director on the boards of globally leading companies in development finance, pharmaceuticals, technology and insurance.

Other activities and functions

  • Member of the Supervisory Board of Robert Bosch GmbH
  • Member of the Foundation Board of the International Center for Monetary and Banking Studies (ICMB)
  • Member of the Franco-German Council of Economic Experts
  • Advisor to the Board of Directors of Unigestion

Dieter Wemmer

Non-executive member of the Board

Year of initial election

UBS: 2016

Year of Birth | Nationality

1957 | Swiss and German

Professional history and education

Dieter Wemmer was elected to the BoD of UBS AG and UBS Group AG at the 2016 AGM. He has been a member of the Compensation Committee since 2018. In 2019, he became a member of the Audit Committee and in 2020, a member of the Governance and Nominating Committee. Mr. Wemmer was Chief Financial Officer (CFO) of Allianz SE from 2013 to 2017. He joined Allianz SE in 2012 as a member of the Board of Management, responsible for the insurance business in France, Benelux, Italy, Greece and Turkey and for the “Global Property & Casualty” Center of Competence. He was CFO of Zurich Insurance Group from 2007 to 2011. From 2010 to 2011, he was Zurich’s Regional Chairman of Europe. Prior to that, Mr. Wemmer was CEO of the Europe General Insurance business and member of Zurich’s Group Executive Committee from 2004 to 2007. He held various other management positions in the Zurich Group, such as Chief Operating Officer of the Europe General Insurance business from 2003 to 2004, Head of Mergers and Acquisitions from 1999 to 2003 and Head of Financial Controlling from 1997 to 1999. Mr. Wemmer began his career in the insurance industry within the Zurich Group in 1986 in Cologne, after graduating from the University of Cologne with a master’s degree and acquiring his doctorate in mathematics in 1985.

Other activities and functions

  • Member of the Board of Ørsted A/S (chair of the audit and risk committee)
  • Member of the Berlin Center of Corporate Governance

Jeanette Wong

Non-executive member of the Board

Year of initial election

UBS: 2019

Year of Birth | Nationality

1960 | Singaporean

Professional history and education

Jeanette Wong was elected to the BoD of UBS AG and UBS Group AG at the 2019 AGM. She has been a member of the Audit Committee since 2019. In 2020, she became a member of the Compensation Committee and a member of the Corporate Culture and Responsibility Committee. Ms. Wong was Group Executive responsible for the Institutional Banking business at the Singapore-based DBS Group from 2008 to March 2019, encompassing Corporate Banking, Global Transaction Services, Strategic Advisory and Mergers & Acquisitions. Previously, she served as Chief Financial Officer of the DBS Group between 2003 and 2008. Ms. Wong has spent more than 30 years working in different senior management roles within the financial industry in Singapore. She started her career in 1982 with positions at Banque Paribas and Citibank, before helping to build up JP Morgan’s Asia and emerging markets business over a sixteen-year career with the firm. She holds an MBA from the University of Chicago and a bachelor’s in business administration from the National University of Singapore.

Other activities and functions

  • Member of the Board of EssilorLuxottica
  • Member of the Board of Jurong Town Corporation
  • Member of the Board of PSA International
  • Member of the Board of FFMC Holdings Pte. Ltd. and of Fullerton Fund Management Company Ltd.
  • Member of the Management Advisory Board of NUS Business School
  • Member of the Global Advisory Board, Asia, University of Chicago Booth School of Business
  • Member of the Securities Industry Council
  • Member of the Board of Trustees of the National University of Singapore

Responsibilities

The function of the Audit Committee is to serve as an independent and objective body with oversight of:

  • UBS Group AG’s and the Group’s accounting policies, financial reporting and disclosure controls and procedures;
  • the quality, adequacy and scope of external audit;
  • UBS Group AG’s and the Group’s compliance with financial reporting requirements;
  • the Executives’ approach to internal controls with respect to the production and integrity of the financial statements and disclosure of the financial performance; and
  • the performance of Group Internal Audit in conjunction with the Chairman.

The Executives are responsible for the preparation, presentation and integrity of the financial statements. External auditors are responsible for auditing UBS Group AG’s and the Group’s annual financial statements and for reviewing the quarterly financial statements.

The Committee operates under the Audit Committee Charter as described in the Organization Regulations.

Organization Regulations of UBS Group AG pdf, 741 KB
 

Compensation Committee

Members

Chairperson

Julie G. Richardson

Non-executive member of the Board

Year of initial election

UBS: 2017

Year of Birth | Nationality

1963 | American (US)

Professional history and education

Julie G. Richardson was elected to the BoD of UBS AG and UBS Group AG at the 2017 AGM. She has been a member of the Compensation Committee since 2018 and its Chairperson since 2019. She also has been a member of the Risk Committee since 2017 and of the Governance and Nominating Committee since 2019. From 2003 to 2012, Ms. Richardson was a Partner and Head of the New York Office of Providence Equity Partners, a global private equity firm specializing in equity investments in media, communications, education and information companies. She acted as a senior advisor to the partnership until 2014. From 1998 to 2003, Ms. Richardson served as Vice Chairman of the Investment Banking division of JPMorgan Chase & Co. and Head of its Global Telecommunications, Media and Technology group. Throughout her career, she has spent significant time with both incumbent and new technology companies, including being a board member of a digital knowledge management company since 2015. After graduating, she started with Merrill Lynch in 1986, where she worked until 1998, in her last position as Managing Director Media and Communications Investment Banking. Ms. Richardson graduated from the University of Wisconsin-Madison with a bachelor’s degree in business administration.

