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Swiss banks face fresh call for shareholder 'say on pay'

Ethos, the Swiss corporate governance campaigner and activist investor that demanded an independent audit of last year’s US sub-prime losses at UBS, has renewed its call for a shareholder say on executive remuneration at the Swiss bank and rival Credit Suisse by filing resolutions for next year’s annual meetings.

Ethos said in a statement today it has teamed up with eight Swiss pension funds to file a shareholder resolution for the 2009 annual meetings of several of Switzerland's largest companies. These include UBS and Credit Suisse, as well as engineering group ABB, drug maker Novartis and food group Nestlé.

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