ubs: Kurer’s part-cure

Peter Kurer’s decision to shake up the corporate governance at UBS is a smart move. The chairman designate of the Swiss bank is proposing to abolish the powerful Chairman’s Office – an unaccountable two-person committee used by outgoing chairman Marcel Ospel to concentrate power in his own hands, giving him the final say over risk management. New risk and strategy committees, comprising executive and non-executive directors, will take over many of its powers. That at least addresses one of the k...