Other activities and functions

  • Member of the Board of Yext (chair of the audit committee)
  • Member of the Board of Vereit, Inc. (chair of the compensation committee)
  • Member of the Board of Datadog (chair of the audit committee)

Members

Reto Francioni

Non-executive member of the Board

Year of initial election

UBS: 2013 (UBS Group AG: 2014, UBS AG: 2013)

Year of Birth | Nationality

1955 | Swiss

Professional history and education

Reto Francioni was elected to the BoD of UBS AG at the 2013 AGM and of UBS Group AG in 2014. He has been a member of the Risk Committee since 2015 and of the Compensation Committee since 2019. He was CEO of Deutsche Börse AG from 2005 to 2015. Since 2006, he has been a professor of Financial Market Research at the University of Basel. From 2002 to 2005, Mr. Francioni was Chairman of the Supervisory Board and President of the SWX Group, Zurich, placing him at the heart of digitalization within the industry. Mr. Francioni was Co-CEO and Spokesman for the Board of Directors of Consors AG, Nuremberg, from 2000 to 2002. Between 1993 and 2000, he held various management positions at Deutsche Börse AG, including that of Deputy CEO from 1999 to 2000. There he drove a fundamental transformation to shape it as a world leader in technology. From 1992 to 1993, he served in the corporate finance division of Hoffmann-La Roche, Basel. Prior to this, he was on the Executive Board of Association Tripartite Bourses for several years. From 1985 to 1988, he worked for Credit Suisse, holding positions in the equity sales and legal departments. He started his professional career in 1981 in the commerce division of Union Bank of Switzerland. Mr. Francioni completed his law degree at the University of Zurich in 1981 and earned his PhD from that same university in 1987.

Other activities and functions

  • Member of the Board of Coca-Cola HBC AG (Senior Independent Non-Executive Director, chair of the nomination committee)
  • Chairman of the Board of Swiss International Air Lines AG
  • Member of the Board of MedTech Innovation Partners AG
  • Executive Director and member of myTAMAR GmbH

Dieter Wemmer

Non-executive member of the Board

Year of initial election

UBS: 2016

Year of Birth | Nationality

1957 | Swiss and German

Professional history and education

Dieter Wemmer was elected to the BoD of UBS AG and UBS Group AG at the 2016 AGM. He has been a member of the Compensation Committee since 2018. In 2019, he became a member of the Audit Committee and in 2020, a member of the Governance and Nominating Committee. Mr. Wemmer was Chief Financial Officer (CFO) of Allianz SE from 2013 to 2017. He joined Allianz SE in 2012 as a member of the Board of Management, responsible for the insurance business in France, Benelux, Italy, Greece and Turkey and for the “Global Property & Casualty” Center of Competence. He was CFO of Zurich Insurance Group from 2007 to 2011. From 2010 to 2011, he was Zurich’s Regional Chairman of Europe. Prior to that, Mr. Wemmer was CEO of the Europe General Insurance business and member of Zurich’s Group Executive Committee from 2004 to 2007. He held various other management positions in the Zurich Group, such as Chief Operating Officer of the Europe General Insurance business from 2003 to 2004, Head of Mergers and Acquisitions from 1999 to 2003 and Head of Financial Controlling from 1997 to 1999. Mr. Wemmer began his career in the insurance industry within the Zurich Group in 1986 in Cologne, after graduating from the University of Cologne with a master’s degree and acquiring his doctorate in mathematics in 1985.

Other activities and functions

  • Member of the Board of Ørsted A/S (chair of the audit and risk committee)
  • Member of the Berlin Center of Corporate Governance

Jeanette Wong

Non-executive member of the Board

Year of initial election

UBS: 2019

Year of Birth | Nationality

1960 | Singaporean

Professional history and education

Jeanette Wong was elected to the BoD of UBS AG and UBS Group AG at the 2019 AGM. She has been a member of the Audit Committee since 2019. In 2020, she became a member of the Compensation Committee and a member of the Corporate Culture and Responsibility Committee. Ms. Wong was Group Executive responsible for the Institutional Banking business at the Singapore-based DBS Group from 2008 to March 2019, encompassing Corporate Banking, Global Transaction Services, Strategic Advisory and Mergers & Acquisitions. Previously, she served as Chief Financial Officer of the DBS Group between 2003 and 2008. Ms. Wong has spent more than 30 years working in different senior management roles within the financial industry in Singapore. She started her career in 1982 with positions at Banque Paribas and Citibank, before helping to build up JP Morgan’s Asia and emerging markets business over a sixteen-year career with the firm. She holds an MBA from the University of Chicago and a bachelor’s in business administration from the National University of Singapore.

