(Updates with Weder di Mauro resigning from German council of economic experts in fifth paragraph.)
Feb. 3 (Bloomberg) -- UBS AG, Switzerland’s biggest bank, will nominate Beatrice Weder di Mauro and Isabelle Romy for election to the board of directors, raising the proportion of women on the 12-person board to 25 percent.
Chairman Kaspar Villiger, 70, and Bruno Gehrig, 65, will not stand for re-election at the annual shareholders meeting on May 3, the Zurich-based bank said in a statement today.
Ann Godbehere is currently the only woman among 11 members of the board. UBS said last year it plans to name Axel Weber chairman if he’s elected to the board at the shareholders meeting. Weber supports the two new nominations, the bank said.
“I am pleased to propose to shareholders two internationally recognized personalities in Beatrice Weder di Mauro and Isabelle Romy, both of whom are highly regarded even outside expert circles, for election to the board,” Villiger said in the statement. “I am convinced that the valuable experience they have gained in the economic and legal spheres will enrich the board and prove advantageous to UBS.”
Weder di Mauro, 46, has been a professor of economics, economic policy and international macroeconomics at the Johannes Gutenberg University in Mainz, Germany, since 2001. She will not be available for a reappointment to the German council of economic experts, of which she’s been a member since 2004, to avoid any possible conflicts of interest, the university said in a separate statement. A Swiss and Italian citizen, she was an economist for the World Bank and the International Monetary Fund in Washington between 1994 and 1997.
Romy, 47, is a partner at the Swiss law firm Niederer Kraft & Frey, and specializes in international litigation and arbitration. She has also been an associate professor at the University of Fribourg and at the Federal Institute of Technology in Lausanne since 1996. A Swiss citizen, she served as a deputy judge at the Swiss Federal Supreme Court between 2003 and 2008.
Gehrig, a former chairman of Swiss Life Holding AG and a former member of the Swiss National Bank’s governing board, has been on UBS’s board since October 2008.
Godbehere was chief financial officer of Northern Rock between February 2008 and January 2009 and the CFO of Swiss Re Group from 2003 to 2007.
--Editors: Stephen Taylor, Dylan Griffiths
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