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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Photos Sitemap UBS shareholders refuse to absolve ex-managers from blame AFP - Thursday, April 15 Send IM Story Print BASEL, Switzerland (AFP) - – Shareholders of Swiss banking giant UBS on Wednesday refused to absolve former executives for their role in the bank's recent difficulties, leaving them open to legal challenges. In a rare move, 52.75 percent of shareholders voted against "discharging" 2007 board members of the bank, defying chairman Kaspar Villiger who had warned that suing former executives might not be in the best interest of the bank. But it was the long queue of angry shareholders, big and small, who stood up to call for a 'no' vote that carried the day. These shareholders wanted the ex-managers to be called to account over colossal losses incurred by the bank in the financial crisis as well as for the bank's role in helping US tax payers evade taxes. Monica Eggmann, a shareholder, told the meeting: "Say 'no' to the discharge of ex-managers. Not even when these have been cleared from their guilt legally. "Say 'no' because they were part of a sick system, say 'no' because they enriched themselves beyond moral obligations," she said. Swiftly following the vote, the Ethos foundation -- a group of 75 pension funds -- issued a statement calling on the bank to put forward a legal challenge against the 2007 board, which was led by then-chairman Marcel Ospel. "These former leaders have a significant responsibility for the enormous losses incurred by the bank in the speculative operations on the US subprime markets, as well as the disrespect of US tax laws," it said. Villiger insisted it was "correct" for the bank to recommend a discharge and thereby absolve the old board from potential legal action unless new evidence came to light. He said nearly 10 internal and external investigations had failed to find evidence of criminal wrongdoing, and that legal charges may not be in the interest of the company or shareholders. "Experience shows that such trials last a minimum of 10 years, cost millions of francs, keep a company in the headlines for years, lead to a paralysis within the company and in the end turn out to be much ado about nothing," he added. Some shareholders however contested the probes undertaken by the bank. Roby Tschopp, director of Actares -- a group of small shareholders -- told AFP that details on the investigations were scant. A parliamentary commission is expected to begin a separate probe in June, and Tschopp argued that it would be inappropriate to discharge the former executives now. The Swiss Socialist Party said the parliamentary inquiry had "regained its importance" after Wednesday's 'no' vote. During the annual general meeting, which lasted around eight hours, many shareholders voiced displeasure at bonuses paid out since the crisis. "It's disgusting, it's irresponsible, it's indecent," said shareholder Rene Zeyer. Villiger defended pay policies, warning that sharp cutbacks on staff compensation last year caused the bank to "lose entire teams, their clients and their corresponding revenue -- it was too high a price to pay." UBS, an icon in Switzerland, sank to the biggest annual loss in Swiss corporate history in 2008, losing 21.29 billion francs, as its bets on the subprime mortgage market in the United States soured. US tax authorities added another blow through two lawsuits against the bank for helping American clients to evade taxes, forcing the bank pay 780 million dollars and deliver data of 4,450 clients to the US authorities. The bank has been struggling to rebuild its reputation since, with outflows totalling 373 billion francs in 2008 and 2009 as clients took their money elsewhere. On Wednesday, chief executive Oswald Gruebel warned the bank will have to accept further outflows before the trend was reversed. UBS announced this week that it would report a pre-tax profit of at least 2.5 billion francs for the first quarter on May 4. 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