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UBS compensation board member Demare - no fall in bonuses

January 13, 2016 at 11:27 am EST

ZUG, Switzerland (Reuters) - Bonuses at UBS are not set to fall as Switzerland's biggest bank has to offer employees competitive pay, Vice Chairman and Compensation Committee Member Michel Demare said on Wednesday.

When asked if bonuses at UBS would fall, Demare said: "No. You have to remain globally competitive." He was speaking at the Swiss CFO Day event in the Swiss city of Zug.

(Reporting by Joshua Franklin, Editing by Michael Shields)

Stocks mentioned in the article

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	SWISS RE LTD	99.5 CHF	0.00%	+1.41%	31.59B
	UBS GROUP AG	- CHF	-.--%	-.--%	87.91B

Michel Demaré

Michel Demaré is on the board of AstraZeneca Plc, Vodafone Group Plc and Louis Dreyfus Company Holdings BV and Chairman-Supervisory Board of International Institute for Management Development and Member of Beirat Zukunft Finanzplatz. In his past career he occupied the position of Chairman for SwissHoldings, Chairman at Syngenta Foundation For Sustainable Agriculture, Chief Financial Officer at ABB Ltd., Chief Financial Officer-Europe Region at Baxter International, Inc., Vice Chairman-Supervisory Board at Syngenta AG and CFO-Global Polyolefins & Elastomers Division at The Dow Chemical Co. He received an undergraduate degree from Université Catholique de Louvain and an MBA from Katholieke Universiteit Leuven.

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