UBS to appoint David Sidwell as non-executive director
UBS announced today that it is to appoint David Sidwell, the former CFO of Morgan Stanley, as a non-executive director. Marcel Ospel, the chairman of UBS said Sidwell's "extensive banking expertise will only further strengthen our board". Read our February cover story, 'Board stupid', which revealed how few bankers actually sit on the boards of the world's leading financial institutions.
Euromoney February 2008
The global banking industry faces its biggest challenge in decades. Hundreds of billions of dollars have been written down and wiped off its market value in the space of just six months. But shareholders looking to independent directors to shore up their interests and make sure the same mistakes do not happen again are likely to be disappointed. The make-up of many banks’ boards of directors means they simply aren’t qualified for the task.
Which CEOs have created (or destroyed) the most shareholder value? Euromoney's latest ranking shows that, despite the reverses of 2007, most remain in credit with investors.