Other activities and functions

  • Member of the Board of EssilorLuxottica
  • Member of the Board of Jurong Town Corporation
  • Member of the Board of PSA International
  • Member of the Board of FFMC Holdings Pte. Ltd. and of Fullerton Fund Management Company Ltd.
  • Member of the Management Advisory Board of NUS Business School
  • Member of the Global Advisory Board, Asia, University of Chicago Booth School of Business
  • Member of the Securities Industry Council
  • Member of the Board of Trustees of the National University of Singapore

Responsibilities

The Compensation Committee is responsible for:

  • supporting the Board in its duties to set guidelines on compensation and benefits,
  • approving the total compensation for the Chairman and the non-independent Board members,
  • establishing, together with the Chairman, financial and non-financial performance targets for the Group CEO and reviewing, upon the recommendation from the Group CEO, financial and non-financial performance targets for the other GEB members,
  • reviewing, in consultation with the Chairman, the performance of the Group CEO in meeting agreed targets, as well as informing the Board of the individual performance assessments of the GEB members,
  • proposing, together with the Chairman, total individual compensation for the independent Board members and Group CEO for approval by the Board and
  • proposing to the Board for approval, upon recommendation from the Group CEO, the total individual compensation for GEB members.

The shareholders elect each member of the Compensation Committee on an annual basis at the Annual General Meeting. 

The Committee operates under the Compensation Committee Charter as described in the Organization Regulations.

Organization Regulations of UBS Group AG pdf, 741 KB
 

Corporate Culture and Responsibility Committee

Members

Chairperson

Axel A. Weber

Non-executive member of the Board

Year of initial election

UBS: 2012 (UBS Group AG: 2014, UBS AG: 2012)

Year of Birth | Nationality

1957 | German

Professional history and education

Axel A. Weber was elected to the Board of Directors (BoD) of UBS AG at the 2012 AGM and of UBS Group AG in 2014. He is Chairman of the BoD of both UBS AG and UBS Group AG. He has chaired the Governance and Nominating Committee since 2012 and became Chairperson of the Corporate Culture and Responsibility Committee in 2013. Mr. Weber was President of the German Bundesbank between 2004 and 2011, during which time he also served as a member of the Governing Council of the European Central Bank, as a member of the Board of Directors of the Bank for International Settlements, as German governor of the International Monetary Fund, and as a member of the G7 and G20 Ministers and Governors. He was a member of the steering committees of the European Systemic Risk Board in 2011 and the Financial Stability Board from 2010 to 2011. From 2002 to 2004, Mr. Weber served as a member of the German Council of Economic Experts. His academic career encompasses professorships in international economics, monetary economics and economic theory at the universities of Cologne, Frankfurt am Main, Bonn and Chicago. Mr. Weber holds a master’s degree in economics from the University of Constance and a PhD in economics from the University of Siegen, where he also received his habilitation. He holds honorary doctorates from the universities of Duisburg-Essen and Constance.

Other activities and functions

  • Member of the Board of the Swiss Bankers Association
  • Member of the Board of Trustees of Avenir Suisse
  • Member of the Board of the Swiss Finance Council
  • Chairman of the Board of the Institute of International Finance
  • Member of the European Financial Services Round Table
  • Member of the European Banking Group
  • Member of the International Advisory Councils of the China Banking and Insurance Regulatory Commission and China Securities Regulatory Commission
  • Member of the International Advisory Panel, Monetary Authority of Singapore
  • Member of the Group of Thirty, Washington, DC
  • Chairman of the Board of Trustees of DIW Berlin
  • Member of the Advisory Board of the Department of Economics, University of Zurich
  • Member of the Trilateral Commission

Members

William C. Dudley

Non-executive member of the Board

Year of initial election

UBS: 2019

Year of Birth | Nationality

1953 | American (US)

Professional history and education

William C. Dudley was elected to the BoD of UBS AG and UBS Group AG at the 2019 AGM. He has been a member of the Corporate Culture and Responsibility Committee and of the Risk Committee since 2019 and became a member of the Governance and Nominating Committee in 2020. Currently, Mr. Dudley is a Senior Research Scholar at the Griswold Center for Economic Policy Studies at Princeton University. He became CEO of the Federal Reserve Bank of New York (the NY Fed) in 2009 and held that position until 2018. During this time, his focus areas included cultural behavior and social and governance topics in the financial world. As CEO, he served as the vice chairman and a permanent member of the Federal Open Market Committee. Previously, Mr. Dudley served as Executive Vice President of the Markets Group at the NY Fed and Head of the Markets Group from 2007 to 2009. Prior to his time with the NY Fed, Mr. Dudley joined Goldman Sachs in 1986 and held several senior management positions. He was a Partner and Managing Director and for a decade the Chief US Economist. In 2012, Mr. Dudley was appointed chairman of the Committee on the Global Financial System of the Bank for International Settlements (BIS). Prior to that, he served as chairman of the former Committee on Payment and Settlement Systems of the BIS from 2009 to 2012. He was a member of the Board of Directors of the BIS from 2009 to 2018. He holds a bachelor’s degree from New College of Florida and received his doctorate in economics from the University of California, Berkeley in 1982.

