Board of Directors

The Board of Directors (BoD) has ultimate responsibility for the success of the Group and for delivering sustainable shareholder value within a framework of prudent and effective controls. The BoD decides on the strategy of the Group upon recommendation of the Group Chief Executive Officer (Group CEO) and is responsible for the overall direction, supervision and control of the Group and its management, as well as for supervising compliance with applicable laws, rules and regulations.

Shareholders elect each member of the BoD individually, as well as the members of the Compensation Committee, on an annual basis. The BoD in turn appoints one or more Vice Chairmen, a Senior Independent Director, the members of the BoD committees and their respective Chairpersons, and the Group Company Secretary.

As set out in the Organization Regulations, BoD members are normally expected to serve for a minimum of three years. No Board member may serve for more than 10 consecutive terms of office, in exceptional circumstances the Board can extend this limit. In accordance with the Swiss Code of Best Practice for Corporate Governance, we seek appropriate professional backgrounds and experience as well as diversity among the members of the BoD, including gender diversity.


Chairman of the Board of Directors

Axel A. Weber

Chairman, 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

Vice Chairman and Senior Independent Director

David Sidwell

Vice Chairman, Senior Independent Director, non-executive member of the Board

Year of initial election

UBS: 2008 (UBS Group AG: 2014, UBS AG: 2008)

Year of Birth | Nationality

1953 | American (US) and British

Professional history and education

David Sidwell was elected to the BoD of UBS AG at the 2008 AGM and of UBS Group AG in 2014. He is Vice Chairman and Senior Independent Director. He has chaired the Risk Committee since 2008 and has been a member of the Governance and Nominating Committee since 2011. Mr. Sidwell was Executive Vice President and CFO of Morgan Stanley between 2004 and 2007. Before joining Morgan Stanley, he worked for JPMorgan Chase & Co., where, in his 20 years of service, he held a number of different positions, including controller and, from 2000 to 2004, CFO of the Investment Bank. Prior to this, he was with Price Waterhouse in both London and New York. Mr. Sidwell graduated from Cambridge University and qualified as a chartered accountant with the Institute of Chartered Accountants in England and Wales.

Other activities and functions

  • Senior advisor at Oliver Wyman, New York
  • Member of the Board of Chubb Limited
  • Member of the Board of GAVI Alliance
  • Member of the Board of Village Care, New York

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 has chaired the Audit Committee and has been a member of the Corporate Culture and Responsibility Committee since 2018. Since 2019, he has been a member of the Governance and Nominating Committee. 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. 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
  • Member 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 Compensation Committee since 2019. 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)
  • Member of the Board of The Hartford Financial Services Group, Inc (resignation effective 1 April 2020)

Isabelle Romy

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

Professional history and education

Isabelle Romy 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 and of the Governance and Nominating Committee since 2012. Ms. Romy is a partner at Froriep Legal AG, a large Swiss business law firm. From 1995 to 2012, she worked for another major Swiss law firm based in Zurich, where she was a partner from 2003 to 2012. Her legal practice includes litigation and arbitration in cross-border cases. Ms. Romy has been a professor at the University of Fribourg and at the Federal Institute of Technology in Lausanne (EPFL) since 1996. Between 2003 and 2008, she served as a deputy judge at the Swiss Federal Supreme Court. From 1999 to 2006, she was a member of the Ethics Commission at the EPFL. Ms. Romy earned her doctorate in law (Dr. iur.) at the University of Lausanne in 1990 and has been a qualified attorney- at-law admitted to the bar since 1991. From 1992 to 1994, she was a visiting scholar at Boalt Hall School of Law, University of California, Berkeley, and completed her professorial thesis at the University of Fribourg in 1996.

Other activities and functions

  • Member of the Board of Froriep Legal AG
  • Chair of the Board of Central Real Estate Holding AG
  • Chair of the Board of Central Real Estate Basel AG
  • Vice Chairman of the Sanction Commission of the SIX Swiss Exchange
  • Member of the Fundraising Committee of the Swiss National Committee for UNICEF
  • Member of the Supervisory Board of the CAS program Financial Regulation of the University of Bern and University of Geneva

Robert W. Scully

Non-executive member of the Board

Year of initial election

UBS: 2016

Year of Birth | Nationality

1950 | American (US)

