UBS said today it adopted new corporate-governance rules and ushered in major board changes to deflate criticism from shareholders over the clubby nature of its ranks.
The Zurich bank, which has written down over $37bn (â¬23.5bn) in mortgage-securities, said four members -- Stephan Haeringer, Rolf Meyer, Peter Spuhler and Lawrence Weinbach - are to step down on October 2, when UBS will hold an extraordinary shareholder meeting to replace them.