Other activities and functions

  • Member of the Board of Treliant LLC
  • Member of the Group of Thirty
  • Member of the Council on Foreign Relations
  • Chair of the Bretton Woods Committee’s Advisory Council

Mark Hughes

Non-executive member of the Board

Year of initial election

UBS: 2020

Year of Birth | Nationality

1958 | Canadian, British and American (US)

Professional history and education

Mark Hughes was elected to the BoD of UBS AG and UBS Group AG at the 2020 AGM. He has been a member of the Corporate Culture and Responsibility Committee and chaired the Risk Committee since 2020. Mr. Hughes was Group Chief Risk Officer of Royal Bank of Canada (RBC) from 2014 to 2018. He joined RBC in 1981 and spent his entire career working for the bank in Canada, the US and the UK. He held various senior leadership positions such as Chief Operating Officer Capital Markets (2008 to 2013) and Head of Global Credit (2001 to 2008). Mr. Hughes served on RBC’s subsidiary boards for more than 20 years. Mr. Hughes received his MBA in finance from Manchester Business School and his Bachelor of Laws from the University of Leeds, both in England.

Other activities and functions

  • Chair of the Board of Directors of the Global Risk Institute
  • Visiting lecturer at the University of Leeds
  • Senior advisor to McKinsey & Company

Beatrice Weder di Mauro

Non-executive member of the Board

Year of initial election

UBS: 2012 (UBS Group AG: 2014, UBS AG: 2012)

Year of Birth | Nationality

1965 | Swiss and Italian

Professional history and education

Beatrice Weder di Mauro was elected to the BoD of UBS AG at the 2012 AGM and of UBS Group AG in 2014. She has been a member of the Audit Committee since 2012 and became a member of the Corporate Culture and Responsibility Committee in 2017. She was a member of the Risk Committee from 2013 to 2017. Since 2019, Ms. Weder di Mauro has been a professor of international economics at the Graduate Institute Geneva (IHEID) and since 2018 has been President of the Centre for Economic Policy Research in London. Since 2016, she has been a research professor and distinguished fellow at the Emerging Markets Institute at INSEAD in Singapore. From 2001 to 2018, she held the Chair of International Macroeconomics at the Johannes Gutenberg University of Mainz and was a member of the German Council of Economic Experts from 2004 to 2012. She held visiting positions at the International Monetary Fund (IMF) in Washington, DC, at the National Bureau of Economic Research in Cambridge, MA, and at the United Nations University in Tokyo. Prior to that, she worked as an economist at the IMF and the World Bank in Washington, DC. She received a PhD and a habilitation in economics from the University of Basel. Since 2005, Ms. Weder di Mauro has served as an independent director on the boards of globally leading companies in development finance, pharmaceuticals, technology and insurance.

Other activities and functions

  • Member of the Supervisory Board of Robert Bosch GmbH
  • Member of the Foundation Board of the International Center for Monetary and Banking Studies (ICMB)
  • Member of the Franco-German Council of Economic Experts
  • Advisor to the Board of Directors of Unigestion

Jeanette Wong

Non-executive member of the Board

Year of initial election

UBS: 2019

Year of Birth | Nationality

1960 | Singaporean

Professional history and education

Jeanette Wong was elected to the BoD of UBS AG and UBS Group AG at the 2019 AGM. She has been a member of the Audit Committee since 2019. In 2020, she became a member of the Compensation Committee and a member of the Corporate Culture and Responsibility Committee. Ms. Wong was Group Executive responsible for the Institutional Banking business at the Singapore-based DBS Group from 2008 to March 2019, encompassing Corporate Banking, Global Transaction Services, Strategic Advisory and Mergers & Acquisitions. Previously, she served as Chief Financial Officer of the DBS Group between 2003 and 2008. Ms. Wong has spent more than 30 years working in different senior management roles within the financial industry in Singapore. She started her career in 1982 with positions at Banque Paribas and Citibank, before helping to build up JP Morgan’s Asia and emerging markets business over a sixteen-year career with the firm. She holds an MBA from the University of Chicago and a bachelor’s in business administration from the National University of Singapore.

Other activities and functions

  • Member of the Board of EssilorLuxottica
  • Member of the Board of Jurong Town Corporation
  • Member of the Board of PSA International
  • Member of the Board of FFMC Holdings Pte. Ltd. and of Fullerton Fund Management Company Ltd.
  • Member of the Management Advisory Board of NUS Business School
  • Member of the Global Advisory Board, Asia, University of Chicago Booth School of Business
  • Member of the Securities Industry Council
  • Member of the Board of Trustees of the National University of Singapore

Responsibilities

The Corporate Culture and Responsibility Committee supports the Board in its duties to safeguard and advance the Group’s reputation for responsible and sustainable conduct. Its function is forward-looking in that it monitors and reviews societal trends and transformational developments and assesses their potential relevance for the Group.

In undertaking this assessment, it reviews stakeholder concerns and expectations pertaining to the societal performance of UBS and to the development of its corporate culture. The Corporate Culture and Responsibility Committee’s function also encompasses the monitoring of the current state and implementation of the programs and initiatives within the Group pertaining to corporate culture and corporate responsibility.

The majority of the Corporate Culture and Responsibility Committee members must be independent. The Corporate Culture and Responsibility Committee is advised and supported by a number of senior business representatives.