Professional history and education

Robert W. Scully was elected to the BoD of UBS AG and UBS Group AG at the 2016 AGM. He has been a member of the Risk Committee since 2016. Mr. Scully served as a member of the Office of the Chairman of Morgan Stanley from 2007 to 2009 and was its Co-President responsible for Asset Management, Discover Credit Cards from 2006 to 2007. Prior to assuming the position of Co-President, he was Chairman of Global Capital Markets from 2004 to 2006, Vice Chairman of Investment Banking from 1999 to 2006, and Managing Director from 1996 to 2009. Mr. Scully was Managing Director at Lehman Brothers from 1993 to 1996, having worked for Scully Brothers Foss & Wight from 1989 to 1993 as Managing Director and for Salomon Brothers in Investment Banking and Capital Markets from 1980 to 1989, where he became a Managing Director in 1984. He began his career in the banking industry with Chase Manhattan Bank in 1972 and then worked as an investment banker for Blyth Eastman Dillon & Co. from 1977 to 1980. Mr. Scully graduated from Princeton University in 1972 with a bachelor’s degree in psychology and holds an MBA from Harvard University.

Other activities and functions

  • Member of the Board of Chubb Limited (chair of the audit committee)
  • Member of the Board of Zoetis, Inc.
  • Member of the Board of KKR & Co. Inc.
  • Member of the Board of Teach For All

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 Board of Bombardier Inc.
  • Member of the Foundation Board of the International Center for Monetary and Banking Studies (ICMB)

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 and of the Audit Committee since 2019. 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. 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 Essilor International / 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

Group Company Secretary

Markus Baumann

Group Company Secretary

Year of Birth | Nationality

1963 | Swiss

Professional history and education

Markus Baumann was appointed Group Company Secretary of UBS Group AG and Company Secretary of UBS AG by the BoD in 2017. He has been with UBS for 40 years and has held a broad range of leadership roles across the Group in Switzerland, the US and Japan, including Chief of Staff to the Chairman of the BoD since 2015 and Chief Operating Officer of Group Internal Audit from 2006 to 2015. Before this, he worked as Chief Operating Officer EMEA for UBS Asset Management. Earlier in his career, Mr. Baumann worked in Japan for four years as Corporate Planning Officer and assistant to the CEO. He joined UBS in 1979 as a banking apprentice, covering the full range of universal banking activities. Mr. Baumann holds an MBA from INSEAD Fontainebleau and a Swiss Federal Diploma as a Business Analyst.


 

Committee memberships

Name

Name

Audit Committee

Audit Committee

Compensation Committee

Compensation Committee

Corporate Culture and Responsibility Committee

Corporate Culture and Responsibility Committee

Governance and Nominating Committee

Governance and Nominating Committee

Risk Committee

Risk Committee

Name

Axel A. Weber

Audit Committee

-

Compensation Committee

-

Corporate Culture and Responsibility Committee

Chairperson

Governance and Nominating Committee

Chairperson

Risk Committee

-

Name

David Sidwell

Audit Committee

-

Compensation Committee

-

Corporate Culture and Responsibility Committee

-

Governance and Nominating Committee

Member

Risk Committee

Chairperson

Name

Jeremy Anderson

Audit Committee

Chairperson

Compensation Committee

-

Corporate Culture and Responsibility Committee

Member

Governance and Nominating Committee

Member

Risk Committee

-

Name

William C. Dudley

Audit Committee

-

Compensation Committee

-

Corporate Culture and Responsibility Committee

Member

Governance and Nominating Committee

-

Risk Committee

Member

Name

Reto Francioni

Audit Committee

-

Compensation Committee

Member

Corporate Culture and Responsibility Committee

-

Governance and Nominating Committee

-

Risk Committee

Member

Name

Fred Hu

Audit Committee

-

Compensation Committee

Member

Corporate Culture and Responsibility Committee

-

Governance and Nominating Committee

-

Risk Committee

-

Name

Julie G. Richardson

Audit Committee

-

Compensation Committee

Chairperson

Corporate Culture and Responsibility Committee

-

Governance and Nominating Committee

Member

Risk Committee

Member

Name

Isabelle Romy

Audit Committee

Member

Compensation Committee

-

Corporate Culture and Responsibility Committee

-

Governance and Nominating Committee

Member

Risk Committee

-

Name

Robert W. Scully

Audit Committee

-

Compensation Committee

-

Corporate Culture and Responsibility Committee

-

Governance and Nominating Committee

-

Risk Committee

Member

Name

Beatrice Weder di Mauro

Audit Committee

Member

Compensation Committee

-

Corporate Culture and Responsibility Committee

Member

Governance and Nominating Committee

-

Risk Committee

-

Name

Dieter Wemmer

Audit Committee

Member

Compensation Committee

Member

Corporate Culture and Responsibility Committee

-

Governance and Nominating Committee

-

Risk Committee

-

Name

Jeanette Wong

Audit Committee

Member

Compensation Committee

-

Corporate Culture and Responsibility Committee

-

Governance and Nominating Committee

-

Risk Committee

-


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