UBS AG received a strong signal of disapproval from shareholders, who voted down a plan to absolve its 2007 management of potential culpability for losses incurred in the financial crisis.

It was the first time in Swiss corporate history a board proposal has been rejected by a majority of shareholders. A slim margin of shareholders -- nearly 53% -- voted to deny the so-called discharge, in what Chairman Kaspar Villiger said amounted to a "clear sign of dissatisfaction."