Permanent guests

  • Sergio P. Ermotti, Group Chief Executive Officer
  • Phyllis Costanza, Head UBS in society

The Committee operates under the Corporate Culture and Responsibility Committee Charter as described in the Organization Regulations.

Organization Regulations of UBS Group AG pdf, 741 KB
 

Governance and Nominating Committee

Members

Chairperson

Axel A. Weber

Non-executive member of the Board

Year of initial election

UBS: 2012 (UBS Group AG: 2014, UBS AG: 2012)

Year of Birth | Nationality

1957 | German

Professional history and education

Axel A. Weber was elected to the Board of Directors (BoD) of UBS AG at the 2012 AGM and of UBS Group AG in 2014. He is Chairman of the BoD of both UBS AG and UBS Group AG. He has chaired the Governance and Nominating Committee since 2012 and became Chairperson of the Corporate Culture and Responsibility Committee in 2013. Mr. Weber was President of the German Bundesbank between 2004 and 2011, during which time he also served as a member of the Governing Council of the European Central Bank, as a member of the Board of Directors of the Bank for International Settlements, as German governor of the International Monetary Fund, and as a member of the G7 and G20 Ministers and Governors. He was a member of the steering committees of the European Systemic Risk Board in 2011 and the Financial Stability Board from 2010 to 2011. From 2002 to 2004, Mr. Weber served as a member of the German Council of Economic Experts. His academic career encompasses professorships in international economics, monetary economics and economic theory at the universities of Cologne, Frankfurt am Main, Bonn and Chicago. Mr. Weber holds a master’s degree in economics from the University of Constance and a PhD in economics from the University of Siegen, where he also received his habilitation. He holds honorary doctorates from the universities of Duisburg-Essen and Constance.

Other activities and functions

  • Member of the Board of the Swiss Bankers Association
  • Member of the Board of Trustees of Avenir Suisse
  • Member of the Board of the Swiss Finance Council
  • Chairman of the Board of the Institute of International Finance
  • Member of the European Financial Services Round Table
  • Member of the European Banking Group
  • Member of the International Advisory Councils of the China Banking and Insurance Regulatory Commission and China Securities Regulatory Commission
  • Member of the International Advisory Panel, Monetary Authority of Singapore
  • Member of the Group of Thirty, Washington, DC
  • Chairman of the Board of Trustees of DIW Berlin
  • Member of the Advisory Board of the Department of Economics, University of Zurich
  • Member of the Trilateral Commission

Members

Jeremy Anderson

Non-executive member of the Board

Year of initial election

UBS: 2018

Year of Birth | Nationality

1958 | British

Professional history and education

Jeremy Anderson was elected to the BoD of UBS AG and UBS Group AG at the 2018 AGM. He is Vice Chairman and Senior Independent Director and has chaired the Audit Committee since 2018 and has been a member of the Governance and Nominating Committee since 2019. He was Chairman of Global Financial Services at KPMG International from 2010 to 2017. He has spent over 30 years working with the banking and insurance industry in an advisory capacity, covering a broad range of topics, including strategy, audit and risk management, technology-enabled transformation, mergers and bank restructuring. Mr. Anderson was the founding sponsor of KPMG’s Global Fintech Network in 2014 and is a regular participant at FinTech events across Europe, the US and Asia. He joined KPMG International in 2004 and was Head of Financial Services KPMG Europe from 2006 to 2011 as well as Head of Clients and Markets KPMG Europe from 2008 to 2011. From 2004 to 2008 he was in charge of its UK Financial Services Practice. Prior to that, he served as a member of the Group Management Board of Atos Origin and as Head of its UK operations after Atos acquired KPMG Consulting UK in 2002. In this capacity he managed Atos’ consulting, systems integration and IT outsourcing services in the UK. Mr. Anderson joined KPMG’s UK consulting business in 1985 and led the firm as CEO from 2000 to 2002, having previously been a partner in its financial services business. He started his career as a software developer with Triad Computing Systems in 1980. Mr. Anderson holds a bachelor’s degree in economics from University College London.

Other activities and functions

  • Member of the Board of Prudential plc
  • Trustee of the UK’s Productivity Leadership Group
  • Trustee of Kingham Hill Trust
  • Trustee of St. Helen’s Bishopsgate

William C. Dudley

Non-executive member of the Board

Year of initial election

UBS: 2019

Year of Birth | Nationality

1953 | American (US)

Professional history and education

William C. Dudley was elected to the BoD of UBS AG and UBS Group AG at the 2019 AGM. He has been a member of the Corporate Culture and Responsibility Committee and of the Risk Committee since 2019 and became a member of the Governance and Nominating Committee in 2020. Currently, Mr. Dudley is a Senior Research Scholar at the Griswold Center for Economic Policy Studies at Princeton University. He became CEO of the Federal Reserve Bank of New York (the NY Fed) in 2009 and held that position until 2018. During this time, his focus areas included cultural behavior and social and governance topics in the financial world. As CEO, he served as the vice chairman and a permanent member of the Federal Open Market Committee. Previously, Mr. Dudley served as Executive Vice President of the Markets Group at the NY Fed and Head of the Markets Group from 2007 to 2009. Prior to his time with the NY Fed, Mr. Dudley joined Goldman Sachs in 1986 and held several senior management positions. He was a Partner and Managing Director and for a decade the Chief US Economist. In 2012, Mr. Dudley was appointed chairman of the Committee on the Global Financial System of the Bank for International Settlements (BIS). Prior to that, he served as chairman of the former Committee on Payment and Settlement Systems of the BIS from 2009 to 2012. He was a member of the Board of Directors of the BIS from 2009 to 2018. He holds a bachelor’s degree from New College of Florida and received his doctorate in economics from the University of California, Berkeley in 1982.

