UBS is giving shareholders a vote on its sustainability report, which includes a copy of the bank’s first climate transition plan, at its 2023 AGM on 5 April 2023. ShareAction recommends voting against the climate strategy.

An important caveat of our assessment is that it reflects the bank’s position prior to its acquisition of Credit Suisse and is accurate up until this point. We urge investors to use this report alongside our assessment of Credit Suisse’s climate strategy to get a better understanding of their strengths and weaknesses, and call on UBS to make climate action a core pillar of the newly merged entity.