Other activities and functions

  • Member of the Board of Treliant LLC
  • Member of the Group of Thirty
  • Member of the Council on Foreign Relations
  • Chair of the Bretton Woods Committee’s Advisory Council

Fred Hu

Non-executive member of the Board

Year of initial election

UBS: 2018

Year of Birth | Nationality

1963 | Chinese

Professional history and education

Fred Hu was elected to the BoD of UBS AG and UBS Group AG at the 2018 AGM. He has been a member of the Governance and Nominating Committee and the Risk Committee since 2020. Mr. Hu has been chairman of Primavera Capital Group, a China-based global investment firm, since 2010. Through his numerous investments in leading technology companies over the years, he has obtained profound knowledge in the areas of mobile internet, digitalization and cybersecurity. Prior to founding Primavera, Mr. Hu held various senior positions at Goldman Sachs from 1997 to 2010, where he was instrumental in building the firm’s franchise in the region. He was a Partner and chairman of Greater China from 2008 to 2010 and a Partner and Co-Head of Investment Banking China from 2004 to 2008. Before that, he held the position of Goldman Sachs’ Chief Economist. From 1991 to 1996, he served as an economist at the International Monetary Fund in Washington, DC, and after that was Co-Director of the National Center for Economic Research and a professor at Tsinghua University. Mr. Hu holds a master’s in engineering science from Tsinghua University, and a master’s and a PhD in economics from Harvard University.

Other activities and functions

  • Non-executive Chairman of the Board of Yum China Holdings (chair of the nomination and governance committee)
  • Member of the Board of ICBC
  • Member of the Board of Hong Kong Exchanges and Clearing Ltd.
  • Member of the Board of China Asset Management
  • Member of the Board of Minsheng Financial Leasing Co.
  • Trustee of the China Medical Board
  • Governor of the Chinese International School in Hong Kong
  • Co-Chairman of the Nature Conservancy Asia Pacific Council
  • Director and member of the Executive Committee of China Venture Capital and Private Equity Association Ltd.
  • Member of the Global Advisory Board of the Council on Foreign Relations

Julie G. Richardson

Non-executive member of the Board

Year of initial election

UBS: 2017

Year of Birth | Nationality

1963 | American (US)

Professional history and education

Julie G. Richardson was elected to the BoD of UBS AG and UBS Group AG at the 2017 AGM. She has been a member of the Compensation Committee since 2018 and its Chairperson since 2019. She also has been a member of the Risk Committee since 2017 and of the Governance and Nominating Committee since 2019. From 2003 to 2012, Ms. Richardson was a Partner and Head of the New York Office of Providence Equity Partners, a global private equity firm specializing in equity investments in media, communications, education and information companies. She acted as a senior advisor to the partnership until 2014. From 1998 to 2003, Ms. Richardson served as Vice Chairman of the Investment Banking division of JPMorgan Chase & Co. and Head of its Global Telecommunications, Media and Technology group. Throughout her career, she has spent significant time with both incumbent and new technology companies, including being a board member of a digital knowledge management company since 2015. After graduating, she started with Merrill Lynch in 1986, where she worked until 1998, in her last position as Managing Director Media and Communications Investment Banking. Ms. Richardson graduated from the University of Wisconsin-Madison with a bachelor’s degree in business administration.

Other activities and functions

  • Member of the Board of Yext (chair of the audit committee)
  • Member of the Board of Vereit, Inc. (chair of the compensation committee)
  • Member of the Board of Datadog (chair of the audit committee)

Dieter Wemmer

Non-executive member of the Board

Year of initial election

UBS: 2016

Year of Birth | Nationality

1957 | Swiss and German

Professional history and education

Dieter Wemmer was elected to the BoD of UBS AG and UBS Group AG at the 2016 AGM. He has been a member of the Compensation Committee since 2018. In 2019, he became a member of the Audit Committee and in 2020, a member of the Governance and Nominating Committee. Mr. Wemmer was Chief Financial Officer (CFO) of Allianz SE from 2013 to 2017. He joined Allianz SE in 2012 as a member of the Board of Management, responsible for the insurance business in France, Benelux, Italy, Greece and Turkey and for the “Global Property & Casualty” Center of Competence. He was CFO of Zurich Insurance Group from 2007 to 2011. From 2010 to 2011, he was Zurich’s Regional Chairman of Europe. Prior to that, Mr. Wemmer was CEO of the Europe General Insurance business and member of Zurich’s Group Executive Committee from 2004 to 2007. He held various other management positions in the Zurich Group, such as Chief Operating Officer of the Europe General Insurance business from 2003 to 2004, Head of Mergers and Acquisitions from 1999 to 2003 and Head of Financial Controlling from 1997 to 1999. Mr. Wemmer began his career in the insurance industry within the Zurich Group in 1986 in Cologne, after graduating from the University of Cologne with a master’s degree and acquiring his doctorate in mathematics in 1985.

Other activities and functions

  • Member of the Board of Ørsted A/S (chair of the audit and risk committee)
  • Member of the Berlin Center of Corporate Governance

Responsibilities

The function of the Governance and Nominating Committee is to support the Board in fulfilling its duty to establishing best practices in corporate governance across the Group, including conducting a Board assessment and maintaining a process for appointing new Board and Group Executive Board (GEB) members as well as for the annual performance assessment of the Board.

The Committee operates under the Governance and Nominating Committee Charter as described in the Organization Regulations.

Organization Regulations of UBS Group AG pdf, 741 KB
 

Risk Committee

Members

Chairperson

Mark Hughes

Non-executive member of the Board

Year of initial election

UBS: 2020

Year of Birth | Nationality

1958 | Canadian, British and American (US)

Professional history and education

Mark Hughes was elected to the BoD of UBS AG and UBS Group AG at the 2020 AGM. He has been a member of the Corporate Culture and Responsibility Committee and chaired the Risk Committee since 2020. Mr. Hughes was Group Chief Risk Officer of Royal Bank of Canada (RBC) from 2014 to 2018. He joined RBC in 1981 and spent his entire career working for the bank in Canada, the US and the UK. He held various senior leadership positions such as Chief Operating Officer Capital Markets (2008 to 2013) and Head of Global Credit (2001 to 2008). Mr. Hughes served on RBC’s subsidiary boards for more than 20 years. Mr. Hughes received his MBA in finance from Manchester Business School and his Bachelor of Laws from the University of Leeds, both in England.

Other activities and functions

  • Chair of the Board of Directors of the Global Risk Institute
  • Visiting lecturer at the University of Leeds
  • Senior advisor to McKinsey & Company

Members

William C. Dudley

Non-executive member of the Board

Year of initial election

UBS: 2019

Year of Birth | Nationality

1953 | American (US)

Professional history and education

William C. Dudley was elected to the BoD of UBS AG and UBS Group AG at the 2019 AGM. He has been a member of the Corporate Culture and Responsibility Committee and of the Risk Committee since 2019 and became a member of the Governance and Nominating Committee in 2020. Currently, Mr. Dudley is a Senior Research Scholar at the Griswold Center for Economic Policy Studies at Princeton University. He became CEO of the Federal Reserve Bank of New York (the NY Fed) in 2009 and held that position until 2018. During this time, his focus areas included cultural behavior and social and governance topics in the financial world. As CEO, he served as the vice chairman and a permanent member of the Federal Open Market Committee. Previously, Mr. Dudley served as Executive Vice President of the Markets Group at the NY Fed and Head of the Markets Group from 2007 to 2009. Prior to his time with the NY Fed, Mr. Dudley joined Goldman Sachs in 1986 and held several senior management positions. He was a Partner and Managing Director and for a decade the Chief US Economist. In 2012, Mr. Dudley was appointed chairman of the Committee on the Global Financial System of the Bank for International Settlements (BIS). Prior to that, he served as chairman of the former Committee on Payment and Settlement Systems of the BIS from 2009 to 2012. He was a member of the Board of Directors of the BIS from 2009 to 2018. He holds a bachelor’s degree from New College of Florida and received his doctorate in economics from the University of California, Berkeley in 1982.

Other activities and functions

  • Member of the Board of Treliant LLC
  • Member of the Group of Thirty
  • Member of the Council on Foreign Relations
  • Chair of the Bretton Woods Committee’s Advisory Council

Reto Francioni

Non-executive member of the Board

Year of initial election

UBS: 2013 (UBS Group AG: 2014, UBS AG: 2013)

Year of Birth | Nationality

1955 | Swiss

Professional history and education

Reto Francioni was elected to the BoD of UBS AG at the 2013 AGM and of UBS Group AG in 2014. He has been a member of the Risk Committee since 2015 and of the Compensation Committee since 2019. He was CEO of Deutsche Börse AG from 2005 to 2015. Since 2006, he has been a professor of Financial Market Research at the University of Basel. From 2002 to 2005, Mr. Francioni was Chairman of the Supervisory Board and President of the SWX Group, Zurich, placing him at the heart of digitalization within the industry. Mr. Francioni was Co-CEO and Spokesman for the Board of Directors of Consors AG, Nuremberg, from 2000 to 2002. Between 1993 and 2000, he held various management positions at Deutsche Börse AG, including that of Deputy CEO from 1999 to 2000. There he drove a fundamental transformation to shape it as a world leader in technology. From 1992 to 1993, he served in the corporate finance division of Hoffmann-La Roche, Basel. Prior to this, he was on the Executive Board of Association Tripartite Bourses for several years. From 1985 to 1988, he worked for Credit Suisse, holding positions in the equity sales and legal departments. He started his professional career in 1981 in the commerce division of Union Bank of Switzerland. Mr. Francioni completed his law degree at the University of Zurich in 1981 and earned his PhD from that same university in 1987.

Other activities and functions

  • Member of the Board of Coca-Cola HBC AG (Senior Independent Non-Executive Director, chair of the nomination committee)
  • Chairman of the Board of Swiss International Air Lines AG
  • Member of the Board of MedTech Innovation Partners AG
  • Executive Director and member of myTAMAR GmbH

Fred Hu

Non-executive member of the Board

Year of initial election

UBS: 2018

Year of Birth | Nationality

1963 | Chinese

Professional history and education

Fred Hu was elected to the BoD of UBS AG and UBS Group AG at the 2018 AGM. He has been a member of the Governance and Nominating Committee and the Risk Committee since 2020. Mr. Hu has been chairman of Primavera Capital Group, a China-based global investment firm, since 2010. Through his numerous investments in leading technology companies over the years, he has obtained profound knowledge in the areas of mobile internet, digitalization and cybersecurity. Prior to founding Primavera, Mr. Hu held various senior positions at Goldman Sachs from 1997 to 2010, where he was instrumental in building the firm’s franchise in the region. He was a Partner and chairman of Greater China from 2008 to 2010 and a Partner and Co-Head of Investment Banking China from 2004 to 2008. Before that, he held the position of Goldman Sachs’ Chief Economist. From 1991 to 1996, he served as an economist at the International Monetary Fund in Washington, DC, and after that was Co-Director of the National Center for Economic Research and a professor at Tsinghua University. Mr. Hu holds a master’s in engineering science from Tsinghua University, and a master’s and a PhD in economics from Harvard University.

Other activities and functions

  • Non-executive Chairman of the Board of Yum China Holdings (chair of the nomination and governance committee)
  • Member of the Board of ICBC
  • Member of the Board of Hong Kong Exchanges and Clearing Ltd.
  • Member of the Board of China Asset Management
  • Member of the Board of Minsheng Financial Leasing Co.
  • Trustee of the China Medical Board
  • Governor of the Chinese International School in Hong Kong
  • Co-Chairman of the Nature Conservancy Asia Pacific Council
  • Director and member of the Executive Committee of China Venture Capital and Private Equity Association Ltd.
  • Member of the Global Advisory Board of the Council on Foreign Relations

Nathalie Rachou

Non-executive member of the Board

Year of initial election

UBS: 2020

Year of Birth | Nationality

1957 | French

Professional history and education

Nathalie Rachou was elected to the BoD of UBS AG and UBS Group AG at the 2020 AGM. She has been a member of the Risk Committee since 2020. Ms. Rachou has been a senior advisor for Clartan Associés (formerly Rouvier Associés) from 2015 to April 2020. In 1999, she founded Topiary Finance Ltd, an asset management company based in London, of which she was CEO until its merger with Rouvier Associés in 2014. From 1978 to 1999, Ms. Rachou held a number of positions within Banque Indosuez and Crédit Agricole Indosuez, including roles in capital markets and as Chief Operating Officer of the brokerage subsidiary of Banque Indosuez. Ms. Rachou graduated from HEC in Paris with a master’s degree in management and holds an executive MBA from INSEAD.

Other activities and functions

  • Member of the Board of Euronext N.V.
  • Member of the Board of Veolia Environnement SA 

Julie G. Richardson

Non-executive member of the Board

Year of initial election

UBS: 2017

Year of Birth | Nationality

1963 | American (US)

Professional history and education

Julie G. Richardson was elected to the BoD of UBS AG and UBS Group AG at the 2017 AGM. She has been a member of the Compensation Committee since 2018 and its Chairperson since 2019. She also has been a member of the Risk Committee since 2017 and of the Governance and Nominating Committee since 2019. From 2003 to 2012, Ms. Richardson was a Partner and Head of the New York Office of Providence Equity Partners, a global private equity firm specializing in equity investments in media, communications, education and information companies. She acted as a senior advisor to the partnership until 2014. From 1998 to 2003, Ms. Richardson served as Vice Chairman of the Investment Banking division of JPMorgan Chase & Co. and Head of its Global Telecommunications, Media and Technology group. Throughout her career, she has spent significant time with both incumbent and new technology companies, including being a board member of a digital knowledge management company since 2015. After graduating, she started with Merrill Lynch in 1986, where she worked until 1998, in her last position as Managing Director Media and Communications Investment Banking. Ms. Richardson graduated from the University of Wisconsin-Madison with a bachelor’s degree in business administration.

Other activities and functions

  • Member of the Board of Yext (chair of the audit committee)
  • Member of the Board of Vereit, Inc. (chair of the compensation committee)
  • Member of the Board of Datadog (chair of the audit committee)

Responsibilities

The function of the Risk Committee is to oversee and support the Board in fulfilling its duty to set and supervise an appropriate risk management and control framework in the areas of:

  • risk management and control, including credit, market and treasury risks as well as legal, compliance and operational risks, including conduct risks; and
  • balance sheet, treasury and capital management, including funding, liquidity and equity attribution.

The Risk Committee considers the potential effects of the aforementioned risks on the Group’s reputation.

The Committee operates under the Risk Committee Charter as described in the Organization Regulations.

Organization Regulations of UBS Group AG pdf, 741 KB

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